HomeMy WebLinkAboutA012 - Irrevocable Letter of Credit No. 0348 dated December 18, 2006 with receipt - $378,414 STFIRST
NATIONAL
BANKAMES
Issue Date: December 18, 2006
Irrevocable Letter of Credit No. 0348 RE: Natures Crossing 500 South Dakota
City of Ames
515 Clark
Ames, IA 50010
RE: Pinnacle Properties Ames, LLC
_ 2426- 'o:kshh1-C'ir
Ames, Iowa 50010
Gentlemen:
We hereby establish our Irrevocable Letter of Credit No. 0348 in favor of
City of Ames
515 Clark
Ames, Iowa 50010
For the account of: Pinnacle Properties Ames, LLC
2426 Yorkshire Cir
Ames, Iowa 50010
In the amount of$378,414.00 U.S. Dollars. Irrevocable Letter of Credit No. 0348 will expire on
December 18,2007.
Drafts for payment must be accompanied by the following:
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. C0py vftli25 IaicvC+Cali Lis er o' iedii No. 0348. --
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.
This-Letter of Credit is subject to the Uniform Customs and Practice for Documentary Credit
(1993)Revision, International Chamber of Commerce Publication#400.
AP
ED S FOR
Since r — BY
DOUGLA R. M R E K
By. CITY ATTORNEY
Scott auer, Sr. Vice President
Main Office University Office Cub Foods Office North Grand Office
405 5th Street 2330 Lincoln Way 3121 Grand Avenue 2406 Grand Avenue
Ames, IA 50010 Ames, IA 50014 Ames, IA 50010 Ames, IA 50010
515-232-5561 515-292-6157 515-233-3363 515-233-2400
Fax 515-232-5778
www.FNBames.com
Member FDIC LENDEq
Clerk'sCity e
515 Clark Avenue,P. 0.Box 811
Caring People
QueaUtyProsrans Ames,1A 50010
F--plfonW Service Phone: 515-239-5105
Fax: 515-239-5142
-----December-18, 2006 - - - — --- — -—-- - --- — — - - —_ -
TO WHOM IT MAY CONCERN:
I,Karen C. Thompson,hereby certify that I have this date received from Deborah Krauth, a Letter of
Credit in the amount of$378,414.00.
Said instrument has been placed on file in the Ames City Clerk's Office, 515 Clark Avenue, for the
development of public improvements, specifically,paving,utilities streets and streetlights,in Estates
of Nature's Crossing Subdivision, City of Ames, Iowa.
Karen C. Thompson
Title: Deputy City Clerk
Tracy Warner/COA To Diane R Voss/COA@COA
Y ! 04/16/2007 03:49 PM cc
bcc
Subject Estates of Nature's Crossing
Good afternoon Diane.
The security (letter of credit) amount for The Estates of Nature's Crossing is $378,414, which covers
public improvements required for the project including utilities, paving, construction site erosion &
sediment control, and street lights.
Please let me know if you have any further questions.
Tracy L. Warner, Municipal Engineer _
--City of Ames Public Works Dept: �-
515 Clark Ave.
Ames, IA 50010
Desk: 515-239-5163
twarner@city.ames.ia.us
Caring People" Quality Programs Exceptional Service