Letter of Credit�E IDLAN.-
I UAHO
October 23, 2013
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Wells Fargo Bank
International Standby Letter of Credit Processing
MAC A0283-123
794 Davis Street, 2"d Floor
San Leandro, CA 94577-6922
Mayor Tammy de Weerd
City Council Members:
Keith Bird
Brad Hoaglun
Charles Rountree
David Zarernba
Re: Release of Letter of Credit No. IS0047605U (Kingsbridge Sub. No. 3) for Applicant
BHH Kingsbridge, 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 $239,440.50. Please use this letter as authorization for
Wells Fargo Bank to cancel the Letter of Credit No. IS0047605U.
If you have any questions, please contact me at (208) 888-4433. Thank you for your
cooperation.
Sincerely,
i
Jaycee L. Holman
City Clerk
Enclosure
C��WIE IDIAN�--
Community Development
Department
Community Development Dept.
Meridian City Hall, Suite 102
33 E. Broadway Avenue
Meridian, Idaho 83642
MEMORANDUM
To: Jaycee Holman, City Clerk
From: Bruce Freckleton, Development Services Manager
Re: Kingsbridge Subdivision #3 — Release of Performance Surety
Jaycee,
October 23, 2013
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,
MIERIDIAN
IDAHO
October 22, 2013
Mr. James Hunter
BHH Kingsbridge, LLC Mr. Bill Schmidt
1025 S. Bridgeway Place, Suite 290 Schmidt Construction Co.
Eagle, Idaho 83686 15883 Robber Place
Caldwell, Idaho 83607
RE: Kingsbridge Subdivision #3 — Final Acceptance
Dear Mr. Hunter:
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
These systems have
the required testing in accordance with City of Merid an S alndard Specifications and Drawings
and therefore are hereby accepted by the City for ownership and normal maintenance. g
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
Public
Works Department' Standard Specifications and Drawings, the installation and materials
sewer and domestic water systems are to be warranted against defect by the owner for a peho
d
Of two -years from the date of this letter.
p
Sincerely,
Warren Stewart, P.E.
City Engineer
cc. City Clerk
PW - Water Division
PW - Wastewater Division
PW - Construction Division
File
DEQ
C>WIE IDIAN--
Community Development
Department
Community Development Dept.
Meridian City Hall, Suite 102
33 E. Broadway Avenue
Meridian, Idaho 83642
MEMORANDUM
June 27, 2013
To: Jaycee Holman, City Clerk
From: Bruce Freckleton, Development Services Manager
Re: Kingsbridge Subdivision Phase 3 — Surety
Jaycee,
Attached you will find the original Irrevocable Letter of Credit Number IS0047605U drawn
under Wells Fargo Bank, N.A. for their client BHH Kingsbridge, LLC. This surety is for the
guaranteed completion of the required development improvements in Kingsbridge Subdivision
Phase 3.
I am also attaching a breakdown spreadsheet showing the itemized list of improvements with
their corresponding amounts.
Please let me know if you should have any questions,
Thanks,
Brucq:::�5r
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Wells Fargo Bank, N.A.
r U. S. Trade Services
Standby Letters of Credit
MAC Ao195-212
One Front Street, 21st Floor
San Francisco, California 94111
Phone: 1(800) 798-2815 Option i
E-Mail: sftradeca@wellsfargo.corn
Irrevocable Standby Letter Of Credit
BENEFICIARY
CITY OF MERIDIAN PUBLIC WORKS
660 E. WATERTOWER, SUITE 200
MERIDIAN, IDAHO 83642
LETTER OF CREDIT ISSUE AMOUNT
LADIES AND GENTLEMEN:
Number: IS0047605U
Issue Date : June 25, 2013
APPLICANT
BHH KINGSBRIDGE, LLC
1025 SOUTH BRIDGEWAY, SUITE 290
EAGLE, IDAHO 83616
USD 239,440.50 EXPIRY DATE JUNE 25, 2014
AT THE REQUEST AND FOR THE ACCOUNT OF BHH KINGSBRIDGE, LLC, 1025 S. BRIDGEWAY, SUITE 290,
EAGLE, ID 83616, WE HEREBY ESTABLISH OUR IRREVOCABLE LETTER OF CREDIT IN YOUR FAVOR IN THE
AMOUNT OF TWO HUNDRED THIRTY NINE THOUSAND FOUR HUNDRED FORTY AND 50/100 UNITED STATES
DOLLARS (US$239,440.50) AVAILABLE WITH US AT OUR ABOVE OFFICE BY PAYMENT OF YOUR DRAFT(S)
DRAWN ON US AT SIGHT ACCOMPANIED BY YOUR SIGNED AND DATED STATEMENT WORDED AS
FOLLOWS:
"THE UNDERSIGNED, A DULY AUTHORIZED REPRESENTATIVE OF THE CITY OF MERIDIAN PUBLIC WORKS,
HEREBY CERTIFIES THAT THE AMOUNT DRAWN UNDER WELLS FARGO BANK, N.A. LETTER OF CREDIT NO.
IS0047605U REPRESENTS FUNDS DUE THE CITY OF MERIDIAN PUBLIC WORKS DUE TO THE FAILURE OF BHH
KINSBRIDGE, LLC TO COMPLETE SEWER, WATER, STREET LIGHTS, FENCING, PRESSURIZED IRRIGATION, AND
PLAY GROUND EQUIPMENT FOR THE KINGSBRIDGE PHASE 3 PROJECT."
