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Letters of Credit
December 29, 2009 Whitefish Credit Union Doug Johnson PO Box 37 Whitefish, MT 59937 Re: Irrevocable Letter of Credit No. 142 $ 172,731.04 Irrevocable Letter of Credit No. 166 $ 188,774.38 Project: Northland Subdivsion Phases 2 & 3 Dear Mr. Johnson, I am returning the above mentioned letters of credit per Mark Crowley in the Public Works Department. Both letters are expired and per Mark the required work is completed or the requirement to complete it has been waived. If you have any questions, please call me at 758-7750. Sincerely, Deb Deist City Treasurer cc Bridgeland Development LLP 622 St. Andrews Drive Columbia Falls, MT 59912 From: Mark Crowley Sent: Monday, December 28, 2009 4:58 PM To: Deb Deist Subject: Northland Phases 2 and 3 Attachments: image001.gif Deb, The letters of credit for these two phases of Northland have expired. All required work is completed or the requirement to complete it has been waived. Please return the letters of credit from Whitefish Credit Union (Phase 2 for $172,731.04 and Phase 3: #186 for $188,774.38) to the developer: Bridgeland Development; 622 St. Andrews Drive, Columbia Falls, MT 59912. Thanks. Mark Crowley Construction Manager Public Works Department City of Kalispell Mobile: 249-2485 This E-Mail is confidential. If you are not the intended recipient, you must not copy, disclose or use its contents. If you have received it in error, please inform us immediately by return E-Mail and delete the document. Diese E-Mail ist vertraulich. Wenn Sie nicht der rechtma3ige Empfanger sind, dUrfen Sie den Inhalt weder kopieren, verbreiten noch benutzen. Sollten Sie these E-Mail versehentlich erhalten haben, senden Sie sie bitte an uns zurOck and I6schen sie anschlieRend. Cet e-mail est confidentiel. Si vous n'etes pas le destinataire de ce message, vous ne devez pas copier, divulguer ou utiliser le contenu. Si vous avez recu cet e-mail par erreur, veuillez nous informer en retournant ce message a 1'expediteur et detruisez-le. Esta mensagem, a qualquer de seus anexos, eh confidencial a privilegiada. Caso voce nao seja o destinatario, nao esta autorizado a reproduzir ou divulgar a terceiros o conteudo desta mensagem a de qualquer anexo da mesma a deve apagar com os seus respectivos anexos. 1 ISSUER: WHITEFISH CREDIT UNION PO BOX 37 WHITEFISH, MT 59937 Date of Issue:07.09.2007 Letter of Credit Number: Amount: U.S. $ 188 774.38 a ( ONE HUNDRED EIGHTY EIGHT THOUSAND SEVEN HUNDRED SEVENTY FOBR.SNIE89MRS) For Benefit Of: For Account Of: Beneficiary Name and Address Applicant Name and Address CITY OF KALISPELL BRIDGELAND DEVELOPMENT, LLP PO BOX 1997 KALISPELL, MT 59903 PO BOX 223 LETHBRIDGE, AB T1J 3Y5 LETTER OF CREDIT. Issuer establishes this Irrevocable Standby Letter of Credit (Letter of Credit) in favor of Beneficiary in the amount indicated above. Beneficiary may draw on this Letter of Credit with a Draft (or Drafts, if t ximum number of drawings is greater than one) together with the documents described below. Each Draft shall be signed on 1 eficiary and be marked "Drawn under [Issuer name] Letter of Credit No. [Letter of Credit number] dated [Letter of Cred e] ' is t be presented at Issuer's address shown above on or before the Expiration Date. The presentation of any Draft shal u t u ailable under this Letter of Credit by the amount of the Draft. This Letter of Credit sets forth in full the terms of Issuer's obligation to Beneficiary. This obligation cannot be dified by any reference in this Letter of Credit, or any document to which this Letter of Credit may be related. This Letter of Credit expires on the Expiration Date. DRAWINGS. IM Partial drawings shall 'ot b&-'`permitted .under this Letter of Credit. ElPartial drawings are