Letters of CreditCity of Kalispell
Post Office Box 1997 - Kalispell, Montana 59903-1997
Telephone (406) 758-7000 Fax - (406) 758-7758
December 21, 2010
Dennis S. Beams
Glacier Bank
PO Box 27
Kalispell, MT 59903-0027
Re: Irrevocable Letter of Credit No. 107323 $ 7,749.70
Project: Fox Trotter Meadows
Dear Mr. Beams,
I am returning the above mentioned letters of credit per Tom Jentz in the Planning Office.
The check for the cash in lieu of sidewalk has been deposited by the City.
If you have any questions, please call me at 758-7750.
Sincerely,
Deb Deist
City Treasurer
cc FSEN LLC
690 N. Meridian, Suite 103
Kalispell, MT 59901
i
January 28,2 009
City of Kalispell
PO Box 1997
Kalispell, MT 59901
Renewal — Irrevocable Letter of Credit No. 107323
Amount (U.S. Dollars) $7,749.70
Current Expiration Date: February 8, 2009, 5:00 p.m. MST
Modification Expiration Date: November 8, 2010, 5:00 p.m. MST
To Whom It May Concern:
The above referenced Letter of Credit was established in your favor for the account of:
City of Kalispell
(Fox Trotter Meadows)
PO Box 1997
Kalispell, Montana 59901
Effective January 28, 2009, the maturity date is modified to November 8, 2010. All other
terms and conditions of the original Letter of Credit dated July 31, 2007, remain
unchanged.
Please attach this modification to the original Letter of Credit. To the extent applicable,
the original Letter of Credit and this Modification are subject to the Montana Uniform
Commercial Code and the Uniform and Practice for the Documentary Credits (1983
Revision) International Chamber of Commerce Document No. 400.
Sincerely,
Dennis S. Beams
Executive Vice President
DSB/pjb
F:\Shared\Departments\Commercial\Forms\Letters of Credit\Letter of Credit renewal.doc
MEMBER
!`GLACIER
\BANK
P. O. Box 27
202 Main Street
City of Kalispell
PO Box 1997
Kalispell, MT 59901
Phone # (406) 756-4299
Kalispell, MT 59903 Fax # (406) 758-4380
IRREVOCABLE LETTER OF CREDIT COIJ
Letter of Credit No. 107323
Dated: July 31, 2007
Expiration Date: February 8, 2009
Amount: $7,749.70
We hereby establish in your favor an irrevocable Letter of Credit up to the aggregate amount of $7,749.70 at the
request of FESN, I.I.C.
If FESN, LLC fails to complete the specified improvements in Fox Trotter Meadows for bike path
improvements within the time period set forth in the attached Improvements Agreement, we will pay on
demand your draft or drafts for such funds, to the limit of credit set forth herein, as are required to complete said
improvements. All drafts must indicate the number and date of this Letter of Credit and be accompanied by a
signed statement of an authorized official that the amount is drawn to install improvements not installed in
conformance with the Improvements Agreement and specifying the default or defect in question.
All drafts must be presented prior to the expiration date stated above, and this Letter of Credit must accompany
the final draft for payment.
This Letter may not be withdrawn or reduced in any amount prior to its expiration date except by your draft or
written release.
This Letter of Credit is subject to the Uniform Customs and Practices for Documentary Credits (2007 Revision),
International Chamber of Commerce Publication No. 600.
GLACIER BANK
Dennis S. Beams
Executive Vice President/Chief Credit Officer
website: www.glacierbank.com_ email:glacier@glacierbank.com
MEMBER ►.. AN EQUALOPPORTUNITY LENDER
PLANNING FOR'THE FUTU,RT
MON'. "A A
Mike Fraser — Managing Member
Fox Trotter Meadows/FESN, LLC
690 North Meridian Road, Ste 103
Kalispell, MT 59901
RE: Fox Trotter Meadows SIA
Dear Mike:
Planning Department
201 1'" Avenue East
Kalispell, MT 59901
Phone: (406) 758-7940
Fax: (406) 758-7739
w►vw.kalispelcom/planning
The city is currently holding a letter of credit in the amount of $7,749.70 for Fox Trotter Meadows
Phase 1. This was a single lot subdivision that was part of a larger phased development. The
expiration date of the letter of credit was November 8, 2010 with an effective date of 60 days beyond
that date (January 7, 2011). I am writing you because the city would like to resolve this overdue
letter of credit.
The Letter of Credit references Exhibit B which itemizes the following two items yet to be addressed
for Phase 1: A $4,523.20 payment for park lands; and $2,581.20 for placement of a sidewalk/trail
along Stillwater Road adjacent to lot #1. Because it is unlikely that phase 2 of Fox Trotter will
proceed, Phase 1 stands out as a single lot subdivision. State law and our local subdivision
regulations exempt parkland as a condition of plat approval for a one lot subdivision. Therefore the
parkland portion of the letter of credit is no longer effective and is hereby released.
The sidewalk/trail requirement is still active. In order to comply with the conditions of preliminary
plat approval, you can install the sidewalk/trail or you have the option of making a "cash in lieu of
sidewalk" payment to the city in the agreed upon amount of $2,581.20. Please let this office know
how you wish to proceed on this matter within the next 2 weeks or by December 15, 2010.
Thanks Mike.
Sincerely,
Tom Jentz
Director
- -- - - ---------------- ---------- -------- -----
---- ---- - ---
F E S N, LLC 2080
Kalispell Planning Department 12/17/2010
paymnet in lieu of installation sidewalks 2,581.20
Z 6-0 (D - CD 00 -- 3 zt2.3 Oil — OC) D
Glacier Checking 2,581.20