HomeMy WebLinkAboutTract 30030 - Release 1 Yr Maintenance Security (Alpine Lane) - Sound Management, LLCCITY OF PALM DESERT
PUBLIC WORKS DEPARTMENT
STAFF REPORT
REQUEST: Release One Year Maintenance Security for Tract 30030 (Alpine Lane)
SUBMITTED BY: Mark Greenwood, City Engineer
APPLICANT: Sound Management, LLC
Mr. Phil Rafnson
1109 Xylon Avenue South
Bloomington, MN 55438
DATE: May 13, 2004
Recommendation:
By minute motion, authorize the City Clerk to release the subdivision
improvement maintenance security for Tract 30030 in the amount of $15,579.00.
Background:
Tract 30030, Alpine Lane, is located north of Frank Sinatra Drive and west of Portola
Avenue, adjacent to the Kaufman and Broad project. The development plan provided for
the creation of residential lots and a public street system.
A bond, which was originally posted for the construction of the various public
improvements, was released in May 2003, and an Irrevocable Standby Letter of Credit in
the amount of $15,579.00 was accepted for the one year maintenance period as is
required by the Palm Desert Municipal Code.
The Public Works Department has recently re -inspected this project to insure that all
improvements remain as they were originally accepted in May 2003. The one year
maintenance period is now complete and staff recommends that the City Council
authorize the release of the maintenance obligation.
Submitte
Mark Green ' ood, P.
City Engineer
Approval:
AC for Deve op nt Services
Michael Errante, P.E.
Director of Public Works
City Manager
Irrevocable Standby Letter of Credit No. 337202
Date: May 23, 2003
Beneficiary: City of Palm Desert Amount: $ 15,579.00
Sound Management, LLC.
1109 Xylon Avenue South
Bloomington, Mn. 55438
Re: The Boulders at Palm Desert, Tract # 30030 Alpine Lane
To Beneficiary:
We hereby establish our irrevocable Standby Letter of Credit in your favor, by
order of Sound Management, LLC., 1 109 Xylon Ave. South, Bloomington, Mn.
55438.
The amount set forth above will be available to you by submission of your Sight
Draft(s), through proper clearing channels (consult your bank), accompanied by
this original Letter of Credit and Beneficiary's officially -signed statement
certifying that Customer has failed to comply with requirements of the City and
has been so notified in writing.
Each draft must state on its face, "Drawn under Canyon National Bank Letter of
Credit No. 337202 dated May 23, 2003.
Drafts may not be presented for purposes that pre -date this Letter, or under any
circumstances, later than the expiration of the Letter on May 23, 2004. This Letter
of Credit is transferable only upon our prior approval and payment of an
appropriate transfer fee.
We hereby agree to duly honor drafts properly drawn on, and in strict compliance
with the terms of, this Letter of Credit, on presentation during normal banking.
hours to this bank at 1711 E. Palm Canyon Drive, Palm Springs, CA 92264,
ATTN: Note Dept. This Letter of Credit is subject to the law of the State of
California, including the Uniform Commercial Code, and International
Chamber of Commerce rules pertaining to Uniform Customs and Practice for
Documentary Credits (ICC Publication #500, 1993 revision)
TO BE VALID, THIS LETTER OF CREDIT MUST BE SIGNED BY TWO OF
THIS BANK'S CORPORATE OFFICERS.
CANYO NATIONAL BANK
By. By:
Robert M. Cross B.D. King
Senior Vice President Vice President
Chief Credit Officer .,...a' Commercial Lo
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