petted =The ,tnaxii`tu,,number of drawings that may be made is DOCUMENTS. Each Draft must be accompanied by''the following, in original and two copies except as stated: IE The original Letter of Credit, together with a4 amendments. ❑ A sight draft drawn by Beneficiary on Issuer. ❑ A signed statement by Beneficiary including the following statement: ❑ Other documents: Issuer shall be entitled to accept a draft and the documentation described above, as required by the terms of this Letter of Credit, from any person purporting to be an authorized officer or representative of Beneficiary without any obligation or duty on the part of Issuer to verify the identify or authority of the person presenting the draft and such documentation. SPECIAL INSTRUCTIONS: EXPIRATION DATE. This Letter of Credit expires at the close of business at Issildr's address at MIDNIGHT (Time) on 09-15.2008 (Date). ssuer agrees to honor all Drafts presented in strict compliance with the provisions of this Letter of Credit on or before the Expiration Date. ❑ If Beneficiary has not drawn the full amount of this Letter of Credit prior to the Expiration Date, the Expiration Date shall be extended for a period of days from the Expiration Date, unless Issuer notifies Beneficiary in writing at least days prior to the Expiration Date that Issuer elects not to extend this Letter of Credit. In any event, this Letter of Credit shall expire on without any notice from Issuer to Beneficiary. peg m ©2001 Bankers Systems, Inc., St. Cloud, MN Form LC -STANDBY 1/15/2002 (page 1 of 2) IRREVOCABLE STANDBY LETTER OF CREDIT ISSUER: WHITEFISH CREDIT UNION PO BOX 37 ` WHITEFISH, MT 59937 I' Date of Issue:01.20.2006 Letter of Credit Number: 142 �4. Amount: U.S. $ 172,731.04 ( ONE HUNDRED SEVENTY TWO THOUSAND SEVEN HUNDRED THIRTY ONETANS.010GELARS) For Benefit Of: For Account Of: Beneficiary Name and Address Applicant Name and Address CITY OF KALISPELL BRIDGELAND DEVELOPMENT, LLP 1402 FIRST AVENUE, KALISPELL, MT 59901 PO BOX 223 LETHBRIDGE, AB T1J 3Y5 LETTER OF CREDIT. Issuer establishes t1ris Irrevocable Standby Letter of Credit (Letter of Credit) in r f Beneficiary in the amount indicated above. Beneficiary may draw on this Letter of Credit with a Draft (or Drafts, if the maximui er-'q drawings is greater than one) together with the documents described below. Each Draft shall be signed on behalf of Beneficiary 44 marked "Drawn under [Isszter name] Letter of Credit No. [Letter of Credit number] dated [Letter of Credit date]." Drafts mus presented at Issuer's address shown above on or before the Expiration Date. The presentation of any Draft shall reduce the Arr. J lable under this Letter of Credit by the amount of the Draft. This Letter of Credit sets forth in full the terms of IsCer's ion to Beneficiary. This reference in thus Letter of Credit, or any document to whett of Credit may be related. This Letter of Credit expires on the Expiration Date. DRAWINGS. ® Partial drawings shall not be permitted under this Letter of Credit. ❑ Partial drawings are permitted. The maximum number of drawings that may be made is _ obligation cannot be modified by any DOCUMENTS. Each Draft must be accompanied by the following, in original and two copies except as stated: ® The original Letter of Credit, together with any amendments. ❑ A sight draft drawn by Beneficiary on Issuer. ❑ A signed statement by Beneficiary including the following statement: ❑ Other documents: Issuer shall be entitled to accept a draft and the documentation described above, as required by the terms of this Letter of Credit, from any person purporting to be an authorized officer or representative of Beneficiary without any obligation or duty on the part of Issuer to verify the identify or authority of the person presenting the draft