Letter of Credit CorrespondenceNovember 24, 2010
Mike Crimmins
Glacier Bank
PO Box 27
Kalispell, MT 59901
Re: Irrevocable Letter of Credit No. 01-06-297
Project: Holiday Inn Express
Dear Mr. Crimmins,
City of Kalispell
Post Office Box 1997 - Kalispell, Montana 59903-1997
Telephone (406) 758-7000 Fax - (406) 758-7758
coo pl� --) �
$ 16,530.00
I am returning the above mentioned letter of credit per Mark Crowley in the Public Works
Department. The sidewalks have been completed.
If you have any questions, please call me at 758-7750.
Sincerely,
Deb Deist
City Treasurer
cc Kalispell Goldberg, LLC
195 W 12t` Ave
Denver, CO 80204
IRREVOCABLE LETTER OF CREDIT:
Letter of Credit No. 01-06-297
Dated: November 8, 2006
Expiration Date: July 31, 2008
Amount: $16,530.00
Kalispell City Council
City of Kalispell
P. O. Box 1997
Kalispell MT 59901
We hereby establish in your favor an irrevocable letter of credit up to the aggregate
amount of $16,530.00 at the request of KVC Development, Inc.
If KVC Development, Inc. fails to complete the specified improvements in the Spring
Prairie Planned Unit Development within the time period set as the expiration date above
and to the extent as evidenced in the attached Cost Estimate (remaining work to be
completed), 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This letter may not be withdrawn or reduced in any amount prior to its expiration date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 and governed by the Uniform Customs and Practice for
Documentary Credits of the International Chamber of Commerce (Publication No. 600)
to the extent not inconsistent with Montana Law. If any legal proceedings are;. initiated
with respect to payment of this Letter of Credit, it is agreed that such proceedings shall be
subject to Montana courts and law.
Mike Crimmins, Vice President
Cost Estimate (remaining work to be completed)
Project: HOLIDAY INN EXPRESS PROJECT
Cost estimate description: ROAD RIGHT OF WAY IMPROVEMENTS FROM LOWE'S NORTH ENTRANCE
THROUGH HOLIDAY INN EXPRESS DEVELOPMENT (ONLY)
Date: 22-Jan-08
Item Quantity
Treeline Road (across from Holiday Inn Express)
Sidewalk Excavation
5' Wide Sidewalk W14" Crush
Landscaping
remove asphalt and replace with
valley gutter at driveway entrances
total
Unit Unit cost Est. cost req. bond amount
(for this item)
344 L.F. $ 5.00 $ 1,720.00 $2,150.00
344 L.F. $ 20.00 S 6,880.00 $8,600.00
344 L.F. $ 8.50 S 2,924,00 $3,655.00
100 L.F. S 1T00 5 1,700.00 $2,125.00
$16,530.00
........•
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Deb Deist
From: Mark Crowley
Sent: Friday, November 19, 2010 2:53 PM
To: Deb Deist
Subject: Holiday Inn Express
Attachments: image001.gif
E-•
Please return the letter of credit (#01-06-297) to the developer or his bank for $16,530.00. The
sidewalks in question have been completed. Thank you.
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
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Esta mensagem, a qualquer de seus anexos, eh confidencial a privilegiada. Caso voce nao seja o destinatario, nao esta
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apagar com os seus respectivos anexos.
Mark Crowley
Sent: Thursday, December 31, 2009 9:31 AM
To: Deb Deist
Subject: RE: Goldberg - Holiday Inn Express
This can not yet be released. Parks and Public Works still have a few items to address.
Mc
From: Deb Deist
Sent: Wednesday, December 30, 2009 12:22 PM
To: Mark Crowley
Subject: Goldberg - Holiday Inn Express
Beth ran the check yesterday for Goldberg for $33,398.44. 1 still show an letter of credit in that file for $16,530.00 which
expired July 31, 2008. It looks as though that security is also for sidewalks. Should be return that letter of credit to
Glacier Bank?
Thanks
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s . £ City of Kalispell Public Works Department
Post Office Box 1997, Kalispell, Montana 59903-1997 - Telephone (406)758-7720, Fax (406)758-7831
MEMORANDUM
December 18, 2009
To: Deb Deist, City Treasurer
From: Mark Crowley, Construction Manager .C%
Re: Holiday Inn subdivision (Treeline Road extension)
The developer of a portion of this road extension (Goldberg Associates) has completed the
necessary sidewalk construction. Please return the financial security (cashier's check for
$33,398.44) for the portion of Treeline Road where it abuts Spring Prairie Phase 3.
The security was to guarantee the construction of sidewalks which have been built. The
check was to be stored in our vault in accordance with our city policy.
