HomeMy WebLinkAboutTM 25161 - Bighorn Dvlpmnt, LLC - Release Letter of Credit M�4, �_ ,:,a�,�,.
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CITY OF PALM DESERT
PUBLIC WORKS DEPARTMENT
STAFF REPORT
REQUEST: Release the Letter of Credit in the Amount of$25,000 for
Construction of an Irrigation Line and Well Site Improvements for
Tract Map 25161 (Bighorn)
SUBMITTED BY: Mark Greenwood, P.E., Director of Public Works
APPLICANT: Bighorn Development, LLC
255 Palowet Drive
Palm Desert, CA 92260
LETTER OF
CREDIT NO: 1819
Pacific Western Bank
401 W est "A" Street, Ste 200
San Diego, CA 9210
DATE: February 12, 2009
CONTENTS: Vicinity Map
Letter of Credit
Recommendation:
By Minute Motion, release the letter of credit in the amount of $25,000 for
construction of an irrigation line and well site improvements for Tract Map
25161 (Bighorn).
Discussion:
In 2002, Bighorn Development, LLC, began construction on an irrigation transmission
line and well site improvements to the well at the southeast corner of Shadow Mountain
and Lupine Lane. At that time, Public Works accepted a letter of credit for faithful
performance in the amount of$25,000. ,
All work has been completed in accordance with the approved plans, and has been
inspected by the Public Works staff and found to be acceptable. The normal one-year
maintenance period has passed so a maintenance bond is not required.
Staff Report
Release the Letter of Credit for Construction of an Irrigation Line and Well Site Improvements
for Tract Map 25161
February 12, 2009
Page 2 of 2
Therefore, staff recommends that City Council release the letter of credit for
construction of the irrigation transmission line and well site improvements to the well at
the southeast corner of Shadow Mountain and Lupine Lane.
Submitted By: Departme t e :
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Christina Canales Mark Greenwood, P.E.
Assistant Engineer Director of Public Works
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Homer Croy Paul S. Gibson
ACM for De opment Services Finance Director
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WeII Site lmprovements.docx
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�INTERNA710NAL TRADE FINANCE.401 WEST"A"STREE'f. SUI7E 20Q.SAN DIEGO.CA.92101 :
AMENDMENT TO IEtREVOCABLE STANDBY LETTER OF CItEDIT
` LB7TER OF.CREDIT NOi , !3I9
'. AIyIENDWfHNT NO: 061
' AMENDMEt�TDATE: Ol DECEMBPR200$.
BENEFICIARY:` C1TY OF PALM DESERT '
'; - r; 73-SIO.FRED WARING DR1VL : ;
PALM DESERT,CA 92260 :
; .APPLICANT: : BIGHORNDEVELAPMENTLLC
255 PALOWEI DRIVE
PALM DESERT,CA 92260 :
WE HEREBY AIvI�TfD OUR IRREVOCABLE STANDBY LE'iTER OF CREDITNO�I$19 DATED 2�NOVEMBER 2003 '
' AS:FOLLOWS: `. '
• THE FINAL MATURITY DATE NOW READS AS 15 NOVEMBER 2013:THIS STANDBY LETTER OF CREDiT
CONTINUE$;TO BE AUTO RENEWABLE iF UNLESS PACIFIC WE3TERN BANIC NOTIFIES THB;BENEFICIAItY '
; VIA OVERNIGHT COURIER SERVICE AT'LEAST SiXTY(60)DAYS:PR[OR TOiANY EXPIRY DATETHAT , ,
' PACIF]C WESTERN BANK ELECTS NOT'TO CONSIDER THIS STANDBY LETTER OF CREDtT RENEWED FOR
ANY'ADDIT(pNAL P6RIOD FROM THE CURRENT.;SAID EXPIRX DA.T�.
TI{IS E DMENT FORMS AN INTEGRAL PART'i'O THE STAAtDBYiLETTER OF CREDiT.ALL;OTHER TERMS AND
` CON ITIO S TO REMA(N THE SAME. ` '. ` "
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; ' ' ACKNO.WLEDGEMENT OF RECEIPT,QF AMENDMENT TO.ST'ANDBY LETTER OF CREDIT '. '.
PLEASE SIGN BELOW AND.RETURN THIS PORTfON OF THE STANDBY LETTER OF CREDI3 , ;
;AMENDMENT;70 OUR OFFICES ADYISING,US YO.UR f2ECEIPT AND ACCEPTANCE OF STANDBY
+LETTER OF CREDIT NUMBER 1819,;AMENDINENT:.NUMBER 001,7SSUED 01 DECEMB�R 20Q8
P[.EA3�RETURN THIS TO OUiZ OFFICES A'F THE ADDRES3 ABOVE VIA REGULAR MAIL.
THANKS AND:.BEST R�GAFtDS,
`PAC[FIC WE53'ERN BANK
i INTERNATIONAL TRADE FINANCE DEPARTMENT :
SAN DIEGO,CALIFORNIA
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WE ARE IN RECEIPT:OF THE`ABOVE MENTlONED AMENDMENT'NUMBER 001 TO STANDBY
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LETTER OF CREDlT.NUMBER 1819:;.PLEASE ACCEPT pU.R SIGNATURE;BELOW AS OUR
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��������.�A LOCATOR MAP
� � IRRIGATION WELL SITE
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`°�,.������a� 1/20/2009 1 inch = 100 feet ��