HomeMy WebLinkAboutParamount Sub. No. 14 Return Letter of Credit IDIAN~;---
i
March 3, 2009
Attn: Janet Joireman
U.S. Bank National Association
International Dept., PD-WA-T91N
1420 5th Avenue, 9"' 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. SLCSSEA02879 (Paramount #14) for Paramount
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 $194,644.82 to you for the completion of
internal and offsite sanitary sewer, internal water, streetlights, landscaping, fencing and
pressurized irrigation. Please use this letter as authorization for U.S. Bank to release
the Letter of Credit No. SLCSSEA02879.
If you have any questions, please contact me at (208) 888-4433. Thank you for your
cooperation.
Sincerely,
Jaycee L. Holman
City Clerk
Enclosure
bank®
Five Star Service Guaran[eed ~'~
U.S. Bank National As
International Dept. , _ _ .... _ ._..
1420 5th Avenue, 9th Floor
Seattle, WA 98101
Phone: 206-344-2398
Fax: 206-349-5365
-------------------------------
AMENDMENT TO IRREVOCABLE STANDBY LETTER OF CREDIT
JUNE 13, 2008
Beneficiary:
CITY OF MERIDIAN
660 E. WATERTOWER
SUITE 200
MERIDIAN, IDAHO 83642
--------------------------------------
I Applicant:
PARAMOUNT DEVELOPMENT, INC
12601 W. EXPLORER DRIVE, SUITE 200
BOISE, ID 83713
I
I
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Letter of Credit Number ~ Amendment Number
SLCSSEA02879 I 1
We hereby amend this irrevocable standby letter of credit as follows:
1. The expiry date at our counter is extended to June 1, 2009.
2. The Letter of Credit amount is decreased by $8,809.96 to a new
available balance of $185,835.36.
All other terms and conditions as previously stated remain unchanged.
This amendment is to be considered part of the above referenced Letter
of Credit and must be attached thereto.
U.S. Bank National Association
Seattle, Washington
I _
-T
Au oriz Signature / CKP7
Jan@t aoi~ cr; s.,~?
Asst. Vice Prasid~nt
~l~ank®
F-rc Srar San'ce Gnumr dC'~
U.S. BANK NATIONAL ASSOCIATION
INTERNATIONAL DEPARTMENT
1420 FIFTH AVENUE, 9TH FLOOR
SEATTLE, WA 98101 U.S.A.
PHONE: 206-344-2398
FAX: 206-344-5365
IRREVOCABLE STANDBY LETTER OF CREDIT
-----------------------------------
JUNE 25, 2007
BENEFICIARY: APPLICANT:
CITY OF MERIDIAN PARAMOUNT DEVELOPMENT INC.
660 E. WATERTOWER, SUITE 200 1260] W. EXPLORER DRIVE., SUITE 200
MERIDIAN, IDAHO 83642 BOISE, IDAHO 83713
LETTER OF CREDIT NUMBER: SLCSSEA02879
EXPIRY DATE: JUNE 22, 2008
AT: OUR COUNTERS PRESENTLY LOCATED AT 1420 FIFTH AVENUE, 9TH FLOOR,
INTERNATIONAL DEPARTMENT, SEATTLE, WA, 98101 ON OR BEFORE 5:00 P.M.
-------------------------------------------------------------------------------------------------------------------------------------
AMOUNT U.S. $194,644.82
NOT EXCEEDING: ONE HUNDRED NINETY FOUR THOUSAND SIX HUNDRED FORTY FOUR AND
82/100 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 PARAMOUNT DEVELOPMENT INC. TO COMPLETE
THE SEWER, WATER, PRESSURIZED IRRIGATION, STREET LIGHTS, LANDSCAPING AND
FENCING IN PARAMOUNT SUBDIVISION NO. 14.
2. THE ORIGINAL OF THIS LETTER OF CREDIT, INCLUDING ANY AMENDMENTS, MUST BE
SUBMITTED TO THE BANK FOR OUN ENDORSEMENT OF ANY PAYMENTS EFFECTED BY US
AND/OR FOR CANCELLATION.
ADDITIONAL CONDITIONS:
1. 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. SLCSSEA02879".
THIS CREDIT IS SUBJECT TO "THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY
CREDITS" (1993 REVISION) INTERNATIONAL CHAMBER OF COMMERCE PUBLICATION NO. 500" OR
ANY FUTURE PUBLICATION THEREAFTER.
THIS PAGE 1 FORMS AN INTEGRAL PART OF LETTER OF CREDIT NO. SLCSSEA02879
C~bank. ,~
Fivc Sru Scn'ce Guaranrcod ~~
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.
