HomeMy WebLinkAboutJaykers Return Letter of Credit Fencing IDIAN~--
April 28, 2009
Attn: Richard Mayeda
Bank of the Cascades
121 North 9~h Street
Boise, ID 83702
Mayor Tammy de Weerd
City Council Members:
Keith Bird
Joe Borton
Charles Rountree
David Zaremba
Re: Release of Letter of Credit No. 601 (Jaykers Sub. -Fence) 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 $169,455.00 to you for the completion of
fencing. Please use this letter as authorization for Bank of the Cascades to release the
Letter of Credit No. 601.
If you have any questions, please contact me at (208) 888-4433. Thank you for your
cooperation.
Sincerely,
~' J
Jayc2'e L. Holvm\ an
City Clerk
Enclosure
~~// BANK OF THE
CASCADES
IRREVOCABLE STANDBY LETTER OF CREDIT
Irrevocable Standby Letter of Credit No. 601
Date: June 3, 2008
Expiration: June 3, 2009
At the counters of: Bank of the Cascades
121 North 9'" Sneer, Boise, ID 83702
City of Meridian
660 East Wa[ertower, Suite 200
Meridian, ID 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 Irrevocable Standby Letter of Credit in the amount of One
Hundred Sixty-Nine Thousand, Four Hundred Fifty-Five Dollars and Zero Cents in United States Dollars
($169,455.OOUSD) available by immediate payment upon presentation of Beneficiary's sigh[ draft drawn
on Bank of the Cascades in an amount not exceeding the 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 Instructions: Sight drafts drawn under this Letter of Credit must bear the clause: "Drawn
under Bank of the Cascades, Irrevocable Standby Letter of Credit No. 601 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 to complete the fencing and retaining wall in Jayker Subdivision, Ada
County, Idaho.
2. The original of this Letter of Credit and any subsequent amendments.
The Bank hereby promises to Beneficiary [hat 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 otherwise stated herein, this letter of credit is subject to the Intemational Standby Practices
(ISP 98), International Cha ~~CommercpyPublicationNo. 590.
Bank of the Cascades //
June 2 2008
Date
SERVING COMMUNITIES IN OREGON AND IDAHO / WWW.60LC.COnI NASDAQ: CACB
SURETY SPREADSHEET
Project Name: JAYKERS SUBD #1 (fenc)
Date Compiletl: 6/24/2006
Letter o(CreditiBOnd No.: 601
Issuetl By: Bank of Cascades
Expiration Date: 6/3/2009
Check No
Party Responsible Date Signed Off/
Item Unfnished Partial Suret For Si n-Off Person Comments
Sanitary Sewer -internal ~ $0.00 $D.00 Public Works
Sanitary Sewer-offsite ' $O.OD $0.00
Water-internal i
~ $0.00 $0.00 Public Works ~.
Water- Offsite
- $0.00
~ $0.00 Public Works ~~
S[reet Li hts
g ___
$O.DO
~
$0.00, -
Bmltling ---
Landscaping $0.00 $O.OO~~i PZ ~~ ~ ~~
Pathways $0.00 $0.001 PZ '
fencing $154,050.00
___ $15,405.00
_._ $169,455.00 PZ 4/26109 BP
Tiling
_.-__
$0.00
$0.00
PZ __ _
Pressurized Irrigation $0.00 ' $0 00 NMID
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
54,050.00 $15,405.00
Authorized reduction
BALANCE TO REMAIN: $169,455.00
I FULL - KG