HomeMy WebLinkAboutBitterbrush Point Return Letter of CreditE IDIAN:---
May 12, 2009
Attn: Randall Munk
KeyBank National Association Branch
702 W. Idaho
Boise, ID 83702
MayorTammy de Weerd
City Council Members:
Keith Bird
Joe Borton
Charles Rountree
David Zaremba
Re: Release of Letter of Credit No. S313638 (Bitterbrush Point) for Majestic, 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 $60,432.55 to you for the completion of
landscaping, fencing and sewer -lift station. Please use this letter as authorization for
KeyBank to release the Letter of Credit No. 5313638.
If you have any questions, please contact me at (208) 888-4433. Thank you for your
cooperation.
Sincerely,
~~~ U
Jaycee L. Holman
City Clerk
~f ~--~
Enclosure
A KeyCorp Bank
KEYBANK NATIONAL ASSOCIATION
STANDBY LETTER OF CREDIT SERVICES
MAIL CODE: OH-01-5i-0435
4910 TIEDEMAN ROAD
CLEVELAND, OHIO44144-2338
TEL NO: 216-813-3696, -3698, -3702, -3714 or -3715
FAX NO: 216-813-3719
Irrevocable Standby Letter of Credit. No. S313638 Date: April 17, 2008
Beneficiary: Applicant:
City of Meridian Majestic, Inc.
660 East Watertower 2000 W. Overland Road
Suite 200 Meridian, ID 83642
Meridian, ID'83642
Amount: US$ 60,4355
Expiry: April 11, 2009
We hereby establish our Irrevocable Standby Letter of Credit No. S313638 in your favor for
account of Majestic, Inc. for a sum or sums not exceeding a total of Sixty Thousand Four
Hundred Thirty Two and 55/100:. United States Dollars'($60,432.55) available by your draft{s)
at sight drawn on KeyBank Natipnal Association, Cleveland, Ohio beartrag,Yhe clause, "Drawh
under KeyBank National Association' Inrevocable Standby l.etterof Credif°No. S313638 dated
April 17, 2008" accompanied by he following document(s):
1. Beneficiary's statement signed by an authorized individual reading:
"Funds are due to the City of Meridian due to the failure of Majestic, Inc. to complete the
sewer vault, controls and landscaping in the Bitterbrush Point subdivision"
2. This original.: Letter of Credit and all amendments, if any
Partial and multiple drawings are permitted underthis Letter of Credit.
We hereby engage with you that draft(s) drawn under and in compliance with the terms of this
Letter of Credit .will be duly honored on due presentation and delivery of documents as
specified to KeyBank National Association, Standby. Letter of Credit Services, Mail Code: OH-
01-51-0435, 4910 Tiedeman Rd.,-Cleveland, Ohio 44144-2338 or at; KeyBank Nationar
Association branch at 702 W. Idaho, Boise, ID-83702, Attention Randalt Munk, Tel; 208-364=
8659, who will forward drafts and documents to our office at KeyBarik `National Association,
Standby Letter of Credit Services, Mail Code: OH-01-51-0435, 4910 Tiedeman Rd.,
Cleveland, Ohio 44144-2338 on or before expiration date.
This Letter of Credit is subject to the International Standby Practices 1'998; ICC Publication
No. 590.
KeyBank National Association
1. /
~~ ~i~~~
Aut on d Signature Authorized Signature
SURETY SPREADSHEET
Project Name: Bitterbrush Point
Date Compiled: 5/5/2008
letter of CrediUBOnd No.: 5313638
Issued By: Keybank National
Expiration Dale: 4/17/2009
Check No.:
Party Responsible Date Signed Off/
I[em Unfinished Partial Suret For Si n-Off Person Commems
iSanitary Sewer -internal $000 $0.00! Public WOrks
Sanitary Sewer-offsite t ~ $0.00 $0.00 { i
'Water-internal _. - -..__
$0.00 ~ - __:_
$O.OOj __ -
Public Works r_.. _. _.._. _
I j
'' Water- Offsite $0.00 $0.00 Public Works
_
iSireet Lights $0.00 $0.00 Building
Landscaping/fencing ~ $2058568 $2,058.57 $22,644.251 PZ ~5/6/09 SW - ~ ~_
- -
I
- - __,
~ + _ _
Pathways
_.
_ __ - __ $0.00 $O OOL PZ
_.
I
Fencing ! __.
_ i
$0.00 .
$0.00.
PZ
Tiling $0.00 I $000 PZ
Pressurized Irrigation $0.00 $O.OOr NMID '-~
Gravity Irrigation ~ _~ $0.00 $0 00 NMID
O
he
~ _ - _~- - ~~ _ -" -- - - - ~- _..
-
Sew
e
Lift Station
__ - _ $34,353.001 $3,435.30 I $37,788.30 PW 110/27/08 CD
- _.
I $0.00
I $O OOr _
~
~
__. _. _. -.
_. _ +
_. _
_
_
__ _ .
_ _
. _
-. _ _
- - _ _.
$0.00 $0.00'..
__. - _-
$0.00 $O.OOi, -
TOTAL: $54,938.88 $5,493.87 $60,432.55
Authorized reduction 37788.3 as of 10/27/08 KG
BALANCE TO REMAIN: $22,644.25
FULL - KG
Memo
To: Jaycee Holman
From: Karie Glenn
CC: File, Karie, P & Z Staff
Date: 5/5/08
Re: Bitterbrush Point
Clint Dolsby has 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. S313838 (Keybank National -dated 4/17/08)
for $60,432.55. 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: January 9, 2007
From the desk of ..
ICarie A Glenn
Dept Specialist Supervisor
Meridian Public Works Department
660 E. Watertower Ise, Suite 200
Meridian, Idaho 83642
• Page 1
(208)898-5500
Fax: (208) 898A651
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