HomeMy WebLinkAbout13- Bozeman 1, LLC Meadow Creek Irrevocable Letter of Credit Rocky
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IRREVOCABLE STANDBY LETTER OF CREDIT
April 17, 2013
Beneficiary: Letter of credit No. 123
City of Bozeman
PO Box 1230
Bozeman, MT 59771-1230
Applicant:
Bozeman I,LLC
2901 West Main Street
Bozeman, NIT 59718
Issuing Bank:
Rocky Mountain Bank
2901 W Main Street
Bozeman, MT 59718
Ladies and Gentlemen:
Rocky Mountain Bank(the"Issuing Bank") hereby issues this irrevocable standby letter of credit
(the"Letter of Credit") for the benefit of the Beneficiary and available for Your draft or drafts on sight,
subject to the requirements of this Letter of Credit, in an aggregate amount not to exceed Four Hundred
Thousand Three Hundred Fifty Dollars($400,350.00)(as the same may be reduced from time to time by
the written instructions of Beneficiary, the "Stated Amount").This Letter expires at 3:00 p.rn. (Mountain
Standard Time) on December 4, 2014 (the"Expiration Time").
Original drafts on the Letter of Credit shall be manually signed by a,duly authorized agent of the
Beneficiary, presented to the Issuing Bank at its office state above, in a single mailing, by courier or
personal delivery, and to the Attention of the President and shall state the following;
"This draft, in the amount of[DRAW AMOUNT] (the"Draw
Amount"), is drawn upon Letter of Credit No. 123 issued by Rocky
Mountain Bank. The undersigned, on behalf of the Beneficiary, certifies
that(1)the undersigned is duly authorized to execute and deliver this
draft and (2)the Draw Amount is due and owing to the Beneficiary by
reason of a default by Applicant under the Improvements Agreement
dated as of April 17, 2013, between Beneficiary and Applicant,"
LO(.;AFIONS MGIFORK BUJN(AS, BOZEMAN, KM IISPI EL L.,PLANS, II 51LENFYVVQ()D,STIEVENSUIJE,)N1flTEHA11
I Q '2013
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All drafts drawn under and in compliance with the terms ofthis Letter nf Credit will hcdu~
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honored cm receipt my the specified d000cu��mhv the Issuing Bank if actually received oom Business Day
and before the Expiration Time. Partial drawings are permitted provided the aggregate of all draws does
not exceed the Stated Amount. "Business Day"means any calendar day other than Saturday, Sunday or
legal holiday and on which the Issuing Bunk is open for business a1the office.
This Letter of Credit sets forth in full the Issuing Bank's undertakings and the undertaking shall
not beio any way nuudlfied, amended nr limited 6v reference to any other document, instrument or
agreement, excepting only the sight d,aftyand required drawing statement and drawing documents
identified above, This Agreement will be governed by federal law applicable to Issuing Bank and, tmthe
extent not preempted by provisions, and except to the extent such laws are inconsistent with the 2006
Revision of the Uniform Customs and Practice for Documentary Credits of the International Chamber of
Commerce, ICC Publication No. 600. This Agreement has been accepted by Issuing Bank iuthe State of
Moot000.
Communications with respect to the Letter of Credit shall be in writing and shall be addressed to
the Issuing Bank u1 the address set forth uhooc. All comuoomiootiozm oouo1 make reference to the Letter of
Credit number.
This letter is non-assign able and non-transferable
ROCKY IN BANK
By
CITY OF BOZEMAN
DEPARTMENT OF PLANNING AMC} COMMUNITY DEVELOPMENI
Affred M. Stiff Professional Building phone 406-582-2260
20 East Olive Street fax 406-582-2263
P.O. Box 1230 planning@bozeman.net
Bozeman, Montana 59771-1230 www.loozerrannef
MEMORANDUM
TO: TARA HASTIE
CHRIS SAUNDERS
FROM DAVE SKETON
DATE,': AUGUST 8,2013
RE: MEADOW CREEK SUBDIVISION, PHASE I - #P-06058
LO'I' 7A, BLOCK 10, MEADOW CREEK SUBDIVISION, PHASE 1 - #P-13008
LE'I'_FER OF CREDIT AND IMPROVEMEN'l"S AGREEMENT
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Attached please find the original Letters of Credit No. 119 and No. 123 prepared by Rock), Mountain Bank
on behalf of Bozeman 1 LLC for Meadow Creek Subdivision, Phase 1. Also find attached the original
Improvements Agreement for the remaining sidewalks and trail seeding for Meadow Creek Subdivision,
Phase 1 and copy of the Improvements Agreement for the Amended Plat of Lot 7A, Block 10 of Meadow
Creek Subdivision, Phase 1. Note that Letter of Credit No. 123 replaces LOC Letter of Credit No. 119.
LOC No. 123 to be sent to the Finance Department and LOC No. 119 returned to the lending institution at
this time.
Letter of Credit No. 123 is the financial guarantee for the remaining subdivision related improvements in
Meadow Creek Subdivision, Phase 1 for the remaining boulevard side-walks and trail seeding (see attached
original) combined with the improvements for the final plat of the Amended Plat of Lot 7A, Block 10,
Meadow Creek Subdivision, Phase 1. Copies of the financial guarantees have been placed in both of the
subdivision files.
Note that the financial guarantee does not expire until December 4, 2014. However, improvements for Lot
7A, Block 10 are scheduled to be completed this year (i.e., median landscape for South 25"Avenue,
Recommend that you contact Trever McSpadden of Morris on-Maietle or John Vandelinder regarding the
status of the median improvements,
DS/dps
Attachments: Original Letter of Credit No. 119 and 123
Original IA for Meadow Creek Subdivision, Phase I (Sidewalk Extension/Trails)
Copy TA for Amended Plat, I.,ot 7A, Block 10, Meadow Creek Subdivision,Phase 1
planning • zoning -, subdivision review - annexation - historic preservation • housing - grant administration • neighborhood
coordination
CITY OF BOZEMAN
DEPARTMENT OF COMMUNITY DEVELOPMENT
Alfred M.Stiff Professional Building phone 406582-2260
20 East Olive Street fox 406-582-2263
P.O. Box 1230 planning@bozeman.net
Bozeman, Montano 59771-1230 www.bozeman.net
To,: Stacy Ulman and Aimee Brunckhorst
From: Sally Thomas, Administrative Assistant
Date: August 20, 2.013
Re: #Z-13008 Meadow Creek Phase I Block 10 Lot 7A Final Plat
Enclosed you will find the original Letter of Credit #123, dated April 17, 2013, for the account of
Bozeman 1, LLC and City of Bozeman in the amount of$400,350.00, from Rocky Mountain Bank
which was issued to guarantee improvements related to the Meadow Creek Phase I Block 10 Lot 7A
Final Plat project approval. Please bold it until you are either directed to issue drafts against them due
to default, or to return the amount to the issuer when improvements are completed.
Development Review Division Policy and Planning Division Building Division