Irrevocable Standby Letters of Credit{City of Kalispell
Post Office Box 1997 - Kalispell, Montana 59903-1997 - Telephone (406)758-7700 Fax (406)758-7758
July 22, 2009
First Interstate Bank
Scott P. Mizner
PO Box 7130
Kalispell, MT 59904-0130
Re: Irrevocable Standby Letter of Credit No. 2309600425 $ 3,325.00
Irrevocable Standby Letter of Credit No. 2309600340 $ 3,068.75
Dear Mr. Mizner,
I am returning the above mentioned letters of credit per Mark Crowley, Construction
Manager of the Public Works Department. The Public Works Department agrees that the
work has been completed as required.
If you have any questions, please call me at 758-7750.
Sincerely,
C-i09- �`.
Deb Deist
City Treasurer
cc Lone Pine Development
144 2°d St. E, Suite 102
Whitefish, MT 59937
MEMORANDUM
July 22, 2009
To: Deb Deist, City Treasurer
From: Mark Crowley, Construction Manago��/,
Re: Lone Pine Trials subdivision
The developer's engineer has requested a release of financial security for the Warranty`and
Maintenance security, as well as the SIA security. Our department has reviewed the request
and approves the release of the following:
• Letter of Credit #2309600340 for $3,068.75. Expired August 11, 2008
• Letter of Credit #2309600425 for $3,325.00. Expired October 31, 2008
This letter is not an authorization to return the other letter of credit (First Interstate Bank
#2309600385: $33,430.00) for the street trees. This is a separate bonding issue that will be
addressed through the Parks Department.
Cc: Planning Department
201 1' Avenue East, P.O. Box 1997, Kalispell, MT 59903 —Phone (406) 758- 7720 — Fax (406) 758- 7831
www.kalispell.com
First Interstate Bank
2 Main St.
P.O. Box 7130
First Kalispell, MT 59904-0130
G.Interstate406-756-5200
Bali t Fax: 406-756-5260
www.firstinterstatebank.com
DATE:
AMENDMENT
STANDBY LETTER OF CREDIT
#2309600340
August 11, 2008
APPLICANT: Lone Pine Development LLC
144 2nd St E, Suite 102
Whitefish MT 59937
BENEFICIARY:
City of Kalispell
PO Box 1997
Kalispell MT 59901
C(OPY
AMENDMENT: Per a request, by the City of Kalispell for a decrease in the Letter
of Credit #2309600340, the amount of this Letter of Credit is
hereby decreased to an amount of $3,068.75.
In addition, the expiration date is extended to December 31, 2008.
All other terms and conditions as outlined in the original Letter of Credit dated
August 11, 2006, remain unchanged. See copy of original letter of credit, attached
hereto.
Very Truly Yours,
FIRST INTERSTATE BANK
ByC
A oo�d Signe '
By'.
Authorized Signer
DATE:
First Interstate Bank
2 Main St.
/. P.O. Box 7130irs Kalispell, MT 59904-0130
®1nferstaf 406-756-5200
Bank Fax:406-756-5260
www.firstinterstatebank.com
AMENDMENT
STANDBY LETTER OF CREDIT
#2309600340
August 11, 2008
APPLICANT: Lone Pine Development LLC
144 2nd St E, Suite 102
Whitefish MT 59937
BENEFICIARY: City of Kalispell
PO Box 1997
Kalispell MT 59901
AMENDMENT: Per a request, by the City of Kalispell for a decrease in the Letter
of Credit #2309600340, the amount of this Letter of Credit is
hereby decreased to an amount of $3,068.75.
In addition, the expiration date is extended to December 31, 2008.
All other terms and conditions as outlined in the original Letter of Credit dated
August 11, 2006, remain unchanged. See copy of original letter of credit, attached
hereto.
Very Truly Yours,
FIRST INTERSTATE BANK
By f-
A thooedSigne '
By_;_--
y �-
Authorized Signer
r ' City of Kalispell Public Works Department
M Post Office Box 1997, Kalispell, Montana 59903-1997 -Telephone (406)758-7720, Fax (406)758-7831
v
MEMORANDUM
August 11, 2008
To: Deb Deist, City Treasurer
From: Mark Crowley, Construction Manag 01
Re: Lone Pine Trials subdivision
The developer has requested a reduction of the amount of financial security for the
Warranty and Maintenance security. The project engineer has submitted an Exhibit B to
reduce the amount from $166,585.20 to $3,068.75. An examination of the referenced
project was performed with the developer, Tom Watters, the project engineer, Marc Pitman,
and Frank Castles, Charlie Johnson and myself.
