HomeMy WebLinkAboutA017 - LOC No. 428 final release, return and reduction documents r
�r
SrFIRST
NATIONAL
BANK
Issue Date: December 10, 2021
Irrevocable Letter of Credit No. 0428 RE: Hillside 2nd Addition
RE: Pinnacle Properties Ames, L.L.C.
4114 Cochrane Parkway
Ames, Iowa 50014
Ladies/Gentlemen,
We hereby establish our Irrevocable Letter of Credit No.0428 in favor of:
City of Ames
515 Clark
Ames, IA 50010
For the Account of:
Pinnacle Properties Ames, L.L.C.
4114 Cochrane Parkway
Ames, Iowa 50014
In the amount of $7,227.00 U.S. Dollars. Irrevocable Letter of Credit No. 0428 will expire on
December 10, 2022.
Drafts for payment must be accompanied by the following:
1. Statement indicating which item(s) were not completed under the original estimate of cost
submitted to establish this letter of credit.
2. Copies of all invoices, from a third party provider that the City of Ames hired to completed
the specific item(s) or if the City completed the item(s), an itemization of the cost.
3. Beneficiary's signed statement indicating that they are requesting the lesser of the cost to
complete the specific item(s) or the stated dollar amount of the original estimate of cost
submitted to establish this letter of credit.
4. Copy of this Irrevocable Letter of Credit No. 0428.
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
Joel A. Thilges, Senior Vice President
www. FNB247 . com
Member FDIC
Voss, Diane
From: Voss, Diane
Sent: Tuesday, June 21, 2022 1:47 PM
To: Joel.Thilges@FNB247.com
Subject: Crane Farm, 2nd Addition aka Hillside, 2nd Addition
Attachments: 41.pdf, 22-327.pdf
Joel:
At its meeting held June 14, 2022, the Ames City Council adopted Resolution No. 22-327 (attached) accepting
completion of public improvements and releasing the security on file for the above-referenced Subdivision. Therefore,
Letter of Credit No. 0428 has been released and is being sent to you with no cover by regular mail.
Thank you!
Diane R.Voss, City Clerk/Records Manager
515 Clark Avenue
Ames, Iowa 50010
515-239-5105
diane.voss@cityofames.org
i
(�7au/
FIRST
NATIONAL
BANK
Issue Date:December 10,2019
Irrevocable Letter of Credit No.0428 RE:Hillside 2nd Addition
RE: Pinnacle Properties Ames, L.L.C.
4114 Cochrane Parkway
Ames, Iowa 50014
Ladies/Gentlemen,
We hereby establish our Irrevocable Letter of Credit No.0428 in favor of:
City of Ames
515 Clark
Ames, IA 50010
For the Account of:
Pinnacle Properties Ames, L.L.C.
4114 Cochrane Parkway
Ames, Iowa 50014
In the amount of $15,073.00 U.S. Dollars. Irrevocable Letter of Credit No. 0428 will expire on
December 10, 2020.
Drafts for payment must be accompanied by the following:
1. Statement indicating which item(s) were not completed under the original estimate of cost
submitted to establish this letter of credit.
2. Copies�of all invoices, from a third party provider that the City of Ames hired to completed
the specific item(s)or if the City completed the item(s), an itemization of the cost.
3. Beneficiary's signed statement indicating that they are requesting the lesser of the cost to
complete the specific item(s) or the stated dollar amount of the original estimate of cost
submitted to establish this letter of credit.
4. Copy of this Irrevocable Letter of Credit No. 0428.
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
By:
e A. Thilges, Se ice President
www. FNB247 . com
Member FDIC r
ST FIRST
NATIONAL
BANK
Issue Date: December 10, 2020
Irrevocable Letter of Credit No. 0428 RE: Hillside 2nd Addition
RE: Pinnacle Properties Ames, L,L.C.
4114 Cochrane Parkway
Ames, Iowa 50014
Ladies/Gentlemen,
We hereby establish our Irrevocable Letter of Credit No.0428 in favor of:
City of Ames
515 Clark
Ames, IA 50010
For the Account of:
Pinnacle Properties Ames, L.L.C.