Cc: Mark Goldberg; Goldberg Properties; 195 West 12'' Avenue; Denver, CO 80204
315*
303 7sq �oo�
Gr�fi- lV�lsan
g 4 City of Kalispell Public Works Department
Post Office Box 1997, Kalispell, Montana 59903-1997 - Telephone (406)758-7720, Fax (406)758-7831
MEMORANDUM
February 8, 2008
To: Deb Deist, City Treasurer
From: ✓�,�4 k Crowley, Construction Manager
Re: Holiday Inn subdivision (Treeline Road extension)
The developer of a portion of this road extension (Goldberg Associates) has submitted the
attached financial security (cashier's check for $33,398.44) for the portion of Treeline Road
where it abuts Spring Prairie Phase 3.
The security is to guarantee the construction of sidewalks which are to built no later than
August 31, 2008. The check is to be stored in our vault in accordance with our city policy.
e"d1r,0541rd 1191-10100 eLlwa�
Cc: without attachment
Planning Department
Mark Goldberg; Goldberg Properties; 195 West 12' Avenue; Denver, CO 80204
� HOLD tsOCUME1� N UP TO THE LIGHT TO VIE<-Wi.. -.: '� *-H"Rt UP
"RUE WATERMAW I OFFICIAL CHECK • LIGHT TO VIEW TRUE WATERMARK
LaSalle Bank -- - - - - -- -- 628810§$8-�
Date Issued by Integrated Payment Systems Inc., ng ewood, Co orado
ABN AMRO JPMorgan Chase Bank, N.A., Denver, Colorado
23-97
Pay to the order of 1020
f
1 0.YY. m
Remitter Drawer: LaSalle Bank N.A., Chicago, Illinois
NP
1180996 S 211' 1: LO 20009 791: 68006 288 LO S88811'
zD j
L4 0
CITY OF KALISPELL
10/20/08 3:23 PM CASH
HOLIDAY INN EXPRESS
RECEIPT NO:A202835
AMOUNT
FMSM HOLIDAY INN EXPRESS
33,398.44
SEC DEP/SIDEWALKS TREELIKE
ROAD EXTENSIO
PAYMENT RECEIVED
AMOUNT
CK 628810588-8
33139844
TOTAL
33,398:44
City of Kalispell
Post Office Box 1997 - Kalispell, Montana 59903-1997 - Telephone (406)758-7700 Fax (406)758-7758
February 4, 2008
Mr. Mike Crimmins
Glacier Bank
PO Box 27
Kalispell, MT 59903-0027
Re: Letter of Credit No. 01-06-297 $ 190,000.00
Dear Mr. Crimmins,
I am returning the above mentioned letter 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 reduced to
$16,530.00 as listed on the replacement Letter of Credit 01-06-297.
If you have any questions, please call me at 758-7750.
Sincerely,
Deb Deist
City Treasurer
Letter of Credit No. 01-06-297
Dated: November 8, 2006
Expiration Date: February 1, 2008
Amount: $190,000.00
Kalispell City Council
City of Kalispell
P. v. Blox 1997
Kalispell MT 59901
We hereby establish in your favor an irrevocable letter of credit up to the aggregate
amount of $190,000.00 at the request of KVC Development, Inc.
If KVC Development, Inc. fails to complete the specified improvements in the Spring
Prairie Planned Unit Development 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 and governed by the Uniform Customs and Practice for
Documentary Credits of the International Chamber of Commerce (Publication No. 400)
to the extent not inconsistent with Montana Law. If any legal proceedings are initiated
with respect to payment of this Letter of Credit, it is agreed that such proceedings shall be
subject to Montana courts and law.
Glares Bad
Mike Crimmins, Vice President
— +bsite: www.giacierbank.com email:glacier@glacierbank.com
{ fi.4a City of Kalispell Public Works Department
Post Office Box 1997, Kalispell, Montana 59903-1997 - Telephone (406)758-7720, Fax (406)758-7831
MEMORANDUM
February 1, 2008
To: Deb Deist, City Treasurer
From: �arkowley, Construction Manager
Re: Holiday Inn subdivision
The developer has requested a reduction of the amount of financial security to $16,530.00
for the referenced project. A recent examination of the referenced project was performed.
Public Works City of Kalispell concurs that the item remaining to be constructed is as they
appear in Exhibit B, as prepared and signed by Marc E. Pitman, PE (attached). However, it
is worth noting that the cost estimate incorrectly notes that the sidewalk will be built on 4
inches of base material. The engineer has been informed that this does not comply with
City of Kalispell Design & Construction Standards and it shall be built in accordance with
said plans.
The completion date is May 31, 2008 (based on discussions with the development team and
the City standards).
The developer is providing financial security in the form of a letter of credit (#01-06-297) in
the amount of $16,530.00 (attached). The letter is to be stored in our vault in accordance
with our city policy. Please return the existing security (#01-06-297: $190,000.00) to
Glacier Bank (attn: Mike Crimmins).
Cc: without attachments
Planning Department
kVc Development, 8923 E. Mission, #135; Spokane, WA 99212