With the exception of the completion date, the City of Kalispell Public Works Department
concurs that the items remaining to be repaired are as they appear in Exhibit B, as prepared
and signed by Marc E. Pitman, PE (attached).
It was agreed by all parties in attendance, that the completion date is October 1, 2008.
The developer is providing financial security in the form of a letter of credit (#2309600340)
in the amount of $3,068.75 (attached). The letter is to be stored in our vault in accordance
with our city policy. Please return the existing security to the Developer.
Do not return the other letter of credit (First Interstate Bank #2309600385: $33,430.00) for
the street trees. This is a separate bonding issue that will be addressed through the Parks
Department.
Cc: without attachments
Planning Department
APEC, Inc.; 100 Financial Drive, Suite 120; Kalispell, MT 59901
First Interstate Bank; PO Box 7130; Kalispell, MT 59904-0130
Timberlake Development, 144 East Second Street, Whitefish, MT 59937
First
Interstate
Bank
First Interstate Bank
2 Main St.
P.O. Box 7130
Kalispell, MT 59904-0130
406-756-5200
Fax:406-756-5260
www.firstinterstatebank.com
IRREVOCABLE LETTER OF CREDIT
Letter of Credit No.: 2309600340
Date: August 11, 2006
Amount: $166,585.20
Expiration Date: August 11, 2008
TO: City of Kalispell
PO Box 1997
Kalispell, MT 59903
RE: Two Year Warranty Bond
Applicant: Lone Pine Development, LLC
We hereby establish in your favor an Irrevocable Letter of Credit up to the aggregate amount of One
Hundred Sixty Six Thousand Five Hundred Eighty Five Dollars and 20 cents ($166,58520) at the request
of Lone Pine Development, LLC_
If Lone Pine Development, LLC fails to maintain the city infrastructure improvements in the time period
listed above, 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 repair improvements 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.
Unless otherwise expressly stated, this Letter of Credit is subject to the Montana Uniform Commercial
Code and the Uniform Custom and Practice for the Documentary Credits (1993 Rev) International
Chamber of Commerce Document No. 500.
First Interstate Bank
PO Box 7130 Kalispell, MT 59904
l! '
Tammy Grilley%'j
Its:
(� 11
(Title)
BY:GiL "lo
Marj 4Zot
Its: I / L_ tJ
(Titl'
EXHIBIT B
This agreement specifically includes the following improvements, their projected construction
completion date and estimated construction costs.
CONSTRUCTION ESTIMATED PERCENTAGE
COMPLETION CONSTRUCTION COMPLETE
IMPROVEMENTS DATE COSTS
Sewage Lift Station
8/31/2008
$4,000.00
96%
160.00
Fire hydrant
Completed
$1,500.00
100%
0.00
Storm drainage facilities
8/31/2008
$4,500.00
50%
2,250.00
Street lighting meter
8/31/2008
$5,000.00
95%
250.00
Generator Testing
Completed
$500.00
100%
0.00
Subtotal
TOTAL COST
TOTAL COLLATERAL (TOTAL COST x 125%)
$ 2,660.00
$ 2,660.00
$ 3,325.00
\\Skywalker\Projects\Project Files (Documents)\Timberlake Builders\Lone Pine Trails Subdivision\Final Plat\EXHIBIT B 7-30-2008.doc
Exhibit B 7-31-2008
Lone Pine Trails, Kalispell, Montana Page 1 of 1
„,.,.
City of Kalispell Public Works Department
r
Post Office Box 1997, Kalispell, Montana 59903-1997 -Telephone (406)758-7720, Fax (406)758-7831
MEMORANDUM
July 31, 2008
To: Deb Deist, City Treasurer
From: Mark Crowley, Construction Manager's
Re: Lone Pine Trials subdivision_,
The developer has requested a reduction of the amount of financial security to $3,325.00 for
the referenced project. A recent examination of the referenced project was performed.
Public Works City of Kalispell concurs that the items remaining to be constructed are as
they appear in Exhibit B, as prepared and signed by Marc E. Pitman, PE (attached).
The completion date is August 31, 2008.
