HomeMy WebLinkAboutParamount Sub. No. 16 Return Letter of Credit IDIAN:---
March 3, 2009
Attn: Janet Joireman
U.S. Bank National Association
International Dept., PD-WA-T91N
1420 5th Avenue, 9`h Floor
Seattle, WA 98101
MayorTammy de Weerd
City Council Members:
Keith Bird
Joe Borton
Charles Rountree
David Zaremba
Re: Release of Letter of Credit No. SLCSSEA03220 (Paramount #16) for Brighton
Development, Inc.
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 $184,672.90 to you for the completion of
internal sanitary sewer, internal water, streetlights, landscaping and pressurized
irrigation. Please use this letter as authorization for U.S. Bank to release the Letter of
Credit No. SLCSSEA03220.
If you have any questions, please contact me at (208) 888-4433. Thank you for your
cooperation.
Sincerely,
L~TQ~~-~ i
Jaycee L. Holman
City Clerk
Enclosure
bank®
Five Srar Service Gvaranreed
U.S. BANK NATIONAL ASSO
INTERNATIONAL DEPARTM
1420 FIFTH AVENUE, 9TH FL_ ___
SEATTLE, WA 98101 U.S.A.
PHONE: 206-344-2398
FAX: 206-344-5078
IRREVOCABLE STANDBY LETTER OF CREDIT
-- --------------
JULY 23, 2008
BENEFICIARY: APPLICANT:
CITY OF MERIDIAN BRIGHTON DEVELOPMENT, INC.
660 E. WATERTOWER, SUITE 200 12601 W. EXPLORER DRIVE, SUITE 200
MERIDIAN, ID. 83642 BOISE, IDAHO 83713
LETTER OF CREDIT NUMBER: SLCSSEA03220
EXPIRY DATE: JULY 23, 2009
AT: OUR COUNTERS PRESENTLY LOCATED AT 1420 FIFTH AVENUE, 9TH FLOOR,
INTERNATIONAL DEPARTMENT, SEATTLE, WA, 98101 ON OR BEFORE 5:00 P.M.
OR AT 101 S. CAPITOL BLVD., 8'" FLOOR, SUITE 814, AND ATTN: GARY DEGRANGE,
BOISE, ID 83702 AT 5:00 P.M. BOISE TIME.
AMOUNT $184,672.90
NOT EXCEEDING ONE HUNDRED EIGHTY FOUR THOUSAND SIX HUNDRED SEVENTY TWO AND
90/100 U.S. DOLLARS.
WE HEREBY ISSUE THIS IRREVOCABLE STANDBY LETTER OF CREDIT AVAILABLE BY YOUR
DRAFT(S) DRAWN AT SIGHT ON U.S. BANK NATIONAL ASSOCIATION AND ACCOMPANIED BY THE
FOLLOWING 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 BRIGHTON DEVELOPMENT INC. TO COMPLETE
THE SEWER, WATER, PRESSURIZED IRRIGATION, STREET LIGHTS AND LANDSCAPING
IMPROVEMENTS IN PARAMOUNT SUBDIVSION #16.
2. THE ORIGINAL OF THIS LETTER OF CREDIT, INCLUDING ANY AMENDMENTS, MUST BE
SUBMITTED TO THE BANK FOR OUR ENDORSEMENT OF ANY PAYMENTS EFFECTD BY US
AND/OR FOR CANCELLATION.
PARTIAL DRAWINGS ALLOWED
DRAFTS DRAWN UNDER THIS CREDIT MUST BEAR THE CLAUSE: "DRAWN UNDER U.S. BANK
NATIONAL ASSOCIATION, IRREVOCABLE STANDBY LETTER OF CREDIT NO. SLCSSEA03206".
THIS CREDIT IS SUBJECT TO "THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY
CREDITS" (2007 REVISION) INTERNATIONAL CHAMBER OF COMMERCE PUBLICATION NO. 600".
