Letter of CreditMayor Tammy de Weerd
City Council Members:
Keith Bird
Brad Hoaglun
Charles Rountree
David Zaremba
January 27, 2014
Zions Bank
International Operations
550 South Hope Street, 3Id Floor
Los Angeles, California 90071
Re: Release of Letters of Credit No. ZSB803065 for The Club at Spurwin , LLC
(Spurwing Challenge Subdivision) g
After a 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 i
original amount of $209,894.47. Please use this letter as authorization for Zions Bane
Bank to release the Letters of Credit No. ZSB803065. nk
If you have any questions, please contact me at (208) 888-4433. Thank You for
cooperation. Y your
Sincerely,
Jaycee L. Holma
n
City Clerk
Enclosure
E IDIAN*--
A ti
Community Development
Department
Community Development Dept.
Meridian City Hall, Suite 102
33 E. Broadway Avenue
Meridian, Idaho 83642
MEMORANDUM
January 14, 2014
To: Jaycee Holman, City Clerk
From: Bruce Freckleton, Development Services Manager
Re: Spurwing Challenge Subdivision — Release of Performance Surety
Jaycee,
The developer has worked with the Development Services Division and Planning Division on a
reduction to the original sureties that were posted to guarantee their construction
performance of the required development features.
At this point in time, I am requesting that you release the original 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,
C�WIE IDIAN .-
IDAHO
Community Development
Department
To: Jaycee Holman
From: Bruce Freckleton
Community Development Dept.
Meridian City Hall, Suite 102
33 E. Broadway Avenue
Meridian, Idaho 83642
MEMORANDUM
August 8, 2013
Re: Irrevocable Letter of Credit #ZSB803065 — Spurwing Challenge Subdivision
Jaycee,
Attached is the original Irrevocable Letter of Credit #ZSB803065, issued by Zions Bank on behalf
of The Club at Spurwing, LLC, as a guarantee of completion of development improvements in
the Spurwing Challenge Subdivision. I have also attached a Surety Breakdown for this
development to substantiate the surety amount ($209,894.47).
Please let me know if you should have any questions,
Thank you,
U�Wglj��Wlm
Inte
Operatio
ZIONS BANK SSO South H pe Street,
550 South Hope Sued, 3rd Floor
Los Angeles. California 90071
Established in 1873 S.W LFT: ZFNBUS55
Standby Letter of Credit
L/C No. ZSB803065
August 7, 2013
IRREVOCABLE STANDBY LETTER OF CREDIT NO. ZSB803065
BENEFICIARY:
CITY OF MERIDIAN
33 E. BROADWAY AVE., SUITE 102
MERIDIAN, ID 83642
Dear Sir/Madam:
EXPIRATION:
January 15, 2014
AMOUNT: USD 209,894.47
At the request of THE CLUB AT SPURWING, LLC, 3405 E. OVERLAND ROAD, SUITE 150,
MERIDIAN, ID 83642, we hereby establish our Irrevocable Standby Letter of Credit in your favor up to an
aggregate amount of Two Hundred Nine Thousand Eight Hundred Ninety -Four and 47/100 US DOLLARS (USD
209,894.47). This Letter of Credit is available for payment against presentation of your draft(s) at Sight drawn on
ZIONS FIRST NATIONAL BANK, bearing the clause: "Drawn under Letter of Credit no. ZSB803065 of ZIONS
FIRST NATIONAL BANK" accompanied by the following documents:
This original Letter of Credit and amendment(s) thereto, if any, which will be returned to you following our
notation thereon of the amount of such draft drawn hereunder. If the amount of the draft is for the full
amount of this Letter of Credit, the original Letter of Credit will be retained by us.
Beneficiary's statement purportedly signed by an authorized representative of City of Meridian certifying
the following:
"We certify that The Club at Spurwing, LLC has not satisfactorily completed the improvements for the
development known as Spurwing Challenge Subdivision ("Subdivision Plat") as per the Development
Surety Agreement."
Partial drawings are allowed.
In the event of a drawing all original documents including original sight Draft must be dispatched in one lot by
registered mail or courier services directly to Zions First National Bank, International Operations, 550 South Hope
Street, 3rd Floor, Los Angeles, CA 90071.
This Standby Letter of Credit expires at our counters at the close of business on the expiration date.
If you have any questions concerning this transaction, please call us at (213) 593-2131, (213) 593-2128 or (213)
593-2127.
We hereby agree with you that all draft(s) drawn under and in compliance with the terms of this letter of credit will
be honored upon presentation to us as specified herein.
THIS CREDIT IS SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY
CREDITS (2007 REVISION), INTERNATIONAL CHAMBER OF COMMERCE, PUBLICATION NO, 600.
Sincerely,
ZIONS FIRST NATIONAL BANK
} � �--•err,
onzed �s' Garcia
Zoiia Reyes-
pssistant vice president
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E IDIAN---
Community Development
Department
To: Jaycee Holman
From: Bruce Freckleton
Community Development Dept.
Meridian City Hall, Suite 102
33 E. Broadway Avenue
Meridian, Idaho 83642
MEMORANDUM
August 8, 2013
Re: Irrevocable Letter of Credit #ZSB803065 — Spurwing Challenge Subdivision
Jaycee,
Attached is the original Irrevocable Letter of Credit #ZSB803065, issued by Zions Bank on behalf
of The Club at Spurwing, LLC, as a guarantee of completion of development improvements in
the Spurwing Challenge Subdivision. I have also attached a Surety Breakdown for this
development to substantiate the surety amount ($209,894.47).
Please let me know if you should have any questions,
Thank you,
Bruce
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Community Development
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Department
Community Development Dept.
Meridian City Hall, Suite 102
33 E. Broadway Avenue
Meridian, Idaho 83642
MEMORANDUM
January 14, 2014
To: Todd Lavoie, Accounting Manager
From: Bruce Freckleton, Development Services Manager
Re: Spurwing Challenge Subdivision — Performance Surety
Todd,
Attached is a check (check #8525) from The Club at Spurwing, in the amount of $40,284.37 as a
guarantee of completion of required improvements at Spurwing Challenge Subdivision. I have
also attached a Surety Breakdown for the improvements.
Please let me know if you should have any questions or concerns,
Thank you,
Bruc
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