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Correspondence/Letters of CreditCity of Kalispell Post Office Box 1997 - Kalispell, Montana 59903-1997 - Telephone (406)758-7700 Fax (406)758-7758 November 7, 2005 Whitefish Credit Union Mr. Doug Johnson, Commercial Loan Officer P. O. Box 37 Whitefish, MT 59937 Re: River Glen Subdivision, LLP Dear Mr. Johnson, The developer requested that the City of Kalispell reduce the subdivision improvement financial security from $ 23,687.50 to $ 15,343.75. A recent examination of the referenced project has been performed and the City of Kalispell agrees with this request. Having received the reduced Letter of Credit in the amount of $ 15,343.75, we are returning the Irrevocable Letter of Credit in the amount of $ 23,687.50. Sincerely, oa'tw / Z/ -.a- --Z' Carol L. Kostman City Treasurer Enclosures: 1 cc: River Glen Subdivision, LLP 1701 South Woodland Drive Kalispell, MT 59901 Theresa White, City Clerk ISSUER: WHITEFISH CREDIT UNION PO BOX 37 WHITEFISH, MT 59937 Date of Issue: 01-07.2005 Letter of Credit Number: Amount: U.S. $ 23,687.50 ( TWENTY THREE THOUSAND SIX HUNDRED EIGHTY SEVEN AND 501100 U.S. DOLLARS) For Benefit Of: For Account Of: Beneficiary Name and Address Applicant Name and Address CITY OF KALISPELL RIVER GLEN SUBDIVISION, LLP 312 1ST AVE. E. KALISPELL, MT 59901 1701 SOUTH WOODLAND KALISPELL, MT 59901 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 name] 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 obligation cannot be modified by any reference in thus Letter of Credit, or any document to which this Letter of Credit may be related. Thus Letter of Credit expires on the Expiration Date. DRAWINGS. ER 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 DOCUMENTS. Each Draft must be accompanied by the following, in original and two copies except as stated: IM 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 (Time) on 01-07.2006 (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, thus Letter of Credit shall expire on without any notice from Issuer to Beneficiary. rrt?'c @ 2001 Bankers Systems, Inc., St. Cloud, MN Form LC -STANDBY 1/15/2002 (page 1 of 2) TRANSFERABILITY. This Letter of Credit is ® transferable ❑ non -transferable. APPLICABLE LAW. This Letter of Credit shall be governed by: ® the Uniform Customs and Practice for Documentary Credits, 1993 Revision, International Chamber of Commerce Publication No. 500 (UCP), or any later version or amendment. ❑ the International Standby Practices 1998 (ISP98). This Letter of Credit shall also be governed by the laws of MONTANA the United States of America, so long as such laws are not inconsistent with the UCP or ISP, as applicable. WHITEFISH CREDIT UNION (Issuer Name) (Signature) (Date) OOUG JOHNSON. COMMERCIAL LOAN OFFICER (Signer Name and Title) per rm ©2001 Bankers Systems, Inc., St. Cloud, MN Form LC -STANDBY 1 /15/2002 (page 2 Of 2) F - �t City of Kalispell Public Works Department - - Post Office Box 1997 Kalispell, Montana 59903-1997 - Telephone (406)758-7720, Fax (406)758-7831 MEMORANDUM November 3, 2005 To: Carol Kostman, Treasurer From: Frank Castles, P.E., Assistant City Engineer RE: River Glen Subdivision Attached is a request on behalf of the developer to reduce the amount of the subdivision improvement financial security to $15,343.75 and to extend the completion date for the listed improvements to September 15, 2006. A recent examination of the referenced project was performed recently. We concur that the items remaining to be constructed are as they appear in EXHIBIT B (dated 10/26/05). The developer is providing a revised Letter of Credit from Whitefish Credit Union. The prior Letter of