and such documentation. SPECIAL INSTRUCTIONS: EXPIRATION DATE. This Letter of Credit expires at the close of business at Issuer's address at 12:00 PM (Time) on 09.16.2007 (Date). Issuer agrees to honor all Drafts presented in strict compliance with the provisions of this Letter of Credit on or before the Expiration Date. ❑ If Beneficiary has not drawn the full amount of this Letter of Credit prior to the Expiration Date, the Expiration Date shall be extended for a period of days from the Expiration Date, unless Issuer notifies Beneficiary in writing at least days prior to the Expiration Date that Issuer elects not to extend this Letter of Credit. In any event, this Letter of Credit shall expire on without any notice from Issuer to Beneficiary. �c ©2001 Bankers Systems, Inc., St. Cloud, MN Form LC -STANDBY 1/15/2002 (page 1 of 2) City of Kalispell Public Works Department _ � . Post Office Box 1997, Kalispell, NToniana 59903-1997 -Telephone (406)758-7720, Fat (406)758-7831 ik�4 May 29, 2007 Bridgeland Development LLP 622 St. Andrews Drive Columbia Falls, MT 59912 Re: Northland Subdivision, Phase 3 Kalispell, Montana Gentlemen: The City of Kalispell Public Works Department hereby approves the existing, completed improvements except those listed in the Subdivision Improvement Agreement, Exhibit "A", for the referenced subdivision. Approval by the City of Kalispell for the City owned and maintained improvements is granted based on the following: 1. 48 North P.C.'s letter certifying that the improvements within the referenced subdivision have been inspected and installed in accordance with the City of Kalispell standards and the approved plans and specifications. 2. Our video records of the sanitary sewer system. 3. Receipt of a Subdivision Improvement Agreement which contains the total estimated construction costs plus 25 percent covering the estimated costs for the remaining subdivision roads & overlot grade, water system, sewer system, drainage & miscellaneous work, utilities (trenching, conduit, vaults & lights), service costs, fees, engineering and surveying. The Subdivision Improvement Agreement is certified by Brett W. Walcheck, P.E., to being an accurate accounting of anticipated costs for the remaining improvements. The one year warranty period for the City owned and maintained existing, completed improvements will commence on May 20, 2008. If you have any questions, please do not hesitate to contact this office. Sincer , F ank Ca es, P. . Assistant City Engineer Cc: Sean Conrad, Senior Planner Kalispell Planning Office Deb Deist, Treasurer Finance Department 48 North P.C., Civil Engineering Services Return to: Theresa White Kalispell City Clerk P.O. Box 1997 Kalispell, MT 59903 APPENDIX E SUBDIVISION IMPROVEMENT AGREEMENT THIS AGREEMENT, made and entered into this 2nd day of July , 2007, by and between the CITY COUNCIL, CITY OF KALISPELL, MONTANA, Party of the First Part and hereinafter referred to as the CITY, and BRIDGELAND DEVELOPMENT. L.L.P. (Name of Developer) a LIMITED LIABILITY PARTNERSHIP (Individual, Company or Corporation) located at 622 ST. ANDREWS DRIVE COLUMBIA FALLS MT. 59912 (Street Address/P. O. Box) (City, County, State, Zip) Party of the Second Part and hereinafter referred to as DEVELOPER. WITNESSETH: THAT WHEREAS, the Developer is the owner and developer of a new subdivision known as NORTHLAND SUBDIVISION PHASE 3 (Name of Subdivision) located at ASSESSOR'S TRACT 1CA LOCATED IN SECTION 1 TOWNSHIP 28 NORTH RANGE 22 WEST P M.M., FLATEHEAD COUNTY MONTANA. (Location of Subdivision) and, WHEREAS, the City has conditioned it's approval of the final plat of NORTHLAND SUBDIVISION PHASE 3, upon the conditions as set forth (Name of Subdivision) in the Preliminary Plat of the Subdivision being completed and all