The developer is providing financial security in the form of a letter of credit in the amount of
$3,325.00 (attached). The letter is to be stored in our vault in accordance with our city
policy. Please return the existing security to the Developer.
Do not return the other letter of credit (First Interstate Bank #2309600385: $33,430.00) for
the street trees. This is a separate bonding issue that will be addressed through the Parks
Department.
Cc: without attachments
Planning Department
APEC, Inc.; 100 Financial Drive, Suite 120; Kalispell, MT 59901
First Interstate Bank; PO Box 7130; Kalispell, MT 59904-0130
Timberlake Development
First Interstate Bank
2 Main St.
P.O. Box 7130
First Kalispell, MT 59904-0130
19.lnberState 406-756-5200
Bank Fax:406-756-5260
www.firstinterstatebank.com
IRREVOCABLE STANDBY LETTER OF CREDIT
DATE OF ISSUE: July 31, 2008
BENEFICIARY
City of Kalispell
P.O. Box 1997
Kalispell, MT 59901
LETTER OF CREDIT NO.: 2309600425
DATE OF EXPIRY: October 31, 2008
APPLICANT
Lone Pine Development, LLC
144 East 2nd St, Ste 102
Kalispell, MT 59901
UP TO AN AGGREGATE OF**************************USD************$3,325.00
Three Thousand Three Hundred Twenty -Five & 00/100 Dollars
We hereby issue, effective July 31, 2008, our Irrevocable Standby Letter of Credit in favor of
Beneficiary, above, for a sum not to exceed the aggregate amount listed, available by
Beneficiary's one or more clean drafts drawn at sight on First Interstate Bank, Kalispell Office
when accompanied by:
Beneficiary's signed statement indicating Letter of Credit Number 2309600425 and stating:
"The undersigned hereby certifies that Lone Pine Development, LLC has failed to perform
under the terms and conditions set forth in an agreement with the City of Kalispell in regards
to the Sewer Lift Station, Fire Hydrants, Storm Drainage Facility, Street Lighting Meter or
Generator Testing in the Lone Pine Trails Subdivision."
We hereby agree that all drafts drawn under and in compliance with the terms of this Letter of
Credit will be duly honored upon presentation to First Interstate Bank, Commercial Loan
Department, 2 Main Street, Kalispell MT 59901 on or -before 5:00 p.m. on the date of expiry.
Partial drawings are permitted.
This Letter of Credit is subject, so far as applicable, to the Uniform Customs and Practice for
Documentary Credits (1993 Revision) International Chamber of Commerce Publication No. 500
("UCP").
FIRST INTERSTATE BANK
By: "
Scott P. Mizner, Vice Pr'sident
-1�2 By: L 60
Brad Kelsey, Co.inmeylal Loan Officer
First Interstate Bank
2 Main St.
First P.O. Box 7130
Kalispell, MT 59904-0130
F.Ml.lnberState 406-756-5200
Bank Fax: 406-756-5260
www.firstinterstatebank.com (C(OF)r
IRREVOCABLE STANDBY LETTER OF CREDIT
DATE OF ISSUE: July 31, 2008
BENEFICIARY
City of Kalispell
P.O. Box 1997
Kalispell, MT 59901
LETTER OF CREDIT NO.: 2309600425
DATE OF EXPIRY: October 31, 2008
APPLICANT
Lone Pine Development, LLC
144 East 2nd St, Ste 102
Kalispell, MT 59901
UP TO AN AGGREGATE OF**************************USD************$3,325.00
Three Thousand Three Hundred Twenty -Five & 00/100 Dollars
We hereby issue, effective July 31, 2008, our Irrevocable Standby Letter of Credit in favor of
Beneficiary, above, for a sum not to exceed the aggregate amount listed, available by
Beneficiary's one or more clean drafts drawn at sight on First Interstate Bank, Kalispell Office
when accompanied by:
Beneficiary's signed statement indicating Letter of Credit Number 2309600425 and stating:
"The undersigned hereby certifies that Lone Pine Development, LLC has failed to perform
under the terms and conditions set forth in an agreement with the City of Kalispell in regards
to the Sewer Lift Station, Fire Hydrants, Storm Drainage Facility, Street Lighting Meter or
Generator Testing in the Lone Pine Trails Subdivision."
