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Home My WebLink AboutNapoli Subdivision Letter of CreditPage 1 of 1 Jaycee Holman From: Bruce Freckleton Sent: Thursday, May 28, 2009 1:47 PM To: Tammy de Weerd; Bill Nary; Jaycee Holman; Karie Glenn Subject: Napoli Subdivision -Cashing Letter of Credit Attachments: Bruce Freckleton (bfreckleton@meridiancity.org).vcf; Cashing of LOC.pdf Good Afternoon, Attached is a copy of the packet we prepared for U.S. Bank National Association for the cashing of the Irrevocable Standby Letter of Credit for Napoli Subdivision. Bruce Bruce A. Freckleton Development Services Manager 33 E. Broadway Ave., Suite 102 Meridian, Idaho 83642 Ph (208) 898-5500 Fax (208) 898-9551 6/16/2009 MayorTammy de Weerd E IDIAN City Council Members: ~'~~ Keith Bird ~' Brad Hoagluri Charles Rountree David Zaremba May 28, 2009 Sent Certified Mail: 7000 0520 0012 5465 2166 Janet Joireman Assist. Vice President U.S. Bank National Association International Department 1420 Fifth Avenue, 9a' Floor Seattle, WA 98101 Re: Irrevocable Standby Letter of Credit No. SLCSSEA03050 with Amendments 1 & 2 Dear Ms. 7oireman: I am writing today to inform you that "F & C Development Company Inc. has not completed Sewer, Irrigation„ Street Lights, & Landscaping, as required by plans and specifications for Napoli Subdivision, Meridian, Ada County, Idaho (Physical Address: 4280 S. Eagle Road, Meridian, ID 83642}." Specifically the remainder is to construct the "Sewer Lift Station" as evidenced on the Surety Schedule of January 1 I, 2008, and pursuant to the reserve amount of Amendment No. 1 of August 13, 2008. Per the terms of the Irrevocable Standby Letter of Credit No. SLCSSEA03050 and Amendments 1 & 2, I am hereby requesting that the available balance in the amount of $118, 706.50 be remitted to the City of Meridian for the complefion of development improvements. Please find attached the original Irrevocable Standby Letter of Credit No. SLCSSEA03050 dated December 19, 2007, Amendment No. 1 dated August 13, 2008, Amendment No. 2 dated December 15, 2008, and a copy of the Surety Schedule dated January 11, 2008. Respectfiilly Submitted, Thom .Barry, .E.G. Public Works Director cc Tammy De Weerd, Mayor Bill Nary, City Attorney Bruce Freckleton, Development Services Mgr. Frank Stouts, F & C Development Co., Inc. Public Works Department . 33 E. Broadway Avenue, Suite 200, Meridian, ID 83842 Phone 208.898-5500 . Fax 208-898-9551 . www.meridiancity.org bank. Fiw&a Saviro Gaenntetd ~',,,,~` 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 DECEMBER 19, 2007 BENEFICIARY: CITY OF MERIDIAN 660 E. WATERTOWER SUITE. 