Credit should be returned to the issuer of the Letter of Credit. Cc w/o attachments: Paul J. Stokes & Associates, Inc. Via fax: 755-2613 Narda Wilson — Kalispell Planning Office Lorna M. Wilson 1701 South Woodland Kalispell, MT 59901 City of Kalispell Post Office Box 1997 - Kalispell, Montana 59903-1997 - Telephone (406)758-7700 Fax (406)758-7758 September 13, 2006 Whitefish Credit Union Mr. Doug Johnson, Commercial Loan Officer P.O. Box 37 Whitefish, MT 59937 Re: River Glen Subdivision Letter of Credit # 138 Dear Mr. Johnson, We are returning Letter of Credit #138 in the amount of $15,343.75 as the engineer has certified the construction and provided as -built drawings. All other items have been addressed. If you have any questions, please call me at 758-7750. Sincerely, CJ& Deb Deist City Treasurer cc: River Glen Subdivision, LLP 1701 South Woodland Drive Kalispell, MT 59901 g't j City of Kalispell Public Works Department Post Office Box 1997, Kalispell, Montana 59903-1997 -Telephone (406) 758-7720, Fax (406) 758-7831 September 8, 2006 To: Deb Deist From: Mark Crowley, Construction Manager Re: River Glen Subdivision Dear Deb: Please release Whitefish Credit Union Letter of Credit #138 for the above -mentioned project and remove it from the list of active notes and bonds. The engineer has certified the construction, provided as -built drawings and all other items have been addressed. Note the trees have been addressed through the Parks and Recreation Department. If you have any questions, do no hesitate to call this office. Cc: Stokes & Associates Engineering; 322 Second Avenue West, Kalispell, MT 59901 Dan or Lorna Wilson; 1701 South Woodland; Kalispell, Montana 59901 Kalispell Planning Dept. ISSUER: WHITEFISH CREDIT UNION PO BOX 37 WHITEFISH, MT 59937 IRREVOCABLE STANDBY LETTER OF CREDIT f i Date of Issue:10-28.2005 Letter of Credit Number: 138 Amount: U.S. $ 15,343.75 ( FIFTEEN THOUSAND THREE HUNDRED FORTY THREE AND 751100 U.S. DOLLARS) For Benefit Of: For Account Of: Beneficiary Name and Address Applicant Name and Address CITY OF KALISPELL LORNA M. WILSON 312 1ST AVE. E., KALISPELL, MT 59901 1701SOUTH WOODLAND KALISPELL, MT 59901 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 n m1ej Letter of Credit No. [Letter of Credit number) dated (Letter of Credit datej." 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 obligation cannot be modified 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. ® 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 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 (Time) on 09.15.2006 (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. �a ©2001 Bankers Systems, Inc., St. Cloud, MN Form LC -STANDBY 1/15/2002 (page 1 of 2) 35 1st Ave E — P.O. Box 1997 — Kalispell, MT 59903 — PH 758-7717 — Fax 758-7719 — E-Mail jyoung@ Kalispell.com September 12, 2006 Louis Lorge and Lorna Wilson 1701 South Woodland Dr Kalispell, MT 59901 Re: River Glen Subdivision Dear Louis Lorge and Lorna Wilson, This letter is to serve as approval on the landscaping plans submitted for River Glen Subdivision. The developer has deposited a check in the amount of $3,240 with the City of Kalispell to cover the cost of planting 12 boulevard trees, boulevard preparation, boulevard seeding and topsoil within River Glen Subdivision. We will work with you at a later date (when the majority of home construction is finished and people are living in the subdivision) in regards to specifics on boulevard tree planting locations. It has been enjoyable working with you, if you have any concerns or questions please give me a call. Sincerely, J_ w4y, � Jennifer Young, Kalispell Parks and Recreation cc: Tom Jentz, Kalispell