improvements, as cited in "Exhibit A" have not been completed at this time, and the Developer wishes to bond for the completion of those improvements set forth in "Exhibit A"; and WHEREAS, the City's Subdivision Regulations require that a subdivider shall provide a financial security of 125% of the estimated total cost of construction of said improvements as evidenced by an estimate prepared by a licensed public engineer included herewith as "Exhibit A"; and WHEREAS, the estimated total cost of construction of said improvements is the sum of $ 151 019.50 NOW THEREFORE, in consideration of the approval of the final plat of said Subdivision by the City, the Developer hereby agrees as follows: 1. The Developer shall deposit as collateral with the City a Letter of Credit, or other acceptable collateral as determined by the City Council, in the amount of $ 188,774.38 . Said Letter of Credit or other collateral shall have an expiration date of at least sixty (60) days following the date set for completion of the improvements, certifying the following: a. That the creditor guarantees funds in the sum of $ 188,774.38 the estimated cost of completing the required improvements in NORTHLAND SUBDIVISION PHASE 3 (Name of Subdivision) b. That if the Developer fails to complete the specified improvements within the required period, the creditor will pay to the City immediately, and without further action, such funds as are necessary to finance the completion of those improvements up to the limited of credit stated in the letter; 2. That said required improvements shall be fully completed by July, 15 , 20 2008 3. That upon completion of the required improvements, the Developer shall cause to be filed with the City a statement certifying that: a. All required improvements are complete; b. That the improvements are in compliance with the minimum standards specified by the City for their construction and that the Developer warrants said improvements against any and all defects for a period of one (1) year from the date of acceptance of the completion of those improvements by the City; c. That the Developer knows of no defects in those improvements; d. That these improvements are free and clear of any encumbrances or liens; e. That a schedule of actual construction costs has been filed with the City; and, f. All applicable fees and surcharges have been paid. 4. The Developer shall cause to be filed with the City copies of final plans, profiles, grades and specifications of said improvements, with the certification of the registered professional engineer responsible for their preparation that all required improvements have been installed in conformance with said specifications. IT IS ALSO AGREED BY AND BETWEEN THE PARTIES HERETO AS FOLLOWS, TO -WIT: That the Developer shall provide for inspection of all required improvements by a registered professional engineer before the Developer shall be released from the Subdivision Improvement Agreement. That if the City determines that any improvements are not constructed in compliance with the specifications, it shall furnish the Developer with a list of specific deficiencies and may withhold collateral sufficient to insure such compliance. If the City determines that the Developer will not construct any or all of the improvements in accordance with the specifications, or within the required time limits, it may withdraw the collateral and employ such funds as may be necessary to construct the improvement or improvements in accordance with the specifications. The unused portions of the collateral shall be returned to the Developer or the crediting institution, as is appropriate. IN WITNESS WHEREOF, the Parties have hereunto set their hands and seals the day and year herein before written. NORTHLAND SUBDIVISION PHASE 