Paramount Commercial Return Letter of CreditE IDIAN~--
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April 15, 2009
Attn: Janet Joireman
U.S. Bank National Association
International Dept., PD-WA-T91N
1420 5th Avenue, 9th 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. SLCSSEA03181 (Paramount Commercial) for
Brighton Homes, 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 $173,938.86 to you for the completion of
internal sanitary sewer, internal water, landscaping, fencing and pressurized irrigation.
Please use this letter as authorization for U.S. Bank to release the Letter of Credit No.
SLCSSEA03181.
If you have any questions, please contact me at (208) 888-4433. Thank you for your
cooperation.
Sincerely,
Jaycee L. Holman
City Clerk
Enclosure
C~bank.
FiveRarSe+vice Guaranteed C$.
U.S. BANK NATIONAL ASSOCIATION
INTERNATIONAL DEPARTMENT
1420 FIFTH AVENUE, 9TH FLOOR
SEATTLE, WA 98101 U.S.A.
PHONE: 206-344-2398
FAX: 206-344-5078
IRREVOCABLE STANDBY LETTER OF CREDIT
JUNE 9, 2008
BENEFICIARY: APPLICANT:
CITY OF MERIDIAN BRIGHTON HOMES, LLC FOR THE
660 E. WATERTOWER, SUITE 200 ACCOUNT OF USTICK MARKETPLACE LLC
MERIDIAN, IDAHO 83642 12601 WEST EXPLORER DRIVE, SUITE 200
BOISE, ID 83713
LETTER OF CREDIT NUMBER: SLCSSEA03181
h/,M/~NN/,NN/,/,/,
EXPIRY DATE: JUNE 6, 2009
AT: OUR COUNTERS PRESENTLY LOCATED AT 1420 FIFTH AVENUE, 9TH FLOOR,
INTERNATIONAL DEPARTMENT, SEATTLE, WA, 98101 ON OR BEFORE 5:00 P.M.
AMOUNT $173,938.86
NOT EXCEEDING ONE HUNDRED SEVENTY THREE THOUSAND NINE HUNDRED THIRTY EIGHT
AND 86/100 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:
I. A STATEMENT PURPORTEDLY SIGNED BY AN AUTHORIZED INDIVIDUAL OF THE BENEFICARY
STATING THAT THE AMOUNT OF DRAFT DRAWN REPRESENTS FUNDS DUE THE CITY OF
MERIDIAN DUE TO THE FAILURE OF USTICK MARKETPLACE LLC TO COMPLETE THE SEWER,
WATER, PRESSURIZED IRRIGATION, LANDSCAPING AND FENCING IMPROVEMENTS FOR
PHASE I OF PARAMOUNT MARKETPLACE.
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. SLCSSEA03181".
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.
U.S. BANK NATIONAL ASSOCIATION
INTERNATIONAL BANKING DIVISION
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AUTH ~ ZED SIGNATURE
Janet Joireman
Asst. Vice PrF- ,zf
SURETY SPREADSHEET
Project Name: Paramount Commercial
Date Compiled: 6/2 012 0 0 8
Letter of CrediVBOnd No.: SLCSSEA03181
Issued By: US Bank
Expiration Date: 6/6/2009
Check No
Party Responsible Date Signed Off/
Item Unfnished Partial Suret For Si n-Off Person Comments
am ary ewer -in ema
S $2,223.28 $24,456.03 Public Works 3 20 09 mj
.Sanitary Sewer-offsRe
'
$0.00
$0.00 ___
II
Water-internal ~'i $54,328.00 $5,432.80 $59,760.80 Public Works 3-20-09 mj ~'~.
Water-Offsite ~, $0.00 $000 Public WOrks '
Street Lights ~ $0 00 $0.00 Bwldmg
Lantlscaping $56 529.99
__ $5,653.00 $62,182.99 PZ 1/27/09 sw
Pathways $0.00 $0.00' PZ
Fencing $9,937.50 $993.75 $10,931.251 PZ '1/27/09 sw
Tiling $0.00 $0.00, PZ
Pressurized Irrigation $75,098.00 $1,509.80 $16,607.80 PRIVATE 3/20/09 mj
Gravity Irrigation
_-_
- __ $0.00 $0.00 NMID
Other:
_.. _
_.. _
_ ____.__
$0.00
$000
PW
$0.00 $0.00
$0.00 $0.00
$o.ao $o.oo
Authorized reduction
BALANCE TO REMAIN: $173,938.88
4/1/09 READY TO BE RELEASED IN FULL - KG
Memo
To: Jaycee Holman
From: Karie Glenn
CC: File, Karie, P & Z Staff
Date: 6!20/08
Re: Paramount Commercial
Clint Dolsby has signed the plat for the above project and I am forvvarding 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. SLCSSEA03181 (Brighton Homes LLC -
dated 6/9/08) for $173,938.86. This represents surety for items, and in amounts, listed on
the attached spreadsheet.
Please call Mike Wardle @ 378-4000 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: February 19, 2008
Fromthe deskof..
Karie A Glenn
L1c}rt Specialist Supervisor
Meridian Public Works Depa~an
660 E. Wala[ower lane, Suite 200
Meridian, ldahn 83642
(208)898-SS00
Fax: (208)898-9551
• Page 1 llennk(rJmeridiancity.ore
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