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06/13/07 Return of Letter of Credit
City of Kalispell Post Office Box 1997 - Kalispell, Montana 59903-1997 - Telephone (406)758-7700 Fax (406)758-7758 June 13, 2007 Beargrass Holdings, LLP PO Box 7505 Kalispell, MT 59904-7505 Re: Letter of Credit No. 155 $ 74,562.50 Dear Mr. Blend, I am returning the above mentioned letter of credit per Mark Crowley. I have received the replacement cashier's check in the amount of $750.00. As requested Nicole will pick the letter up here at the office. If you have any questions, please call me at 758-7750. Sincerely, Deb Deist City Treasurer ,� ✓, � � � � [rig. IRREVOCABLE STANDBY LETTER OF CREDIT ISSUER: WHITEFISH CREDIT UNION PO BOX 37 WHITEFISH, MT 59937 Date of Issue:12.14.2006 Letter of Credit Number: Amount: U.S. $ 74,562,50 ( SEVENTY FOUR THOUSAND FIVE HUNDRED SIXTY TWO AND 501100 U.S. DOLLARS) For Benefit Of: For Account Of: Beneficiary Name and Address Applicant Name and Address THE CITY OF KALISPELL BEARGRASS HOLDINGS, LLP KALISPELL, MT 59901 PO BOX 7505 KALISPELL, MT 59904 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: ® 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 08-16.2007 (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. rJe" ©2001 Bankers Systems, Inc., St. Cloud, MN Form LC -STANDBY 1/15/2002 (page t of 2) City of Kalispell Public Works Department Post Office Box 1997, Kalispell, Montana 59903-199 elephone (406)758-7720, Fax (406)758-7831 MEMORANDUM December 14, 2006 To: Deb Deist, City Treasurer From: Mark Crowley, Construction Manager Re: Cedar Commons subdivision The developer has requested a reduction of the amount of financial security to $74,562.00 for the referenced project. A recent examination of the referenced project was performed with Michael Blend. Public Works City of Kalispell concurs that the items remaining to be constructed are as they appear in Exhibit B (attached). The completion date is June 16, 2007 (per an amendment with Michael Blend) and the security expires August 16, 2007. The developer is providing financial security in the above amount of $74,562.00 (attached). Please return the existing security to Blend at the address below. Cc: without attachments Planning Department Michael Blend; P. O. Box 7505; Kalispell, MT 59904 Schwarz A&E, 100 Financial Drive, Ste 120, Kalispell, MT 59904 ARCHITECTURE December 7, 2006 Frank Castles, P.E„ City Engineer City of Kalispell Public Works Department P.O. Box 1997 Kalispell, MT 59901 Re: Cedar Commons Section 17, T 28N, R 21 W, City of Kalispell, Flathead County Dear Frank: The owner of Cedar Commons has proceeded with completing the final items as part of the Subdivision Improvement Agreement filed with the City of Kalispell. Most all sidewalks (95%), have been installed per plan; the only items remaining are the landscaping, trash enclosure, parking lot asphalt and tree planting requirements; a revised SIA is attached. At this time, we request a reduction of the previous submitted security amount of $284,875.00 to $74,562.50, A Letter of Credit in the amount $74,562.00 is enclosed, Please return the original Letter of Credit to Mr. Blend's office at the following address: Michael Blend Blend Design & Build P.O. Box 7505 Kalispell, MT 59904 Thank you in advance for your help in this matter. Should questions arise regarding the information contained above or the referenced project, please do not hesitate to call our office. Sincerely, SCHWARZ ARCHITECTURE & ENGINEERING, Inc, c Jeff Goudreau Enclosures as noted