We hereby agree that all drafts drawn under and in compliance with the terms of this Letter of
Credit will be duly honored upon presentation to First Interstate Bank, Commercial Loan
Department, 2 Main Street, Kalispell MT 59901 on ors before 5:00 p.m. on the date of expiry.
Partial drawings are permitted.
This Letter of Credit is subject, so far as applicable, to the Uniform Customs and Practice for
Documentary Credits (1993 Revision) International Chamber of Commerce Publication No. 500
("UCP").
FIRST INTERSTATE BANK
By: __
Sc_ott P. Mizner, Vice Pr'sident
By: Le_0
Brad Kelsey, CAnineXial Loan Officer
i is i s t
Post Office Box 1997, Kalispell, Montana 59903-1997 - Telephone (406)758-7720, Fax (406)758-7831
*]�
August 17, 2006
To: Deb Deist, Treasurer
From: Frank Castles, P.E., Deputy Public Works Director/Assistant City Engineer
RE: Lonepine Subdivision
Attached is an Irrevocable Letter of Credit in the amount of $166,585.20, for thetvuo
year maintenance- bond for the city owned infrastructure within the referenced
subdivision.
r�
(j 1 may,
First Interstate Bank
2 Main St.
P.O. Box 7130
Kalispell, MT 59904-0130
406-756-5200
Fax:406-756-5260
www.firstinterstatebank.com
IRREVOCABLE STANDBY LETTER OF CREDIT
DATE/PLACE OF ISSUE: December 27, 2007
Kalispell MT
BENEFICIARY:
City of Kalispell
PO Box 1997
Kalispell MT 59901
CREDIT NUMBER: 2309600425
DATE OF EXPIRY: July 31, 2008
APPLICANT:
Lone Pine Development, LLC
144 East 2nd St, Suite 102
Whitefish MT 59937
UP TO AN AGGREGATE OF USD ********** $19,375.00
Nineteen Thousand Three Hundred Seventy -Five and no/100---------------------dollars
Dear Sirs:
We hereby establish, in your favor, this Irrevocable Letter of Credit up to the aggregate amount of
$19,375.00 at the request of Lone Pine Development, LLC.
If Lone Pine Development, LLC fails to complete the agreement with the City of Kalispell in
regards to the following: Sewer Lift Station, Fire Hydrant, Storm Drainage Facility, Street
Lighting Meter and Generator Testing, in the new Lone Pine Trails Subdivision, in the time
period listed above, 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 for the City of Kalispell, that the amount is drawn to complete the agreed
upon improvements and specifying the default 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. Partial drawings permitted. We hereby
engage with drawers, endorsers and bona fide holders that drafts and/or documents drawn in conformity
with the terms of this Letter of Credit will be duly honored upon presentation to First Interstate Bank, at
the address shown above, on or before the expiry.
Except so far as otherwise expressly stated, this Documentary Credit is subject to the Uniform Customs
and Practice for documentary credits (1993 revision) International Chamber of Commerce Publication
No. 500. ("UCP" ).
Sincerely Yours,
First Interstate Bank
Po Box 7130, Kalispell MT 59904
BY
Mar' De oro
Its /-t"
(Title)
BY t/
iarles Werk
Its V, A
(Title)
ACKNOWLEDGEMENT
State of �� Ii&& '))
County of VtAfl' )
On this a� day of 06UW1t, bi v'" , in the year �� , before me, a Notary
Public for the State of personally appeared Marj DeZort and Tammy Grilley,
known to me to be the person (s) who executed this letter of credit on behalf of the corporation therein
named, and acknowledged to me that such corporation executed the same.
, I ql� a
tiONtttIII III rrttrgp��///�.
�dN % Print Name: n i i-i-ri t r-Li
Notary Public for the State ofy" IUvLJGt vui
�Ne, Residing at )�U s pC-(
�rA My Commission Expires Gl • 2 t
F'A FI1 I3 IT 1.3
This agreement specifically HICILIdcS the: i-ollo\Ving llllpt'0VCII1eIItS, their projected construction
completion date and estimated construction costs.
