HomeMy WebLinkAboutA023 - Letter dated July 24, 2013 regarding Letter of Credit - $107,415 515 Clark Avenue,P. 0.Box 811
Caring People
Quality Programs Ames,IA 50010
Exceptional Service Phone: 515-239-5105
Fax: 515-239-5142
July 24, 2013
Heartland Development, L.C.
619 E. Lincoln Way
Ames, Iowa 50010
Attention Kurt Friedrich
RE: Ringgenberg Park Subdivision, 3' Addition
Dear Kurt:
At its meeting of July 23, 2013, the City Council accepted completion of the public improvements
for Ringgenberg Park Subdivision, 3`d Addition, and released the security being held therefor.
Enclosed is the released Irrevocable Letter of Credit No. 0400 in the amount of$107,415.
,If you have questions,please call. Thank you.
Sincerely,
Diane Voss
City Clerk
/dry
Enclosure
Copy to: Tim Tryon, First National Bank;405-5th Street, Ames, Iowa, 50010
Brian Torresi, Attorney at Law, 2605 Northridge Parkway, Ames, Iowa, 50010
STFIRST
NATIONAL
BANK
AMES•ANKENY
Original Issue Date:August 6,2012 (Revised 6-26-13)
Irrevocable Letter of Credit No. 0400 RE: Ringgenberg Park Subdivision 3`d Addition
City of Ames
515 Clark
Ames,IA 50010
RE: Heartland Development,L.C.
619 E.Lincoln Way
Ames,Iowa 50010
Gentlemen,
We hereby establish our Irrevocable Letter of Credit No.0400 in favor of:
City of Ames
515 Clark
Ames,IA 50010
For the Account of
Heartland Development,L.C.
619 E.Lincoln Way
Ames,Iowa 50010
In the amount of$250,000.00 (Reduced to $107,41 Son 6-26-13)U.S. Dollars. Irrevocable Letter of Credit
No. 0400 will expire on February 1,2014.
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. 0400.
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,
First National Bank of Ames
V
y:
c
Tim Tryon,Vice Presid/int
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