200 MERIDIAN, ID 83642 U.S.A. APPLICANT: F & C DEVELOPMENT COMPANY INC. 3554 E. INDIAN TRAIL LANE KUNA, ID 83634 U.S.A. LETTER OF CREDIT NUMBER: SLCSSEA03050 F,XPTRY DATE: DECEMBER I5, 2008 AT: OUR COUNTERS PRESENTLY LOCATF,D AT 1420 FIFTH AVENUE , 9TH FLOOR, INTERNATIONAL DEPARTMENT, SEATTLE, WA , 98101 ON OR BEFORE 5:00 P.M. AMOUA'T U.S. 5380,220.80 NOT EXCEEDING THREE HUNDRED EIGHTY THOUSAND TWO HUNDRED TWENTY AND 80/L00 U.S. DOLLARS WE HEREBY ISSUE THIS IRREVOCABLE STANDBY LETTER OF CREDIT AVAILABLE BY YOUR bRAf"I(S) DRAWN AT SIGHT ON U.S. BANK NATIONAL ASSOCIATION AND ACCOMPANB?D BY'1'HE FOLLOWING DOCUMENTS: 1. A SIGNED STATEMENT PURPORTEDLY BY AN AUTHORIZED REPRESENTATIVE OF THE BENEFICIARY, STATING THAT " F & C DEVELOPMENT COMPANY INC. HAS NOT COMPLETED SEWER, Il2RIGATION, STREET LIGHTS, & LANDSCAPING, AS REQUIRED $Y PLANS AND SPECIFICATIONS FORNAPOL] SUBDIVISION, MERIDIAN, ADA COUNTY, IDAHO (PHYSICAI. ADDRESS: 4280 S. EAGLE ROAD, MERIDIAN, ID 83642)." 2. THE ORIGBVAI, OF THIS LETTER OF CREDIT, INCLUDING ANY AMENDMENTS ADDITIONAL CONDITIONS: 1. PARTLAL DRAWINGS ALLOWED DRAFTS DRAWN UNDER THIS CREDIT MUST BEAR THE CLAUSE: "DRAWN UNDER U.S. BANK NATIONAL ASSOCIATION IRREVOCABLE STANDBY LETTER OF CREDIT NO. SLCSSEA03050". THIS CREDIT IS SUBJECT TO "THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS" (2007 REVISION) INTERNATIONAL CHAMBER OF COMMERCE PUBLICATION NO. 600". WE HEREBY ENGAGE WITH YOU THAT DRAFT(S) DRAWNAND/OR DOCUMENTS PRESF,NTED UNDER AND BQ COMPLIANCE WITH THE TERMS OF THIS IRREVOCABLE STANDBY LETTER OF CREDIT WILL BE DULY HONORED UPON PRESENTATION TO US THIS PAGE l FORMS AN INTEGRAL PART OF LETTER OF CREDIT NO. SLCSSEA03050 C~bank, Fire Star Santt Guarantred C~ DRAFTS}AND DOCUMENTS MUST BE PRESENTED TO OUR OFFICE AT U.S. BANK NATIONAL ASSOCIATION, IN'CERNATIONAL DEPARTMENT, 1420 ST"AVENUE, 9"` FLOOR, SEATTLE, WA 9810 ]. U.S. BANK NATIONAL ASSOCIATION INTERNATIONA ANKING DIVISION !/~ ~~'~ UTHO ED SIGNATURE ,~I~P1$t ~9iI$i7Ie0t1 ~SS~. Y~~i$ ~Y$5i~871~ THIS PAGE 2 FORMS AN INTEGRAL PART OF LETTER OF CREDIT NO. SLCSSEA03050 banks ~~sr~~s~;«c~~~d~ U.S. Bank National International Dept 1420 5th Avenue, 9Ln e•loor Seattle, WA 98101 Phone: 206-344-2398 Fax; 206-344-53b5 ----------_________________=asa=ms-=°==___ AMENDMENT TO IRREVOCABLE STANDBY LETTER OF CREDIT AUGUST 13, 2008 Beneficiary: ~ Applicant: CITY OF MERIDIAN I F AND C DEVELOPMENT COMPANY, INC. 660 E. WATERTOWER 13554 E. INDIAN TRAIL LANE SUITE 200 I KUNA, ID 83634 MERIDIAN, ID 83642 U.S.A. I I -------------------------------------------------------------------------- Letter of Credit Number I Amendment Number SLCSSEA03050 I 1 PIe hereby amend this irrevocable standby letter of credit as follows: 1. The Letter of Credit Amount is decreased by $261,514.30 to a new available balance of $118,706.50. 