HomeMy WebLinkAboutA003 - Email from Planning dated April 28, 2022 - Letter of Credit I � f l
Voss, Diane �,� � a� oC� i
From: Sahlstrom, Eloise
Sent: Thursday, April 28, 2022 4:49 PM
To: Voss, Diane
Subject: Financial Security for Northridge Village
Attachments: CCRC of Ames Letter of Credit.pdf; Landscaping.pdf; Northridge Village Plat 1 Site
Improvements Valuation 2022-04-26.pdf
Diane,
Northridge Village Minor Subdivision and Final Plat will be going to the CC on May 10.
As a result of the platting, they have some required site plan improvements. In order to move forward with plat
approval,they are providing financial security for the approvements.
The LOC looks a little different from others I have processed. Please look it over and let me know if it is acceptable. I will
need to know in the next couple of days. If it is acceptable, they will provide an original with a wet signature next week.
Kind regards,
Eloise
Eloise Sahlstrom
Planner
Planning & Housing
City Hall, 515 Clark Ave. Ames, IA 50010
Ames
515.239.5447 main
eloise.sahlstrom(a)-cityofames.org
Mailing: 515 Clark Ave. I Ames, IA 50010
www.CityofAmes.org
Help make the City of Ames even better!
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1
-'-'R EE N B E LT
I BANK & TRUST
www.greenbeltbonk.com
BANKING INSURANCE • REAL ESTATE • INVESTMENTS 1-800-648-2544
IRREVOCABLE COMMERCIAL UTTER OF CREDIT
Date of Issue: April 28, 2022
Amount: $21,217.50
Expiry Date: October 31, 2022
Applicant: CCRC of Ames, LLC
6731 W 121`t St., Ste 100
Overland Park, .KS 66209
Beneficiary: City of Ames
515 Clark Ave.
Ames, IA 50010
To Whom It May Concern:
We hereby authorize you to draw by draft on ourselves for the account of CCRC of Ames, LLC
up to the aggregate amount of$21.217.50.
The Beneficiary may draw on this Irrevocable Letter of Credit after September 30, 2022, if the
requested site work/landscaping required by the City for the plat legally known as Northridge
Village Plat 1/Landscaping is not completed by September 30, 2022 and prior to the Expiry
Date. This credit will expire October 31, 2022 or sooner if the Bank is notified in writing by a
representative for the Beneficiary.
Except as otherwise expressly stated herein, this credit is subject to the Unifo.rnyi Customs and
Practices of Documentary Credit (1983 Revision) International Chamber of Commerce Brochure
No. 400.
Sincerely yours,
6"
Ada>v r. I-Ia tford
Chief Lending Officer
Green Belt Bank & Trust
A.I1-1/1-LD
P.O.Box 790 419 Sherman Ave. 1509 Edgington Ave. P.O.Box 130,508 G Ave. 120 E.Main St.
Iowa Falls,IA 50126 Ackley,IA 50601 Eldora,IA 50627 Grundy Center,IA 50638 Belmond,IA 50421
Ph.641-648-2544 Ph.64 1-847-00 1 1 Ph.641-858-2005 Ph, 3 19-824-2600 Ph.64 1-444-3956
Fax 641-648-3273 Fax 641-847-0022 Fax 641-858-2505 Fax 319-824-2201 Fax 641-444-3958
A D"V _
Northridge Village Plat 1
Site Improvements Valuation
April 26, 2022
Prepared by Civil Design Advantage
Item Quantity Unit Cost Unit Total
Remove Tree Staking 13 EA $ 25.00 $ 325.00
Concrete Removal 31 SY $ 15.00 $ 465.00
Curb &Gutter(island) 15 SY $ 40.00 $ 600.00
Class A Sidewalk 53 SY $ 35.00 $ 1,855.00
Overstory Trees 21 EA $ 350.00 $ 7,350.00
Ornamental Trees 7 EA $ 250.00 $ 1,750.00
Coniferous Trees 4 EA $ 300.00 $ 1,200.00
Shrubs 8 EA $ 75.00 $ 600.00
Subtotal: $ 14,145.00
Total Letter of Credit Amount: $ 21,217.50
Note:
The above valuation is based off of historical data collected from recent similar projects.
