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Home My WebLink AboutA018 - Letter of Credit Reductions and Releases CITY OF Ames", Smart Choice Public Works Department 515 Clark Avenue, Ames, Iowa 50010 Phone 515-239-5160 ♦ Fax 515-239-5404 Item No. 17 November 4, 2020 Honorable Mayor and Council Members City of Ames Ames, Iowa 50010 RE: Wheelock Corner Subdivision Financial Security Reduction#1 Mayor and Council Members: I hereby certify that the water main, sanitary sewer main, storm sewer, and pavement required as a condition for approval of the final plat of Wheelock Corner Subdivision have been completed in an acceptable manner by various 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 set at$96,163.50. The remaining work covered by this financial security includes pedestrian ramps,fixing some curb&gutter,COSESCO (erosion control), and street lights. Sincerely, �r John C.Joiner, P.E. Director JJ/tp cc: Finance, Planning& Housing, Subdivision file Public Works Department 515.239,5160 main 515 Clark Ave.P.O.Box 811 515.239,5404 fax Ames,IA 50010 Engineering - tv�s✓ ry t;tA c,._ors` Wheelock Corner Subdivision November 4, 2020 Page 2 Item Quantity Unit Subgrade Preparation, 12" 3,510 SY Pavement, HMA Base, 7" 2,395 SY Pavement, HMA Surface, 2" 2,395 SY Pavement, PCC, 8" 256 SY Saw Cut PCC Pavement, Full Depth 171 LF Pavement Removal 199 SY Storm Sewer,Trenched, RCP Class III, 15" 62 LF Storm Sewer,Trenched, RCP Class III, 18" 31 LF Storm Sewer,Trenched, RCP Class III, 24" 722 LF Storm Manhole, SW-401,48" 1 EA Single Grate Intake,SW-501 5 EA Single Grate Intake with Manhole, SW-503 4 EA Double Open Throat Curb Intake, Small Box,SW-509 1 EA Water Main,Trenchless, PVC, 8" 50 LF Water Main,Trenched, 8" 1,001 LF Water Connection to Existing Main 1 EA Fitting, MJ Bend, 8" 19 EA Fitting, MJ Tee, 8" 3 EA Sleeve, MJ, 8" 1 EA Cap, MJ, 8" 3 EA Valve, MJ Gate, 8" 10 EA Fire Hydrant Assembly 5 EA Sanitary Sewer Gravity Main,Trenched, 8" 526 LF Sanitary Manhole,SW-301,48" 3 EA I Diane Voss From: Diane Voss Sent: Thursday, November 12, 2020 8:24 PM To: dwheelockhp@gmail.com Subject: Partial Completion of Public Improvements for Wheelock Corner Subdivision Attachments: 17.pdf; LOC Reduction #1 - 11102020.pdf Hello Linda: Per your request, I am attaching the certification letter from the Public Works Director recommending to the City Council that the financial security for the remaining public improvements for Wheelock Corner Subdivision be reduced to $96,163.50. The City Council at its meeting held November 10, 2020, unanimously approved that recommendation. Attached is the Resolution verifying that the motion was unanimously approved. If you have further questions, please don't hesitate to contact me. Thank you. Diane R.Voss, City Clerk/Records Manager 515 Clark Avenue Ames, Iowa 50010 515-239-5105 diane.voss@cityofames.org 1 01, LO c, -(V Availa U(5FT (t/1 Ll Bank. AMENDMENT TO IRREVOCABLE STANDBY LETTER OF CREDIT Date: November 17,2020 "Beneficiary" City of Ames ("Beneficiary") City Hall 515 Clark Ave. Ames, IA 50010 AMENDMENT TO IRREVOCABLE STANDBY LETTER OF CREDIT NO.999581228 AMENDMENT DATE:November 17 2020 EXPIRATION DATE:April 15,2021 Dear Madam or Sir: At the request of the Beneficiary,we,Availa Bank, hereby issue an Amendment to our Irrevocable Standby Letter of Credit for the account of DW Portfolio, LLC of Ames, Iowa,reducing the Letter of Credit by$370,039.50 to the new amount of$96,163.50, available by your draft(s)at sight on ourselves effective November 17,2020 and expiring at Carroll, Iowa on April 15, 2021. Drafts must be accompanied by: Beneficiary's signed statement that: "The amount of our draft represents funds owed by DW Portfolio, LLC of Ames, Iowa to City of Ames"Wheelock Corner Subdivision Public Improvements",or any assignee or successor-in-interest of City of Ames. Partial drawings are permitted. Each draft must bear upon its face the clause:"Drawn under Letter of Credit No. . 