3 /BRIDGELAND DEVELOPMENT L.L.P. (Name of Subdivision/Dev Loper/Firm) ,J by (Title) STATE OF MONTANA COUNTY OF 1 -fh _c, A,,, On this 17 day of j Ut 20 , before me, a Notary Public for the State o Montana, personally appeared I1-7cz r°� (,® p known to me to be the /)PS t` of f whose name is subscribed to the foregoing instrument and acknowledged to me that he/she executed the same. IN WITNESS WHEREOF, I have hereunto set my hand and affixed my Notarial Seal this day and year first above written. Notary Publie for the State of Montana Residing at _A - My Commission Expires MAYM CITY OF KALISPELL YOR 6"0 1'!Wi q�b ��?!" �� •, MARILYN DUNK NOTARY PUBLIC-MONTANA '*E;NO'fARtAL *= - SEAL _' Residing at Kalispell, Montana icy Comm. Expires Sept. 20, 2009 ATTEST: CITY CLERK EXHIBIT "A" CERTIFICATION OF WORK TO BE COMPLETED NORTHLAND SUBDIVISION, PHASE 3 SUBDIVISION ROADS & OVERLOT GRADE COMPLETED TO DATE May 1, 2007 Item No. Description Unit Measure Estimated Quantity Unit Price Total Price QUANTITY COMPLETED TOTAL COST COMPLETED 101 Excavation / Subgrade Prep C.Y. 46,500 6,820 2,380 1,191 7,447 4,247 18,860 3,088 S 2.22 $ 103 230.00 46,500 $103 230.00 102 Stabilization Fabric S.Y. $ 1.00 $ 6,820.00. 6,820 $6 820.00 103 Select Subbase C.Y. $ 12.50 $ 29 750.00 2,380 $29 750.00 104 3/4" Crushed Gravel C.Y. $ 15.55 $ 18 520.05 1,191 $18 520.05 105 4" Ash attic Cement S.Y. $ 8.55 $ 63 671.85 7,447 $63 671.86 106 Curb & Gutter I L.F. $ 8.25 $ 35 037.75 4,247 $35 037.76 107 5' x 4" Concrete Sidewalks / Gravel S.F. $ 2.90 $ 54 694.00 0 $0.00 108 5" x 6" Concrete Sidewalks / Gravel S.F. $ 3.75 $ 11 580.00 0 $0.00 SUBTOTAL ITEMS 101-109 $ 323,303.66 $257,029.65 WATER SYSTEM COMPLETED TO DATE May 1, 2007 Item No. Description Unit Measure Estimated Quantity Unit Price Total Price QUANTITY COMPLETED TOTAL COST COMPLETED 201 8" Water Main L.F. 2,192 $ 15.75 $ 34 524.00 2,192 $34 524.00 202 8" Gate Valves & Boxes EACH 9 $ 955.00 $ 8,596.00 9 $8 595.00 203 8" Ductile Iron Fittings EACH 5 $ 435.00 $ 2,176.00 5 $2 175.00 204 Fire Hydrants w/ Aux. Valve & Box EACH 5 $ 2,755.00 $ 13 776.00 5 $13.775.00 205 Water Services EACH 19 $ 610.00 $ 13,690.00 19 $9 690.00 SUBTOTAL ITEMS 201 - 205 $ 68,759.00 $68,759.00 SEWER SYSTEM COMPLETED TO DATE May 1, 2007 Item No. Description Unit Measure Estimated Quantity Unit Price Total Price QUANTITY COMPLETED TOTAL COST COMPLETED 301 8" Sewer Main L.F. 1,730 $ 15.20 $ 26 296.00 1,730 $26 296.00 302 4' Diam. Manholes w/ Ring & Cover EACH 9 $ 1,630.00 $ 14 670.00 9 $14 670.00 303 4" Sch. 40 PVC Sewer Services EACH 19 $ 460.00 $ 8,740.00 19 $8 740.00 SUBTOTAL ITEMS 301 - 303 $ 49,706.00 $49,706.00 DRAINAGE & MISCELLANEOUS WORK COMPLETED TO DATE May 1, 2007 Item No. Description Unit Measure Estimated Quantity Unit Price QUANTITY Total Price COMPLETED I TOTAL COST COMPLETED 401 8" PVC Storm Drain L.F. 244 $ 14.00 $ 3,416.00 2441 $3 416.00 402 Catch Basin w/ Inlet EA. 4 $ 1,262.00 $ 5,048.00 4 $5 048.00 403 Ri ra C.Y. 19 $ 68.00 $ 1,292.00 19 $1292.00 404 Topsoil Removal C.Y. 21,700 $ 1.10 $ 23,870.00 21,700 $23 870.00 405 SeedingLUMP SUM 1.00 $ 8,000.00 $ 8,000.00 1 $8 000.00 406 Tree's EA. 62.00 $ 350.00 $ 18 200.00 0 $0.00 407 Park - 20' Shelter EA. 1.00 $ 20 000.00 $ 20,000.00 0 $0.00 406 Park - PlayStructure EA. 1.00 $ 30 000.00 $ 30 000.00 0 $0.00 406 Park - Benches EA. 6.00 $ 460.00 $ 2,700.00 0 $0.00 406 Park - Trees EA. 19.00 $ 500.00 $ 9,500.00 0 $0.00 407 Park - Path S.F. 11,719 $ 1.50 $ 17 578.50 8 822 $13,233.00 407 Mobilization LUMP SUM 1.00 $ 4,100.00 $ 4 100.00 1 $4100.00 SUBTOTAL ITEMS 401 - 407 $ 143,704.50 $68,959.00 UTILITIES - TRENCHING, CONDUIT, VAULTS & LIGHTS COMPLETED TO DATE May 1, 2007 Item No. Description Unit Measure Estimated Quantity Unit Price Total Price QUANTITY COMPLETED TOTAL COST COMPLETED 