41 21 NW URBANDALE DRIVE,URBANDALE, IOWA 50322• P 51 5+369+4400• F 51 S+369+441 O WWW.CDA-ENG.COM
Voss, Diane
From: Sahlstrom, Eloise
Sent: Friday, April 29, 2022 12:03 PM
To: Voss, Diane
Subject: RE: Financial Security for Northridge Village
J Y g g
Will do, thank you.
From:Voss, Diane <diane.voss@cityofames.org>
Sent: Friday, April 29, 2022 12:01 PM
To: Sahlstrom, Eloise <eloise.sahlstrom@cityofames.org>
Subject: RE: Financial Security for Northridge Village
Eloise:
I reviewed the LOC for amount and inclusionary of the pertinent details. I find it acceptable. I also asked Mark Lambert
to look it over, and Mark approved it as to form. Please ask the developer to provide us with an original.
Thank you!
Diane R. Voss, City Clerk/Records Manager
515 Clark Avenue
Ames, Iowa 50010
515-239-5105
diane.voss@cityofames.org
From: Sahlstrom, Eloise <eloise.sahlstrom@cityofames.org>
Sent: Thursday, April 28, 2022 4:49 PM
To:Voss, Diane <diane.voss@cityofames.org>
Subject: Financial Security for Northridge Village
Diane,
Northridge Village Minor Subdivision and Final Plat will be going to the CC on May 10.
As a result of the platting, they have some required site plan improvements. In order to move forward with plat
approval, they are providing financial security for the approvements.
The LOC looks a little different from others I have processed. Please look it over and let me know if it is acceptable. I will
need to know in the next couple of days. If it is acceptable, they will provide an original with a wet signature next week.
Kind regards,
Eloise
Eloise Sahlstrom
Planner
Planning & Housing
City Hall, 515 Clark Ave. I Ames, IA 50010
1
REIMBURSEMENT AGREEMENT
This Reimbursement Agreement, dated April 29, 2022, made by CCRC of Ames, LLC. (Referred to as
the Company, in favor of Green Belt Bank& Trust(the "Batik").
WITNESSETH:
The Company has requested the Bank to issue its Irrevocable Standby Letter of Credit in the form and
with the contents set forth as Exhibit "A": hereto (The "Letter of Credit" to the City of fines for the
account of the Company in an aggregate amount of up to U.S. $21,217.50 in connection with: requested
site work,concrete work and landscaping.
The Beneficiary is willing to enter into the transaction with the Company only if the Bank issues its Letter
of Credit and the Bank is willing to issue its Letter of Credit only if: the Company irrevocably and
unconditionally agrees to reimburse the Bank for payments made by the Batik under the Letter of Credit
in accordance with the terms and provisions of this Agreement; and the obligations and liabilities of the
Company under this Agreement are secured as provided in this Agreement.
NOW, THEREFORE, in consideration of the premises and in order to induce the Bank to issue the Letter
of Credit, the Individual hereby agrees as follows:
1. The Company hereby irrevocably and unconditionally agrees to pay to the Batik on demand (i)any
amount or amounts drawn under the Letter of Credit: (ii) interest on any and all amounts remaining
unpaid by the Company hereunder at any time from the date such amounts are drawn under the
Letter of Credit until payment in full, at an interest rate equal to Green Belt Bank & Trust Base
Rate; and (iii) any and all reasonable expenses incurred or paid by the Bank in enforcing any rights
under this Agreement or in any action relating to the Letter of Credit or this Agreement, Including
reasonable attorneys' fees and legal costs. All payments by the Company to the Bank hereunder
shall be made in lawful currency of the United States and in immediately available funds at the
principal office of the Bank.
2, The Company does not owe to the Bank a Letter of Credit commission fee.
3. Subject to the terms and conditions of this Agreement, the Bank agrees to issue its Letter of Credit
when the transaction between the Company and the Beneficiary has been consummated and copies
of documents and instruments evidencing the transaction, satisfactory to the Bank, have been
deliverer{ to the Bank.
