HomeMy WebLinkAboutBellingham Park No. 3 rloc ID{WiIAN/---
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February 2, 2009
Attn: Carol Hanson
Washington Trust Bank
3251 East Presidential Drive
Meridian, ID 83642-6009
MayorTammy de Weerd
City Council Members:
Keith Bird
Joe Borton
Charles Rountree
David Zaremba
Re: Release of Letter of Credit No. 24355 (Bellingham Park # 3) for Bellingham Park,
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 $143,850.41 to you for the completion of
internal sanitary sewer/water, streetlights, landscaping, fencing and pressurized
irrigation. Please use this letter as authorization for Bank Washington Trust Bank to
release the Letter of Credit No. 24355.
If you have any questions, please contact me at (208) 888-4433. Thank you for your
cooperation.
Sincerely,
Jaycee L. Holman
City Clerk
Enclosure
ashirx3tonTrust Bank 11
IRREVOCABLE STANDBY
LETTER OF CREDIT N0.24355
AMOUNT: $143,850.41
DATE: June 13, 2008
City of Meridian
Attn: Will Berg
33 E. Idaho Ave.
Meridian, ID 83642
We hereby establish our hrevocable Standby Letter of Credit No. 24355 in your favor for the account of
BELLINGHAM PARK, LLC, 738 South Bridgeway Place, Suite 100, Eagle, ID 83616, up to the aggregate
amount of ONE HUNDRED FORTY THREE THOUSAND EIGHT HUNDRED FIFTY AND 41/100 --------
Dollars ($143,850.41) U.S. currency, available by your draft(s) drawn at sight on us and presented to
Washington Tmst Bank on or before JUNE 13, 2009 covering Belligham Pazk Subdivision No. 3 and
accompanied by the following:
1. A signed statement from the City of Meridian reading exactly as follows:
"I, the undersigned duly authorized representative of the City of Meridian, hereby certify that
the draft drawn under this Letter of Credit represents the amount of money required to complete
the subdivision improvements at BELLINGHAM PARK SUBDIVISION NO. 3."
2. Original of this Letter of Credit.
All drafts presented under the credit must contain the clause "Drawn under Washington Trust Bank Letter of
Credit No. 24355".
Any and all banking chazges, other than those of the issuing bank, are for the account of the beneficiary.
We hereby engage with the drawers and bona fide holders of drags drawn under and in compliance with the
terms of this Letter of Credit that the drafts will be duly honored upon presentation and delivery of documents,
as specified, to Washington Trust Bank, Meridian Branch, 3251 E. Presidential Drive, Meridian, ID 83642, on
or before JUNE 13.2009.
All drawings under this credit will be governed by the Unifo~stoms & Practice.for Documentary Credits
(2007 Revision) Intetnational Chamber of Commerce Publication No. 600
/ Smce y,
1
Carol ~anso ~ ~~~ ~~~-
Vice President
Relationship Manager
Southern Idaho Builder Services 3251 Eas[ Presidential Drive Meridian, Idaho 83642.6009
Phone (208) 884-2746 Fax {208) 884-2703
watrust.com
emo
To: Jaycee Holman
From: Karie Glenn
CC: File, Karie, P & Z Staff
Date: 7/7/08
Re: Bellingham Park #3
Clint Dolsby has signed the plat for the above project and I am forwarding it to you for your
signature. Based on our research of the project files, all conditions imposed by the Public
Works Department and City Council have been met.
I am also forwarding original letter of credit No. 24355 (Washington Trust Bank -dated
6/13/08) for $143,850.41. This represents surety for items, and in amounts, listed on the
attached spreadsheet.
Please call AJ w/ Bailey at 938-0013 when the plat is ready to be picked up. Please call me if
you have any questions.
Thank you.
**Final Plat was approved by City Council on: January 9, 2007
From the desk of ..
Karie A Glenn
Dept Specialist Supervisor
Meridian Public Works Department
660 E. Watertower Ise, Suite 200
Meridian, Idaho 83642
• Page 1
(208) 898-5500
Fax: (208) 898A557
lens « meridiancity org
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a
URETY SPREADSHEET
Project Name: Bellingham Park #3
Date Compiled: 7/7/2008
Letter of Credit/BOnd Na.: 24355
Issued By: Washington Trust
Expiration Date: 6113/2009
Check No.:
Party Responsible Date Signed Off/
Item Unfinished Partial Sure For Si n-Off Person Comments
Sanitary Sewer -internal $15,039.801 $1,503.96 $18,543.56 Public Works 12/8/08 TJ
Sanitary Sewer-offsite $0.00 $0.00
__
$4,90728 $53,880.06 ~ Pubhc Works 12/8/08 TJ
Water-internal $49072.78 _ _
$0.00 $0.00 Public Works
Water-Offsite
_. _. __-_. _ _. _ __-r- _
Street Lights $2,973.00 $297.30 ,$3,270.30 Building 10/18/08JW 1',
iLandscaping $18,678.72 $1,867.87 $20,546.59. PZ -1/28/09 KV ~~ ~~
Pathways ~ $0.00 $0.00 PZ
- - _ _If _..... I _
Fencing $7 682 50, $768 25 $8,450.75~PZ 6/5/07 SW
iTilmg - _._ ~ $0.00 $O OO PZ _..
$3,732.65 $41 05915 NMID 12/15/08 NMID
ressurize rri a ion
-_ Other. _ 1 _._._ _. __-
g +_. $0.00 $0 00 NMID
Gravity Irngation
$0.00 $0.00 PW
$0.00 $0 00
--___ _..
__ _
$0.00 $0.00'
_ _ ..~ $0.00 _ ___..._ $0.00 _.
Authorized retluction 123303.82 as of 12/31/08 kg
BALANCE TO REMAIN: $20,546.59