4114 Cochrane Parkway
Ames, Iowa 50014
In the amount of $7,227.00 U.S. Dollars. Irrevocable Letter of Credit No. 0428 will expire on
December 10, 2021.
Drafts for payment must be accompanied by the following:
1. Statement indicating which item(s) were not completed under the original estimate of cost
submitted to establish this letter of credit.
2. Copies of all invoices, from a third party provider that the City of Ames hired to completed
the specific item(s) or if the City completed the item(s), an itemization of the cost.
3. Beneficiary's signed statement indicating that they are requesting the lesser of the cost to
complete the specific item(s) or the stated dollar amount of the original estimate of cost
submitted to establish this letter of credit.
4. Copy of this Irrevocable Letter of Credit No. 0428.
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 4400.
Sincerely,
First National Bank of Ames
By:
Thilges, Senior Vice President
www. FNB247 . COM
Member FDIC ie
RESOLUTION NO. 20-636
RESOLUTION ACCEPTING PARTIAL COMPLETION OF
PUBLIC IMPROVEMENTS REQUIRED FOR
CRANE FARM SUBDIVISION,2ND ADDITION,
FOR THE CITY OF AMES,IOWA
BE IT RESOLVED, by the City Council of the City of Ames, Iowa:
Section One. In accordance with the Certificate of the Public Works Department, portions
of the public sidewalk required as a condition for approval of the Final Plat of the above-named
Subdivision have been completed in an acceptable manner.
Section Two. The bond given to secure performance of the public improvements is hereby
reduced to $7,227 for the remaining work that includes portions of the public sidewalk.
ADOPTED THIS 8t' day of December, 2020.
Diane R. Voss, City Clerk John A. Haila, Mayor
Introduced by: Gartin
Seconded by: Corrieri
Voting aye: Beatty-Hansen, Betcher, Corrieri, Gartin, Junck, Martin
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 8`h day of December, 2020.
CITY OF Item No. 19
ty
Ames...
Smart Choice
Public Works Department
515 Clark Avenue,Ames, Iowa 50010
Phone 515-239-5160 ♦ Fax 515-239-5404
December 3, 2020
Honorable Mayor and Council Members
City of Ames
Ames, Iowa 50010
RE: Crane Farm 2nd Addition LOC Reduction #4
Ladies and Gentlemen:
I hereby certify that portions of the public sidewalk required as a condition for approval of the
final plat of Crane Farm Subdivision 2nd Addition have been completed in an acceptable manner
by various homebuilder sub-contractors. The above-mentioned improvements have been
inspected by the Engineering Division of the Public Works Department of the City of Ames, Iowa,
and found to meet City specifications and standards.
As a result of this certification, it is recommended that the financial security for public
improvements on file with the City for this subdivision be reduced to $7,227. The remaining
work covered by this financial security includes portions of the public sidewalk.
Sincerely,
John C. Joiner, P.E.
Director
JJ/tp
cc: Finance, Contractor, Planning& Housing, Subdivision file
Public Works Department 515,239.5160 in 515 Clark Ave.P.O.Box 811
"Engineering 515.239.5404 (av Ames,IA 50010
'v✓wW.a ityuffarlt�,.U>�
Crane Farm Subdivision, 2"d Addition
December 3, 2020
Page 2
Description Unit Quantit
Sidewalk PCC 4" SY 1419
Item #12
CiT`
,- Nk Ames"
Smart Choice
Public Works Department
515 Clark Avenue,Ames, Iowa 50010
Phone 515-239-5160 ♦ Fax 515-239-5404
December 18, 2018
Honorable Mayor and Council Members
City of Ames
Ames, Iowa 50010
RE: Crane Farm 2nd Addition LOC Reduction#3
Ladies and Gentlemen:
I hereby certify that the manhole adjustments required as a condition for approval of the final
plat of Crane Farm Subdivision 2nd Addition have been completed in an acceptable manner by
Manatt's Inc.of Ames, Iowa. The above-mentioned improvements have been inspected by the
Engineering Division of the Public Works Department of the City of Ames, Iowa, and found to
meet City specifications and standards.