4. The Company agrees that its obligations hereunder shall be secured by CD #69271 from the
Company to the Bank covering the collateral and security described therein. The Bank shall have
all of the rights and remedies provided in any of the foregoing instruments, this Agreement and by
law, all of such rights being cumulative. The Company hereby agrees and acknowledges that the
terms "obligations" and/or "liabilities" as described and covered by each of the foregoing
instruments shall include its obligations hereunder. The Company authorizes the Bank to charge or
set off any deposit account or other funds in its possession of the Company's against the obligations
of the Company hereunder.
5. The Company agrees that its obligations hereunder shall automatically be extended in the event the
Letter of Credit is extended or renewed. The Company agrees and acknowledges that the Bank
reserves the right in its sole discretion to extend or renew and to refuse to extend or renew the Letter
of Credit. Irrespective of the expiration date of the Letter of Credit, the Company agrees to remain
liable hereunder until the Bank is released from liability by the Beneficiary and any other person
who is entitled to draw or demand payment under the Letter of Credit. The Company agrees to
indemnify and hold the Bank harmless from loss for each and every claim, demand or liability
which may be asserted against the Bank by anyone arising from or in any way connected with
actions taken under the Letter of Credit or this Agreement. The obligations of the Company under
this Agreement are primary, absolute, independent, unconditional and irrevocable. The Company
understands and agrees that no payment by it under any other agreement (whether voluntary or
involuntary or pursuant to court order or otherwise) shall constitute a defense to the Company's
obligations hereunder except to the extent that the Bank has been indefeasibly paid in full.
6. Upon default and payment of the obligations or performance or observance of any of the Company's
agreements herein, upon insolvency of the Company, or if, in good faith, the Bann: deenns itself
insecure, the Bank may, at its option, and without demand or notice of any kind, declare all
obligations immediately due and payable and take any and all action to enforce or foreclose the
collateral and security, referred to in paragraphs 3 and 4 above, as allowed by applicable law or any
of the instruments securing said collateral.
7. This agreement shall be governed by and construed in accordance with the laws of the State of
Iowa.
3. Additional terms and provisions.
IN WITNESS WHEREOF, the Company and the Bank have caused this Agreement to be executed
and delivered the day and year first above written.
By; C C f
9Ames, C
�Iw
By: Gilbert R. Wof,
, CEO of Scenic
Development, LLC
I trgree to the terir:s of this
instrument mid I have
. „
reccncrl«copy of this
document oil today'.(late. APPROV D AS TO FP"
MARK 0. LAMBERT
CITY ATTORNEY
EXI-IIBT"A"
EXHIBIT A TO LETTER OF CREDIT
SIGHT DRAFT
, 20_
FOR VALUE RECEIVED,
Pay on Demand to: _
Dollars(U.S.
S
Charge to account of
Drawn under GREEN BELT BANK&TRUST Letter of Credit No 474.
To: GREEN BELT BANK&TRUST
616 WASHINGTON AVE.
IOWA FALLS, IA 50126
City of Ames
By:
Its:
5020340.3
DEVELOPMENT
PETI PEMENT COMMUNITY DENEt..OPEPS
April 28, 2022
City of Ames
Planning& Housing
515 Clark Avenue
Ames, Iowa 50010
Attn: Eloise Sahlstrom
Re: Northridge Village Plat 1/Landscaping
Ms. Sahlstrom,
Scenic Development is the Managing Partner of CCRC of Ames, LLC. The requested site
work/landscaping required by the City for the above-referenced plat will be completed by
September 30, 2022, and secured by a Letter of Credit with Greenbelt Bank and Trust in
the amount of$21,217.50.
Please feel free to call me at the number below should you have any questions.
Sincerely,
SCENIC DEVELOPMENT, LLC, Managing Partner of CCRC of Ames, LLC
4ilbertO
6731 W. 121s'Street,Suite 103.Overland Park,Kansas 66209
(913)599-5705 Fax(913)890-4789