HomeMy WebLinkAboutMintert Plaza Return Letter of Credit IDIAN*:---
January 2, 2009
Attn: Mike Lin
Wells Fargo Bank, N.A.
One Front Street
215 Floor
San Francisco, CA 94111
MayorTammy de Weerd
City Council Members:
Keith Bird
Joe Borton
Charles Rountree
David Zaremba
Re: Release of Letter of Credit No. NZS613393 (Minert Plaza Water/Sewer) for D & R
Property Investments, 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 $31,642.50 to you for the completion of internal
water and sanitary sewer. Please use this letter as authorization for Wells Fargo Bank
to release the Letter of Credit No. NZS613393.
If you have any questions, please contact me at (208) 888-4433. Thank you for your
cooperation.
Sincerely,
~~ ~
Jaycee L. Holman
City Clerk
Enclosure
ELLS FARGO BANK, N.A.
Trade Services -Standby Letters of Credit Operations
One Front Street, 21st Floor, San Franasco, California 94111
Phone: (800) 798-2815; Fax: (415) 296-8905; E-Mail: sftradeCa~wellsfargo.oxn
CORRECTION TO IRREVOCABLE LETTER OF CREDIT
Letter of Credit number NZS613393
Date: February 12, 2008
Applicant: D & R Properly Investments LLC
Beneficiary: City of Meridian
660 E. Watertower, Suite 200
Meridian, Idaho 83642
Ladies and Gentlemen:
This Correction to Irrevocable Letter of Credit No.: NZ5613393 dated January 28, 2008 that the
following Beneficiary's signed and dated statement is now deleted:
"The undersigned, a duly authorized representative of the City of Meridian (the
"City', hereby certifies that the amount drawn under Wells Fargo Bank, N.A.
Letter of Credit No. NZS613393 represents funds due the City due to the failure of
D & R Properly Investments LLC to complete the sewer, water, pressurized
irrigation, street lights, landscaping and fencing in Paramount Subdivision No. 11."
and, replaced with this following:
"The undersigned, a duly authorized representative of the City of Meridian (the
~~City'~, hereby certifies that the amount drawn under Wells Fargo Bank, N.A.
Letter of Credit No. NZ5613393 represents funds due the City due to the failure of
D & R Property Investments LLC to complete the sewer, water, pressurized
irrigation, street lights, landscaping and fencing in Minert Plaza."
All other terms are unchanged.
This Correction to Irrevocable Letter of Credit becomes a part of and is to be attached to the
Letter of Credit:
yours,
BANK~N.A_.
By:
Name:
Title:
ASSISTANT VtGE PRESIDENT
ELLS FARGO BANK, N.A.
Trade Services -Standby Letters of Credit Operations
One Front Street, 21st Fbor, San Frandsco, California 94111
Phone: (800) 798-2815; Fax: (415) 2%-8%5; E-Mail: sfhadeCalwellsfaroo.can
Irrevocable Standby Letter of Credit
January 28, 2008
Letter of Credit No. NZS613393
To: City of Meridian
660 E. Watertower, Suite 200
Meridian, ID 83642
Ladies and Gentlemen:
We hereby issue our Irrevocable Standby Letter of Credit No. NZS613393 in your favor, at the
request and for the account of D & R Properly Investments LLC, P.O. Box 1071, Meridian, Idaho
83680, in the amount of Thirty-One Thousand Six Hundred Forty-Two and 50/100's U.S. Dollars
(US$31,642.50) available with Wells Fargo Bank, N.A. at One Front Street, 21~ Floor, San
Francisco, California 94111 by payment of your draft(s) drawn on us at sight when accompanied
by the original of this Letter of Credit (including all amendments, if any) and your signed and
dated statement worded as follows:
"The undersigned, a duly authorized representative of the City of Meridian (the
"City', hereby certifies that the amount drawn under Wells Fargo Bank, N.A. Letter
of Credit No. NZS613393 represents funds due the City due to the failure of D & R
Property Investments LLC to complete the sewer, water, pressurized irrigation,
street lights, landscaping and fencing in Paramount Subdivision No. li."
Partial and multiple drawings are permitted and all drafts must bear the clause 'Drawn under
Wells Fargo Bank, N.A. Letter of Credit No. NZ5613393 dated January 28, 2008".
If any instructions accompanying a drawing under this Letter of Credit request that payment is to
be made by transfer to an account with us or at another bank, we and/or such other bank may
rely on an account number specified in such instructions even if the number identifies a person
or entity different from the intended payee.
Drawings may be presented to us at our above office by hand delivery or delivered to us by U.S.
Postal Service mail, registered mail or certified mail or by express courier or overnight courier.
Drawings may also be presented for payment at Wells Fargo Bank, Idaho, LC Operations, Boise
Service Center Bldg, 3033 Elder Street, Boise, Idaho 83705, Attn: Joan Jenson.
We hereby engage with you that all drafts drawn under and in compliance with the terms of this
Credit will be duly honored by us if drawn and presented for payment at our office on or before
December 31, 2008.
This Letter of Credit is subject to the Uniform Customs and Practice for Documentary Credits
(2007 Revision), International Chamber of Commerce Publication No: 600.
Wells Fa ank, N.A.
By:
Name: EISA CHAIJ
Title: ASSISTANT \!!~E PRESIDENT
URETY SPREADSHEET
Project Name: MINERT PLAZA (WS)
Date Compiled: 2/19/2008
Letter of CrediVBond No.: NZS613393
Issued By: Wells Fargo
Expiration Date: 12/31/2008
Check Na
Party Responsible Date Signed Off/
Fencing $0.00 $0.00'
Tiling $0.00 $0.00
Pressurized lmgation $0.00 $0.00 I
Gravity Imgabon $0.00 __ $0.00. ~
Other: -_._ _ __
_._ __--
$0.00 $0.00
___i ___
__ $0.00 $0.00
~' $0.00 $0.00 I
$0.00 ~ $0.00
TOTAL: $28,765.91 $2,876.59 $31,642.50
Authodzed reduction
Item Unfinished Partial Sure For Si n-Off Person Comments
Sanitary Sewer -internal - $7,480.911 $748.09 $8,229.00'I Public Works 12131/08 RF
Sanitary Sewer-offsite $0.00 $0.00
Water-internal
Water-Offsite
_.__._ __ i_
Street Lights
'.Landscaping
Pathways $21,285.00
._ $2,128 50
$0.00 ~
_. ___.
$0.00
$0.00
$0.00 $23,413.50
_--
$0.00
-.._- _
$0.00
$0.00
$0.00, Public Works 12/31/08 RF I
_.__
Public Works
____ - _._
Budding
PZ
PZ
PZ
PZ
NMID
NMID
PW - _. _.
BALANCE TO REMAIN: $31,642.50
iED IN FULL - KG
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