Planning Dbb�Deist, _Flrarce - ; Amy Robertson, Finance Mark Crowley, Construction Manager RIVER GLEN SUBDIVISION :tip -outh Woodland Dir'�r, Kalispell, MT 599 1 (406) 2-57®3740 Owners: Louis Lorge & Lorna Wilson City of Kalispell Parks & Recreation Kalispell, MT 59901 This letter is to inform the City of Kalispell Parks & Recreation that the owners of River Glen Subdivision are submitting a payment of $3,240 for 12 trees to be provided by the Kalispell City Parks & Recreation according to Ken Bauska's directive. ® Eight trees to be planted in boulevards. ® Four trees: one at each lot as follows: Lot 7, Lot 8, Lot 11 & Lot 12. Boulevards have been seeded and trees and bushes have been planted in the other designated areas by the owners. A subdivision plan has been provided to Kalispell City Parks & Recreation for location of trees and bushes. J w- boo-- 3q O n go -BOO CITY OF K LISPELL 08/31/ 6 2:45 M cash RIVER GLEN SUB/TREES FrISM RIVER GLEN UBI TREES 3,24&061 PAf,T Y ENT RECEIVED AMOUNT CK 219 2,700.00 City of Kalispell Post Office Box 1997 - Kalispell, Montana 59903-1997 - Telephone (406)758-7700 Fax (406)758-7758 November 7, 2005 Whitefish Credit Union Mr. Doug Johnson, Commercial Loan Officer P. O. Box 37 Whitefish, MT 59937 Re: River Glen Subdivision, LLP Dear Mr. Johnson, The developer requested that the City of Kalispell reduce the subdivision improvement financial security from $ 23,687.50 to $ 15,343.75. A recent examination of the referenced project has been performed and the City of Kalispell agrees with this request. Having received the reduced Letter of Credit in the amount of $ 15,343.75, we are returning the Irrevocable Letter of Credit in the amount of $ 23,687.50. Sincerely, oa'tw / CZ-^- Carol L. Kostman City Treasurer Enclosures: 1 cc: River Glen Subdivision, LLP 1701 South Woodland Drive Kalispell, MT 59901 Theresa White, City Clerk ISSUER: WHITEFISH CREDIT UNION PO BOX 37 WHITEFISH, MT 59937 Date of Issue:01.07-2005 Letter of Credit Number: Amount: U.S. $ 23,687.50 ( TWENTY THREE THOUSAND SIX HUNDRED EIGHTY SEVEN AND 501100 U.S. DOLLARS) For Benefit Of: For Account Of: Beneficiary Name and Address Applicant Name and Address CITY OF KALISPELL RIVER GLEN SUBDIVISION, LLP 312 1ST AVE. E. KALISPELL, MT 59901 1701 SOUTH WOODLAND KALISPELL, MT 59901 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 name] 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 obligation cannot be modified 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. 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 DOCUMENTS. Each Draft must be accompanied by the following, in original and two copies except as stated: IM 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 (Time) on 01.07-2006 (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. a Oc2001 Bankers Systems, Inc., St. Cloud, MN Form LC -STANDBY 1/15/2002 (page t Of 2) TRANSFERABILITY. Tlus Letter of Credit is ® transferable ❑ non -transferable. APPLICABLE LAW. This Letter of Credit shall be governed by: ® the Uniform Customs and Practice for Documentary Credits, 1993 Revision, International Chamber of Commerce Publication No. 500 (UCP), or any later version or amendment. ❑ the International Standby Practices 1998 (ISP98). Tlus Letter of Credit shall also be governed by the laws of MONTANA the United States of America, so long as such laws are not inconsistent with the UCP or ISP, as applicable. WHITEFISH CREDIT UNION (Issuer Name) 13-0� --z e3--- (Signature) (Date) OOUG JOHNSON, COMMERCIAL LOAN OFFICER (Signer Name and Title) �e—rL-'o ©2001 Bankers Systems, Inc., St. Cloud, MN Form LC -STANDBY 1/15/2002 (page 2 of 2) A City of Kalispell Public Works