999581228 dated April 15,2020 of Availa Bank, Carroll, Iowa." All banking charges are for the account of DW Portfolio, LLC,Ames, Iowa. Except so far as otherwise stated herein,this letter of credit is subject to the International Standby Practices(ISP 98), International Chamber of Commerce Publication No.590. We hereby agree with you that drafts drawn under and in compliance with the terms of this credit will be duly honored upon presentation. Kindly address all correspondence regarding this letter of credit to the attention of our Letter of Credit Operations,Availa Bank 126 W 6th St., Carroll, Iowa 51401,Attention Kevin Geis,mentioning our reference number as it appears above. Telephone inquires can be made to Kevin Geis at 515.233.2033. Very truly you s, evin Geis ✓ty�- Market President Authorized Official Diane Voss From: Victoria Feilmeyer Sent: Friday, December 4, 2020 12:53 PM To: John Joiner Cc: Diane Voss; Mark Lambert Subject: Request to Release Lot 5 from various obligations Attachments: Title Opinion Letter.pdf; SP-Exceptions_07-10821.pdf; SP-Exceptions_20-05303.pdf; SP- Exceptions_05-09849.pdf; SP-Exceptions_20-05302.pdf John: Our office was contacted by a Chicago attorney, Michael Glosniak,yesterday around 4:30 p.m. Glosniak represents DW Portfolio, LLC, the current owner of property described as "Lot 5, Wheelock Corner Subdivision, Ames, Iowa" which appears to have a local address of 1910 Isaac Newton Drive. DW Portfolio is trying to sell the property and the buyer is obtaining title insurance for the purchase. As part of the title objection letter prepared by the buyer's attorney, certain requests were made of DW Portfolio for the sale, which involve recorded covenants and agreements with the City. The buyer's preference is that the City release Lot 5 from these agreements and covenants. This is not something that we normally have the Council do, but Council does have the ability to release the property from these obligations. I have attached the page from the Objection Letter than I asked Glosniak to send me. The documents involved are: (1) Agreement for Sidewalk, Bicycle Path and Street Trees filed 8/12/05 as Inst. No. 05-09849. (2) SE 16th Street Bridge &street Improvement Agreement filed 9/11/07 as Inst. No. 07-10821. (3) Agreement for Sidewalk&Street Trees filed 5/21/2020 as Inst. No. 20-05302 (4) Agreement for Public Improvements filed 5/21/2020 as Inst. No. 20-05303 Can you review the request and let us know whether the obligations within the four Agreements above have been satisfied as to Lot 5? We need to decide if the Council should be asked to release Lot 5 or if there is anything we can give them to give them some assurance that Lot 5 has no outstanding obligations, or if we just need to tell them that the obligations are outstanding and that the City is not issuing any kind of a release. The attorney did not give me a deadline, but I do believe that they are trying to close the sale prior to year end. Thanks for your help. 1 1e s, Victoria A. Feilmeyer Assistant City Attorney 515.239.5146 inuin 1515.239.5142 f ry victoria.feilmever@cityofames.orgI City Hall, 515 Clark Avenue Ames, IA 50010 www.CityofAmes.org ^ Caring People—Quality Programs" Exceptional Service 1 Voss, Diane From: Voss, Diane Sent: Tuesday, April 13, 2021 2:29 PM To: Peterson, Tracy Subject: Wheelock's Corner Subdivision Tracy: Could you please have someone check the above-named Subdivision to see if the security may be reduced. It sits at $96,163.50 and is due to expire on 4/20/21. Thank you! Diane R.Voss, City Clerk/Records Manager 515 Clark Avenue Ames, Iowa 50010 515-239-5105 