Bonding, Singing, Recording LCMayorTammy de Weerd
City Council Members:
Keith Bird
Joe Borton
Charles Rountree
David Zaremba
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July 17, 2008
Attn: Steven Nielson
Bank of the Cascades
121 North 9th Street
Boise, ID 83702
Re: Return Letter of Credit Crossfield Clubhouse & Pool for Heron River Development,
LLC
After a site inspection and review of Crossfield Clubhouse & Pool by the Planning
Department and the Public Works Department, it has been determined to release the
Letter of Credit in the amount of $44,344.34 to you for the completion of the project.
Please use this letter as authorization for Bank of the Cascades to release the
Irrevocable Standby Letter of Credit No. 524,
If you have any questions, please contact me. Thank you for your cooperation.
Sincerely, ___.~
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Jaycee L. Holman
City Clerk
Enclosure
JAN - ~ 20t
City of Meridi
SURETY SPREADSHEET
Project Name: CROSSFIELD (clubhouse and pool)
Date Compiled: 7/6/2007
Letter of CrediUBond No.: 524
Issued By: Farmers & Merchants
Expiration Date: aIg/2008 7/512008
Check No
Party Responsible Date Signed Off/
Item Unfinished Partial Suret For Si n-Off Person Comments
Sanitary Sewer -internal $0.00 ~I $0.00 Public Works
Sanitary Sewer-offsite ~i $0.00 $0.00
Water-internal $0.00 $0.00 Public Works 1
Water- Offsite $0.00 $0.00 Public Works I
Street Lights $0.00 $0.00 Building i
Landscaping $18,500.00 $1,850.00 $20,350.00
PZ
, reduce to3o8o.DOt2f2vo
Pathways ,
_
$0.00 $0.00 PZ
Fencing $3,841.17 $384.12 $4,225.00 PZ 12/21/07 CH
Tiling
Pressurized Irrigation $0.00 $0.00 PZ
t
$0.00 $O.OOi NMID
Gravity Irrigation
1 - - - --
$0.00 $O.OO NMID
--- --- -
Other: 1 - -
I
~
~ - - -
Clubhouse and Pool structures, $180,836 -
-
$1
PZ
66 $198 9
reduce to 41264.34 12!21 N
.
L $0.00
$0.00 _ _ ,
$0.00 $0.00 I
$0.00 $0.00 it
TOTAL: $203,177.76 $20,317.78 $223,495.00
Authorized reduction 179150.66 as of 12/21/07 kg
BALANCE TO REMAIN: $44,344.34
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BANK OF THE
CASCADE S
IRREVOCABLE LETTER OF CREDIT
Amendment #1 to Letter of Credit #524, Dated July 5, 2007
Expiration: July ~, 2008
At the Counters of Bank of the Cascades
121 North 9th Street, Boise, Idaho 83702
Beneficiary: City of Meridian
660 East Watertower Lane, Suite 200
Meridian, Idaho 83642
To Whom It May Concern:
Bank of the Cascades hereby amends our Irrevocable Standby Letter of Credit No. X24 in
favor of the City of Meridian (Beneficiary) for the account of Heron River Development,
LLC as follows:
1. Maturity date is herby extended to July 5, 2008
2. Amount is hereby changed:
From: $223,495.00
To: $44,344.34
Except as expressly changed by this Amendment, the terms and conditions of the original
Letter of Credit No. 524 remain unchanged and in full force and effect.
Bank of the Cascades
By:
Steven Nielson, Se ~o ice President
December 24, 2007
SERVING COMMUNITIES IN OREGON AND IDAHO ! www.botc.com NASDAQ: CACB
~=_~~~~ FARMERS & MERCHANTS
il~~l A BANK OF THE CASCADES COMPANY
IRREVOCABLE ST_AI~TDBY LETTER OF CREDIT
Irrevocable Standby Letter of Credit No. 524
Date: July 5, 2007
Expiration: January 5, 2008
At the counters of: Farmers & Merchants, A Bank of the Cascades Company
121 North 9`~ Street, Boise, ID 83702
Beneficiary: City of Meridian
660 E Watertower Ln. Suite 150
Meridian, Idaho 83642
To Whom It May Concern
Farmers & Merchants, A Bank of the Cascades Company [the Bank) hereby establishes in favor of the City
of Meridian, the Beneficiary, for the account of Heron River Development, LLC, the Applicant, our
Irrevocable Standby Letter of Credit in the amount of Two Hundred Twenty Three Thousand Four Hundred
Ninety Five Dollars in United States Dollars ($223,495.00 USD) available by immediate pa}nnent upon
presentation of Beneficiary's sight draft drawn on Farmers & Merchants, A Bank of the Cascades
Company in an amount not exceeding the credit hereby established during the dates of July ~, 2007 through
January 5, 2008.
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 bear the clause: "Drawn
under Farmers & Merchants, A Bank of the Cascades Company, Irrevocable Standby Letter of Credit No.