Department } Post Office Box 1997, Kalispell, Montana 59903-1997 - Telephone (406)758-7720, Fax (406)758-7831 MEMORANDUM November 3, 2005 To: Carol Kostman, Treasurer From: Frank Castles, P.E., Assistant City Engineer RE: River Glen Subdivision Attached is a request on behalf of the developer to reduce the amount of the subdivision improvement financial security to $15,343.75 and to extend the completion date for the listed improvements to September 15, 2006. A recent examination of the referenced project was performed recently. We concur that the items remaining to be constructed are as they appear in EXHIBIT B (dated 10/26/05). The developer is providing a revised Letter of Credit from Whitefish Credit Union. The prior Letter of Credit should be returned to the issuer of the Letter of Credit. Cc w/o attachments: Paul J. Stokes & Associates, Inc. Via fax: 755-2613 Narda Wilson — Kalispell Planning Office Lorna M. Wilson 1701 South Woodland Kalispell, MT 59901 October 26, 2005 City of Kalispell City Council P.O. Box 1997 Kalispell, MT 59903-1997 RE: Partial Release of Collateral in Support of the Subdivision Improvement Agreements for the River Glen Major Subdivision Sec. 17, T.28N., R.21W., P.M.M. Flathead County, Montana Dear City Council Members; Reference is made to the above project. This is to certify: 322 Second Avenue West, Suite B Kalispell, NIT 59901 Telephone (406) 755-8707 FAX (406) 755-2613 ® All required improvements included in the Subdivision Improvement Agreement are complete with the exception of about 660 LF of the sidewalks and half of the landscaping; • The improvements are in compliance with the minimum standards specified by the City of Kalispell; • The subdivider knows of no defects in these improvements; and e All applicable fees and surcharges have been paid. The value of the incomplete work is $12,275.00 and the amount of the collateral for the incomplete work at 125%, is $15,343.75. The completed improvements are collateralized with Irrevocable Letters of Credit from Whitefish Credit Union in the amount of $23,687.50. We request that the collateral for these amounts be released. Enclosed is an Irrevocable Letter of Credit in the amount $15,343.75 which equals 125% of the value of the cost of the remaining sidewalks and landcaping. The completion date for the sidewalks has been moved from 9/15/05 to 9/15/06. We have perfonned the final inspection on the above referenced project. All construction that we observed was found to be in substantial conformance with the approved plans and City of Kalispell and MDEQ regulations. 111 11 111 1�111 1 11 1 11RI1011 1 Sincerely, PAUL J. STOKES & ASSOCIATES, INC. By: Ed Engel, P.E3 Project Engineer c: Dan Wilson file River Glen Major Subdivision EXHIBIT B This agreement specifically includes the following improvements, their projected construction completion date and estimated construction costs. CHECK CONSTRUCTION ESTIMATED APPROPRIATE COMPLETION CONSTRUCTION IMPROVEMENTS BOX DATE COSTS Street Grading/Paving X COMPLETED Street Base X COMPLETED Sidewalks X 9/15/06 $9,775.00 Curbs and Gutters X COMPLETED Sanitary Sewers Mains X COMPLETED Other (manholes) COMPLETED On -Site Sewage Facilities X COMPLETED Water Systems Mains X COMPLETED Other ( ) On -Site Water Supply Water Storage Tanks Fire Hydrants X COMPLETED Storm Sewer or Drainage Facilities X COMPLETED Street Signs X COMPLETED Street Lighting X COMPLETED Street Monuments X COMPLETED Survey Monument Boxes Landscaping 9/15/06 $2,500.00 Other TOTAL PROJECT COST = $173,534.50 SUBTOTAL $12,275.00 (7.1%) FEES IN ," TOTAL COSTS $12,275.00 TOTAL COLLATERAL (TOTAL COSTS X 125%) $15,343.75 WA, E! i�7F 5 �F TE �ti�k �`���/VAL