HomeMy WebLinkAboutParamount 15 Return Letter of CreditE IDIAN---
April 15, 2009
Attn: Janet Joireman
U.S. Bank National Association
International Dept., PD-WA-T91N
1420 5`h 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. SLCSSEA02878 (Paramount #15) 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 $231,662.10 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. SLCSSEA02878.
If you have any questions, please contact me at (208) 888-4433. Thank you for your
cooperation.
Sincerely,
Jaycee L. Holman
City Clerk
Enclosure
C~bank®
Five Star Service Guaranteed
U.S. Bank National As
International Dept., _~ .... ___..
1420 5th Avenue, 9th Floor
Seattle, WA 98101
Phone: 206-394-2398
Fax: 206-394-5365
AMENDMENT TO IRREVOCABLE STANDBY LETTER OF CREDIT
JUNE 13, 2008
Beneficiary: I Applicant:
CITY OF MERIDIAN PARAMOUNT DEVELOPMENT, INC
660 E. WATERTOWER 12601 W. EXPLORER DRIVE, SUITE 200
SUITE 200 BOISE, ID 83713
MERIDIAN, IDAHO 83642
I
Letter of Credit Number Amendment Number
SLCSSEA02878 1
We hereby amend this irrevocable standby letter of credit as follows:
1. The expiry date at our counter is extended to October 22, 2008.
2. The Letter of Credit amount is decreased by $179,384.72 to a new
available balance of $52,277.38.
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
--/ ---- --U/6~-J2~i+l!---
A horiz d Signature / CKP7
Janet Joireman
first. Vice Presi~ent
~~*/
~bank®
Frve Sear Servire Guaranteed C~
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 12601 W. EXPLORER DRIVE., SUITE 200
MERIDIAN, IDAHO 83642 BOISE, IDAHO 83713
LETTER OF CREDIT NUMBER: SLCSSEA02878
/V~MM/V~/~MAM/~
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. $231,662.10
NOT EXCEEDING: TWO HUNDRED THIRTY ONE THOUSAND SIX HUNDRED SIXTY TWO AND 10/100
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
TAE SEWER, WATER, PRESSURIZED IRRIGATION, STREET LIGHTS, AND LANDSCAPING IN
PARAMOUNT SUBDIVISION NO. 15.
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. SLCSSEA02878".
THIS CREDIT IS SUBJECT TO "THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY
CREDITS" (]993 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. SLCSSEA02878
®~ank.
Frc Sor Sara Guaranreed ~',r
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 5TH 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 B KING DIVISION
. ~':.c'~9'CzvL-,'
P THORIZ SIGNATURE
Janet Jcire~ran
Assi. Vice president
THIS PAGE 2 FORMS AN INTEGRAL PART OF LETTER OF CREDIT NO. SLCSSEA02878
SURETY SPREADSHEET
Project Name: PARAMOUNT#15
Date Compiled: 9/28/2007
Letter of CrediUBOnd Na.: SLCSSEA02878
Issuetl By: USBANK
Expiration Date: 612212008 10/22/2008
Check No
Item
Unfinished Partial
Suret Party Responsible
Far Si n-Off Date Signetl Off/
Person Comments
Sanitary Sewer -internal $22,712.00 $0.00 $22,712.OOi Public Works !9/27/07 MOJ
Sanitary Sewer-offsite $0.00 $0.00 '~
Water-internal __$74,615.00 $0 00 $74,615.00 Public Works _. 19/27/07 MOJ
F ___
Water- Offsile $0.00 $0.00 Public Works '.
Slreel Lights ~' $37 665 95 $3 766 60 I $41,432.55 Building
_ _ 1/17/08 LDT
,
Landscaping _ $47 524.89' $4 752 49
-__ $52,277 38 PZ
Pathways $0 00 $0 00 PZ
- _- _
Fencing ~ $0.00 $0.00 PZ i
Tiling -_ ',,
$000.
_... $000 P2 '.
.
Pressurized Irrigation _
.
$36,895.61 ii $3,689.56
$40,585.17
Public Works .
....
~, 9/27/08 MOJ
Gravity Irrigation $0.00
_ _ _ $0.00',
_
_ NMID
_ _.. ',
Other ___ - .
_ _ _
$0.00 $0.00
PW
_. _
$0.00 $0.00
$0.00
__ $0.00
~,. ', $0.00 ~i $0.00
Authorized reduction
BALANCE TO REMAIN:
FULL - KG --ALREADY EXP
179344.72 as of 6/14/08 kg
$52,277.38
.. _ % p .y,~~7
Memo
To: Will Berg
From: Lenard A Grady, P.E.
CC: File, Karie, P & Z Staff
~l ~ ~PPD~~ ~.
Nla~~lti 13r~~~
Date: 9/27/07
Re: Paramount #15
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. SLCSSEA02878 (US Bank -dated 6/25/07)
for $231,662.10. This represents surety for items, and in amounts, listed on the attached
spreadsheet.
Please call Gene Smith w/ Engineering Northwest @ 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 ..
Lenard A Grady, P.E.
City Engineer
Meridian Public Works Department
660 E. Watertower Lane, Suite 200
Meridian, [lobo 83642
• Page 1
(20R)898-5500
Fax: (208)898-9551
or- adYldrmcrdiancitgore
SURETY SPREADSHEET
Project Name: PARAMOUNT #15
Date Compiled: 9/28/2007
Letter of CrediUBond No.: SLCSSFA02878
Issued By: USBANK
Expiration Date: 4/22/2008 10/22/2008
Check No
Sanitary Sewer -interna
Sanitary Sewer-offsite
Water-internal
Water- Offsite
~, Street Lights
~~! Landscaping
~I. Pathways
I Fencing
,Tiling
'. Pressurized Irrigation
:Gravity Irrigation
Other:
__ i
$0.00
$0.00
$0.00_
$0.00
45 $12,208.85
Authorized reduction
PW
$0.00
__. __ - -
$D.00
1,622.10
179344.72 as of 6/14/08 kg
BALANCE TO REMAIN: $52,277.38
~M1S
J
Party Responsible Date Signed Off/
Unfinished Partial Suret Por Si n-Off Person
I $22,712.00 $0.00 $22,712.00., Public Works '.9/27/07 MOJ
$74,615.00 $0.00 $74,615.00 Public Works 9/27/07 MOJ
$0 00 $0.00 Public Warke
$37,665.95 $3,766.60 $41,432.55 Building 1/17/08 LDT
$47 524 89~' $4,752 49 $52,277.38 PZ
~.
- - ' - $0 00
... __-
. $0.00
---- PZ i
__..
__- _- $0 00 $0.00
-_. PZ
-_
---_
$0.00 $000 PZ I
', $36,895.61 ~I $3,689.56 $40,585.17 Public Works _9/27/08 MOJ
~' $0.00 $0.00 NMID
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