WE HEREBY ENGAGE WITH YOU THAT DRAFT(S) DRAWN AND/OR DOCUMENTS PRESENTED
UNDER AND IN COMPLIANCE WITH THE TERMS OF THIS IRREVOCABLE STANDBY LETTER OF
CREDIT WILL BE DULY HONORED UPON PRESENTATION TO US.
THIS PAGE 1 FORMS AN MTEGRAL PART OF LETTER OF CREDIT NO. SLCSSEA03206
~bank®
Five Srar Service Guaranteed
DRAFT(S) AND DOCUMENTS MUST BE PRESENTED TO OUR OFFICE AT U.S. BANK NA'l1~CL
ASSOCIATION, INTERNATIONAL DEPARTMENT, 1420 5'" AVENUE, 9T" FLOOR, SEATTLE, WA 98]01,
OR AT ]Ol S. CAPITOL BLVD., BS-ID-CB8, 8T" FLOOR, SUITE 814, BOISE, IDAHO 83702, ATTN: GARY
DEGRANGE IN PERSON, OR BY OVERNIGHT COURIER, ON OR BEFORE THE EXPIRATION DATE OF
THIS LETTER OF CREDIT.
U.S. BANK NATIONAL ASSOCIATION
INTERNATIONAL BANKING DIVISION
AUTHO D SIGNATURE
Janet Joire~ ~ ;a<~
Asst. Vice President
THIS PAGE 2 FORMS AN R4TEGRAL PART OF LETTER OF CREDIT NO. SLCSSEA03206
C
URETY SPREADSHEET
Project Name: PARAMOUNT#i6
Dale Compiled: 7/25/2008
Letter of CrediUBOntl No.: SLCSSFA03220
Issued By: USBANK
Expiration Date: 7123/2009
Check Na
Item
Unfinished
Partial
Suret Party Responsible
For Si n-Off Date Signed Off/
Person Comments
Sanitary Sewer-internal $30,148.80 $0.00 $30,148.80. Public Works 8/15/08 TJ
Sanitary Sewer-offsite ~ $0.00 $0.00
Water-internal ~ $29,787.59 $0.00 _ $29,787.59 Public Works .8/15/08 TJ
Water-Otfsite $0.00 $0.00 Public WOrks
Street Lights ' $5,917.75 $591.78 $6,509.53 Building 7/30/08 JW
Landscaping $61,886.73 $6,188.67 $88,075.40 PZ 2/9109 SW
Pathways $0.00 $0.00. PZ
Fencing $0.00 $0.00. PZ
Tiling $0.00 $0.00 PZ
Pressurized Imigation ~ $45,592.35 $4,559.24 $50,151.59 PRIVATE 12/9/08 TJ
Gravity Irrigation $0.00 $0.00 NMID
___
_
_
Other.
__ _.. ~ _.
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$0.00
__$000
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$0.00 $0 OO '
~ $0.00 $0.001
_._
$0.00
$0.001 _..
i
Authorizetl retluction 116597.51 AS OF 12/19/08 KG
BALANCE TO REMAIN: $68,075.39
D IN FULL - KG
emo
To: Jaycee Holman
From: Karie Glenn
CC: File, Karie, P & Z Staff
Date: 7/25/08
Re: Paramount #16
Clint Dolsby has signed the plat for the above project and I am fowarding 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 credk No. SLCSSEA03220 (USBank -dated 7/23/08)
for $184,672.90. This represents surety for items, and in amounts, listed on the attached
spreadsheet.
Please call Gene Smith @ 376-5000 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:
q-~,-: t t , Z«~s
~~
Fmm the desk of ..
Karie A Glenn
Dept Specialist Supervisor
Meridian Pobtic Works Department
660 E. Watenower Lane, Suite 200
Meridian, Idaho 83642
• Page 1
(208)898-5500
Fax: (208) 898A651
Icrmk ldmcridiancity org
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