HomeMy WebLinkAboutReturn Letter of CreditMayorTammy de Weerd
City Council Members:
Keith Bird
Brad Hoaglun
Charles Rountree
David Zaremba
September 9, 2009
Attn: Steve Nielson
Bank of the Cascades
4128 Adams Street
Boise, ID 83714
Re: Release of Letter of Credit No. 584 (McNelis Subdivision) for Ten Mile Center, 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 Letter
of Credit No. 584 in the original amount of $170,350.00 to you for the completion of
internal sanitary sewer, landscaping, fencing and sprinklers. Please use this letter as
authorization for Bank of the Cascades to release Letter of Credit No. 584.
If you have any questions, please contact me at (208) 888-4433. Thank you for your
cooperation. ~,
,~
Sincerely, - ~`
Jaycee L. Holman
City Clerk
Enclosure
BANK OF THE
CASCADES
IRREVOCABLE STANDBY LETTER OF CREDIT
Irrevocable Standby Letter of Credit No. 584
Date: Mazch 20, 2008
Expiration: September 20, 2009
At the counters of: Bank of the Cascades
4128 Adams Street, Boise, ID 83714
City of Meridian
33 E. Idaho
Meridian, Idaho 83642
To Whom It May Concern:
Bank of the Cascades, the Bank, hereby establishes in favor of the City of Meridian, the Beneficiary, for
the account Ten Mile Center LLC, the Applicant, our Irrevocable Standby Letter of Credit in the amount of
One Hundred Seventy Thousand Three Hundred Fifty Dollazs and No Cents in United States Dollars
($170,350.00 USD) available by immediate payment upon presentation of Beneficiary's sight draft drawn
on Bank of the Cascades in an amount not exceeding the credit hereby established during the dates of
Mazch 20, 2008 through September 20, 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 beaz the clause: "Drawn
under Bank of the Cascades, Irrevocable Standby Letter of Credit No. 584 dated March 20, 2008".
Beneficiary's sight drafts must also be accompanied by the following conforming documents:
1. Beneficiary's written statement, signed by a person purportedly authorized by the Beneficiary,
stating Ten Mile Center LLC has not complied with City of Meridian conditions of approval
for the completion of all improvements required as set forth by the construction plans and
contracts related to McNelis Subdivision located at 3365 N. Ten Mile Road, Meridian, Idaho
83642.
2. The original of this Letter of Credit and any subsequent amendments.
The Bank hereby promises to Beneficiary that any sight drafts drawn under the terms of this Letter of
Credit will be duly honored if presented to the Garden City Branch of Bank of the Cascades at 4128 Adams
Street, Boise, ID 83714, along with the required conforming documents, by September 20, 2009.
Except so far as otherwise stated herein, this letter of credit is subject to the International Standby Practices
(ISP 98), International Chamber of Commerce Publication No. 590.
Bank of the Cascades ._
March 20, 2008
Steve Nielson, Senior Vi resident Date
SERVING COMMUNITIES IN OREGON AND IDAHO / WWW.bOtC.COITI NASDAQ: CACB
SURETY SPREADSHEET
Project Name: MCNELIS
Date Compiled: 3/21/2008
Letter of Credit/Bond No.: 584
Issued By: Bank of the Cascades
Expiration Date: 9/20/2009
Check No.:
Party Responsible Date Signed Off/
Item Unfinished Partial Sure For Si n-Off Person Comments
Sankary Sewer -intemal $3,000.00 $0.00 $3,000.00 Public Works 7/7/08 MOJ
Sanitary Sewer-offsite $0.00 $0.00
1Water-intemal $150.00 $0.00 $150.00 Public Works 7/7/08 MOJ
Water- Offsite $0.00 $0.00 Public Works
Street Lights
~ $0.00 $0.00 Building
. Landscaping/fencing/spk $152,000.00 $15,200.00 $167,200.00 PZ jenny
i Pathways $0.00 $0.00 PZ
Fencing $0.00 $0.00 PZ
Tiling $0.00 $0.00 PZ
'Pressurized Irrigation
Gravity Irrigation __
~ $0.00
$0.00 $0.00
$0.00 NMID
NMID
Other:
- -+
-
__
- -
---
$0.00
$0.00
PW -
~
_- - -
$0.00 -
$0.00 -
~-
-- $0.00 $0.00
$0.00 $0.00
TOTAL: $155,150.00 $15,200.00 $170,350.00
Authorized reduction 3150 as of 1/21/09 kg
BALANCE TO REMAIN: $167,200.00 9/8/09 REDY TO REFUND IN FULL SS
Page 1 of 1
Jaycee Holman
From: Scott Steckline
Sent: Tuesday, September 08, 2009 9:23 AM
To: Jaycee Holman
Subject: McNelis Subdivision LOC
Attachments: McNelis.xls
Jaycee,
Please release the LOC for McNelis Subdivision as the Developer has provided cash for the remaining items.
