HomeMy WebLinkAboutJaykers Return Letter of Credit PI IDIAN ~--
January 26, 2009
Attn: Richard Mayeda
Bank of the Cascades
121 North 9th Street
Boise, ID 83702
MayorTammy de Weerd
City Council Members:
Keith Bird
Joe Borton
Charles Rountree
David Zaremba
Re: Release of Letter of Credit No. 598 (Jayker Subdivision - Pressuried Irrigation) 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 $571,343.75 to you for the completion of
pressurized irrigation. Please use this letter as authorization for Bank of the Cascades
to release the Letter of Credit No. 598.
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 Credi[ No. 598
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, 1D 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 Irzevocable Standby Letter of Credit in the amount of Five
Hundred Seventy-One Thousand, Three Hundred Forty-Three Dollars and Seventy-Five Cents in United
States Dollars ($571,343.75USD) available by immediate payment upon presentation of Beneficiary's sight
draft drawn on Bank of the Cascades in an amount not exceeding [he 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 are permitted.
Reimbursement lnstmctions: Sight drafts drawn under this Letter of Credit must bear the clause: "Drawn
under Bank of the Cascades, Irrevocable Standby Letter of Credit No. 598 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 t complete the pressure imgation (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 far as otherwis stated herein, this letter of credit is subject to the International Standby Practices
( SP 98), Internatio ap4ber of Commerce Publication No. 590.
/ / ~4//
Bank of the~asc
June 2. 2008
Date
SERVING COMMUNITIES IN OREGON AND ~DAMD / www.botc.com NASDAQ: CAC6
URETY SPREADSHEET
Project Name:
Date Compiled:
Letter of Credit/BOnd Na.:
Issued By:
Expiration Date:
Check No.:
JAYKERS SUED #1 (pi)
6/24/2008
598
Bank of Cascades
6/3/2009
Responsible Date Signed Offl
Sanitary Sewer-internal $0.00 I $0.00 ' Public WOrks
' ~_
.
Sanitary Sewer-offsite $0.00 $0 00 ____
L
Water-internal $0.00 + $0 00 Public Works ~,
Water- Offsite _
$0.00 $0 00
~ Public Works
Street Lights _ __.
'Landscaping $0.00
$0.00~~ $000
$0
00 Bwlding
PZ
.
Pathways r $0.00 $0 00 PZ
Fencing
- $0.00
_ $000 PZ
Tiling $0.00 ~ $0 00 PZ
ressunze
atwn
519403.41
~ $5194034
_
_ $571,34375 Settlers ii/15/09 ND
Gravity Irrigation
__
Other
1 -
$000
- _
$000
~
Settlers _
~
~. _-_. ~ __.
- _ _ _-
$0.00
i $0.00 PW
$0.00
~ $0.00
_. _
__. _ __ _- _.
$0.00 _
_
~ - __..$000
- __ _. ____..
- -
!i $0.00 $0.00.
Authodzetl retluctlon
BALANCE TO REMAIN: E577,343.75
FULL-KG