HomeMy WebLinkAboutA023 - Letter to Mayor and Council dated August 27, 2019, certifying completon CETV OF
A . Ames._
Smart Choice
Public Works Department
515 Clark Avenue, Ames, Iowa 50010
Phone 515-239-5160 ♦ Fax 515-239-5404
August 27, 2019
Item No. 33
Honorable Mayor and Council Members
City of Ames
Ames, Iowa 50010
RE: Wessex Subdivision Financial Security Reduction -Final
Ladies and Gentlemen:
I hereby certify that the conditions for approval of the final plat of Wessex Subdivision have
been fulfilled. As a result of this certification, it is recommended that the financial security on
file with the City for this subdivision be released in full.
Sincerely,
John C.Joiner, P.E.
Director
JJ/nw
cc: Finance, Planning & Housing, Subdivision file
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ST FIRST '
NATIONAL
BANK
AMES •ANKENY
Issue Date: April 15, 2008
IRREVOCABLE LETTER OF CREDIT# 0364
BENEFICIARY:
City of Ames
C/o City Clerk
515 Clark Avenue
Ames, IA 50010
RE: Wessex Subdivision
We hereby authorize you to draw on First National Bank,Ames, Iowa, for account of Wessex,
L.L.C., up to the aggregate amount of$60,000.00 available by your draft on sight at First
National Bank, Ames, Iowa,to be accompanied by:
1) Copies of all invoices, which have remained unpaid for 60 days from invoice date
2) Beneficiary's signed statement indicating that the invoices are unpaid
3) Copy of this Irrevocable Letter of Credit No. 0364
Partial payments are permitted.
We hereby agree that drafts drawn under and in compliance with the terms of this Letter of Credit
will be duly honored.
The expiration of this Letter of Credit is April 15, 2009. It is a condition of this Letter of Credit
that it will be automatically extended without amendment in one-year increments until one of the
following occurs: (a) 60 days prior to the then expiration date, we notify Beneficiary at the above
address of our election not to extend this Letter of Credit for an additional one-year period; or, (b)
a deposit for an equivalent amount is made with the City of Ames. Upon receipt of the 60-day
notice,the Beneficiary may draw on this Letter of Credit.
This Letter of Credit is subject to the Uniform Customs and Practices for Documentary Credit
(1993)Revision, International Chamber of Commerce Publications No. 500, or current revision
in place.
Sincerely,
Scott T. Bauer r BYLA A
President DOUR`
CIi`
MAIN OFFICE UNIVERSITY OFFICE NORTH GRAND OFFICE CUB FOODS OFFICE ANKENY OFFICE
405 5th Street 2330 Lincoln Way 2406 Grand Avenue 3121 Grand Avenue 1205 N.Ankeny Blvd.
Ames,IA 50010 Ames,IA 50014 Ames, IA 50010 Ames,IA 50010 Ankeny,IA 50023
515-232-5561 515-292-6157 515-233-2400 515-233-3363 515-965-3969
Fax 515-232-5778 Fax 515-965-0125
Member FDIC w w w . F N B a m e s . c o m E„EDR
` AGR 1060_000985.pdf- Development Agreement RE: Wessex Subdivision
' Diane R Voss to: John C Joiner 08/1 3/201 9 06:58 PM
Bcc: Diane R Voss
John:
Per our conversation this afternoon, please advise me if the LOC in the amount of$60,000 may be
released. Thank you!
Diane Voss, City Clerk/Records Manager
P. O. Box 811
Ames, Iowa 50010
(515) 239-5105 �
11 -AGR 1060_000985.pdf