Original Letter of Credit #: 584
Financial Institution: Bank of the Cascades
n
Please contact me if you have any questions
Thank you
SCOTT STECKT_TNF
Land Development Supervisor
Meridian Public Works Department
33 E. Broadway Ave, Suite 102
Meridian, Idaho 83642
Ph: (208) 898-5500 Fax: (208) 898-9551
E-Mail: sstecklineCa~,meridiancity.org
9/8/2009
SURETY SPREADSHEET
Project Name:
Date Compiled:
Letter of CreditBond No.:
Issued By:
F~rpiratlon Date:
Check No.:
Item
MCNELIS
3/21/2008
584
Bank of the Cascades
9/20/2009
Unfinished Partial
re
rty Responsible Date Signed Off/
For Si n-Off Person Comments
Santary Sewer -intemal $3,000.00 $0.00 $3,000.00 Public Works
Sanitary Sewer-offsite $0.00 $0.00
Water-intemal $150.00 $0.00 $150.00 Public Works
Water- Offsite $0.00 $0.00 Public Works
Street Lights $0.00 $0.00 Building
Landscapingffencing/spk $152,000.00 $15,200.00 $167,200.00 PZ
Pathways $0.00 $0.00 PZ
Fencing $0.00 $0.00 PZ
Tiling $0.00 $0.00 PZ
Pressurized Irrigation $0.00 $0.00 NMID
Gravity Irrigation $0.00 $0.00 NMID
Other:
$0.00 $0.00 PW
$o.oo $o.oo
$o.oo $o.oo
$o.oo $o.oo
TOTAL: $155,150.00 $15,200.00
Authorized reduction
BALANCE TO REMAIN: $170,350.00
$170,350.00
BANK OF THE
CASCADES
IRREVOCABLE STANDBY LETTER OF CREDIT
Irrevocable Standby Letter of Credit No. 584
Date: March 20, 2008
Expiration: September 20, 2009
At the counters of: Bank of the Cascades
4128 Adams Street, Boise, ID 83714
City of Meridian
33 E. Idaho
Meridian, Idaho 83642
To Whom It May Concern:
Bank of the Cascades, the Bank, hereby establishes in favor of the City of Meridian, the Beneficiary, for
the account Ten Mile Center LLC, the Applicant, our Irrevocable Standby Letter of Credit in the amount of
One Hundred Seventy Thousand Three Hundred Fifty Dollars and No Cents in United States Dollars
($170,350.00 USD) available by immediate payment upon presentation of Beneficiary's sight draft drawn
on Bank of the Cascades in an amount not exceeding the credit hereby established during the dates of
March 20, 2008 through September 20, 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 aze 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. 584 dated March 20, 2008".
Beneficiary's sight drafts must also be accompanied by the following conforming documents:
1. Beneficiary's written statement, signed by a person purportedly authorized by the Beneficiary,
stating Ten Mile Center LLC has not complied with City of Meridian conditions of approval
for the completion of all improvements required as set forth by the construction plans and
contracts related to McNelis Subdivision located at 3365 N. Ten Mile Road, Meridian, Idaho
83642.
2. The original of this Letter of Credit and any subsequent amendments.
The Bank hereby promises to Beneficiary that any sight drafts drawn under the terms of this Letter of
Credit will be duly honored if presented to the Gazden City Branch of Bank of the Cascades at 4128 Adams
Street, Boise, ID 83714, along with the required conforming documents, by September 20, 2009.
Except so faz as otherwise stated herein, this letter of credit is subject to the International Standby Practices
(ISP 98), Intemational Chamber of Commerce Publication No. 590.
Bank of the Cascades
Mazch 20.2008
Steve Nielson, Senior Vi resident Date
SERVING COMMUNITIES IN OREGON AND IDAHO / www.botc.com NASDAQ: cACB
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Memo
To: Jaycee Holman
From: Karie Glenn
CC: File, Karie, P & Z Staff
Date: 3/21 /08
Re: McNelis Subdivision
Clint Dolsby (Interim City Engineer) has signed the plat for the above project and I 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. 584 (Bank of the Cascades -dated 3/20/08)
for $170,350.00. This represents surety for items, and in amounts, listed on the attached
spreadsheet.
Please call Shari Stiles w/ Engineering Solutions @ 938-0980 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: Original approval was 8/9/05 with subsequent
time extensions to be recorded no later than 4/1/08
From the desk of...
Karie A Glenn
Dept Specialist Supervisor
Meridian Public Works Deparhnent
660 E. Watertower Lane, Suite 200
Meridian, Idaho 83642
• Page 1
(208)898-5500
Fax: (208) 898A551
glennkCameridiancity.or~