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Home My WebLink AboutA018 - Irrevocable Letter of Credit #0134 dated December 14, 2001 - $40,000 ST FIRST NATIONAL BANK AMES Locally owned...working for you since 1903. IRREVOCABLE LETTER OF CREDIT # 0134 (REVISED) DATED: DECEMBER 14, 2001 City of Ames 515 Clark Ames, IA 50010 Attn: City Clerk We hereby authorize the City of Ames, Iowa, to draw on First National Bank, Ames, Iowa 50010, for the account of Suncrest L.C., up to the aggregate amount of USD $40,000 available by your draft(s) at sight accompanied by the following documents: A written statement executed by the Mayor of the City of Ames, Iowa, certifying that the terms of the Agreement for Public Improvements for the Suncrest Subdivision, Phase ll, Ames, Iowa have not been fulfilled. Each draft must state that it is "Drawn under First National Bank, Letter of Credit No. 0134, dated September 27, 2001." This credit and all documents specified must accompany the draft(s). We hereby agree with you that draft(s) under and in compliance with the terms of this Letter of Credit will be duly honored on delivery of documents as specified if presented at this office in Ames, Iowa, no later that September 27, 2002. Annual renewals of this Irrevocable Letter of Credit will be issued automatically with final expiration of September 27, 2002. Except as otherwise stated herein, this Irrevocable Letter of Credit is subject to the Uniform Customs and Practices fur Documentary Credits per international Chamber of Commerce Publication No. 290 (1974 revision) and subject to the provision of the Commercial code of the State of Iowa. Sincerely, First National Bank _ 9-1 r w / _ I By Name: Edward Jacobson Title: Senior Vice Preside j! �q�� • ,�. � I MAIN OFFICE UNIVERSITY OFFICE CUB FOODS OFFICE NORTH GRAND OFFICE 5th&Burnett PO Box 607 Ames,IA 50010 2330 Lincoln Way Ames IA 50014 3121 Grand Ames,IA 50010 2406 Grand Ames,IA 50010 515-232-5561 FAX 515-232-5778 515-292-6157 515-233-3363 515-233-2400 F City Clerk's Office 515 Clark Avenue, P. O. Box 811 (a ring People Ames,IA 50010 Qgalily Programs Phone: 515-239-5105 Eurpl,.w .lnvirr Fax: 515-239-5142 REVISED October 5, 2001 TO WHOM IT MAY CONCERN: 1, Diane Voss, hereby certify that I have this date received from Craig Hastings, attorney for developers of Suncrest L.C., an Irrevocable Letter of Credit in the amount of$441,795,49. Said instrument has been placed on file in the Ames City Clerk's Office, 515 Clark Avenue, for the development of public improvements in the Suncrest Subdivision, Phase II, City of Ames, Iowa, as follows: Water Main' $ 74,364.50 Sanitary Sewer 102,322.00 Storm Sewer 94,896.00 Curb and Gutter 42,860.25 ACC Paving 109,516.74 Street Lights 12,000.06 Paving Inspection 5,836.00 By: %mu G!sj-& Diane Voss Title: City Clerk - M P E City Clerk's Office Caring People Quality Programs Erceptional Service TO: City Clerk's Office FROM: J014" -JV1-,V6 E Public Works Department DATE: SUBJECT: Required Security for Subdivision A bond* in the amount of$ 441 ,795. 41 is required for the .5LwcieEST C Subdivision. The bond will secure acceptable performance of the following public improvements: Improvement Amount '�4715K MAuv $ 74, 3&P4. 6T ,5 r ,TR(LY 6-6wcQ $ 1VZ, 3zz STORM 56-K16 Z $ 94, 10 qu 6Uk& 4- Gv—�T69 $ 4z, 6c'00. Z5 4U— PAvInrt, $ 101, 51(o. 74 ST,2Ec5T L 1 LN-T 5 $ t 2) 00 0 PAV1,1 re, /dry *Bond: Any form of security including a letter of credit, a cash deposit, surety bond, collateral, property or instrument of credit in an amount and form satisfactory to the City Council. within the time specified in paragraph 3.1 for completion and readiness for final payment or any proper extension thereof granted by OWNER, CONTRACTOR shall pay OWNER One Hundred Dollars and No Cents ($100.00) for each day that expires after the time specified in paragraph 3.1 for completion and readiness for final payment. 3.3 En ineering C� In addition to any liquidated damages specified under Article 3.2, the CONTRACTOR agrees that the final payment will be reduced by the actual amount of Engineering Costs incurred by the ENGINEER and billed to the OWNER during the period following the contract completion date due to the failure of the CONTRACTOR to complete the Work within the times specified in paragraph 3.1. Article 4. CONTRACT PRICE. 4.1 for all Unit Price Work, an amount equal to the sum of the established unit price for each separately identified item of Unit Price Work times the estimated quantity of that item as indicated in this paragraph 4.1: Estimated Unit Estimated Item No. Item Description Unit Quantity Cost Cost 1 Mobilization LS 1 $3,000.00 $3,000.00 2 Silt Fence LF 510 $1.60 $816.00 3 Connect to Existing Sanitary Sewer EA 1 $250.00 $250.00 SA 4 Sanitary Sewer, Manhole EA 7 $2,400.00 $16,800.00 'A 5 Sanitary Sewer, 8 Inch Dia. LF 1988 $30.00 $59,640.00 SA 6 Sanitary Sewer Services, 4 Inch Dia., PVC LF 1080 $21.65 $23,382.00 S,l 7 Stablization Rock TON 150 $15.00 $2,250.00 S oz 3zz - 8 lConnect to Existing Water EA 1 $250.00 $250.00 k/ 9 Hydrant Assembly EA 9 $2,000.00 $18,000.00 vJ 10 Valves, 