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HomeMy WebLinkAboutA012 - Letter of Credit dated September 29, 2014 IRREVOCABLE STANDBY LETTER OF CREDIT "�LI,..,k I 1, 0 +r V— rk� O-V ISSUER:VISIONBANK OF IOWA 104 CHESTNUT ST AMES,IA 50010 Date of Issue:09.29.2014 Letter of Credit Number: 60 Amount: U.S. $ 240,750.00 ( TWO HUNDRED FORTY THOUSAND SEVEN HUNDRED FIFTY AND NO1100 U.S. DOLLARS) For Benefit Of: For Account Of: Beneficiary Name and Address Applicant Name and Address CITY OF AMES HUNZIKER LAND DEVELOPMENT COMPANY LLC 515 CLARK AVE,PO BOX 811,AMES,IOWA 50010 105 S 16TH ST AMES,IA 50010 LETTER OF CREDIT. Issuer establishes this Irrevocable Standby Letter of Credit (Letter of Credit) in favor of Beneficiary in the amount indicated above. Beneficiary may draw on this Letter of Credit with a Draft (or Drafts, if the maximum number of drawings is greater than one) together with the documents described below. Each Draft shall be signed on behalf of Beneficiary and be marked "Drawn under [Issuer name] Letter of Credit No. [Letter of Credit number] dated [Letter of Credit date)." Drafts must be presented at Issuer's address shown above on or before the Expiration Date. The presentation of any Draft shall reduce the Amount available under this Letter of Credit by the amount of the Draft. This Letter of Credit sets forth in full the terms of Issuer's obligation to Beneficiary. This obligation cannot be modified by any reference in this Letter of Credit, or any document to which this Letter of Credit may be related. This Letter of Credit expires on the Expiration Date. DRAWINGS. ❑ Partial drawings shall not be permitted under this Letter of Credit. ® Partial drawings are permitted. The maximum number of drawings that may be made is DOCUMENTS. Each Draft must be accompanied by the following, an original and two copies except as stated: ❑ The original Letter of Credit, together with any amendments. ❑ A sight draft drawn by Beneficiary on Issuer. N A signed statement by Beneficiary including the following statement: DRAWN UNDER IRREVOCABLE STANDBY LETTER OF CREDIT#60 DATED SEPTEMBER 29,2014 FOR THE ACCOUNT OF HUNZIKER LAND DEVELOPMENT ❑ Other documents: COMPANY,LLC. Issuer shall be entitled to accept a draft and the documentation described above, as required by the terms of this Letter of Credit, from any person purporting to be an authorized officer or representative of Beneficiary without any obligation or duty on the part of Issuer to verify the identity or authority of the person presenting the draft and such documentation. SPECIAL INSTRUCTIONS: Irrevocable Standby Letter of Credit LC-STANDBY 9/11/2009 VMPO Bankers SystemsTM VMPC612 (0909).00 Wolters Kluwer Financial Services ©2001,2009 Page 1 of 2 Z 10 Z a6ed 60OZ'L OOZ Oo saoiAJaS lelouew j lamnl>l sialloM 00160601 ZtgodWn W1sw9lsAS sialueg(RMA 60OZ/L L/6 A90NV1S01 11pai0 p jana1 AgpuelS alge00n0ilj (atus Pne OWEN aano15') 1N301S38d 13NHVIN`83A3WHNIHO 0110 SIND 1 ai eQ) (aimeu�iS) �G Ag $lurK mnssp VM0130 NNVSNOISIA •alquolldde sp `dSI 10 dDfl aql pm lualsisuoout lou aae smpl Bons sp 8uol os `uoiaaurV 3o siluls pauu fl aqJ VM01 to smel aql Sq Pauian08 aq osle Ilegs lipaaa ;o aa1131 suU (86dSI) 8661 saoiloead SgpuplS Ieuotlpuaalul aql ❑ •Juauipu UM 10 uotsaan aalel Niue 10 `(dDN 009 'ON uotlpo►lgnd ooaaunuoD 3o aaquiegD ILUOIILU131UI `uolsinag LOOZ `s1?p3.iD tiEluau nOOG ao3 aotloead pup swolsnD uzao3lufl aqJ :Aq pauaano5 aq Ilegs llpaaD 3o aaua l sigZ 'Md7 9-19VDI"IddV •algeaa3sueal-uou ® algpiapuml ❑ si llpoiD to aallarl sigl '�LI IIgF�2IgdSNd2I L -faetot3auag of aanssl uioi3 aopou Sup inoglim uo aaldxa llegs llpaaD jo 10110-I s?ql `Juana SUE ul •1TpalD 3o 1a113'I stgl pualxa of lou sloala aanssl legJ 31pQ uopwidxg aql of aolad sXup lseal 1e 8upum ut Smolpmg sagtlou aanssl ssalun alu(l uoile.ndxg aqJ uioa; ssup 3o potaad e io; papualxa aq ilpgs 31pQ uolgpatdxg aqJ `aleQ uotlpatdxg aql of aoud llpaiD jo iollo-I stgl 3o lunouie lln3 aql umeap lou spq fjmojpuag 3I ❑ •aleQ uollpaidxg aqi aaojaq ao uo llpwDjo aalia'I sp 3o suotsinoad Pip 1pm aoueildwoo fouls ui paluasaad s1jpaQ Ilp aouoq of soaa8p aanssl (aleQ) SLOZ•6Z•60 uo (aTu?L) W'd 00£ le ssaappe s aanssl 1p ssamsnq ;o asolo aql 1p sandxa lipaaD ;o calla l sigZ H L V C[ NOI LV-dl Xg ( d'11�11c� � r /t NORTHRIDGE HEIGHTS 17TH ADDITION H:\HUNZIW12107813-Northritl e H is 17th Add\3 Preliminary Desi n\S readsheets\AI2.107813-OPC September Bond.xls QUANT 6-Oct-14 ESTIMATED PROJECT QUANTITIES ESTIMATED AS BUILT UNIT ITEM NO. ITEM UNIT QUANTITY QUAN. PRICE TOTAL DIVISION 1-GENERAL PROVISIONS AND COVENANTS DIVISION 2-EARTHWORK DIVISION 4-SEWERS AND DRAINS DIVISION 5-WATERMAINS AND APPURTENANCES DIVISION 6-STRUCTURES FOR SANITARY AND STORM SEWERS DIVISION 7-STREETS AND RELATED WORK HCURB AND GUTTER,30" LF 3230 $15.00 $48,450.00 PAVEMENT,HMA 8" SY 3200 S40.00 $128,000.00 PAVEMENT,HMA,9.5' SY 1110 $40.00 $44,400.00 SIDEWALK,PCC,6" SY 68 $50.00 $3,400.00 DETECTABLE WARNING SF 120 $25.00 $3,000.00 ITE WORK AND LANDSCAPING 6 CONVENTIONAL SEEDING,SEEDING,FERTILIZING,AND MULCHING AC 9 $1.500.00 $13,500.00 COSESCO 7 COSESCO INSPECTION AC 9.0 $500.00 S4.500.00 ESTIMATED COST OPINION: $240,750.00 ` f City Clerk's Office 515 Clark Avenue,P. O. Box 811 Ames,IA 50010 Phone: 515-239-5105 Fax: 515-239-5142 October 1, 2014 TO WHOM IT MAY CONCERN: I, Diane Voss, hereby certify that I have this date received from Hunziker Land Development Company, LLC, a Letter of Credit numbered 80 in the amount of$240,750. Said instrument has been placed on file in the Ames City Clerk's Office, 515 Clark Avenue, for the completion of public improvements listed on Attachment A for the Northridge Heights Subdivision, 17"' Addition, to Ames, Iowa. By: Diane R. Voss Title: City Clerk Fw: NR Hts 17th and Scenic Valley Bonds Eric Cowles to: Diane R Voss 10/01/2014 05:04 PM Eric Cowles Fw: NR Hts 17th and Scenic Valley Bonds Is this what you are looking for? Thanks! Eric D. Cowles, P.E. Civil Engineer II 515.239.5277 rennin 1 515.203.0791 cell 1 515.239.5404 fax ecowles@city.ames.ia.us I City Hall, 515 Clark Avenue I Ames, IA 50010 www.CityofAmes.org I — Caring People—Quality Programs— Exceptional Service" ----- Forwarded by Eric Cowles/COA on 10/01/2014 05:03 PM ----- From: Greg Broussard <gregbr@bolton-menk.com> To: 'Eric Cowles' <ecowles@city.ames.ia.us> Cc: Gene Dreyer<genedr@bolton-menk.com>, Colin Schroeder<colinsc@bolton-menk.com> Date: 09/23/2014 10:42 PM Subject: RE: NR Hts 17th and Scenic Valley Bonds Eric, Attached are the bonding cost for both NH17th and Scenic Valley. Please let us know as soon as possible if you are ok with these as the attorney would like to these numbers finalized on Wednesday. Thanks, Greg Broussard, P.E. Bolton & Menk, Inc. P: (515) 233-6100 ext. 2944 M: (515) 509-1287 email: gregbr@bolton-menk.com From: Eric Cowles [mailto:ecowles@city.ames.ia.us] Sent:Tuesday, September 23, 2014 11:26 AM To: Gene Dreyer Cc: Greg Broussard; Charles Kuester Subject: Re: NR Hts 17th and Scenic Valley Bonds We would need a bond for the value of any incomplete public improvements. Street, curb and gutter, utilities, pedestrian ramps (not typical sidewalk though as that is covered under a separate agreement) and $500/acre for COSESCO. The Post Construction Ordinance did not apply to this subdivision, so