diane.voss@cityofames.org i Ilk Mwv�_ mpqk Avoila Bonk- 14MIn IRREVOCABLE STANDBY LETTER OF CREDIT Date:April 15,2020 "Beneficiary" City of Ames ("Beneficiary") City Hall 515 Clark Ave. Ames, IA 50010 IRREVOCABLE STANDBY LETTER OF CREDIT NO.999581228 T +J. ISSUE DATE:April 15, 2020 EXPIRATION DATE:April 15, 2021 Dear Madam or Sir: Availa Bank hereby establish in your favor our irrevocable standby letter of credit for the account of DW Portfolio,LLC of Ames, Iowa for an amount of about$466,203.00 U.S. Dollars,available by your draft(s)at sight on ourselves effective April 15, 2020 and expiring at Carroll, Iowa on April 15, 2021. Drafts must be accompanied by: Beneficiary's signed statement that: "The amount of our draft represents_funds owed by DW Portfolio, LLC of Ames, Iowa to City of Ames"Wheelock Corner Subdivision Public Improvements",'or any assignee or successor-in-interest of City of Ames. -----.- Partial drawings are permitted. Each draft must bear upon its face the clause:"Drawn under Letter of Credit No. .999581228 dated April 15, 2020 of Availa Bank,Carroll, Iowa." All banking charges are for the account of DW Portfolio, LLC,Ames, Iowa. Except so far as otherwise stated herein,this letter of credit is subject to the International Standby Practices(ISP 98), International Chamber of Commerce Publication No. 590. We hereby agree with you that drafts drawn under and in compliance with the terms of this credit will be duly honored upon presentation. Kindly address all correspondence regarding this letter of credit to the attention of our Letter of Credit Operations, Availa Bank 126 W 6th St., Carroll, Iowa 51401,Attention Kevin L. Brooks,mentioning our reference number as it appears above. Telephone inquires can be made to Kevin L. Brooks at 515.956.2430. Very truly yours, evin L. Brooks Regional Manager r Authorized Official APPRO i D S FORM BY f VIClbRIA A. FEILMEYER ASSISTANT CITY ATTORNEY r Wheelock Corner Subdivision Public Improvements&Storm Water Management(Financial Security) Item Quantity Unit Unit Price Totals Subgrade Preparation, 12" 3,510 SY $2.75 $9,652.50 PCC Curb&Gutter,30" 1,743 LF $16.00 $27,888.00 Curb Backfill 1,797 LF $1.50 $2,695.50 Pavement, HMA Base, 7" 2,395 SY $33.00 $79,035.00 Pavement, HMA Surface, 2" 2,395 SY $10.00 $23,950.00 Pavement, PCC,8" 256 SY $75.00 $19,200.00 Sidewalk Pavement, PCC,4" 473 SY $35.00 $16,555.00 Pedestrian Ramps, PCC,6" 53 SY $75.00 $3,975.00 Detectable Warning Panels 72 SY $25.00 $1,800.00 Saw Cut PCC Pavement,Full Depth 171 LF $8.00 $1,368.00 Pavement Removal 199 SY $10.00 $1,990.00 Storm Sewer,Trenched, RCP Class III, 15" 62 LF $38.00 $2,356.00 Storm Sewer,Trenched, RCP Class III, 18" 31 LF $44.00 $1,364.00 Storm Sewer,Trenched, RCP Class III, 24" 722 LF $52.00 $37,544.00 Storm Manhole,SW-401,48" 1 EA $3,000.00 $3,000.00 Single Grate Intake,SW-501 5 EA $2,200.00 $11,000.00 Single Grate Intake with Manhole,SW-503 4 EA $4,000.00 $16,000.00 Double Open Throat Curb Intake,Small Box,SW-509 1 EA $7,500.00 $7,500.00 Water Main,Trenchless, PVC,8" 50 LF $500.00 $25,000.00 Water Main,Trenched,8" 1,001 LF $30.00 $30,030.00 Water Connection to Existing Main 1 EA $6,000.00 $6,000.00 Fitting, MJ Bend,8" 19 EA $500.00 $9,500.00 Fitting, MJ Tee,8" 3 EA $500.00 $1,500.00 Sleeve, MJ,8" 1 EA $750.00 $750.00 Cap, MJ,8" 3 EA $500.00 $1,500.00 Valve, MJ Gate,8" 10 EA $1,800.00 $18,000.00 Fire Hydrant Assembly 5 EA $4,200.00 $21,000.00 Sanitary Sewer Gravity Main,Trenched, 8" 526 LF $50.00 $26,300.00 Sanitary Manhole,SW-301,48" 3 EA $5,500.00 $16,500.00 COSESCO (erosion control) 16.5 AC $500.00 $8,250.00 Street Lights 1 LS $35,000.00 $35,000.00 Financial Security for Public Improvements TOTALI $466,203.00 Item Quantity Unit Unit Price Totals Excavation and Embankment 10,991 CY $2.75 $30,225.25 Storm