As a result of this certification, it is recommended that the financial security for public
improvements on file with the City for this subdivision be reduced to$15,073.00. The remaining
work covered by this financial security includes the installation of street trees and public
sidewalk/pedestrian ramps.
Sincerely,
John C.Joiner, P.E.
Director
1J/nw
cc: Finance,Contractor, Planning& Housing, Subdivision file
Public Works Department 515.239.5160 nuan 515 Clark Ave.P.O.Box 811
Engineering 515.239.5404 far Ames,IA 50010
www.CityofAmes.org
r
Crane Farm Subdivision, 2"d Addition
December 18, 2018
Page 2
Description Unit 4uantit
Street Trees EA 20
Sidewalk PCC 4" SY 1460
RESOLUTION NO. 18-655
RESOLUTION ACCEPTING PARTIAL COMPLETION OF
PUBLIC IMPROVEMENTS REQUIRED FOR
CRANE FARM SUBDIVISION,2ND ADDITION
FOR THE CITY OF AMES,IOWA
BE IT RESOLVED,by the City Council of the City of Ames, Iowa:
Section One. In accordance with the Certificate of the Public Works Department, the
manhole adjustments required as a condition for approval of the Final Plat of the above-named
Subdivision has/have been completed in an acceptable manner.
Section Two. The bond given to secure performance of the public improvements is hereby
lessened to $15,073 for the remaining work that includes installation of street trees and public
sidewalk/pedestrian ramps.
ADOPTED THIS 181" day of December, 2018.
�d J I l . IjA l-' ')4VAj_A-)
Diane R. Voss, City Clerk John . Haila, Mayor
Introduced by: Beatty-Hansen
Seconded by: Corrieri
Voting aye: Beatty-Hansen, Betcher, Corrieri, Gartin, Martin,Nelson
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 18"'day of December, 2018.
Sr FIRST
NATIONAL
BANK
AMES • ANKENY • JOHNSTON
VALLEY JUNCTION • WEST DES MOINES
Issue Date: December 10, 2018
Irrevocable Letter of Credit No. 0428 RE: Hillside 2nd Addition
RE: Pinnacle Properties Ames,L.L.C.
4114 Cochrane Parkway
Ames, Iowa 50014
Ladies/Gentlemen,
We hereby establish our Irrevocable Letter of Credit No.0428 in favor of:
City of Ames
515 Clark
Ames,IA 50010
For the Account of:
Pinnacle Properties Ames,L.L.C.
4114 Cochrane Parkway
Ames,Iowa 50014
In the amount of $15,073.00 U.S. Dollars. Irrevocable Letter of Credit No. 0428 will expire on
December 10, 2019.
Drafts for payment must be accompanied by the following:
1. Statement indicating which item(s) were not completed under the original estimate of cost
submitted to establish this letter of credit.
2. Copies of all invoices, from a third party provider that the City of Ames hired to completed
the specific item(s)or if the City completed the item(s), an itemization of the cost.
3. Beneficiary's signed statement indicating that they are requesting the lesser of the cost to
complete the specific item(s) or the stated dollar amount of the original estimate of cost
submitted to establish this letter of credit.
4. Copy of this Irrevocable Letter of Credit No. 0428.
Partial Payments are permitted.
We hereby agree compliance a that drafts drawn under and in 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
oel A. Thil ror Vice resident
AMES OFFICE ANKENY OFFICE JOHNSTON OFFICE VALLEY JUNCTION OFFICE WEST DES MOINES OFFICE
405 5th Street 1205 N.Ankeny Blvd. 8460 Birchwood Court,Suite 1100 301 5th Street 5625 Mills Civic Parkway,Suite 100
Ames,IA 50010 Ankeny,IA 50023 Johnston,IA 50131 West Des Moines,IA 50265 West Des Moines,IA 50266
515-232-5561 515-965-3969 515-440-7180 515-274-3483 515-225-2641
Fax 515-232-5778 Fax 515-965-0125 Fax 515-331-2996 Fax 515-274-0173 Fax 515-225-8718
1121 In
www. FNB247 . ccm Member FDIC
G�� 1
3 7
1 Re: Crane Farm and South Fork Punch Lists
Nathan Willey to: Keith D. Arneson 10/08/2018 11:36 AM
.. Cc: "Joel A.Thilges",Tracy Warner,Scott Shepherd, Diane R Voss
Keith,
Attached is the itemized punch list for the Crane Farm and South Fork Subdivisions. I
recently verified the status of these items with our inspector and have updated the
original punch lists and maps accordingly (also attached). Since I have been delayed in
responding back to you, and the weather has been detrimental to construction, please
show progress toward completing these items by the end of April 2019. Again, if you
have any questions about the attached lists or maps, please let me know.