8 Inch EA 8 $625.00 $5,000.00 W 11 Water Main, 8 Inch Dia. LF 2878 $14.00 $40,292.00 12 Water Services, 1 Inch Dia., Copper LF 990 $8.75 $8,662.50 13 Curb Stops EA 36 $60.00 $2,160.00 14 Connect to Existing Storm Sewer EA 1 $250.00 $250.00 r 15 Storm Manholes EA 2 $1,450.00 $2,900.00 ST 16 Intakes, Type M-A EA 6 $1,700.00 $10,200.00 S' A - 2 17 Intakes, Type M-C EA 2 $2,100.00 $4,200.00 5' 18 Intakes, RCP Area EA 4 $675.00 $2,700.00 S7 19 Storm Sewer, 2000D, 24 Inch Dia. LF 295 $46.00 $13,570.00 20 Storm Sewer, 2000D, 18 Inch Dia. LF 421 $35.00 $14,735.00 Sr 21 Storm Sewer, 2000D, 15 Inch Dia. LF 278 $32.00 $8,896.00 �T 22 Storm Sewer Apron, 15 Inch Dia. EA 1 $975.00 $975.00 ST- 23 Storm Sewer, Subdrain, 8 Inch Dia. LF 500 $18.00 $9,000.00 ST 24 Storm Sewer, Sump Line, 6 Inch Dia. LF 1120 $16.00 $17,920.00 Cr 25 Storm Sewer, Sump Services, 2 Inch Dia. LF 1200 $7.50 $9,000.00 ST 26 Storm Sewer, Sump Cleanouts EA 2 $275.00 $550.00 S r 14,8 9� TOTAL UNIT BID Two Hundred Seventy Five Thousand Three Hundred Ninety-Eight and 501100 ($275.398.50) (Use Words) (Figures) As provided in paragraph 11.03 of the General Conditions estimated quantities are not guaranteed, and determinations of actual quantities and classification are to be made by ENGINEER as provided in paragraph 9.08 of the General Conditions. Unit prices have been computed as provided in paragraph 11.03.13. of the General Conditions. Article 5. PAYMENT PROCEDURES. CONTRACTOR shall submit Application for Payment in accordance with Article 14 of the General Conditions. Applications for Payment will be processed by ENGINEER as provided in the General Conditions. 5.1 Progress Payments: Retainage. OWNER shall make progress payments on account of the Contract Price on the basis of CONTRACTOR=s Applications for Payment as recommended by ENGINEER, on or about every thirty (30) days during construction as provided in paragraph 5.1.1 below. All such payments will be measured by the schedule of values established in paragraph 2.05.13.3. of the General Conditions. 5.1.1 Ninety Five Percent (95%) (with the balance being retainage) of work plus materials and equipment not incorporated in the Work (but delivered, suitably stored and accompanied by documentation satisfactory to OWNER as provided in paragraph 14.02.A. of the General Conditions). 5.2 Final Payment. Upon final completion and acceptance of the Work in accordance with paragraph 14.07 of the General Conditions, OWNER shall pay the remainder A - 3 within the time specified in paragraph 3.1 for completion and readiness for final payment or any proper extension thereof granted by OWNER, CONTRACTOR shall pay OWNER One Hundred Dollars and No Cents ($100.00) for each day that expires after the time specified in paragraph 3.1 for completion and readiness for final payment. 3.3 Engineerinia Costs. In addition to any liquidated damages specified under Article 3.2, the CONTRACTOR agrees that the final payment will be reduced by the actual amount of Engineering Costs incurred by the ENGINEER and billed to the OWNER during the period following the contract completion date due to the failure of the CONTRACTOR to complete the Work within the times specified in paragraph 3.1. Article 4. CONTRACT PRICE. 4.1 for all Unit Price Work, an amount equal to the sum of the established unit price for each separately identified item of Unit Price Work times the estimated quantity of that item as indicated in this paragraph 4.1: Estimated Unit Estimated Item No. Item Description Unit Quantity Cost Cost 1 Mobilization LS 1 $1,000.00 $1.0 00.00 Subgrade Scarification, Recompaction and 2 Proofrolling SY 7,440 $1.75 $13.020.00 3 Curb & Gutter, PCC, 30" LF 3,987 $10.75 $42.860.25 4 Pavement, ACC Base, 6" TON -F 2,064 $39.91 $82,374.24 5 Pavement, ACC Surface, 2" TON 658 $41.25 $27.142.50 TOTAL UNIT BID One Hundred Sixty Six Thousand Three Hundred Ninety Six and 99/10 ($166,396.99) (Use Words) (Figures) As provided in paragraph 11.03 of the General Conditions estimated quantities are not guaranteed, and determinations of actual quantities and classification are to be made by ENGINEER as provided in paragraph 9.08 of the General Conditions. Unit prices have been computed as provided in paragraph 11.03.13. of the General Conditions. Article 5. PAYMENT PROCEDURES. CONTRACTOR shall submit Application for Payment in accordance with Article 14 of the General Conditions. Applications for Payment will be processed by ENGINEER as provided in the General Conditions. A - 2 City Clerk's Office 515 Clark Avenue,P. O. Box 811 Caring People Ames,IA 50010 Quality Programs Phone: 515-239-5105 Eueprional Service Fax: 515-239-5142 October 5, 2001 TO WHOM IT MAY CONCERN: I, Diane Voss, hereby certify that I have this date received from Craig Hastings, attorney for developers of Suncrest L.C., an Irrevocable Letter of Credit in the amount of$441,795,49. Said instrument has been placed on file in the Ames City Clerk's Office, 515 Clark Avenue, for the development of public improvements in the Suncrest Subdivision, Phase II, City of Ames, Iowa. By: �N1��.�� Diane Voss Title: City Clerk