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HomeMy WebLinkAboutA053 - Email correspondence regarding Letter of Credit for public improvements M� Re: 2600-0283-0003: LOC for.Public Improvements for the Final Plat of The > Irons -Ames/ Comments concerning Letter of Credit L Judy K Parks to: Charles Kuester 04/25/2017 01:56 PM Cc: Diane R Voss, Eric Cowles, Kelly Diekmann, Ray D Anderson Hi Charlie, Thanks for getting back to me. I knew asking for changes would be challenging to get it done before tonight's meeting so a short delay is understandable. The only additional words that I would want to see added to the phrase you have suggested for the face of the document are ones that incorporate Exhibit A, Then it would read, ""Regarding: Unfinished public improvements to The Irons Subdivision, Story County, Iowa as shown on Exhibit A,which is attached hereto and by this reference, incorporated herein." Then the list would need to be marked 'Exhibit A' and it would be good to go. That additional language makes it incorporated as part of the terms of the LOC. Thanks again for doing this. Judy K. Parks, City Attorney City of Ames Legal Department 515 Clark Avenue, P.O. Box 811 Ames, Iowa 50010 Phone: 515-239-5146 Fax: 515-239-5142 Email:jparks@city.ames.ia.us 4' Srm r', nA m e Charles Kuester Judy; I'm going to ask Chris to amend this butit 04/25/2017 01 03 23 PM From: Charles Kuester/COA To: Judy K Parks/COA@COA Cc: Diane R Voss/COA@COA, Eric Cowles/COA@COA, Kelly Diekmann/COA@COA, Ray D Anderson/COA@COA Date: 04/25/2017 01:03 PM Subject: Re:2600-0283-0003: LOC for Public Improvements for the Final Plat of The Irons-Ames/ Comments concerning Letter of Credit Judy, I'm going to ask Chris to amend this but it likely won't be submitted until after the plat is approved tonight. I will ask Chris to ask the bank to add "Regarding: Unfinished public improvements to The Irons Subdivision, Story County, Iowa as shown on Exhibit A." Place this under"Lender:" at the top of the page and attach the list of improvements as Exhibit A. Does this work? Thanks -Charles ITY Ames" Charlie Kuester CFM Planner 515.239.5400 main 1515.239.5445 direct 1515.239.5404 fax ckuester@citvofames.org I City Hall, 515 Clark Avenue I Ames, IA 50010 www.CitvofAmes.org I — Caring People— Quality Programs - Exceptional Service ^' -----Judy K Parks/COA wrote: ----- To: dvossa city.ames.ia.us From: Judy K Parks/COA Date: 04/24/2017 05:06PM Cc: ckuester(a)city.ames.ia.us, ecowles@ city.ames.ia.us, kdiekmann(LDcity.ames.ia.us, randerson(o-)city.ames.ia.us Subject: 2600-0283-0003: LOC for Public Improvements for the Final Plat of The Irons -Ames/ Comments concerning Letter of Credit Diane, I have reviewed the Letter of Credit which was furnished for the remaining Public Improvements that are associated with the Final Plat of the Irons. I had reviewed an earlier version of the LOC for this subdivision, and my comments at that time were mainly directed to the dates in the LOC since at that time, there were no other subdivision documents submitted. I returned that LOC to you since I had no other documents associated with the Final plat. We have since had additional subdivision documents submitted so that this final plat is on a council agenda for approval. I have looked those over. This LOC was the last document needing approval and I understand that the earlier submitted LOC has been revised, so I am reviewing it from scratch with this one. That said, my earlier comments about the dates that this LOC contains still stand. I hope that Public Works is comfortable that this LOC has a long enough life span to be in effect for the realistic completion timeframe for the additional infrastructure to get built. In reviewing this LOC, it does clearly identify that"The Irons LLC" is the borrower, but it does not identify what specific project that the Irons is doing that this LOC is associated with or what improvements it secures. It may be that this developer has only one project, but I don't know that. We need to have the bank include (1)the identify what specific project (by address) this LOC secures, and (2)what specific improvements within that project that this LOC secures. That does not need to be difficult. If the bank would change the Letter of Credit to expressly incorporate an attachment very much like the additional page that is stapled to the Letter of Credit I reviewed, including a list of the infrastructure as well as the address/location or project where this infrastructure is, then I would be able to approve this. Judy Parks, City Attorney LOC Instrument [attachment"The Irons Irrevocable Letter of Credit.pdf' removed by Charles Kuester/COA] Page 1 of 1 2600-0283-0003: LOC for Public Improvements for the Final Plat of The Irons - Ames/Comments concerning Letter of Credit Par K Judy l to: Voss 04/24/2017 05:06 PM + �j Cc: I r `, e—rv-1/2 l I fr ckuester, ecowles, kdiekma anderson etails C From: Judy K Parks/COA To: dvoss@city.ames.ia.us Cc: ckuester@city.ames.ia.us, ecowles@city.ames.ia.us, kdiekmann@city.ames.ia.us, randerson@city.ames.ia.us 1 Attachment •, i The Irons Irrevocable Letter of Credit.pdf Diane, I have reviewed the Letter of Credit which was furnished for the remaining Public Improvements that are associated with the Final Plat of the Irons. I had reviewed an earlier version of the LOC for this subdivision, and my comments at that time were mainly directed to the dates in the LOC since at that time, there were no other subdivision documents submitted. I returned that LOC to you since I had no other documents associated with the Final plat. We have since had additional subdivision documents submitted so that this final plat is on a council agenda for approval. I have looked those over. This LOC was the last document needing approval and I understand that the earlier submitted LOC has been revised, so I am reviewing it from scratch with this one. That said, my earlier comments about the dates that this LOC contains still stand. I hope that Public Works is comfortable that this LOC has a long enough life span to be in effect for the realistic completion timeframe for the additional infrastructure to get built. In reviewing this LOC, it does clearly identify that"The Irons LLC" is the borrower, but it does not identify what specific project that the Irons is doing that this LOC is associated with or what improvements it secures. It may be'that this developer has only one project, but I don't know that. We need to have the bank include (1)the identify what specific project(by address) this LOC secures, and (2)what specific improvements within that project that this LOC secures. That does not need to be difficult. If the bank would change the Letter of Credit to expressly incorporate an attachment very much like the additional page that is stapled to the Letter of Credit I reviewed, including a list of the infrastructure as well as the address/location or project where this infrastructure is, then I would be able to approve this. Judy Parks, City Attorney LOC Instrument file:///C:[Users/Diane.voss/AppData/Local/Temp/notesFFF692/—web1973.htm 4/25/2017