HomeMy WebLinkAboutA019 - Letter dated December 17, 2003 releasing financial security with copy of letter of credit and receipt City Clerk's Office
515 Clark Avenue,P.O.Box 811
CaringPcopk Ames,IA 50010
EwpdUly Progr-ndSer"k Phone: 515-239-5105
Erceptlona!Servict
Fax: 515-239-5142
December 17, 2003
Hunziker&Associates
105 S. 16th Street
Ames, Iowa 50010
Attention Chuck Winkleblack
RE: Somerset Subdivision, 12th Addition
Dear Chuck:
At their meeting of December 16, 2003, the Ames City Council released the financial security on
file for the above-named Subdivision. Enclosed is the Irrevocable Standby Letter of Credit No.
1203 in the amount of$83,500.
If you have any questions,please contact me.
Sincerely,
O
Diane Voss
City Clerk
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Enclosure
Copy to: Sara Lehman, U. S. Bank
embank.
Five Star Service Guaranteed C
405 Main Street
Ames, IA 50010
515 232-8200
515 232-5865 fax
I
December 20, 2002
BENEFICIARY: APPLICIANT:
CITY OF AMES TAYLOR LAND JOINT VENTURE
515 CLARK AVE 105 S. 16TH STREET
AMES, IOWA 50010 AMES, IOWA 50010
OUR IRREVOCABLE STANDBY LETTER OF CREDIT NO. 1203
GENTLEMEN/MADAM:
WE HEREBY ESTABLISH IN YOUR FAVOR, OUR IRREVOCABLE STANDBY LETTER
OF CREDIT FOR ACCOUNT OF THE APPLICANT BY ORDER OF U.S. BANK,N.A., 405
MAIN STREET, AMES, IOWA 50010 NOT EXCEEDING A TOTAL AMOUNT OF $83,500
(EIGHTY THREE THOUSAND FIVE HUNDRED AND NO/100).
PAYMENT UNDER THIS LETTER OF CREDIT IS AVAILABLE BY YOUR DRAFT(S) AT
SIGHT ON U.S.BANK, N.A., AMES, IOWA TO BE ACCOMPANIED BY THE
FOLLOWING DOCUMENTS:
1) BENEFICIARY'S STATEMENT SIGNED OR PURPORTING TO BE SIGNED BY OR
ON BEHALF OF BENEFICIARY CERTIFYING THAT"THE FINAL TERMS FOR
SOMERSET, 12TH ADDITION FOR STREET LIGHTS, ASPHALT TOP SURFACE
AND BIKE PATH HAVE NOT BEEN COMPLETED BEFORE DECEMBER 20, 2003."
PARTIAL DRAWINGS ARE PERMITTED.
IT IS A CONDITION OF THIS LETTER OF CREDIT THAT IT SHALL BE
AUTOMATICALLY EXTENDED, WITHOUT AMENDMENT,FOR A PERIOD OF ONE
YEAR FROM THE PRESENT OR ANY FUTURE EXPIRATION DATE UNLES SIXTY (60)
DAYS PRIOR TO THE EXPIRATION DATE WE SHALL NOTIFY YOU VIA CERTIFIED
MAIL OR COURIER SERVICE THAT WE ELECT NOT TO EXTEND THE VALIDITY.
THE AMOUNT OF ANY DRAFT(S) DRAWN UNDER THIS CREDIT MUST BE
ENDORSED ON THE REVERSE OF THE ORIGINAL CREDIT. ALL DRAFTS MUST BE
MARKED "DRAWN UNDER U.S. BANK, N.A. STANDBY LETER OF CREDIT NUMBER
1203 DATED DECEMBER 20, 2002".
CANCELLATION OF LETTER OF CREDIT PRIOR TO EXPIRATION: THIS LETTER OF
CREDIT (AND AMENDMENTS, IF ANY) MUST BE RETURNED TO US FOR
CANCELLATION WITH A STATEMENT PURPORTEDLY SIGNED BY THE
BENEFICIARY STATING THAT THE LETTER OF CREDIT IS NO LONGER REQUIRED
AND IS BEING RETURNED TO THE ISSUING BANK FOR CANCELLATION.
WE HEREBY AGREE WITH YOU THAT DRAFTS DRAWN UNDER AND IN
COMPLIANCE WITH THE TERMS OF THIS CREDIT WILL BE DULY HONORED ON
PRESENTATION AND DELIVERY OF DOCUMENTS, AS SPECIFIED, TO U.S. BANK,
N.A., 405 MAIN STREET, AMES, IOWA 50010 ATTN: JOHN T. RUSSELL IF DRAWN
AND PRESENTED AT THIS OFFICE ON OR BEFORE DECEMBER 20, 2003.
THIS CREDIT IS SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE FOR
DOCUMENTARY CREDITS (1993 REVISION), INTERNATIONAL CHAMBER OF
COMMERCE PUBLICATIN NO. 500 (THE"UPC"), OR THE SUCCESSOR VERSION IN
EFFECT AT THE TIME OF ANY DRAWS.
VERY TRULY YOURS,
---- ` -----------`- ------- -------. La��Zr4 --------------
JOHN T. RUSSELL SARA LEHMAN
MARKET PRESIDENT ASSISTANT VICE PRESIDENT
John C Joiner To: chuck.winkleblack@hunziker.com
12/18/2002 01:42 PM cc: Diane R Voss/COA@COA, Eric C Jensen/COA@COA,
svenard@bishopengr.com
y ,
Subject__Somerset-12th bond
Chuck,
After checking, there are bike paths with this addition that will need to be bonded. The total bond
requirement will be as follows:
Street Lights: $24,000 (Imhoff)
Asphalt Surface: $36,500 (My estimate)
Bike path: $23,000 (My estimate)
Total Bond: $83,500
If Tom gave you a lower asphalt estimate, please let me know.
Thanks,
John
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John C. Joiner, P.E.
City of Ames Public Works Dept.
515 Clark Avenue
Ames, Iowa 50010
Desk 515-239-5165
Fax 515-239-5404
r
- City Clerk's Office
515 Clark Avenue,P. O.Box 811
Ames,IA 50010
Caring People
Q miry pmg— Phone: 515-239-5105
Exceptional Servke Fax: 515-239-5142
December 20, 2002
TO WHOM IT MAY CONCERN:
I, Diane R. Voss, hereby certify that I have this date received from Taylor Land Joint Venture an
Irrevocable Standby Letter of Credit numbered 1203 in the amount of$83,500.
Said instrument has been placed on file in the Ames City Clerk's Office, 515 Clark Avenue, for the
development of the public improvements: streetlights ($24,000), asphalt surface($36,500), and bike
path: ($23,000) in Somerset Subdivision, 12'Addition, to the City of Ames, Iowa.
By: CA&i )R -'V��
Diane R. Voss
Title: Cijy Clerk