HomeMy WebLinkAboutMinert Plaza (land) Return Letter of Credit IDIAN~---
March 3, 2009
Attn: Lynn T. Korn
Wells Fargo Bank, N.A.
Trade Services Division, Northern California
One Front Street, 215` Floor
San Francisco, California 94111
MayorTammy de Weerd
City Council Members:
Keith Bird
Joe Borton
Charles Rountree
David Zaremba
Re: Release of Letter of Credit No. NZS610485 (Minert Plaza) 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 $26,281.93 to you for the completion of
landscaping. Please use this letter as authorization for Wells Fargo Bank to release the
Letter of Credit No. NZS610485.
If you have any questions, please contact me at (208) 888-4433. Thank you for your
cooperation.
Sincerely,
~~~~ c (f ~~j~ e
Jaycee L. Holman
City Clerk
Enclosure
ells Fargo Bank, N.A.
Trade Services Division, Northern California
One Front Street, 21" Floor
San Francisco, California 94111
Contact number: (800) 798-2815, Option 1
E-mail: sftrade~uwellsfarEO.com
Irrevocable Letter of Credit Number NZS610485
Issue Date: December 10th, 2007
Beneficiary: City of Meridian
660 E. Watertower, Suite 200
Meridian, ID 83642
Attention: Karie Glenn
At the request and for the account of D & R Property Investments LLC, 4500 Burgundy Ct., Nampa, ID 85686, we hereby
issue our irrevocable Letter of Credit in your favor in the amount of Twenty Six Thousand Two Hundred Eighty One and
93/100 United States Dollars (US$26,281.93) available with us at our above office by payment of your drafr(s) drawn on us at
sight accompanied by your signed and dated statement worded as follows:
"The undersigned, a duly authorized representative of the City of Meridian Public Works, hereby certifies
that the amount drawn under Wells Fargo Bank, N.A. Letter of Credit No. NZS610485 represents funds due
the City of Meridian Public Works due to the failure of D& R Property Investments LLC to complete the
following:
1. Sewer, Water, Pressurized Irrigation, Street Lights, Landscaping and Fencing of property commonly
known as 623 E. Schiller Lane in Meridian, ID 83642."
This Letter of Credit expires at our above office on December 7, 2008.
Partial drawings are allowed.
Each draft must be marked "Drawn under Wells Fargo Bank, N.A. Letter of Credit Number NZS610485."
Each draft must also be accompanied by the original of this Letter of Credit, including any amendments for our endorsement of
any payments effected by us and/or for cancellation.
If any instmctions 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.
Draft(s) and document(s) under this Letter of Credit may also be presented for payment at Wells Fargo Bank, Idaho, LC
Operations, Boise Service Center Bldg, 3033 Elder Street, Boise, Idaho 83705, Attn: Carol Rivera
We hereby engage with you that all drafrs 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 the expiration date as specified herein.
This Letter of Credit is subject to the Uniform Customs and Practice for Documentary Credits (2007 Revision), International
Chamber of Commerce Publication No. 600, and engages us in accordance therewith.
Very truly yours,
WELLS F BANK, N.A.
By:
YNN T. KORN
URETY SPREADSHEET
Project Name: MINERT PLAZA (land)
Date Compiletl: 2/1912008
Letter of CrediVBond No.: NZS870485
Issued 8y: Wells Fargo
Expiration Date: 121712008
Check No
Party Responsible Date Signed OH/
Item Unfnishetl Partial Surel For Si n-Off Person Comments
(Sanitary Sewer -internal ! $0.00 $0.00 Public Works '
'Sanitary Sewer-offsite $0.00 $0.00
Wa[er-internal $0 00 $0.001 Public Works
Water- Offsite
$0.00
$0.00 _ _- __..
Public Works '
Sireet Lights $0.00 ~$0 00 Building
Lantlscaping
~ $23,892.66 $2,389.27 $26,281 93 PZ 2/19/09 JV
'~Pathways II
_
~
~ $0.00
_ __.._. $0.00 PZ '
IFen
n9
~
$0.00 _.--..._
$000 _-
PZ
9
__
~'Tilin -r-
$0.00 $0.001 PZ
Pressurized Irrigation
___ _- $0 00
___ $O.OOI~, NMID '~ !
G2vity Irrigation $0.00 ~'~
____ __.. $0.00 NMID ~~
Other:
__ _
$0.00
$0.00 _
PW
$0.00 $0.00
$0.00 $0.00
_.
' '
$0.00
$0.00. --
TOTAL: $23,892.66 $2,389.27 $26,281.93
Authorized reduction
BALANCE TO REMAIN: $26,281.93
Memo
To: Jaycee Holman
From: Lenard A Grady, P.E.
CC: File, Karie, P & Z Staff
Date: 2/19!08
Re: Minert Plaza
~E~ ~ ~raitr`
,~,aty iyt ~ti~ r.cilat,
6;ityQ;lcrk C~f~r«
I have signed the plat for the above project and 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 letters of credit No.NZS610485 & NZS613393 (Wells Fargo
Bank- dated 10/10/07 & 1/28/08}for $57,924.43. This represents surety for items, and in
amounts, listed on the attached spreadsheet.
Please call AJ Lopez w/Bailey Engineers @ 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
November 7.2007
From the desk of ..
Lenard A Grady, P.E.
City Engineer
Meridian Public Wmks Depamnent
660 E. Wa[ertower lane, Suite 200
Meridiaq Idaho 83642
(208)898-5500
Fax: (208)898-9551
• Page 1 ~ 1 n nerdiancityorg
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