Sewer,Trenched, RCP Class III, 15" 34 LF $38.00 $1,292.00 Storm Sewer,Trenched, RCP Class III, 18" 109 LF $44.00 $4,796.00 Storm Sewer,Trenched, RCP Class III, 24" 378 LF $52.00 $19,656.00 Storm Sewer,Trenched, RCP Class III,42" 342 LF $110.00 $37,620.00 Pipe Apron, RCP, 18" 1 EA $2,400.00 $2,400.00 Pipe Apron, RCP,42" 1 EA $4,200.00 $4,200.00 Storm Manhole,SW-401,48" 3 EA $3,000.00 $9,000.00 Open Sided Area Intake,SW-513 1 EA $3,600.00 $3,600.00 Area Intake,SW-512,36" 3 EA $2,400.00 $7,200.00 Turf Reinforcement Mats,Type 4 2.6 SQ $600.00 $1,560.00 Class D Riprap 200 TON $32.00 $6,400.00 Seeding(Type 4), Urban Temporary Erosion Control Mix 0.5 AC $2,000.00 $1,000.00 Seeding(Native) 1 AC $4,000.00 $4,000.00 Financial Security for Storm Water Management(Chapter 56)TOTAL: $132,949.25 RESOLUTION NO. 21-229 RESOLUTION ACCEPTING PARTIAL COMPLETION OF PUBLIC IMPROVEMENTS REQUIRED FOR WHEELOCK CORNER SUBDIVISION 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 street lights, COSESCO (erosion control), most PCC curb and gutter, and curb backfill 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 $22,830.00 for the remaining work that includes pedestrian ramps, detectable warning panels, curb and gutter repairs, and 4-foot sidewalks. ADOPTED THIS 27`h day of April, 2021. 1 II Diane . Voss, City Clerk John A. Haila, Mayor Introduced by: Betcher Seconded by: Junck Voting aye: Beatty-Hansen, Betcher, Corrieri, Gartin, Junck, Martin Voting nay: None Absent: None Resolution declared adopted and signed by the Mayor this 27`h day of April, 2021. s Item No. 37 csTY Qr ' Ames" Smart Choice Public Works Department 515 Clark Avenue,Ames, Iowa 50010 Phone 515-239-5160 ♦ Fax 515-239-5404 April 21, 2021 Honorable Mayor and Council Members City of Ames Ames, Iowa 50010 RE: Wheelock Corner Subdivision Financial Security Reduction#2 Mayor and Council Members: I hereby certify that the street lights, COSESCO (erosion control), most PCC curb & gutter (retaining$500 for repairs),and curb backfill required as a condition for approval of the final plat of Wheelock Corner Subdivision have been completed in an acceptable manner by Manatt's 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$22,830.00. The remaining work covered by this financial security includes pedestrian ramps, detectable warning panels, curb &gutter repairs ($500), and 4" sidewalks. Sincerely, John C.Joiner, P.E. Director JJ/tp cc: Finance, Planning& Housing, Subdivision file Public Works Department "515.239,5160 moue 515Clark Ave.P.O.Box 811 Engineering 515.239.5404 f. Ames,IA 50010 www.CityofAnies.org Wheelock Corner Subdivision April 21, 2021 Page 2 Item Quantity Unit PCC Curb&Gutter,30" 1,743 LF Curb Backfill 1,797 LF COSESCO (erosion control) 16.5 AC Street Lights 1 LS Voss, Diane 10 Osed Lcc From: Voss, Diane Sent: Thursday, April 29, 2021 12:09 PM To: Justin Dodge Subject: RE: FW: Wheelock Corner 5B Attachments: 37.pdf Justin: At its meeting held April 21, 2021, the Ames City Council accepted partial completion of public improvements and reducing the security for Wheelock's Corner Subdivision. Attached is the certification letter indicating that the required security is now$22,830. Please bring me a revised LOC in the amount of$22,830, so I can release the current one. Thank you. Diane Voss City Clerk/Records Manager From:Justin Dodge <justin.dodge@hunziker.com> Sent: Thursday,January 7, 2021 11:03 AM To:Voss, Diane <diane.voss@cityofames.org> Subject: Re: FW: Wheelock Corner 5B [External Email] I can pick it up Thanks On Thu,Jan 7, 2021 at 11:00 AM Voss, Diane <diane.voss@cityofames.org>wrote: Justin: Please see the information from Tracy Peterson shown below. Would you like me to send you the original LOC and hard copy of the release letter, or to whom would you like to receive it? Diane