m n MMU z SCHWARZ m m 7u z n Cc, Project File # 3150.05 \\Skywalker\Project Files (Documents)\Blend, Michael\3rd Ave East Property\Frank Castles Bond Reduction 12.11.06.doc SCHWARZ ARCH ITECIFURE AND EN6INEERIN6, INC. 100 Financial Dr., Suite 120 - Kalispell, MT 59901 Tel: 406.755.1333 - Fax: 406.755.1310 - www.schwarzae.com Return to: Theresa White Kalispell City Clerk P.O. Box 1997 Kalispell, MT 59903 SUBDIVISION IMPROVEMENT AGREEMENT THIS AGREEMENT, made and entered into this \\ -, day of �00 , by and between the CITY COUNCIL, CITY OF KALISPELL, MONTANA, Party of the First Part and hereinafter referred to as the CITY, and Blend Design & Build, located at P.O. Box 7505, Kalispell, MT, Party of the Second Part and hereinafter referred to as DEVELOPER. WITNESSETH: THAT WHEREAS, the Developer is the developer of a new subdivision known as Cedar Commons, located at 150 Cedar Commons Lane off of 3rd Avenue South and 14d' Street East, Kalispell, Montana and, WHEREAS, the City has conditioned it's approval of the final plat of Cedar Commons, upon the conditions as set forth in the Preliminary Plat of the Subdivision being completed and all 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 B"; and WHEREAS, the estimated total cost of construction of said improvements is the sum of $59,650.00. 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 $74,562.50. 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 $74,562.50 the estimated cost of completing the required improvements in Cedar Commons. 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 Qw ei_6, 2007. 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. Michael Blend, Blend Design & Build STATE OF "�Csc—anj County of This by _ a a: Nor SPA I d ss. before me on"Z�;-_�.( 2006, f Pr' ed Name -' Notary Public for the State of `L�t.��_ Residing My Commission Expires MAYOR, CITY OF KALISPELL ATTEST: MAYOR FINANCE DIRECTOR EXHIBIT A Conditions of approval as fixed to the preliminary plat by the City Council, Kalispell, Montana. EXHIBIT B — SEE ATTACHED SHEET CHECK CONSTRUCTION ESTIMATED PERCENTAGE APPROPRIATE COMPLETION CONSTRUCTION COMPLETE IMPROVEMENTS DATE COSTS SUBTOTAL FEES TOTALS COSTS TOTAL COLLATERAL (TOTALS COSTS X 125%) 0Lu 0 o 0 0 0 0 0 o 0 OLnLO 0 0 Z J 0) N If) O (0 0) LO W 0 Q 6- 6- 69- 6- 6- 6- 6- 6- 69� EA6,691 D o LU U W o 0 0 0 0 0 0 a o 0 0 0 0 �' 0 0 0 O U o 0 0 0 0 CO 0 0 0 0 0 U CD 0 0 o 0 0 LO o 0 LL O N N cC7 N I� N Z `V fA 64 ER 69 63 69 ffl 63 63 6- Z L (6 N N O "' C N -a O : cu 6 -Z 0 -1-- -0 :3 Q a a C cu (6 E N p N c CU U U C L Q U C E C O Q p N (n � N (n (D N U Lcn O � — E N vO L N (Lj - C O O O 5 _ y L C N v 'a cucu o O (A O: O N C Q p Q p�Qlc`q C N N -0 a)(B (D(0 (0 C N a)e �O♦ V O (6 a O -j N U (n (n- N+ L O N Z oL O U m W p U U N p += L U N N O C U C C _ �- r QO a� -0 Q .� c 0> Xo Q c L u°, 0cu a e U �' Q Q (u O vi Q a) ocn c6 �n co (n N m .� _ a .� a M ch ca W O O C O — .2 N N _ C 0)-C C N O U) >, UU W o c -� a �- •3 O '�_ O 0 N > c t0 N W C) ccu � N (U N cn O (D (6 E v- Q (n N 0 U(D L C C C C a)CY)O (n 'p O O C - O (Sf p 3 O a)O (n N O W - U c- (v O OO oNCL C C > O N o �(n X - �> X CU X _ ° N F Q 0)'X � Ya)p C O L O a) (O p = C O N (n C O U Y N 0 C p U tn N (n O N to O N 'tn _C U— `- - O d N(D N w Y Y X O-0 L L ca N E a) (n 4= Q N O U U O CO U Q C C U p O U : V O U X M C +L, M c O m (n d C C c: O p N N U= N -0 m U M U N 4= N M m-a (n 4 J t0 (0 U U L O 06 n L 1L1 1 — / r w ^� J c J O W U Z Z U Z Z Z io C ~� Fes- O Y U E o O z Q Q O U W U Q F-p W Q J m `ool OF- Q wOF- U 0-1Z c~nW �= a waw w n d - �COpN� F-