601 Utility Trench wl Bedding L.F. 2,611 $ 3.00 $ 7,833.00 2,611 $7 833.00 502 2" Conduit wl Pull Roe L.F. 2,841 $ 1.70 $ 4,829.70 2,841 $4 829.70 503 3" Conduit wl Pull Roe L.F. 2,841 $ 2.20 $ 6,250.20 2,841 $6 250.20 504 4" Conduit w/ Pull Roe L.F. 1.647 $ 2.60 $ 4,282.20 1,647 $4 282.20 505 4" and 3" Sweeps EACH 62 $ 52.00 $ 3,224.00 62 $3 224.00 506 1 Phase Transformer Vault EACH 1 4 $ 525.00 $ 2,100.00 4 $2 100.00 507 3 Phase Transformer Vault EACH 2 $ 1,050.00 $ 2,100.00 2 $2 100.00 508 Street Light Bases EACH 8 $ 600.00 $ 4,800.00 8 $4 800.00 509 Si na a Installation LUMP SUM 0.31 $ 2,180.00 $ 675.80 0.3 $675.80 SUBTOTAL ITEMS 501-510 $ 36,094.90 $36,094.90 SERVICE COSTS, FEES, ENGINEERING & SURVEYING COMPLETED TO DATE May 1, 2007 Item No. Description Unit Measure Estimated Quantity Unit Price Total Price QUANTITY COMPLETED TOTAL COST COMPLETED 601 Flathead Electric LUMP SUM 1.00 $ 71 147.00 $ 71 147.00 100% $71 147.00 602 Northwest Energy LUMP SUM 1.00 $ 10 851.00 $ 10 851.00 100% $10,861.00 603 Centurytel LUMP SUM 1.00 $ 10 611.00 $ 10 611.00 100% $10 611.00 604 Engineering,Design LUMP SUM 0.00 $ 37 294.08 $ 0% $0.00 605 Engineering, Construction LUMP SUM 0.00 $ 18 647.04 $ 0 % $0.00 SUBTOTAL ITEMS 601 - 606 $ 92,609.00 1 1 $92,609.00 TOTAL PROJECT BUDGET TOTAL ESTIMATED COST OF CONSTRUCTION AMOUNT COMPLETED PRIOR TO BONDING AMOUNT OF REMAINING WORK PRIOR TO BONDING AMOUNT OF BOND (125% OF REMAINING WORK) AMOUNT OF WORK COMPLETED TO DATE PERCENTAGE OF WORK COMPLETED TO DATE AMOUNT OF WORK REMAINING ORIGINAL BOND AMOUNT AMOUNT OF BOND TO BE RETAINED (126 OF REMAINING WORK) BOND AMOUNT TO BE RELEASED AMOUNT PREVIOUSLY RELEASED AMOUNT TO BE RELEASED AT THIS TIME AS PROJECT ENGINEER FOR NORTHLAND SUBDIVISION, PHASE 3, 1 CERTIFY THAT THE WORK LISTED HEREIN IS CORRECT. IN ADDITION, I CERTIFY THAT THE ASSOCIATED COSTS ARE REASONABLY ACCURATE ESTIMATES OF THE RESPECTIVE COSTS OF THE WORK. THE VALUE OF CONSTRUCTION AND OTHER WORK COMPLETED TO DATE IS ESTIMATED TO BE: THE TOTAL VALUE OF REMAINING WORK, SERVICES AND FEES IS ESTIMATED TO BE: SECURITY HELD AT 125% OF THE REMAINING COSTS SHOULD BE IN THE AMOUNT OF: THEREFORE, IT IS IN ACCORDANCE WITH THE SUBDIVISION IMPROVEMENTS AGREEMENT TO REDUCE THE TOTAL AMOUNT OF THE SECURITY HELD BY: $0.00 $ 714,177.05 $ 563,167.55 $ 714,177.05 $ 563,157.55 $ 151,019.50 $ 188,774.38 $ 663,157.55 79% $ 151,019.60 $ 188,774.38 $ 188,774.38 $0.00 $0.00 $0.00 563,157.55 151,019.50 188,774.38 BRETT WALCHECK, P.E. *ALL IMPROVEMENTS SHALL BE COMPLETED BY: 7/15/2008 Low PLI.TE City of Kalispell Post Office Box 1997 - Kalispell, Montana 59903-1997 - Telephone (406)758-7700 Fax (406)758-7758 February 20, 2008 Whitefish Credit Union PO Box 37 Whitefish, MT 59937 Re: Letter of Credit No. 126 $214,736.63 Letter of Credit No. 141 $ 85,991.78 Northland Subdivision Phase I Dear Sir, I am returning the above mentioned letters of credit per Mark Crowley as the Public Works Department concurs that the significant items have been completed in accordance with the approved plans and specifications enabling the security to be released. If you have any questions, please call me at 758-7750. Sincerely, Deb Deist City Treasurer Cc: Brett Walcheck, P.C. 48 North P.C. 151 Business Center Loop, Ste. A Kalispell, MT 59901 City of Kalispell Public Works Department Post Office Box 1997, Kalispell, Montana 59903-1997 - Telephone (406)758-7720, Fax (406)758-7831 MEMORANDUM February 19, 2008 To: Deb Deist, City Treasurer From:! ar —rowley, Construction Manager Re: Northland Phase 1 subdivision The engineer for the referenced project has requested a release of the SIA (attached). An examination of the project was performed, and all items have been addressed including the recent receipt by this office of the record drawings. The