Thank you,
Nathan Willey, P.E.
Civil Engineer 11
n willey9cim omes.im us
Office:515.239.5436 1 Fax: 515.239.5404
City Hall,515 Clark Avenue I Ames, IA 50010
cri F'f '
rr
iN,!fflM
III '
www.CityofAmes.ors I " Caring People—Quality Programs^ Exceptional Service"
----"Keith D. Arneson" <keithdarneson(a-)g mail.com> wrote: -----
To: "Nathan Willey" <NWilley(a city.ames.ia.us>
From: "Keith D. Arneson" <keithdarneson(a)gmail.com>
Date: 08/15/2018 05:38PM
Cc: "Joel A. Thilges" <Joel.Thilges _FNB247.com>, "Tracy Warner" <twarner@city.ames.ia.us>, "Scott
Shepherd" <sshepherd(a)city.ames.ia.us>
Subject: Re: Crane Farm and South Fork Punch Lists
Please forward me the corresponding Letter of Credit number AND amount each repair will allow to be
released from each LOC. As soon as that is received the clock can start on these repairs (many the cause
of out of town builders faulty installation and approval by our inspection department).
If I don't get this itemized breakdown from you by the end of October then I will refer this to my legal
department.
Sent from my iPad
On Aug 15, 2018, at 3:23 PM, Nathan Willey <NWilley(a)city.ames.ia.us>wrote:
Good afternoon Keith,
f
Our inspectors have continued to update their punch lists for pedestrian ramps
and other infrastructure items that still need to be addressed in the Crane Farm
and South Fork Subdivisions. Attached are the lists and corresponding maps for
those items. Please respond in a timely manner to this email with your plan and
anticipated timeline to correct all of these remaining punch list items. Most
critical are the pedestrian ramps that are either not completed or are not meeting
current ADA standards. Those ramps must be constructed or corrected and
then verified with an as-built survey. If significant progress on these punch list
items is not made by the end of October 2018, we will be discussing the next
step in this process with our legal department. If you have any questions about
the attached lists or maps, please Ipt me know and I will have our inspectors
show you, or a contractor, exactly what needs to be completed.
Thank you,
Nathan Willey, P.E.
Civil Engineer II
nwil1eV@)city.arnes.ia.us
Office:515.239.5436 1 Fax: 515.239.5404
City Hall, 515 Clark Avenue I Ames,IA 50010
<Image.461642953515.png>
www.CityofAmes.org I -Caring People-Quality Programs^ Exceptional Service"
<Crane Farm Punch List.pdf>
<Crane Farm ADA Ramp Map.pdf>
<South Fork Punch List.pdf>
<South Fork ADA Ramp Map.pdf>Crane Farm& South Fork Itemized Punch List.pdf
Crane Farm Punch List.pdf Crane Farm Punch List Map.pdf South Fork Punch List.pdf
KU
South Fork Punch List Map.pdf
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STFIRST
NATIONAL
BANK
AMES • ANKENY • JOHNSTON
VALLEY JUNCTION WEST DES MOINES
Issue Date:n��0,20 4 7 Revised June 27, 2018
Irrevocable Letter of Credit No. 0428 RE: Hillside 2nd Addition
RE: Pinnacle Properties Ames, L.L.C.
4114 Cochrane Parkway
Ames, Iowa 50014
Ladies/Gentlemen,
We hereby establish our Irrevocable Letter of Credit No.0428 in favor of:
City of Ames
515 Clark
Ames, IA 50010
For the Account of:
Pinnacle Properties Ames, L.L.C.
