HomeMy WebLinkAboutJaykers Return Letter of Credit Internal SS 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. 9rh Street
Boise, ID 83702
Re: Release of Letter of Credit No. 600 (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 $415,202.36 to you for the completion of
internal sanitary sewer. Please use this letter as authorization for Bank of the Cascades
to release the Letter of Credit No. 600.
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. 600
Date: June 3, 2008
Expiration: June 3, 2009
At the counters o£ Bank of the Cascades
121 North 9th Street, Boise, ID 83702
City of Meridian
660 East Watertower, Sui[e 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
account of Treehaven; LLC, the Applicant, our Irrevocable Standby Letter of Credit in the amount of Four
Hundred Fifteen Thousand, Two Hundred Two Dollazs and Thirty-Six Cents in United States Dollars
($415,202.36USD) 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 Beneficiazy's satisfaction by its
Surety Reduction Inspection process.
Partial drawings aze permitted.
Reimbursement Instructions: Sight drafts drawn under this Letter of Credit must bear the clause: "Drawn
under Bank of the Cascades, Irrevocable Standby Letter of Credit No. 600 dated June 3, 2008".
Beneficiary's sight drafts must also be accompanied by the following conforning 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 sewer (internal) 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 9`" Street, Boise, ID 83702, along with the required conforming documents, by June 3, 2009.
Except so faz as otherwise stated he this letter of credit is subject to the Intemational Standby Practices
(ISP 98), International Chamber (mnerce p/~/Ination No. 590.
Bank of the Casc~7/ / ~ //
~ June 2 2008
Richard Ma eda, o Vtce Presi Date
SERVING COMMUNITIES IN OREGON AND ~DAHD / www.botc.com NASDAQ: CACD
SURETY SPREADSHEET
Project Name: JAYKERS SUBD #1 (swr)
Date Compiled: 8/24/2008
Letter of CrediUBond No.: B00
Issued By: Bank of Cascades
Expiration Date: 6/312009
Check No
Party Responsible Date Signed Off/
Item Unfinished Partial Sure For Si n-Off Person Comments
Sanitary Sewer-internal $415,202.36 $0.00 $415,202.36 Public Works 11/10/08 MOJ
.Sanitary Sewer-offsite
_ $0.00
-. ~ $0.00
__
- _. I
_
.Water-internal `
$0.00
$0.00
Public WOrks -_ _ _
_-F
(Water-OBsite I $0.00 ~ ,
$0.00 .
Public Works
-(
Street Li hts
9
~ .. $0.00 $0.00, Building
'.Landscaping $0.00 $0.00.. PZ _
Pathways $0.00 $O.OO PZ ~ ~ -
_
'
Fencing ~
$000 _ __ _
$0.00 _
PZ _. _ _ - __
-
_ _ _. -
Tiling
$000
~
$O.OO
_... PZ
-. _.
~Pressudzed Irrigation
-- $0.00 $0.00 NMID
Gravity Irrigation
_ _ -__
_. .
$0.00
$O.OO
NMID _
Other: _ _ _- _ _
_rt - _ - _-, _. _ - ..
_ $0.00 - $0.00 PW ~.
__ $0.00 $0.00 . _ -. _ _
_ i $0.00 _L $0.00_. L. ~. _._.
Authorized reduction
BALANCE TO REMAIN: 5415,202.30
iED IN FULL - KG