CONSTRUCTION E'S"T'IMATED PEIRCE'XI-AGE
COMPLE,TION CONSTRUCTION COMPLETTi
[IMPROVEMENTS DAJ-L COSTS
Sewage Lift Station
5/31/08
$4,000.00
0%
4,000,00
Dire hydrant
5/31/08
$1,500.00
0%
1,500,00
Storm drainage facilities
1/1/08
$4,500.00
0%
4,500.00
Street lighting meter
5/31/08
$5,000.00
0%
5,000.00
Generator Testing
5/31/08
$500.00
0%
500.00
Subtotal
I O I AL COST
I-OT-AL COLLATERAL ("TOTAL COST x 125%)
QATimberlake Builders\Lone Pine Trails Subdivision\Final Plat\EXHIBIT B 12-24-2007 doc
$ 15,500.00
$ 15,500.00
$ 19,375.00
L'Vhibii 13 I2-29-2007
Lone Pius Trails, Kalispell, rUlonlana Page 1 of 1
of
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ARCHITECTURE
August 17, 2006
Frank Castles, P.E.
City of Kalispell Public Works Department
P.O. Box 1997
Kalispell, MT 59901-1997
Re: Lonepine Trails Subdivision
Dear Frank:
We hereby certify that we have inspected the improvements to Lonepine trails
subdivision. To the best of our knowledge and belief, we have found those
improvements not included in the Subdivision Improvement Agreement to be in
substantial conformance with the approved plans and specifications.
A two Year Letter of Credit in the amount of ($166,585.20) 20% of the cost of the
infrastructure improvements is enclosed.
Sincerely,
SCHWARZ ARCHITECTURE & ENGINEERING, Inc.
Marc Pitman, P.E.
.............
TA
e.§rIA.
I fI At'I
C
;`� t:'• � a �..%i�:'ti?' as `:ram`,
6r
SCHWARZ
SCHWARZ ARCH ITECTU RE AN D EN6INEERIN6, INC.
100 Financial Dr., Suite 120 - Kalispell, MT 59901 - Tel: 406.755.1333 - Fax: 406.755.1310 - www.schwarzae.com
City of Kalispell Public Works Department
Post Office Box 1997, Kalispell, Montana 59903-1997 - Telephone (406)758-7720, Fax (406)758-7831
w�.
MEMORANDUM
December 27, 2007
To: Deb Deist, City Treasurer
From: Mark Crowley, Construction Manager
Re: Lone Pine Trials subdivision
The developer has requested a reduction of the amount of financial security to $19,375.00
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).
The completion date is May 31, 2008 (based on discussions with the development team and
the City Manager).
The developer is providing financial security in the form of a letter of credit in the amount of
$19,375.00 (attached). The letter is to be stored in our vault in accordance with our city
policy. Please return the existing security (First Interstate Bank #2309600335: $131,327.20)
to the Developer.
Do not return the other letter of credit (First Interstate Bank #2309600385: $33,430.00) for
the street trees. This is a separate bonding issue that will be addressed through the Parks
Department.
Cc: without attachments
Planning Department
APEC, Inc.; 100 Financial Drive, Suite 120; Kalispell, MT 59901
First Interstate Bank; PO Box 7130; Kalispell, MT 59904-0130
IL
architecture. planning= engineering-
consulting
December 24, 2007
Frank Castles, P.E., City Engineer
City of Kalispell Public Works Department
P.O. Box 1997
Kalispell, MT 59901
Re: Lone Pine Trails, Subdivision
City of Kalispell, Flathead County
Dear Frank:
We have completed the requested as built survey and have prepared a revised Exhibit B to
the previous filed subdivision improvement agreement.
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,
Encl.:
Cc: Project File # 1179.04
Q:\Tiotberlake Builders\Lone Pine Trails Subdivision\Final Plat\Frank Castles Bond Reduction 12.24.07.doc
Kalispell & APEC, Inc. & Polson
100 Financial Drive, Suite 120 Kalispell, Montana 59901 Tel 406.755,1333 Fax 406.755.1310 www.APEC-MT.coni
EXHIBIT B
This agreement specifically includes the following improvements, their projected construction
completion date and estimated construction costs.
CONSTRUCTION ESTIMATED PERCENTAGE
COMPLETION CONSTRUCTION COMPLETE
IMPROVEMENTS DATE COSTS
Sewage Lift Station
5/31/08
$4,000.00
0%
4,000.00
Fire hydrant
5/31/08
$1,500.00
0%
1,500.00
Storm drainage facilities
1/l/08
$4,500.00
0%
4,500.00
Street lighting meter
5/31/08
$5,000.00
0%
5,000.00
Generator Testing
5/31/08
$500.00
0%
500.00
Subtotal
TOTAL COST
"TOTAL COLLATERAL (TOTAL COST a 125%)
Q1Timberlake Builders\Lone Pine Trails Subdivision\Final Plat\EXHIBIT B 12-24-2007.doc
$ 15,500.00
$ 15,500.00
$ 19,375.00
ARC E.