Public Works Department concurs that the items have been constructed in accordance with the approved plans and specifications and the expired letter of credit should be released. Cc: (without attachments) 48 North P.C. 151 Business Center Loop, Ste. A Kalispell, Montana 59901 Planning Department 151 Business Center Loop Ste. A, Kalispell, MT 59901 ® (P) 406-756-4848 ® (F) 406-756-4849 February 5, 2008 To: City of Kalispell ATTN: Mark Crowley 306 1 st Avenue East Kalispell, MT. 59901 I•-: Northland Subdivision Project Completion / As -Built Record Drawing Certification On 9/13/06 a final walk-through inspection was performed for the above referenced subdivision. Representatives from City of Kalispell, 48 North P.C. and LHC. INC. were in attendance and participated in the walk-through. 48 North, P.C. certifies that the project has been completed in substantial conformity with the approved 48 North, P.C. plans and specifications dated 7/20/04. 48 North P.C. certifies the "As -built" Record Drawings dated 2/1/07 of the above named subdivision to be accurate to the best of our knowledge. "As -built" Record Drawings have been assembled from information that was provided by the contractor or their representatives. 48 North P.C. does not select, hire or represent the contractor or their representatives. If you have any questions, please feel free to contact me at: (406) 756-4848 or email: brettg48-n.com. Brett Walcheck P.E. 48 North P.C. Cc: File 0307-Project Complete -Record Drawing Certification Ur.doc s 1 � s '®CABLE STANDBY LETTER OF CREDIT ISSUER: WHITEFISH CREDIT UNION PO BOX 37 WHITEFISH, MT 59937 Date of Issue:12-22-2004 Letter of Credit Number: 126 Amount: U.S. S 214,736.63 ( TWO HUNDRED FOURTEEN THOUSAND SEVEN HUNDRED THIRTY SIX AECOLUMBIA RS) For Benefit Of: For Account Of: Beneficiary Name and Address Applicant Name and Address CITY OF KALISPELL LOPMENT, LLP 1402 1ST AVE, KALISPELL, MT WS OR. ,MT 59912 LETTER OF CREDIT. Issuer establishes this Irrevocable Standby Letter of Credit (Letter of Credit) in favor of Beneficiary in the amount indicated above. Beneficiary may draw on this Letter of Credit with a Draft (or Drafts, if the maximum number of drawings is greater than one) together with the documents described below. Each Draft shall be signed on behalf of Beneficiary and be marked "Drawn under [Issuer Hanle] Letter of Credit No. [Letter of Credit number] dated [Letter of Credit date]." Drafts must be presented at Issuer's address shown above on or before the Expiration Date. The presentation of any Draft shall reduce the Amount available under this Letter of Credit by the amount of the Draft. This Letter of Credit sets forth in full the terms of Issuer's obligation to Beneficiary. This ligation reference in this Letter of Credit, or any document to which this Letter of Credit may This Letter of Credit expires on the Expiration Date. DRAWINGS. f IN Partial drawings shall not be permitted under this Letter of Credit. ❑ Partial drawings are permitted. The maximum number of drawings that may be made is cannot be modified by any DOCUMENTS. Each Draft must be accompanied by the following, in original and two copies except as stated: ® The original Letter of Credit, together with any amendments. ❑ A sight draft drawn by Beneficiary on Issuer. ❑ A signed statement by Beneficiary including the following statement: ❑ Other documents: Issuer shall be entitled to accept a draft and the documentation described above, as required by the ternis of this Letter of Credit, from any person purporting to be an authorized officer or representative of Beneficiary without any obligation or duty on the part of Issuer to verify the identify or authority of the person presenting the draft and such documentation. SPECIAL INSTRUCTIONS: EXPIRATION