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Home My WebLink AboutA012 - Council Action Form dated February 11, 2020, financial security to be released in full, Letter of Credit No. 0450 1o , Ame s Smart Choice Public Works Department 515 Clark Avenue, Ames, Iowa 50010 Phone 515-239-5160 ♦ Fax 515-239-5404 Item No. 15 February 11, 2020 Honorable Mayor and Council Members City of Ames Ames, Iowa 50010 RE: Iowa State University Research Park 3rd Addition Phase IV Financial Security Reduction - Final Mayor and Council Members: The public sanitary sewer extension required as a condition for approval of the final plat of Iowa State University Research Park 3" Addition Phase IV has been completed in an acceptable manner by Ames Trenching of Ames, Iowa. The above-mentioned improvement has 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 this public improvement on file with the City for this subdivision be released in full. Sincerely, John C. Joiner, P.E. Director JJ/nw cc: Finance, Planning& Housing, Subdivision file Public Works Department 515.239.5160 main 515 Clark Ave.P.O.Box 811 Engineering 515.239.5404 fax Ames.IA 50010 w.vw.Cityo€Ames.org SrFIRST NATIONAL BANK AMES • ANKENY • JOHNSTON VALLEY JUNCTION • WEST DES MOINES Issue Date: February 12,2019 Irrevocable Letter of Credit No. 0450 RE: ISURP 41h Addition , Ames, Iowa RE: Iowa State University Research Park 1805 Collaboration Dr. Suite 1250 Ames, Iowa 50010 Ladies/Gentlemen, We hereby establish our Irrevocable Letter of Credit No.0450 in favor of: City of Ames 515 Clark Ames,IA 50010 For the Account of: Iowa State University Research Park (0'Addition) 1805 Collaboration Dr. Suite 1250 Ames, Iowa 50010 In the amount of $137,062.00 U.S. Dollars. Irrevocable Letter of Credit No. 0450 will expire on February 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 P submitted to establish this letter of credit. 2. If the item(s) have been partially completed, a statement from the Municipal Engineer as to the percentage completed of the Specific Item(s) 3. Beneficiary's signed statement indicating that Beneficiary is requesting the cost to complete the specified incomplete items based on the Municipal Engineer's statement as to percentage of each item remaining incomplete. 4. Copy of this Irrevocable Letter of Credit No. 0450. 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. Thilg�S®rice 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 I 2t In w w w . F N B 2 4 7 . c O m Member FDIC LE NOEq ISU Research Park Phase IV Sanitary Sewer Extension (Deere Spray Lab) Item Quantity Unit Unit Price Total 12" Sewer Pipe 1,671 LF $66.00 $110,286.00 Sewer Manhole 6 EA $4,000.00 $24,000.00 Connection to Existing Manhole 1 EA $2,276.00 $2,276.00 COSESCO (Erosion Control) 1 I AC 1 $500.00 $500.00 $137,062.00 FW: Fw: Letter of Credit for 4th Addition Joel A. Thilges to: dvoss@city.ames.ia.us 02/08/2019 02:45 PM Diane, h Here is the email thread as it relates to the ISURP 4 Addition Letter of Credit. Joel A.Thilges, Senior Vice President, Commercial Lending First National Bank th 405 5 Street, Ames, la 50010 Office—515.663.3025 Cell —515.291.0729 Joel.ThilRes@FNB247.com NMLS ID# 609252 ISM' NA `I MCI. ' N From: Easter, Nathan A [ISRP] <neaster@iastate.edu> Sent: Wednesday,January 30, 2019 3:02 PM To:Joel A.Thilges<Joel.Thilges@FNB247.com> Cc: Hall, Violetta R [ISRP] <vihall@iastate.edu>; Smith, Alicia L [ISRP] <alismith@iastate.edu> Subject: FW: Fw: Letter of Credit for 4th Addition WARNING: This email originated outside of Ames National Corporation. DO NOT CLICK links or attachments unless you know the content is safe. Joel, We'd like to work with you on a letter of credit for$137,062 (as shown in the attached pdf) if you'd be interested. They won't release our$1.2M LOC (in place with Bankers Trust) until we have this one in place. We aren't asking around for this one—would just like to go through you if you're interested. Stay warm! Thanks, Nate From: Nathan Willey<NWillev@city.ames.ia.us> Sent: Friday,January 25, 2019 1:43 PM To: Easter, Nathan A [ISRP] <neaster@iastate.edu> Cc:John C Joiner<JJoiner@city.ames.ia.us>; Diane R Voss<DVoss@city.ames.ia.us> Subject: RE: Fw: Letter of Credit for 4th Addition Nate, Since the quote was a lump sum, I assigned values to each item so we could better track the LOC (see attached). The 8" services are not included since they are private, but since I didn't have a