PITNIq�{
-� 12563PE
y `�� fC�Ns�O • \��e4
Exhibit B
Lone Pine Trails, Kalispell, Montana
12-24-2007
Page I of I
0
First Interstate Bank�j f _Way
fj;
\'� C 2 Main St.
P.O. Box 7130
irst Kalispell, MT 59904-0130
l .� 406-756-5200 L
? f�t Fax:406-756-5260
Bank www.firstinterstatebank.com
AMENDED IRREVOCABLE LETTER OF CREDI��-�'
Letter of Credit No.: 2309600335
Date: August 30, 2006
Amount: $131,327.20
Expiration Date: December 30, 2007
TO: City of Kalispell Public Works Dept.
PO Box 1997
Kalispell, MT 59903
RE: Lone Pine Development, LLC
Project # 1179.04
We hereby establish in your favor an Amended Irrevocable Letter of Credit up to the aggregate amount
One Hundred Thirty One Thousand Three Hundred Twenty Seven Dollars and 20 cents ($131,327.20) at
the request of Lone Pine Development, LLC.
If Lone Pine Development, LLC fails to complete the specified improvements as outlined in the
Subdivision Improvement Agreement (Exhibit B) within the required period, 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 repair improvements 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.
Unless otherwise expressly stated, this Letter of Credit is subject to the Montana Uniform Commercial
Code and the Uniform Custom and Practice for the Documentary Credits (1993 Rev) International
Chamber of Commerce Document No. 500.
First Interstate Bank
PO Box 7130 Kalispell, MT 59904
f
BY:If%�i,
M j DeZort/- {
Its: ;. f.-'uJ ,�
✓ (Title
,
BY:�—
Scott Mizne
Its: (,11 r?'�� t��-�..1 f�c=`�..; �d
(Title)
ACKNOWLEDGEMENT
State of
County of Q' ;
On this � . G day of KU.ct in the year ? G0 .. before me, a Notary Public for the
State of 4�Lc)vt� A,Gc _,personally a geared Mar DeZort and Scott Mizner; known tome to be the
person who executed this letter of credit on behalf of the corporation therein named and acknowledged to
me that such corporation executed the same. G//7
IOTARvPUBLIC- aT Print Name: !
*'no raxsAL e ;� at , �sont ,s Notary Public for he State of ZUw " fJr-
SEAL Residing at / ��
My Crxw. ExpkwMy Commission Expires ooc
t111Y11tt\`�`-
s i isPublic
Post Office Box 1997, Kalispell, Montana 59903-1997 - Telephone (406)758-7720, Fax (406)758-7831
MEMORANDUM
January %, 2007
To: Deb Deist, Treasurer
From: Frank Castles, P.E., Deputy Public Works Director/Assistant City Engineer
RE: Lone Pine Trails Subdivision
Attached is a copy of the request by the developer to reduce the amount of the
subdivision improvement financial security to $131,327.20. 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 1-4-2007).
Please do not release the original Letter of Credit until you receive the Letter of Credit
in the amount of $131,327.20 as mentioned in the letter dated January 4, 2007.
Cc w/o attachments:
Marc Liechti
APEC
100 Financial Drive, Suite 12o
Kalispell, Montana 59901
January 4, 2007
Frank Castles, P.E., City Engineer
City of Kalispell Public Works Department
P.O. Box 1997
Kalispell, MT 59901
Re: Lone Pine Trails, Subdivision
City of Kalispell, Flathead County
Dear Frank:
The owner of Lone Pine Trails has proceeded with completing the final items as part of the
Subdivision Improvement Agreement (SIA) filed with the City of Kalispell.
The Road Construction (100%) has been constructed per plans. The only items remaining
are the landscaping (owners paid the Parks Department), mailboxes, sewage lift station
testing, and 95% of the sidewalks. A revised Exhibit B for the SIA is attached. At this time,
we request a reduction of the previous submitted security amount of $411,062.50 to
$131,327.20. A Letter of Credit in the amount $131,327.20 is enclosed. Please return the
original Letter of Credit to Mr. Watter's office at the following address:
Tom Wafters
Timberlake Builders, Inc.