524 dated July 5, 2007". Beneficiary's sight drafts must also be accompanied by the following conforming
documents:
1. Beneficiary's ~~ritten statement, signed by a person purportedly authorized by the Beneficiary,
stating that Heron River Development, LLC, has not complied with the City of Meridian's
conditions of approval for landscaping, construction of community pool and other
improvements for the Crossfield Subdivision No. 1.
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 Boise Downtown Branch of Farmers & Merchants, A Bank
of the Cascades Company at 121 North 9`~ Street, Boise, ID 83702, along with the required conforming
documents by January 5, 2008.
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.
Farmers & Merchants,
A B nk of the Cascade ompany
Juh~ 5. 2007
Mike Roach, Vice President ~ Date
12~ N. cTH ST. ~ 601SE, D 837cz ~ iel zo8-343-7848 ~ fax 208-343-7S79 ~ N'ti'~'~botc.com j Nasoao: c~.ce
~A~ 2 9 2~~~
Memo
To: Will Berg
From: Lenard A Grady, P.E.
CC: File, Karie, P & Z Staff
Date: 3/28/07
Re: Crossfield #2
-~tY ~~ Meridian
itv fYp.4 nss:,._
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. 442 (Farmers & Merchants Bank -dated
11/3/06 w/amendment #1) for $191,025.63. 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.
Fmm the desk of ..
Lenard A Grady, P.E.
City Engineer
Meridian Public Works De~trnent
660 E. Watertower Lane, Suite 200
Meridian, Idaho 83642
(208)898-5500
Fax: (208) 898-9551
• Page 1 trrad~(cumerdiancity.orQ
i°~ FARMERS Sc MERCHANTS
~~ A BANK OF THE CASCADES COMPANY
IRREVOCABLE STANDBY LETTER OF CREDIT
Amendment #1 to Letter of Credit No. 442
Dated: November 3, 2006
At the counters of Farmers & Merchants,
A Bank of the Cascades Company
121 N 9"' Street, Boise, Idaho 83702
Beneficiary: City of Meridian
660 E Watertower Ln. Suite 200
Meridian, Idaho 83642
To Whom It May Concern:
Farmers & Merchants, A Bank of the Cascades Company hereby amends Irrevocable Standby Letter of
Credit No. 442 in favor of the City of Meridian (Beneficiary) for the account of Heron River Development,
LLC as follows:
1. Maturity date is hereby extended to December 13, 2007
2. Amount is hereby changed:
From: $370,933.00.
To: $191,025.63.
Except as expressly changed by this Amendment, the terms and conditions of the original Letter of Credit
No. 442 remains unchanged and in full force and effect.
Farmers & e chants, a Bank of the Cascades Company
Steven Nielson, Senior is resident Mar. 13, 2007
BOISE I GARDEN CITY MERIDIAN KU NA NAMPA CALDWELL FRUITLAND ' fmsb.com
~ FARMERS $C 1VIERCHAN`lCS
® A BANI( OF THE CASCADES COMPANY
IRREVOCABLE STANDBY LETTER OF CREDIT
Irrevocable Standby Letter of Credit No. 442
Date: November 3, 2006
Expiration: May 3, 2007
At the counters of: Farmers & Merchants, a Bank of the Cascades Company
121 North 9"' Street, Boise, ID 83702
City of Meridian
Attn: Karie Glen
660 E Watertower Ln. Suite 200
Meridian, Idaho 83642
To Whom It May Concern
Farmers & Merchants, A Bank of the Cascades Company[the Bank] hereby establishes in favor of the City
of Meridian, the Beneficiary, for the account of Heron River Development, LLC, the Applicant, our
Irrevocable Standby Letter of Credit in the amount of Three Hundred Seventy Thousand Nine Hundred
Thirty Three Dollars and No Cents in United States Dollars ($370,933.00 USD) available by immediate
payment upon presentation of Beneficiary's sight draft drawn on Farmers & Merchants, A Bank of the
Cascades Company in an amount not exceeding the credit hereby established during the dates of November
3, 2006 tlu-ough May 3, 2007.
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 pernutted.
Reimbursement Instructions: Sight drafts drawn under this Letter of Credit must bear the clause: "Drawn
under Farmers & Merchants, A Bank of the Cascades Company, Irrevocable Standby Letter of Credit No.
442 dated November 3, 2006". 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 that Heron River Development, LLC has not complied with the City of Meridian's
conditions of approval for gravity inigation, pressurized in-igation, street lights, landscaping,
sewer, water and other improvements for the Crossfield Subdivision No. 2.
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 Boise Downtown Branch of Farmers & Merchants, A Bank
of the Cascades Company at 121 North 9`t' Street, Boise, ID 83702, along with the required conforming
documents, by May 3, 2007.
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.
Farmers & Merchants,
A Ba f the Casca es Company
~1
Steven Nielson, Senior Vice Pres ent
BOISE GARDEN CITY ', MERIDIAN ~, I<UNA NAM PA CALDWELL FRUITLAND fmsb.com
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