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. Sank National Association Seattle, Washington -Vii`-C~-CCr'~ ---- Au horized Signature / JEB7 Glarla Warrick Letter of Credit officer bank F,ve Smr Service Cuaraareed U.S. Bank National International Dept. 1420 5th Avenue, 9th Floor Seattle, ir]A 98101 Phone: 206-344-2398 Fax: 206-394-5365 AMENDMENT TO IRREVOCABLE STANDBY LETTER OF CREDLT DECEMBER 15, 2008 Beneficiary: I Applicant: C1TY OF MERIDIAN F AND C DEVELOPMENT COMPANY, INC. 660 E. WATERTCWER 3554 E. INDIAN TRAIL LANE SUITE 200 I KUNA, ID 83639 MERIDIAN, ID 83692 U.S.A. I ------------------------------------------------------------------------- Letter of Credit Number i Amendment Number SLCSSEA03C50 ~ 2 We hereby amend this irrevocable standby let*_er of credi*_ as follows: 1. Expiration date at our counters is extended to June 2, 2009. All other terry 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 Aut ri~ Signature / GXW7 e~~si.;Jic~ ~'ras9c'~;~t Cam/ SURETY SPREADSHEET Projed Name: Napoli Subtlivision Date Compiled: 1/11/2008 Letter of CretlipBOntl No.: SLCSSFA03050 lssuetl By: USBank Expiration Date: 42l4f{5006 61212009 Caeck No.: Parry Responsible Date Signed Oft/ Ifem Unfinished Partial Sure For Si n-0R Person comments ~SanRary Sewer-internal $10,846.90 $0.00 ~ $10,B48.90 ~ Public Works 11119/07 MOJ ~Sandary Sewer-ot(site $0.00 50.00 1 A -- -- _~Waler-Internal --- r $49,170.50 $0.00 ~ $49,170.50 Public Works 11/19107 MOJ I Waler- Oftsite $0 00 $0 00 Public Works ~~ E . . Street Lghts I 11,351.00 $1,135.1p $12,486.10 Building 11!3/07 HW ILantlscaping $30,590.00 _ .33,059.00 $33,648.00 PZ ~12127f07 JV PetMVays _ $0.00 $0-00 P2 Fendng _. _ $41,273.00 $4,127.30 $46.400.30 P2 12/27Po7JV ~ --- --- Tiling __ _ 50.00 $0.00 PZ Pressurized Urlgatlan $58,332.00 $5,833.20 ~ $84,765.20 NMID -+ 11/19/07 MOJ _-.. - j Graviiy Irrigation `$41,833.00 $4,183.30 $45,798.30 NMID 111191D7 MOJ Other. Sewer Lift Station - - $107,915.00 -_ $10,791.50 $116,708.50 PW - - _._ ~ _- $0.00 $0.00 Y --- $0.00 $0.00 _..-.. _- __ 1 $D.oo ~ $D.op, - -..-- TOTAL: $351,111.40 $29,109.40 $380,220.80 Author ized redudion 261514.3 as of 7115!06 kg BALANCE TO REMAIN: $118,706.50 redudion received 8/14108 no chg in data k ^ Complete items 1, 2, and 3. Also complete A. Signature tt f em 4 rf Restricted Delivery is desired. ^ Print your name and atltlress on the tirverse X D Agent ^ Addressee so that we can return the card to you. - ^ Attach this card to the back of the mailplece, B, Received by (Pdnted Namej C: Date of DdNery a on the front If space permits. le ~ t ~ Adi re~ tl ~~ D. Is delNery edNeag dlfereM from fleet 1T 4 Yea c If YES, enter delNery atltlreas below: ^ No l T ~ET JO~t`f.W.G.ti ~ i.. V.S. t~,(.1~ Nat-mil Assoc. ~~1~ •t~ ~~Qf'd~a^'R G..n4t YP~Q't'. _ . ' l~l~ C~~C~k H~.t Q~'~~0~ 9. 9ervka Type ' ~Cmtlfled Mail ^Drpress Mal p W A - ~ _` tit ^ Re istered ^ Retum Recef t P for Merchendlee ~ ... , . ~` , ) • O . ^ Insured Meil ^ GO.D. 4. Restricted Dellvery7 (Extra Fee) ^ Yes 2. 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