144 East Second Street
Whitefish, MT 59937
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,
APEC nc.
arc Liechti
Encl.: Revised Exhibit B
Cc: Project File #1179.04
\\Skywalker\Project Files (Documents)\Timberlake Builders\Lone Pine Trails Subdivision\Final Plat\Frank Castles Bond Reduction 1.4.07.doc
Kalispell APEC, Inc. - Poison
100 Financial Drive, Suite 120, Kalispell, Montana 59901 Tel: 406.755.1333 Fax: 406.755.1310 www.APEC-M'I'.com
111..1 : 1111:3
This agreement specifically includes the following improvements, their projected construction
completion date and estimated construction costs.
CONSTRUCTION ESTIMATED PERCENTAGE
COMPLETION CONSTRUCTION COMPLETE
IMPROVEMENTS DATE COSTS
Street grading
Street base
Sidewalks/Curb
LS Testing
Water mains
Fire hydrants
Storm drainage facilities
Street Signs (17)
Street lighting
Mail Boxes, Barrier
Paving
Landscaping/boulevard trees
Subtotal
TOTAL COST
8/23/2006
10/30/2007
8/30/06
9/15/06
8/25/06
8/18/06
8/18/06
10/30/2007
8/23/06
10/30/2007
10/30/2007
8/30/07
TOTAL COLLATERAL (TOTAL COST x 125%)
$52,076.00
$23,755.00
$13 6,628.23
$342,269.33
$293,309.94
in water cost
in sidewalk/curb est
$4,250.00
$49,618.00
$ 6,000.00
$114,000.00
$49,658.00
100%
100%
30 %
95,639.76
99%
3,422.00
100%
100%
100%
100%
100%
0%
6,000.00
100%
paid to
city parks dept
$ 105,061.76
$ 105,061.76
$ 131,327.20
Exhibit B 1-4-2007
Lone Pine Trails, Kalispell, Montana Page I of 1
l ..
Rrst
Bank
First Interstate Bank
2 Main St.
P.O. Box 7130
Kalispell, MT 59904-0130
406-756-5200
Fax:406-756-5260
www.firstinterstatebank.com
IRREVOCABLE LETTER OF CREDIT
Letter of Credit No.: 2309600335
Date: August 30, 2006
Amount: $409,062.50
Expiration Date: December 30, 2007
TO: City of Kalispell
PO Box 1997
Kalispell, MT 59903
RE: Lone Pine Development, LLC
We hereby establish in your favor an Irrevocable Letter of Credit up to the aggregate amount Four Hundred
Nine Thousand Sixty Two Dollars and 50 cents ($409,062.50) at the request of Lone Pine Development,
LLC.
If Lone Pine Development, LLC fails to complete the specified improvements as outlined in the
Subdivision Improvement Agreement (Exhibit B) within the required period, 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 repair improvements 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.
Unless otherwise expressly stated, this Letter of Credit is subject to the Montana Uniform Commercial
Code and the Uniform Custom and Practice for the Documentary Credits (1993 Rev) International
Chamber of Commerce Document No. 500.
First Interstate Bank
PO BoxISialispell, MT 5,9904 17
TammyH tit17y !— r
Its:
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(Title)
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BY: r
cott 'zner rr��
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(Title)
ACKNOWLEDGEMENT
State of 0t6 VLV cW (l )
County of Q lc-� k cc C i )
On this 3V� day of �� , m the year T o before me, a Notary Public for the
State of person lly appeared Tammy Grilley and Scott Mimer; known to me to be
the person who executed this letter of credit on behalf of the corporation therein named acknowledged
to me that such corporation executed the same. �� ,/V� 7-;1_
(SEAL)
NOTARY PUBLIGMONTANA
Residing at Kalispell, Montana
My Comm. Expires Y ! 1/�C `j
Tint Name: KK Lv -c e l'
Notary Public f r the State
Residing at
My Commission Expires
ity ®f Kalispell
Post Office Box 1997 - Kalispell, Montana 59903-1997 - Telephone (406)758-7700 Fax (406)758-7758
February 1, 2007
Schwarz Architecture & Engineering
100 Financial Drive, Ste 120
Kalispell, MT 59901
Re: Cashier's Check 01 4489346966 $5,000.00
Lone Pine Trails Subdivision
Dear Sir,
I am returning the cashier's check for Lone Pine Trails Subdivision. This was a portion
of the original security for the SIA agreement amount of $411,062.50. The amount was
reduced to $131,327.20 and I have a new letter of credit (2309600335) for that amount.