THIS LETTER OF CREDIT EXPIRES AT OUR ABOVE OFFICE ON JUNE 25, 2014. IT IS A CONDITION OF THIS
LETTER OF CREDIT THAT SUCH EXPIRATION DATE SHALL BE DEEMED AUTOMATICALLY EXTENDED,
WITHOUT WRITTEN AMENDMENT, FOR ONE YEAR PERIODS TO JUNE 25 IN EACH SUCCEEDING CALENDAR
YEAR, UNLESS AT LEAST NINETY(90) DAYS PRIOR TO SUCH EXPIRATION DATE WE SEND WRITTEN NOTICE TO
YOU AT YOUR ADDRESS ABOVE BY OVERNIGHT COURIER OR REGISTERED MAIL THAT WE ELECT NOT TO
EXTEND THE EXPIRATION DATE OF THIS LETTER OF CREDIT BEYOND THE DATE SPECIFIED IN SUCH NOTICE.
UPON OUR SENDING YOU SUCH NOTICE OF THE NON -EXTENSION OF THE EXPIRATION DATE OF THIS
LETTER OF CREDIT, YOU MAY ALSO DRAW UNDER THIS LETTER OF CREDIT, ON OR BEFORE THE EXPIRATION
DATE SPECIFIED IN SUCH NOTICE, BY PRESENTATION OF YOUR DRAFT(S) DRAWN ON US AT SIGHT.
THE DRAFT MUST BE MARKED "DRAWN UNDER WELLS FARGO BANK, N.A. LETTER OF CREDIT NUMBER
IS0047605U".
Page 1 of Z go far
Each page of this document is an integral part
of this Irrevocable Standby Letter of Credit Number IS004760SU
THE DRAFT MUST ALSO BE ACCOMPANIED BY THE ORIGINAL OF THIS LETTER OF CREDIT FOR OUR
ENDORSEMENT ON THIS LETTER OF CREDIT OF OUR PAYMENT OF SUCH DRAFT.
IF ANY INSTRUCTIONS ACCOMPANYING A DRAWING UNDER THIS LETTER OF CREDIT REQUEST THAT
PAYMENT IS TO BE MADE BY TRANSFER TO AN ACCOUNT WITH US OR AT ANOTHER BANK, WE AND/OR
SUCH OTHER BANK MAY RELY ON AN ACCOUNT NUMBER SPECIFIED IN SUCH INSTRUCTIONS EVEN IF THE
NUMBER IDENTIFIES A PERSON OR ENTITY DIFFERENT FROM THE INTENDED PAYEE.
DRAWINGS MAY BE PRESENTED AT EITHER OF OUR FOLLOWING LOCATIONS:
WELLS FARGO BANK, N.A.
WELLS FARGO BANK, N.A.
US TRADE SERVICES OR
STANDBY LETTERS OF CREDIT
LETTERS OF CREDIT OPERATIONS
ONE FRONT STREET, 21 ST FLOOR
BOISE SERVICE CENTER BLDG,
3033 ELDER STREET
SAN FRANCISCO, CA 94111
BOISE, ID 83705
ATTN: LEATHA THAYER
IF DOCUMENTS ARE PRESENTED TO THE BOISE OFFICE, THEY MUST ALSO BE FAXED BY THE BENEFICIARY TO
336-735-0952 THE SAME DAY IN ORDER TO BE DEEMED A PRESENTATION.
WE HEREBY ENGAGE WITH YOU THAT ALL DRAFTS DRAWN UNDER AND IN COMPLIANCE WITH THE TERMS
OF THIS CREDIT WILL BE DULY HONORED BY US IF DRAWN AND PRESENTED FOR PAYMENT AT OUR OFFICE
ON OR BEFORE THE EXPIRATION DATE AS SPECIFIED HEREIN.
THIS LETTER OF CREDIT IS SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY
CREDITS (2007 REVISION), INTERNATIONAL CHAMBER OF COMMERCE PUBLICATION NO.600, AND
ENGAGES US IN ACCORDANCE THEREWITH.
Very Truly Yours
CHAUD
VICE PRESIDENT
Autnor#red Signature
The original of the Letter of Credit contains an emboss dsea/ over the Authorized Signature.
Please direct any written correspondence or inquiries regarding this Letter of Credit, always quoting our
reference number, to Wells Fargo Bank, National Association, Attn: U.S. Standby Trade Services
at either One Front Street
MAC AO195 212,
San Francisco, CA 94111
or 401 Linden Street
MAC D4004-017,
Winston-Salem, NC 27101
Phone inquiries regarding this credit should be directed to our Standby Customer Connection Professionals
1-800-798-2815 Option 1 1-800-776-3862 Option 2
(Hours of Operation: 8:00 a.m. PT to 5:00 p.m. PT) (Hours of Operation: 8:00 a.m. EST to 5:30 p.m. EST)
Page 2 of 2
Each page of this multipage document is an integral part
of this Irrevocable Standby Letter of Credit Number IS0047605U
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I
E IDIAN---
Community Development
Department
Community Development Dept.
Meridian City Hall, Suite 102
33 E. Broadway Avenue
Meridian, Idaho 83642
MEMORANDUM
June 27, 2013
To: Jaycee Holman, City Clerk
From: Bruce Freckleton, Development Services Manager
Re: Kingsbridge Subdivision Phase 3 — Surety
Jaycee,
Attached you will find the original Irrevocable Letter of Credit Number IS0047605U drawn
under Wells Fargo Bank, N.A. for their client BHH Kingsbridge, LLC. This surety is for the
guaranteed completion of the required development improvements in Kingsbridge Subdivision
Phase 3.
I am also attaching a breakdown spreadsheet showing the itemized list of improvements with
their corresponding amounts.
Please let me know if you should have any questions,
Thanks,
Brucq:�fr
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