HomeMy WebLinkAboutA015 - Letter dated August 27, 2014 regarding completion of public improvements City Clerk's Office
CITY OF
Ames- 515 Clark Avenue,P. O. Box 811
Ames,IA 50010
Smart Choice Phone: 515-239-5105
Fax: 515-239-5142
August 27, 2014
First National Bank
405-5th Street
Ames, Iowa 50010
Attention Tim Tryon
RE: Ringgenberg Estates/Ringgenberg Park Subdivision, 3rd Addition
Dear Mr. Tryon:
At its meeting of August 26, 2014, the City Council accepted completion of the public
improvements for the above-named Subdivision.
Enclosed is the released Irrevocable Letter of Credit No. 0401 in the amount of$150,000.
Thank you for your assistance
Sincerely,
Diane Voss
City Clerk
/dry
Enclosure
FIRST r
NATIONAL
134s"s ate:August 16,2012
AMES •ANKENY
Irrevocable Letter of Credit No. 0401 RE:
To secure the completion of bike paths, sidewalks, and other improvements as required in accordance with
the Agreement Pertaining to the Subdivision Platting and Development of Land in the City of Ames Called
Ringgenberg Park Subdivision dated December 20, 2005, and filed in the office of the Recorder of Story
County,Iowa on December 5,2006,as Instrument No.2006-00014664.
City of Ames
515 Clark
Ames,IA 50010
RE: Ringgenberg Estates,L.L.C.
619 E.Lincoln Way
Ames,Iowa 50010
Gentlemen,
We hereby establish our Irrevocable Letter of Credit No.0401 in favor of:
City of Ames
515 Clark
Ames,IA 50010
For the Account of.
Ringgenberg Estates,L.L.C.
619 E.Lincoln Way
Ames,Iowa 50010
In the amount of$150,000.00 U.S. Dollars. Irrevocable Letter of Credit No. 0401 will expire on August
16,2014.
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. Copy of this irrevocable Letter of Credit No.0401.
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 of Documentary Credit (1993)
Revision,International Chamber of Commerce Publication#400.
Sincerely,
APPR AS O FO
First National Bank of Ames BY y
1.DOUGLAS R. M REK
— CITY ATTORNEY
By:
Tim Tryon,Vice President
MAIN OFFICE UNIVERSITY OFFICE NORTH GRAND OFFICE ANKENY OFFICE
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