the bond for the BMP's outline in the Ordinance does not apply here. We typically want to have the developer's cost estimates submitted to us as;well to confirm that the pricing is reasonable, typically it is, but there have been times where we have increased a unit price because it was drastically different than what we would pay if we had to do the work. If you have any other questions, let me know. Thanks! Eric D. Cowles, P.E. Civil Eii ineer II 515.239.5277 main 1 515.203.0791 cell 1 515.239.5404 fax ecowles@city.ames.ia.us I City Hall, 515 Clark Avenue I Ames, IA 50010 www.CityofAmes.org I —Caring People—Quality Programs—Exceptional Service" From: Gene Dreyer<genedrCa�bolton-menk.com> To: 'Eric Cowles'<ecowles(a)city.ames.ia.us> Cc: Greg Broussard<gregbr(a)bolton-menk.com> Date: 09/22/2014 04:15 PM Subject: NR Hts 17th and Scenic Valley Bonds Hey Eric! Hope all is well at the COA. We are submitting the Final Plats for Northridge Heights 17th Addition and Scenic Valley Subdivision, 1 Addition. The attorney needs to know what to the developer needs to bond for. Is that something that you can help us with? The attorney has requested that we provide it to him by Wednesday. Is that possible? Thank you for your help!! Gene Dreyer, PLS Land Surveyor Bolton&Menk, Inc. Consulting Engineers and Surveyors 2730 Ford Street P.O. Box 668 Ames, Iowa 50010 P:(515)233-6100 M:(515)291-4065 email:genedr@bolton-menk.com www.bolton-menk.com This email has been scanned by the Symantec Email Security.cloud service. For more information please visit http://www.symanteccloud.com This email has been scanned by the Symantec Email Security.cloud service. For more information please visit http://www.symanteccloud.com This email has been scanned by the Symantec Email Security.cloud service. For more information please visit http://www.symanteccloud.com NH17th- September Bond.pdf SCENIC VALLEY 1ST--September Bond.pdf Re: LOCs Received Diane R Voss to: Justin Clausen 10/01/2014 04:18 PM Cc: John C Joiner, Eric Cowles, Kelly Diekmann Bcc: Diane R Voss Diane R Voss LOCs Received Justin Clausen 1.3 Million is Scenic Valley 1st Addition $240k is for Northrldc Diane R Voss Thanks Justin. Could you please breakdown how much is Diane R Voss Thanks Justin. Could you please breakdown how much is Thanks Justin. Could you please breakdown how much is needed for each improvement. I have to list that on the receipt for the developer. Thanks again. Diane Voss, City Clerk/Records Manager P. O. Box 811 Ames, Iowa 50010 (515) 239-5105 Justin Clausen ",1i1!i r is Scenic Valley 1st Addition `$240... 10/01/2014 04.07:03 PM From: Justin Clausen/COA To: John C Joiner/COA@COA Cc: Eric Cowles/COA@COA, Diane R Voss/COA@COA, Kelly Diekmann/COA@COA Date: 10/01/2014 04:07 PM Subject: Re: LOCs Received —$1.3 Million is Scenic Valley 1st Addition —$240k is for Northridge 17th Addition I don't know for sure when things will make their way to you Diane, but those would be the two subdivisions that the amounts pertain to. Justin A. Clausen, P.E. Construction Supervisor 515.239.5279 711ai77 1 515.239.5404 fax jclausen@city.ames.ia.us I City Hall, 515 Clark Avenue I Ames, IA 50010 2600-0296: Northridge Heights 17th Addition / E-Mail Jessica Spoden to: Diane R Voss 10/20/2014 04:05 PM Jessica Spoden 2600-0296: Northridge Heights 17th Addition/E-Mail Diane, The LOC associated with this subdivision is approved. Thanks, Jessica Jessica D. Spoden Assistant 0 17 Attorney 515.239.5146 phone 1515.239.5142 fax jspoden@city.ames.ia.us I City Hall, 515 Clark Avenue I Ames, IA 50010 www.CitVofAmes.org I - Caring People—Quality Programs— Exceptional Service"