HomeMy WebLinkAboutRelease of Letter of Credit~/rE IDIAN--
August 15, 2008
RBC Centura
International Services -Standby L/C Unit
200 Providence Rd., 3rd Floor
Charlotte, NC 28207
MayorTammy de Weerd
City Council Members:
Keith Bird
Joe Borton
Charles Rountree
David Zaremba
Re: Release of Standby Letter of Credit No. SB004270 (Cedar Springs Townhomes for
John Flaherty Construction, Inc.
After a site inspection and review of Cedar Springs Townhomes by the Planning
Department and the Public Works Department, it has been determined to release the
Letter of Credit in the original amount of $242,154.02 (with a current balance of
$37,433.00) to you for the completion of internal sanitary sewer and water, street lights,
landscaping, fencing and pressurized irrigation. Please use this letter as authorization
for RBC Centura to release the Standby Letter of Credit No. SB004270.
If you have any questions, please contact me at (208) 888-4433. Thank you for your
cooperation.
Sincerely,
~~~'~
Jaycee .Holman ~~M~~FT
City Clerk E~
Enclosure ~~G 1.5 Zo~B
B~: ~~
RBC
~'= Centura
. .
International Services -Standby UC Unit
200 Providence Rd., 3rd Floor
Charlotte, NC 28207
S.W.I.F.T.: CNTAU533
(704) 686-1467 or (704) 686-1194
(704) 686-1498 fax
1-800-938-6299
Irrevocable Standby Letter of Credit Number SB004270
Issue Date: August 24, 2007
Beneficiary:
City of Meridian
669 E. Watertower Lnne, Suite 200
Meridian, ID 83642
Expiry Date: August 24, 2008
Applicant:
John Flnherty Construction Inc.
1850 N. Lakes Place
Meridian, ID 83646
Gentlemen:
On behalf of John Flnherty Construction Inc., we hereby establish in your favor our Irrevocable Standby Letter of Credit
Number 56004270 (this "Letter of Credit") up to the aggregate amount of USD$242,154.02 (United States Dollars Two
Hundred Forty Two Thousand One Hundred Fifty Four and 02/100).
Funds under this Letter of Credit are available with us by payment against presentation of your sight draft(s) drawn on us,
marked "Drawn under RBC Centura Bnnk Irrevocable Standby Letter of Credit SB004270", accompanied by:
Your written signed and dated statement stating:
"I, , nn authorized officer of City of Meridian, with respect to RBC Centura Bank Irrevocable
Standby Letter of Credit SB004270, hereby certify that the amount of the draft USD $
represents the amount of money required to complete Cedar Springs Townhomes Improvements and/or other work as is
incidental and related thereto in accordance with the drawing and specifications ns submitted to the City of Meridian",
and,
This original Letter of Credit.
Multiple drawings hereunder are permitted.
This Letter of Credit is effective immediately and shall expire at the office located nt 200 Providence Road, 3rd Floor,
Charlotte, NC 28207, Attention: Internntionnl Services -Standby L/C Unit on or before the above stated expiry dote. We
hereby undertake that the drafts drawn under and in compliance with the terms and conditions of this Letter of Credit will be
duly honored.
This Letter of Credit is subject to the "Uniform Customs and Practices for Documentary Credits (2007 Revision), Internntionnl
Chamber of Commerce Publication No. 600."
Sincerely,
BC Centura Bannk '~/~ ~
Authorized Signature Aut rued Signature
SURETY SPREADSHEET
Project Name: CEDAR SPRINGS TOWNHOMES
Date Compiled: 9/28/2007
Letter of CrediUBond No.: S6004270
Issued By: RBC
Expiration Date: 8/24/2008
Check No
Item
Sanitary Sewer -internal
~_ --+ -
~Sanitary Sewer-offsite
'Water-internal
Water- Offsite
:Street Lights
Landscaping
- -
Pathways
Fencing
Tiling-- - --- -----
' Pressurized Irrigation
Gravity Irrigation
~ -Other:
TOTAL:
$13,516.90 $0.00
I
$0.00
$56,400.00', $0.00
- $0.00
$5,443.20. $544.32
$34,030.00 $3,403.00
$0.00
$58,628.00 _$5,862_80
$0.00
$58,478.00 i $5,847.80
$0.00
$0.00
$0.00
$0.00
$0.00
.10 $15,657.92
Authorized reduction
Party Responsible Date Signed Off/
Surety For Sign-Off Person Comments
$13,516.90 Public Works 10/19/07 MOJ
- - -
- --
$0.00
$56,400.00 Public Works 10/19/07 MOJ
$0.00 Public Works
$5,987.52 Building
$37,433.00 PZ
$0.00 PZ
$64,490.80 -PZ
$O.OOI~ PZ
$64,325.80'
-- - NMID
-
$0.00 NMID
7/11 /08 KG
8/15/08 BP
5/20/08 SW
7/16/08 ND
$0.00 PW
$0.00
$0.00
2,154.02
204721.02 as of 7/16/08 kg
BALANCE TO REMAIN: $37,433.00
~~~
Memo
SEP 2 '' 2QOi
y of Meridi
v CiPr4 Clff
To: Will Berg
From: Lenard A Grady, P.E.
CC: File, Karie, P & Z Staff
Date: 9/27/07
Re: Cedar Springs Townhomes
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. S6004270 (RBC -dated 8/24/07) for
$242,154.02. This represents surety for items, and in amounts, listed on the attached
spreadsheet.
Please call Daren Fluke w/ JUB Engineers @ 376-7330 when the plat is ready to be picked
up. Please call me if you have any questions.
Thank you.
From the desk of ..
• Page 1
Lenard A Grady,P.E.
City Engineer
Meridian Public Works Department
660 E. Watertower Lane, Suite 200
Meridian, Idaho 83642
(208) 898-5500
Fax: (208) 898-9551
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