4114 Cochrane Parkway
Ames, Iowa 50014
In the amount of Q«,�i5p $18,573.00 U.S. Dollars. Irrevocable Letter of Credit No. 0428 will
expire on December 10, 2018.
Drafts for payment must be accompanied by the following:
1. Statement indicating which item(s) were not completed under the original estimate of cost
submitted to establish this letter of credit.
2. Copies of all invoices, from a third party provider that the City of Ames hired to completed
the specific item(s)or if the City completed the item(s), an itemization of the cost.
3. Beneficiary's signed statement indicating that they are requesting the lesser of the cost to
complete the specific item(s) or the stated dollar amount of the original estimate of cost
submitted to establish this letter of credit.
4. Copy of this Irrevocable Letter of Credit No. 0428.
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
oel A. Thilges, Senior e President
AMES OFFICE ANKENY OFFICE JOHNSTON OFFICE VALLEY JUNCTION OFFICE WEST DES MOINES OFFICE
405 5th Street 1205 N.Ankeny Blvd. 8460 Birchwood Court,Suite 1100 301 5th Street 5625 Mills Civic Parkway,Suite 100
Ames,IA 50010 Ankeny,IA 50023 Johnston,IA 50131 West Des Moines,IA 50265 West Des Moines,IA 50266
515-232-5561 515-965-3969 515-440-7180 515-274-3483 515-225-2641
Fax 515-232-5778 Fax 515-965-0125 Fax 515-331-2996 Fax 515-274-0173 Fax 515-225-8718
www. FNB247.Com Member FDIC CE'NOER
r
Ames,
Smart Choice
Public Works Department
515 Clark Avenue, Ames, Iowa 50010
Phone 515-239-5160 ♦ Fax 515-239-5404
June 25, 2018
Honorable Mayor and Council Members
City of Ames
Ames, Iowa 50010
Ladies and Gentlemen:
I hereby certify that the asphalt pavement surface course and COSESCO erosion controls
required as a condition for approval of the final plat of Crane Farm Subdivision 2nd Addition
have been completed in an acceptable manner by Manatt's Inc. (asphalt) and various
homebuilders(erosion control).
As a result of this certification, it is recommended that the financial security for public
improvements on file with the City for this subdivision be reduced to $18,573.00. The
remaining work covered by this financial security includes manhole adjustments and the
installation of street trees and public sidewalk.
Sincerely,
John C.Joiner, P.E.
Director
JJ/nw
cc: Finance, Contractor, Planning & Housing, Subdivision file
Public Works Department 515.239.5160 n,.in 515 Clark Ave.P.O.Box 811
Engineering 515.239.5404 I Ames,IA 50010
www.CityofAmes.org
4 r
Crane Farm Subdivision, 2nd Addition
June 25, 2018
Page 2
Description Unit Quantit
Manhole Adjustments EA 4
Street Trees EA 20
Sidewalk,4", PCC SY 1460
Crane Farm, 2nd, & South Fork, 3rd
Diane R Voss to: joel.thilges 12/14/2017 02:11 PM
:y'isrs;
Bcc: Diane R Voss
At its meeting held December 12, 2017, the Ames City Council took the following actions:
Adopted Resolution No. 17-695 accepting partial completion of public improvements and lessening
security for Crane Farm Subdivision, 2nd Addition
Adopted Resolution No. 17-697 accepting completion of public improvements (street trees) and releasing
security being held for South Fork Subdivision, 3rd Addition
As you know, you have provided me with the LOC associated with Resolution No. 17-695 in the correct
amount. I have the LOC associated with Resolution No. 17-697 ready for you to pick up. Also, per our
conversation, the LOC pertaining to South Fork, 3rd Addition (asphalt) in the amount of$3,454, which
expires on December 18, 2017, needs to be renewed.
Thank you!!!
Diane Voss, City Clerk/Records Manager
P. O. Box 811
Ames, Iowa 50010
(515) 239-5105
695.pdf 697.pdf
RESOLUTION NO. 17-695
RESOLUTION ACCEPTING PARTIAL COMPLETION OF
PUBLIC IMPROVEMENTS REQUIRED FOR
CRANE FARM SUBDIVISION,2ND ADDITION
FOR THE CITY OF AMES, IOWA
BE IT RESOLVED, by the City Council of the City of Ames, Iowa:
Section One. In accordance with the Certificate of the Public Works Department,a portion
of the sidewalk facilities required as a condition for approval of the Final Plat of the above-named
Subdivision has been completed in an acceptable manner.