The original letter of credit in the amount of $409,062.50 was released 1/23/07. Since
this cashier's check was part of the same original security, I am releasing it.
If you have any questions, please call me at 758-7750.
Sincerely,
Deb Deist
City Treasurer
THIS DOCUMENT HAS AN ARTIFICIAL WATERMARK PRINTED ON THE BACK, THE FRONT OF THE DOCUMENT HAS A MICRO -PRINT SIGNATURE LINE. ABSENCE OF THESE FEATURES WILL INDICATE A COPY.
14489346966
22-1676
960
8/29/06
PAY TOTHE CITY OF KALISPELL
ORDER OF 1$ 5, 0 0 0. 0 0
EXACTLY ** 5 0 0 0 AND 0 0/ 10 0 DOLLARS DOLLARS
PAYABLE THROUGH
US BANK, ST. PAUL, MN
2929 i
Sho GLACIER
P.O. BOX 27 ® KALISPELL, MT 59903
REMITTER
SCHWARZ ARCHITECTURE & ENGINEERING
PAY TO THE
ORDER OF
CITY OF KALISPELL
EXACTLY **5,000 AND 00/100
SIGNATURE OF REMITTER
I
DOLLARS
of Ka
lispol
Parks and Recreation
August 16, 2006
351 St Ave E — P.O. Box 1997 — Kalispell, MT 59903 —
PH 758-7717 — Fax 758-7719 — E-Mail jyoung@ Kalispell.com
Johna Morrison
100 Financial Dr. Suite 120
Kalispell, MT 59901
Re: Lone Pine Trails
Dear Johna Morrison,
This letter is to serve as approval on the landscaping plans submitted for Lone
Pine Trails.
The developer has deposited a check in the amount of $49,650 with the City of
Kalispell to cover the cost of planting 124 boulevard trees, boulevard preparation,
boulevard seeding and topsoil within Lone Pine Trails. The City Parks and
Recreation Department will be replacing Green Ash with another tree selection
that was selected on your boulevard tree list. It is understood that any and all
landscaping and amenities are required to meet the city standards.
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,
-6
�---
Jennifer Young, 4
Kalispell Parks and Recreation
cc: Tom Jentz, Kalispell Planning
Deb Deist, Finance
Mark Crowley, Construction Manager %
09/19/06 p12:52:54 CITY OF KALISPELL Page
gb620-iq ACCOUNT HISTORY trs
G/L#: 2600-000-346080-000
Descr: DEVELOPER'S PAYMENT/TREES
From: 08/16/2006 Output: Printer
To: 08/16/2006
DATE AMOUNT BTCH DESCRIPTION / NAME / INV# / PO
08/16/06 49,658.00- C/R 17456 B146133 LONE PINE DEV:LONE PINE DEV
C/R DB: .00 CR: 49,658.00-
of Kalisp.,
74
Parks and Recreation
August 25, 2006
35 1 st Ave E — P.O. Box 1997 — Kalispell, MT 59903 —
PH 758-7717 — Fax 758-7719 — E-Mail jyoung@ Kalispell.com
Johna Morrison
100 Financial Dr. Suite 120
Kalispell, MT 59901
Re: Lone Pine Trails
Dear Johna Morrison,
This letter is to serve as approval on the landscaping plans submitted for the
Lone Pine Trails Subdivision.
The Parks and Recreation department approves the buffers on the northern part
of the property and the southwest part of the property. As mentioned make sure
the buffer areas have irrigation systems in place. The department approves the
Parks and all the amenities. Again, as mentioned in the phone conversation the
park areas will need irrigation and the trail system needs to consist of a hard
surface approved by the Parks and Recreation Department.
Final approval will be given upon completion, inspection and approval of the
landscaping, at which time bonding and/or letter of credit would be released if it is
in place. It should be noted that the landscaping and amenities are under a
warranty period and the developer will be responsible fro replacement if
necessary.
If has been enjoyable working with you, if you have any concerns or questions
please give me a call.
Sincerel ,
Jennifer oung,
Kalispell Parks and Recreation
cc. Tom Jentz, Kalispell Planning
Deb Deist, Frnance.a'
Mark Crowley, Construction Manager