DATE. This Letter of Credit expires at the close of business at Issuer's address at 12:00 (Time) on 09.20.2005 ( Date). Issuer agrees to honor all Drafts presented in strict compliance with the provisions of thus Letter of Credit on or before the Expiration Date. ❑ If Beneficiary has not drawn the full amount of this Letter of Credit prior to the Expiration Date, the Expiration Date shall be extended for a period of days from the Expiration Date, utrless Issuer notifies Beneficiary in writing at least days prior to the Expiration Date that Issuer elects not to extend this Letter of Credit. In any event, this Letter of Credit shall expire on without any notice from Issuer to Beneficiary. pL r 'o O2001 Bankers Systems, Inc., St. Cloud, MN Form LC -STANDBY 1!15!2002 (page 1 of 2) 1 a ( (� ' VOCABLE STANDBY LETTER OF CRIEDIT ISSUER: WHITEFISH CREDIT UNION PO BOX 37 WHITEFISH, MT 59937 _// Date of Issue:01-20.2006 Letter of Credit Number: 141 Amount: U.S. $ 85,991.78 ( EIGHTY FIVE THOUSAND NINE HUNDRED NINETY ONAND 781100 For Benef Beneficiary ands ess CITY OF KALISPELL 1402 1ST AVENUE, KALISPELL, M U.S. DOLLARS) For Account Of: Applicant Name and Address BRIDGELAND DEVELOPMENT, LLP PO BOX 223 LETHBRIDGE, AB T1J 3Y5 LF I'TER OF CREDIT. Issuer establishes this Irrevocable Standby Letter of Credit (Letter of Credit) in favor of Beneficiary in the amount indicated above. Beneficiary may draw on this Letter of Credit with a Draft (or Drafts, if the maximum number of drawings is greater than one) together with the docume is scribed below. Each Draft shall be signed on behalf of Beneficiary and be marked "Drawn under [Issuer name] Letter of [Letter of Credit number] dated [Letter of Credit date]." Drafts must be presented at Issuer's address shown above on * b'- r ie iration Date. The presentation of any Draft shall reduce the Amount available under this letter of Credit by the am( t ! ' raft. This letter of Credit scat to i 11 the terms of Issuer's obligation to Beneficiary. This obligation cannot be modified by any reference in this Letter of t, or any document to which this Letter of Credit may be related. This Letter of Credit expires on the Expiration Date. DRAWINGS. IN Partial drawings shall not be pennitted under this Letter of Credit. ❑ Partial drawings are permitted. The maximum number of drawings that may be made is DOCUMENT'S. Each Draft must be accompanied by the following, in original and two copies except as stated: IN The original Letter of Credit, together with any amendments. ❑ A sight draft drawn by Beneficiary on Issuer. ❑ A signed statement by Beneficiary including the following statement: ❑ Other documents: Issuer shall be entitled to accept a draft and the documentation described above, as required by the terms of this Letter of C'red any person purporting to be an authorized officer or representative of Beneficiary without any obligation or duty on the part of verify the identify or authority of the person presenting the draft and such documentation. SPECIAL INSTRUCTIONS: EXPIRATION DATE. This Letter of Credit expires at the close of business at Issuer's address at 12:00 PM on 08.27.2007 (Date). Issuer agrees to honor all Drafts present, strict compliance with the provisions of this Letter of Credit on or before the Expiration Date. ❑ If Beneficiary has not drawn the full amount of this Letter of Credit prior to the Expiration Date, the Expiration Date sha extended for a period of days from the Expiration Date, unless Issuer notifies Beneficiary in writing at days prior to the Expiration Date that Issuer elects not to extend this Letter of Credit. In any event, this L of Credit shall expire on without any notice from Issuer to Benefici F�['rf m -)2001 Bankers Systems, Inc., St. Cloud, MN Form LC STANDBY 1'1512002 (pa F-