value for them, they were not subtracted from the original total. Let me know if you are ok with that or if you have any questions. Thank you, Nathan Willey, P.E. Civil Engineer 11 nwillev@city.ames.im us Office:515.239.5436 1 Fax: 515.239.5404 City Hall, 515 Clark Avenue I Ames, IA 50010 CITY OF s', www.CityofAmes.ore I ^ Caring People-Quality Programs "Exceptional Service -----"Easter, Nathan A [ISRP]" <neaster(a)iastate.edu> wrote: ----- To: "Nathan Willey" <NWilleyCabcity.ames.ia.us> From: "Easter, Nathan A [ISRP]" <neaster(cbiastate.edu> Date: 01/25/2019 09:22AM Cc: "John C Joiner" <JJoiner(a)city.ames.ia.us>, "Diane R Voss" <DVoss(a)cit ..ames.ia.us> Subject: RE: Fw: Letter of Credit for 4th Addition Nate, Sounds good, thanks! Attached is Ames Trenching's quote—it is$136,562 because Bill's original $125k quote was based off an older set of plans that didn't have one run of sanitary/connection/manhole on it. So, if my math is correct, here is what I have: Ames Trenching: $136,562 COSESCO: $500 Total: $137,062 Thanks all, Nate From: Nathan Willey<NWilley@city.ames.ia.us> Sent:Thursday,January 24, 2019 3:49 PM To: Easter, Nathan A [ISRP] <neaster@iastate.edu> Cc:John C Joiner<JJoiner@city.ames.ia.us>; Diane R Voss<DVoss@city.ames.ia.us> Subject: RE: Fw: Letter of Credit for 4th Addition Hi Nate, I was planning to reduce the current LOC to about$125,000 for the sanitary sewer, but for some reason, there was no sanitary included in the original LOC(see attached estimate). Therefore, we will release the current$1,233,630.67 LOC in full at the next Council meeting and need another LOC for the sanitary sewer. Can you please send me a copy of the quote from Ames Trenching? An extra $500 would also need to be added for erosion control (COSESCO). The new LOC total amount would then be Ames Trenching's quote + $500. Let me know if you have any questions. Thank you, Nathan Willey, P.E. Civil Engineer 11 nwilley@city.ames.ia.us Office:515.239.5436 1 Fax: 515.239.5404 City Hall,515 Clark Avenue I Ames, IA 50010 CITY F e s www.CitvofAmes.org ^ Caring People-Quality Programs^ Exceptional Service " -----"Easter, Nathan A [ISRP]" <neaster(a)iastate.edu> wrote: ----- To: "John C Joiner" <JJoiner(@city.ames.ia.us> From: "Easter, Nathan A [ISRP]" <neaster iastate.edu> Date: 01/24/2019 09:23AM Cc: "Nathan Willey" <NWilley(cbcity.ames.ia.us> Subject: RE: Fw: Letter of Credit for 4th Addition Thanks John, sounds great! Nate From:John C Joiner<JJoiner@city.ames.ia.us> Sent:Thursday,January 24, 2019 9:05 AM To: Easter, Nathan A [ISRP] <neaster@iastate.edu> Cc: Nathan Willey<NWilley@city.ames.ia.us> Subject: Re: Fw: Letter of Credit for 4th Addition Hi Nate! We're trying to work this out. I think Steve and Kelly support a reduction and we'll likely have it on the agenda for Feb 12 CITY 2F- John C. Joiner, P.E. Director of Public Works 515.239.5165 desk 1515.239.5404 fax Hoiner@city.ames.ia.us I City Hall, 515 Clark Avenue Ames, IA 50010 www.CityofAmes.ore I -Caring People-Quality Programs-Exceptional Service" -----Duane R Pitcher/COA wrote: ----- To: John C Joiner/COA@COA From: Duane R Pitcher/COA Date: 01/18/2019 04:08PM Subject: Fw: Letter of Credit for 4th Addition John, I think this is related to your infrastructure improvements. Duane Duane Pitcher, CPA, CPFO Director of Finance City of Ames 515 Clark Avenue P.O. Box 811 Ames, Iowa 50010 Phone (515) 239-5114 -----Forwarded by Duane R Pitcher/COA on 01/18/2019 04:07PM ----- To: "Steve Schainker" <SSchainker(&city.ames.ia.us> From: "Easter, Nathan A [ISRP]" <neaster(&iastate.edu> Date: 01/17/2019 10:47AM Cc: "Duane R Pitcher" <DPitcher(&city.ames.ia.us> Subject: Letter of Credit for 4th Addition Steve, Do we still need to have the letter of credit for the 4th Addition Improvements since we have the EDA and RISE grants approved? We'd like to get that off our books so that we're not continuing to incur costs there. Thanks Steve, Nate Nathan Easter Iowa State University Research Park 1805 Collaboration Place, Suite 1250 Ames Iowa 50010 Phone: 515-296-0735 Fax: 515-296-9924 e-mail: neaster(o)iastate.edu [attachment "image001.gif" removed by Nathan Willey/COA] [attachment "image002.png" removed by Nathan Willey/COA] [attachment "image003.gif" removed by Nathan Willey/COA] [attachment "Nate Easter ISU Industrial Park 3rd Addition Revised.docx" removed by KEN o. Nathan Willey/COA]ISU RP Phase IV Sewer Extension LOC estimate.pdf