R. Voss, City Clerk/Records Manager 1 Avoila Bonk- AMENDMENT TO IRREVOCABLE STANDBY LETTER OF CREDIT Date:April 26, 2021 "Beneficiary" City of Ames("Beneficiary") City Hall 515 Clark Ave. Ames, IA 50010 AMENDMENT TO IRREVOCABLE STANDBY LETTER OF CREDIT NO. 999581228 ISSUE DATE:April 27,2021 EXPIRATION DATE:July 1, 2021. Dear Madam or Sir: At the request of the Beneficiary,we,Availa Bank,hereby issue an Amendment to our Irrevocable Standby Letter of Credit for the account of DW Portfolio, LLC of Ames, Iowa,reducing the Letter of Credit by$73,333.50 to the new amount of$22,830, available by your draft(s)at sight on ourselves effective April 27,2021 and expiring at Carroll, Iowa on July 1,2021. Drafts must be accompanied by: Beneficiary's signed statement that: "The amount of our draft represents funds owed by DW Portfolio, LLC of Ames, Iowa to City of Ames"Wheelock Corner Subdivision Public Improvements",or any assignee or successor-in-interest of City of Ames." Partial drawings are permitted. Each draft must bear upon its face the clause:"Drawn under Letter of Credit No.999581228 dated April 15,2020 of Availa Bank, Carroll, Iowa." All banking charges are for the account of DW Portfolio, LLC,Ames, Iowa. Except so far as otherwise stated herein,this letter of credit is subject to the International Standby Practices(ISP 98), International Chamber of Commerce Publication No.590. We hereby agree with you that drafts drawn under and in compliance with the terms of this credit will be duly honored upon presentation. Kindly address all correspondence regarding this letter of credit to the attention of our Letter of Credit Operations,Availa Bank 1530 S Duff Ave.Suite 1,Ames, Iowa 50010,Attention Abby Howie, mentioning our reference number as it appears above. Telephone inquires can be made to Abby Howie 515-233-2033. Very truly yours, Abby Howie Senior Lending Officer Authorized Official Lrj 1512-2.- Ov'o G� Availa s. Bank, AMENDMENT TO IRREVOCABLE STANDBY LETTER OF CREDIT Date:July 1, 2021 "Beneficiary" City of Ames("Beneficiary") City Hall 515 Clark Ave. Ames, IA 50010 AMENDMENT TO IRREVOCABLE STANDBY LETTER OF CREDIT NO.999581228 ISSUE DATE:July 1,2021 EXPIRATION DATE:July 1,2022. Dear Madam or Sir: At the request of the Beneficiary,we,Availa Bank,hereby issue an Amendment to our Irrevocable Standby Letter of Credit for the account of DW Portfolio, LLC of Ames, Iowa,reducing the Letter of Credit by$73,333.50 to the new amount of$22,830, available by your draft(s)at sight on ourselves effective July 1, 2021 and expiring at Carroll, Iowa on July 1,2022. Drafts must be accompanied by: Beneficiary's signed statement-ttrat—The-amount of our draft represents funds owed by DW Portfolio, LLC of Ames, Iowa to City of Ames'Wheelock Corner Subdivision Public Improvements",or any assignee or successor-in-interest of City of Ames." �— Partial drawings are permitted. Each draft must bear upon its face the clause:"Drawn under Letter of Credit No.999581228 dated April 15,2020 of Availa Bank, Carroll, Iowa." All banking charges are for the account of DW Portfolio, LLC,Ames, Iowa. Except so far as otherwise stated herein,this letter of credit is subject to the International Standby Practices(ISP 98), International Chamber of Commerce Publication No. 590. We hereby agree with you that drafts drawn under and in compliance with the terms of this credit will be duly honored upon presentation. Kindly address all correspondence regarding this letter of credit to the attention of our Letter of Credit Operations,Availa Bank 1530 S Duff Ave.Suite 1,Ames, Iowa 50010,Attention Abby Howie,mentioning our reference number as it appears above. Telephone inquires can be made to Abby Howie 515-233-2033. Very truly youfOicer � OWE Abby Howie Senior Lendin Authorized Official G