Letter of CreditC E IDIAN
March 12, 2014
U.S. Bank National Association
Standby Letter of Credit: BC-MN-H2OG
800 Nicollet Mall
Minneapolis, Minnesota 55402
Mayor Tammy de Weerd
City Council Members:
Keith Bird Joe Borton
Luke Cavener Genesis Milam
Charlie Rountree David Zaremba
CP 13- b�
Re: Release of Letter of Credit No. SLCMMSP06987 (Paramount Sub. No. 23) for
Applicant Brighton Investments, 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 the
Letter of Credit in the amount of $465,931.21. Please use this letter as authorization fo
U.S. Bank to cancel the Letter of Credit No. SLCMMsP06987. r
If you have any questions, please contact me at (208) 888-4433. Thank you for our
cooperation. y
Sincerely,
Jaycee L. Holman
City Clerk
Enclosure
E IDIAN^--
Community Development
Department
Community Development Dept.
Meridian City Hall, Suite 102
33 E. Broadway Avenue
Meridian, Idaho 83642
MEMORANDUM
March 10, 2014
To: Jaycee Holman, City Clerk
From: Bruce Freckleton, Development Services Manager
Re: Paramount Subdivision #23 — Release of Performance Surety
Jaycee,
Attached is a copy of the City Engineer's final acceptance letter that officially signifies that the
construction phase of the above named project is complete. At this time, I am requesting that
you release the Performance Surety (copy attached) that was posted to guarantee the
completion of the development features.
Please let me know if you should have any questions or concerns,
Thank you,
IDIAN
March 10, 2014
Mr. David Turnbull Brown Construction, Inc.
Brighton Corporation PO Box 495
12601 W. Explorer Drive Nampa, Idaho 83653-0495
Boise, Idaho 83713
RE: Paramount Subdivision #23 — Final Acceptance
Dear Mr. Turnbull:
Mayor Tammy de Weerd
City Council Members:
Keith Bird
Brad Hoaglun
Charles Rountree
David Zaremba
Installation of this project's sanitary sewer and/or domestic water systems has been
satisfactorily completed in accordance with the approved plans. These systems have passed
the required testing in accordance with City of Meridian Standard Specifications and Drawings,
and therefore are hereby accepted by the City for ownership and normal maintenance.
Record drawings submitted to us for this project are also accepted and are being forwarded to
the Idaho Department of Environmental Quality. The engineer of record is responsible for
certification of the record drawings as to horizontal and vertical location of all public water and
sewer facilities installed.
In accordance with the City of Meridian's Unified Development Code §11-5C-3, and the City of
Meridian's Supplemental Specifications and Drawings to the Idaho Standards for Public Works
Construction, 2013 Edition, the installation and materials of the sewer and domestic water
systems are to be warranted against defect by the owner for a period of two -years from the date
of this letter.
Sincerely,
a°
Warren Stewart, P.E.
City Engineer
cc. City Clerk
PW - Water Division
PW - Wastewater Division
PW - Construction Division
File
DEQ
Public Works Department . 33 E Broadway Ave, Suite 200, Meridian, ID 83642
Phone 208-898-5500 . Fax 208-898-9551 . www.meridiancity.org
C>WIE
Community Development
Department
Community Development Dept.
Meridian City Hall, Suite 102
33 E. Broadway Avenue
Meridian, Idaho 83642
MEMORANDUM
August 26, 2013
To: Jaycee Holman, City Clerk
From: Bruce Freckleton, Development Services Manager
Re: Paramount Subdivision #23 — Performance Surety
Jaycee,
Attached is Irevocable Standby Letter of Credit #13C-MN-H20G from Brighton Investments, LLC,
which is drawn on US Bank in the amount of $465,930.21 as a guarantee of completion of
development improvements in Paramount Subdivision #23, 1 have also attached a Surety
Breakdown for this development.
Please let me know if you should have any questions or concerns,
Thank you,
us • -
U.S. Bank National Association
Standby Letters of Credit: BC-MN-H2OG
800 Nicollet Mall
Minneapolis, Minnesota 55402
August 22, 2013
City of Meridian
33 E. Broadway Ave
Meridian, Idaho 83642
Attn: Bruce Freckleton
SWIFT: USBKUS44
TELEX:
Phone: 866-359-2503 x 5854
612-303-7395
Fax: 612-303-5226
We hereby establish our Irrevocable Standby Letter of Credit No. SLCMMSP06987 for the account of
Brighton Investments, LLC for the account of Smith Brighton Inc., 12601 W. Explorer Drive, Suite 200, Boise,
Idaho 83713 in the initial amount of $465,930.21(Four Hundred Sixty Five Thousand Nine Hundred Thirty and
211100 US dollars) and authorize you to draw at sight on U.S. Bank National Association.
Drafts on us at sight must be accompanied by the original of this Letter of Credit (and any amendments
thereto) and a beneficiary's signed statement (purportedly signed by an authorized signer of beneficiary) as
follows: "We are drawing under this letter of credit as funds are due to the City of Meridian due to the failure
of Smith Brighton Inc. to complete the Sewer, Water, Pressurized Irrigation, Street Lights and Landscaping in
Paramount Subdivision #23."
The amounts of any drafts drawn under this Letter of Credit are to be endorsed on the reverse side hereof.
Such drafts must bear the clause "Drawn under U.S. Bank National Association credit number
SLCMMSP06987 dated August 22, 2013."
We hereby agree with drawers that drafts and documents as specified above will be duly honored upon
presentation to U.S. Bank National Association, 800 Nicollet Mall, attn: Standby Letters of Credit BC-MN-
H2OG, Minneapolis Minnesota 55402, if presented on or before August 19, 2014.
Pursuant to U.S. Law, we are required to obtain, verify and record information that identifies parties to the
transaction and we are prohibited from issuing, transferring, accepting, or effecting payment to any party or
entity identified by the U.S. Department of Treasury including any office and bureau thereof or subject to the
denial of export privileges by the U.S. Department of Commerce.
This credit is subject to the International Standby Practices (1SP98), International Chamber of Commerce
Publication Number 590, or any subsequent revision thereto.
U.S. Bank National Association
usbank.com
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IDIAN .--%..
Community Development
Department
Community Development Dept.
Meridian City Hall, Suite 102
33 E. Broadway Avenue
Meridian, Idaho 83642
MEMORANDUM
August 26, 2013
To: Jaycee Holman, City Clerk
From: Bruce Freckleton, Development Services Manager
Re: Paramount Subdivision #23 — Performance Surety
Jaycee,
is drawn on US Bank in the amount of $465,930.21 as a guarantee of completion of
Attached is Irevocable Standby Letter of Credit #BC-MN-H20G from Brighton Investments, LLC,
which
development improvements in Paramount Subdivision #23. 1 have also attached a Surety
Breakdown for this development.
Please let me know if you should have any questions or concerns,
Thank you,
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