DRAFT(S) AND DOCUMENTS MUST BE PRESENTED TO OUR OFFICE AT U.S. BANK NATIONAL
ASSOCIATION, INTERNATIONAL DEPARTMENT, 1420 5T"AVENUE, 9T" FLOOR, SEATTLE, WA 98101,
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
THORI SIGNATURE
Janet Jcireman
Asst. Vice President
THIS PAGE 2 FORMS AN INTEGRAL PART OF LETTER OF CREDIT NO. SLCSSEA02879
URETY SPREADSHEET
Project Name: PARAMOUNT #14
Date Compiled: 9/28/2007
Letter of CrediUBOntl No.: SLCSSEA02879
Issued By: USBANK
Expiration Date: 6lZ212008 81112009
Check No.:
Sanitary Sewer -internal
.Sanitary Sewer-offsile
Water-internal
', Water- Offsite
,Street Lights
Responsible Date Signed Off/
Public Works
'. $9,334.60 $0.00 $9
$7,614.35 $0.00 $7
$53,533.00 $0.00 $53
_.-l $0.00
-._.
_.
$8,008.60 i
$800.86 $8
$46,759.51 $4,675.95 $51
__ -
Public Works
Public Works
~
Building 1/17/08 LDT '
PZ
(Pathways $0.00 $0.00 PZ
Fencing $7,999.00 $799.90 $8,796.90 . PZ
'Tiling $0.00 $0.00 PZ '.
Pressurized Irrigation $50,108.23 $5,010.82 $55,119 051 NMID
Grav'dy Imgahon ~ $0.00 $0.00 NMID
_T-_
Other: _
- _ $0.00 $000 PW
$0.00 $000,
' $0.00 $0.00
$0.00 $0.00
Authorized reduction 8809.46 as of 6/11/08 kg
BALANCE TO REMAIN: 5185,835.35
~~~
.;;~, hdo0
.. 14, .~',`~~~~V., J, n.
` V
,>
URETY SPREADSHEET
Project Name: PARAMOUNT #14
Date Compiled: 9/28/2007
Letter of CrediVBOnd No.: SLCSSEA02879
Issued By: USBANK
Explratlon Date: 6{82!2008 6/1/2009
Check No
Party Responsible Date Signed Off/
Sanitary Sewer -internal ! $9,334.60. $0.00 $9,334.60, Public Works 12/19/08 MOJ ',
Sanitary Sewer-offsite $7 614.35 $0 00 '~, $7,614 35 Public Works .12/1908 MOJ
~
Water-internal
_ - _- _ $53 533.00 $0.00
- $53,533 00 Pubhc Works 112/19/08 MOJ
Water- Offsite
$0.00 _
$0.00
._.-__._ _-
Public Works i ___- _ _.
Street Lights $8 008.60' $800.86 $8,809.46 Building 1/17/08 LDT
Landscaping $46,759.51 $4,67595 $51,435.46 PZ 9/18/088P
Pathways $0.00 $0.00 PZ
___
Fencing ~~ _ $7,999.00 $799.90 $8,798. 90~~ PZ ~ ~~1/3/08 ABC ~~
~Tilin9 '
_- _._ $0.00
__ $O. OOi
I PZ
Pressurized Irrigation ,
$50,108.23 $501082 i
-_
$55,119.
051 _ _._. __. __,
PRIVATE12119/08 MOJ
Gravity Irngahon _ ~ $0.00 ! $0 00. NMID
Other:
_ _-
__-
-__. _ -
$0.00
__ __.
$0.
00 _-_.
PW
$0.00 $0. 00
'
_.-_ ____ $0.00
___ $0. 00_
_ _-__ ___
____
$0.00 $0. 00'1
Authorized reduction 8809.48 as of 6/11/08 kg
BALANCE TO REMAIN: $185,835.36
EA 2 8 2007
Memo
~~; .f.~~iziv
_:j.~.'."1 r Vii;.
To: Will Berg
From: Lenard A Grady, P.E.
CC: File, Karie, P & Z Staff
Date: 9/27/07
Re: Paramount #14
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 letter of credit No. SLCSSEA02879 (US Bank -dated 6/25/07)
for $194,644.82. This represents surety for items, and in amounts, listed on the attached
spreadsheet.
Please call Kevin Maus w/ Engineering Northwest at 376-5000 when the plat is ready to be
picked up. Please call me if you have any questions.
Thank you.
From the desk of ..
• Page 1
Lenard A Gredy, P.E.
Cdy Engineer
Meddimi Public Wodcs DepaM~[
660 E. Watertower Lane, Suite 200
Meridimy Idaho 83642
(208)898-5500
Fax: (208) 898A551
~adyl(u~merdiancily.org
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