Section Two. The bond given to secure performance of the public improvements is hereby
lessened to$53,981.60 for the remaining work that includes installation of the street paving surface
course, COSESCO, minor utility adjustments, street trees, and public sidewalks.
ADOPTED THIS 12`" day of December, 2017.
'-Lid& A644e .
Diane R. Voss, City Clerk Ann H. Campbell, Mayor
Introduced by: Gartin
Seconded by: Corrieri
Voting aye: Beatty-Hansen, Betcher, Corrieri, Gartin,Nelson , Orazem
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 12`h day of December, 2017.
Sr FIRST �1 - 5 -1 f R -mv-v, L c,-h
NATIONAL � � , g vvuo
BANK
AMES • ANKENY • JOHNSTON
VALLEY JUNCTION • WEST DES MOINES
Issue Date: December 10, 2017
Irrevocable Letter of Credit No. 0428 RE: Hillside 2nd Addition
RE: Pinnacle Properties Ames, L.L.C.
4114 Cochrane Parkway
Ames, Iowa 50014
Ladies/Gentlemen,
We hereby establish our Irrevocable Letter of Credit No.0428 in favor of.
City of Ames
515 Clark
Ames, IA 50010
For the Account of.
Pinnacle Properties Ames,L.L.C.
4114 Cochrane Parkway
Ames, Iowa 50014
In the amount of $53,981.50 U.S. Dollars. Irrevocable Letter of Credit No. 0428 will expire on
December 10, 2018.
Drafts for payment must be accompanied by the following:
1. Statement indicating which item(s) were not completed under the original estimate of cost
submitted to establish this letter of credit.
2. Copies of all invoices, from a third party provider that the City of Ames hired to completed
the specific item(s) or if the City completed the item(s),an itemization of the cost.
3. Beneficiary's signed statement indicating that they are requesting the lesser of the cost to
complete the specific item(s) or the stated dollar amount of the original estimate of cost
submitted to establish this letter of credit.
4. Copy of this Irrevocable Letter of Credit No. 0428.
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
By:
oel A. Thilges, enior ice President
AMES OFFICE ANKENY OFFICE JOHNSTON OFFICE VALLEY JUNCTION OFFICE WEST DES MOINES OFFICE
405 5th Street 1205 N.Ankeny Blvd. 8460 Birchwood Court,Suite 1100 301 5th Street 5625 Mills Civic Parkway,Suite 100
Ames,IA 50010 Ankeny,IA 50023 Johnston,IA 50131 West Des Moines,IA 50265 West Des Moines,IA 50266
5152232-5561 515-965-3969 515-440-7180 515-274-3483 515-225-2641
Fax 515-232-5778 Fax 515-965-0125 Fax 515-331-2996 Fax 515-274-0173 Fax 515-225-8718
www. FNBames.com www. FNBdm . com Member FDIC CUrDEA 1
isr FIRST �
L"Oe> o&->t
NATIONAL,
BAate: December 14, 2016 '
AMES • ANKENYIrKpMqgmhle Letter of Credit No. 0428 RE: Hillside 2"d Addition
VALLEY JUNCTION • WEST DES MOINES
City of Ames
515 Clark
Ames, IA 50010
RE: Pinnacle Properties of Ames, L.C.
4114 Cochrane Parkway
Ames, Iowa 50014
Ladies/Gentlemen,
We hereby establish our Irrevocable Letter of Credit No.0428 in favor of:
City of Ames
515 Clark
Ames, IA 50010
For the Account of:
Pinnacle Properties of Ames, L.C.
Hillside 2"d Addition
4114 Cochrane Parkway
Ames, Iowa 50014
In the amount of$96,278.60 U.S. Dollars. Irrevocable Letter of Credit No. 0428 will expire on
December 10, 2017.
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. 0428,
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 f Documentary Credit
� act ce o
(1993)Revision, International Chamber of Commerce Publication#400.
