HomeMy WebLinkAboutJaykers Return Letter of Credit Street Lights ayorTammy de Weerd
City Council Members:
Keith Bird
Joe Borton
Charles Rountree
David Zaremba
December 4, 2008
Attn: Richard Mayeda
Bank of the Cascades
121 N. 9th Street
Boise, ID 83702
Re: Release of Letter of Credit No. 599 (Jaykers Sub. #1) for Treehaven, LLC
After a site inspection and review of the above referenced project by the Planning
Department and the Public Works Department, it has been determined to release the
Letter of Credit in the original amount of $88,020.64 to you for the completion of street
lights. Please use this letter as authorization for Bank of the Cascades to release the
Letter of Credit No. 599.
If you have any questions, please contact me at (208) 888-4433. Thank you for your
cooperation.
Sincerely,
Jaycee L. Holman
City Clerk
Enclosure
ANK OF THE
CASCADES
IRREVOCABLE STANDBY LETTER OF CREDIT
Irrevocable Standby Letter of Credit No. 599
Date: June 3, 2008
Expiration: June 3, 2009
At the counters of: Bank of the Cascades
121 North 9'" Street, Boise, ID 83702
City of Meridian
660 East Watertower, Suite 200
Meridian, ID 83642
To Whom It May Concern:
Bank of the Cascades [the Bank] hereby establishes in favor of City of Meridian, the Beneficiary, for the
- - --- accountof Treehaven, LLC, the Applicant, our Irrevocable Standby Letter of Credit in the amount of
Eighty-Eight Thousand, Twenty Dollars and Sixty-Four Cents in United States Dollars ($88,020.64USD)
available by immediate payment upon presentation of Beneficiary's sight draft drawn on Bank of the
Cascades in an amount not exceeding the credit hereby established during the dates of June 3, 2008 through
June 3, 2009.
Surety Reduction Inspection(s): The Bank's understanding is that the outstanding liability of this Letter of
Credit will be reduced as the covered improvements are completed to the Beneficiary's satisfaction by its
Surety Reduction Inspection process.
Partial drawings aze pemritted.
Reimbursement Instmctions: Sight drafts drawn under this Letter of Credit must beaz the clause: "Drawn
under Bank of the Cascades, Irrevocable Standby Letter of Credit No. 599 dated June 3, 2008".
Beneficiary's sight drafts must also be accompanied by the following conforming documents:
1. A statement purportedly signed by an authorized individual of the beneficiary stating that the
amount of draft drawn represents funds due the City of Meridian due to the failure of
Treehaven, LLC to complete the street lights in Jayker Subdivision, Ada County, Idaho.
2. The original of this Letter of Credit and any subsequent amendments.
The Bank hereby promises to Beneficiary that any sight drafts drawn under the terms of this Letter of
Credit will be duly honored if presented to the Boise Downtown Branch of Bank of the Cascades at 121
North 9a' Street, Boise, ID 83702, along with the required conforming documents, by June 3, 2009.
Except so faz as otherw'~e sated herein, s letter of credit is subject to the International Standby Practices
(ISP 98), Intemation~~k)~trrber of Co erce Publication No. 590.
Senior
June 2 2008
Date
SERVING COMMUNITIES IN OREGON AND IDAHO / WWW.t10Le.COm NASDAQ: CACB
SURETY SPREADSHEET
Project Name: JAYKERS SUBD #1 (silts)
Date Compiled: 6/24/2008
Letter of Credif/Bontl No.: 599
Issued By: Bank of Cascades
ExplraNOn Date: 6/312009
Check No
Party Responsible Date Signed Off/
Partial Suret For Si n-Off Person Comments
Sanitary Sewer -intemal ~~. $0.00 $0.00' Public Works
Sanitary Sewer-offsite $0.00 $0.00
Water-intemal i, $0.00 ~. ...$0.005.._ __.__....___._____ -.____-_______
Public Works
Water-OHSite ~ $0.00 $0.00~~, Public Works
6
Street Lights $80,018.7
$8,001.88 $88,020.64 Building 9130/08 KG
_
i ___.. __-__i ..__-_--_ ____ _.. _.
Landscaping ~ $0.00
_. ~ $0.00~~ PZ
_
Pathways $0.00 $0.00''_ .__ _.- __
_ _.. _ _ _
PZ
Fencing ' $0.00 $0.00' PZ
Tiling '. $0.00
_ $0.00.
~
.. _ PZ
Pressunzed Irrigation $000
' _ -~ ~$0.00
~
_ NMID ___ __ -
~~ ~ ~ ~~_~~---- -
Gravity Irngation $0.00 $0.00': NMID
Other
_ ___- _
__.__
$0.00
$0.00'
PW - - -
- - _ $0.00 $0.00'
-
_____- _.
$0.00
$0.00'
~~~
$0.00 $0.00
Authorized retluction
BALANCE TO REMAIN: $88,020.84
iED IN FULL - KG