Sincerely,
First National Bank of Ames
APPR VED ASS TO FORM
BY i -
d D K. PARKS
oel�A�. Thil�g6�,:- ice President TY ATTORNEY
AMES OFFICE ANKENY OFFICE JOHNSTON OFFICE VALLEY JUNCTION OFFICE WEST DES MOINES OFFICE
405 5th Street 1205 N.Ankeny Blvd. 8460 Birchwood Court,Suite 1100 301 5th Street 5625 Mills Civic Parkway,Suite 100
Ames,IA 50010 Ankeny,IA 50023 Johnston,IA 50131 West Des Moines,IA 50265 West Des Moines,IA 50266
515-232-5561 515-965-3969 515-440-7180 515-274-3483 515-225-2641
Fax 515-232-5778 Fax 515-965-0125 Fax 515-331-2996 Fax 515-274-0173 Fax 515-225-8718
www. FNBames .com www . FNBdm . com Member FDIC MWER
CITY OF AMES, IOWA
PINNACLE PROPERTY AMES, LLC.-CRANE FARM 2ND ADDITION
H:\PINNP\A13.110733\3_Design\A_CaIcuIations\[OPC-CF 2ND-LETTER OF CREDIT.xls]OPC 7-Dec-16
OPINION OF PROBABLE COST- PARTIAL
ITEM NO ITEM UNIT TOTAL UNIT PRICE TOTAL
REMAINING ITEMS
1 STREET TREES EA 20 $ 350.00 $ 7,000.00
2 HMA PAVEMENT,SUFRACE COURSE ONLY SY 3238 $ 9.70 $ 31,408.60
3 MANHOLE ADJUSTMENTS EA 4 $ 875.00 $ 3,500.00
4 SIDEWALK,4"PCC SY 1460 $ 34.50 $ 50,370.00
5 COSESCO SECURITY AC 8 $ 500.00 $ 4,000.00
SUBTOTAL:1 $96,278.60
- w
CITY QF
►. Ames .
Smart Choice
December 14, 2016
TO WHOM IT MAY CONCERN:
I, Diane R. Voss, hereby certify that I have this date received from Pinnacle Properties of Ames,
L.C. , a Letter of Credit numbered 0428 in the amount of $96,278.60.
Said instrument has been placed on file in the Ames City Clerk's Office, 515 Clark Avenue, for the
development of public improvements in Hillside Subdivision, 2"d Addition (aka Crane Farm
Subdivision, 2nd Addition), City of Ames, Iowa,to wit: Street trees; HMA pavement, surface
course only; manhole adjustments; sidewalk, 4" PCC; COSESCO security.
Diane R. Voss, City Clerk
e
s
=r.: cer•� c�� 20
Ames",
Smart Choice
Public Works Department
515 Clark Avenue,Ames, Iowa 50010
Phone 515-239-5160 ♦ Fax 515-239-5404
December 7, 2017
Honorable Mayor and Council Members
City of Ames
Ames, Iowa 50010
Ladies and Gentlemen:
I hereby certify that a portion of the sidewalk facilities required as a condition for approval of
the final plat of Crane Farm Subdivision 2"d Addition have been completed in an acceptable
manner by various homebuilders.
As a result of this certification, it is recommended that the financial security for public
improvements on file with the City for this subdivision be reduced to $53,981.60. The
remaining work covered by this financial security includes installation of the street paving
surface course, COSESCO, minor utility adjustments, street trees, and public
sidewalks.
Sincerely, ,r
John C. Joiner, P.E.
Director
JJ/tw
cc: Finance, Contractor, Planning& Housing, Subdivision file
Public Works Department 515.239.5160 in 515 Clark Ave.P.O.Box 811
Engineering 515,239,5404 ran Ames,IA 50010
wvss ca.Qtyof,Arnes.org
ti
Crane Farm Subdivision, 2nd Addition
December 7, 2017
Page 2
Description Unit Quantity
Pavement HMA Surface Course Only SY 3238
Manhole Adjustments EA 4
Street Trees FA 20
Erosion Control COSESCO Security ACRE 8
Sidewalk,4", PCC SY 1460
Page 1 of I
Re: Pinnacle Properties Ames LLetters of Credits
Tracy Warner
to:
Joel A. Thilges
12/07/2017 10:30 AM
Cc:
Diane R Voss, John C Joiner, "Keith Arneson (keithdarneson@gmail.com)"
Hide Details
From: Tracy Warner/COA
To: "Joel A. Thilges" <Joel.Thilges@FNB247.com>
Cc: Diane R Voss/COA@COA, John C Joiner/COA@COA, "Keith Arneson (keithdarneson@gmail.com)"
<keithdarne son@gmail.com>
All, ' I
I have evaluated the Crane Farm 2nd Addition - We can d -partial re e based on some sidewalk that has
been installed. The new LOC needs to be in the amount of$53,981.60.
The works that remains are: street trees, HMA Pavement(surface course), manhole adjustments, sidewalk
(4" PCC), and COSESCO security.
When I get back in the office later today, I will create the respective letter.
Tracy L Warner
Municipal Engineer
City of Ames Public Works
On Nov 27, 2017, at 10:26 AM, Joel A. Thilges <Joel.Thilges@FNB247.com> wrote:
Diane,
We have the following Letters of Credit with the City of Ames coming due in the next few weeks.
<image002.png>
Please provide specific documentation regarding the required work remaining and corresponding dollar
amount as it relates to the respective subdivision so we can renew these Letters of Credit to the City of
Ames appropriately.
Thank you for your prompt attention to this matter.
Joel A. Thilges, Senior Vice President, Commercial Lending
First National Bank
405 5th Street, Ames, la 50010
Office —515.663.3025
Cell —515.291.0729
Joel.Thilges@FNB247.com
NMLS ID# 609252
What Banking Should Be.
<image001.png>
file:///C:/Users/diane.voss/AppData/Local/Temp/notesFFF692/—web4843.htm 12/7/2017
Page 1 of 3
RE: Pinnacle Properties Ames letters of Credits
Tracy Warner `
to:
Joel A. Thilges
12/06/2017 05:16 PM
Cc:
Diane R Voss, John C Joiner, Keith Arneson
Hide Details
From: Tracy Warner/COA
To: "Joel A. Thilges" <Joel.Thilges@FNB247.com>
Cc: Diane R Voss/COA@COA, John C Joiner/COA@COA, Keith Arneson <keithdarneson@gmail.com>
All,
LOC #403 This(OC needs to be renewed since the pedestrian ramps still have not been correctly
installed for South Fork 3rd Addition.
C #40 Can be rel seae d according to Charlie (Planning) since the financial security for street trees
associated with South Fork 3rd Addition'is now part of the South Fork Wrap Up.
(Dia o you want a letter to City Council (from me) or can you draft something to them for this one?)
OC #428 rane Farm 2nd AdditiQD - I am still working on this one and will respond to all of you
omorro
LOC #429 This L needs to be renewed since the work has not been completed. Oxar" Lk
Tracy L. Warner,Municipal Engineer
City of Ames
Public Works Department
Engineering Division
515 Clark Avenue P,t
Ames,IA 50010C L f
Desk: (515) 239-5163L—{ —
Email:twarner(C7city.ames.ia.us t
-----"Joel A. Thilges" <Joel.Thilges FNB247.com> wrote: -----
To: "dvoss@city.ames.ia.us" <dvoss@city.ames.ia.us>, John C Joiner <JJoiner@city.ames.ia.us>,
Tracy Warner <twarner@citv.ames.ia.us>
From: "Joel A. Thilges" <Joel.Thilges@FNB247.com>
Date: 12/06/2017 11:27AM
Cc: Keith Arneson <keithdarneson@qmail.com>
Subject: RE: Pinnacle Properties Ames LLetters of Credits
Diane, John and Tracy,
Just following up as I have not received any information as to the status of the required work remaining
and corresponding dollar amount as it relates to the respective subdivision Letters of Credit. Two of
these now mature for all practical purposes at the end of the week and two in 12 days.
Please advise.
file:///C:/Users/diane.voss/AppData/Local/Temp/notesFFF692/—web7420.htm 12/7/2017