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Home My WebLink AboutPM 30502 - Wal-Mart - Release Ltrs of Credit CITY OF PALM DESERT PUBLIC WORKS DEPARTMENT STAFF REPORT REQUEST: Release Wal-Mart Letters of Credit for Parcel Map 30502 SUBMITTED BY: Mark Greenwood, P.E., Director of Public Works APPLICANT: Wal-Mart Letter of Credit Manager, Dept. 9382 2001 SE 10th Street Bentonville, AR 72716 Letters of Credit 5-615176 and 5-61517 Numbers: JP Morgan Chase Bank, N.A. c/o JPMorgan Treasury Services Global Trade Services 10420 Highland Manor Drive Tampa, FL 33610 DATE: March 26, 2009 CONTENTS: Letters of Credit Vicinity Map Recommendation: By Minute Motion, release Wal-Mart letters of credit for Parcel Map 30502. Discussion: Parcel Map 30502 is located at the southeast corner of Monterey Avenue and Dinah Shore Drive. At the time of grading permit issuance, Wal-Mart submitted a letter of credit for grading and off-site improvements in the amount total amount of $6,185,841. All grading and improvements are complete, have been inspected and found to be acceptable. The normal one-year maintenance bond is not required because a year has passed since the completion of grading and off-site improvements. Staff Report Release Wal-Mart Letters of Credit for Parcel Map 30502 Page2of2 March 26, 2009 Therefore, staff recommends that Council authorize the City Clerk to release the letters of credit for Parcel Map 30502. Submitted By: Departm t ead: ' � i Cl�t,+ri S}i ric� �'�c,nr,�es �' Christina Canales Mark Gr nwood, P. . Assistant Engineer Director of Public Works Approval: Homer Croy Paul S. Gibson ACM for Devel p nt Services Finance Director CITY C(��JNCILACTION ANYItOV[?D—� nf�.NIF.D h M. ohlmuth rzr;crrvr[� c��Hrrz /Ci Manager � n�cr•r►!vc� �ATE -a ._ �vrs: �ns �usdn i r �o�:s:�lcnp /cc �,�3Se1vT: 1�1�nf A1�5TAlN: �'E,'R[�II�,1� I3Y: t3reginal on rilc with City Clcrk's Of}ice �.. . ��J PtViorgan ,fP�lorgan Chasc B�nk,Y.A. c/o JPMorgan Trcasury Services Globai Trade Scrvices ]0�420 Hi�hlnnd Manor Drive � "1'ampa,FL 33610 Tel.:866-632-5101 NOV 15, 2004 OUR L/C NO. : 5-615177 APPLICANT REF. NO. : STORE NO. 1832/6609 IRREVOCABI,E STANDBy LETTER OF CREDTT NO. 5-615177 STORE NO. 1832/6609 ISSUE JATE: NOVEMBER 15, 2�04 . BENEFICTARY: �TTY OF PAI,M DESERT `73-51� �"RED WARING DRIVE P�I,M DEfiERT, CAI�IFORNIA 92260 ATTN: PAGF G�ARNER �EI,EPHONE NO. : 760-776�-645� �iPPLTCAN P: Tn�.A�—MART STORES, TI�C. ATTN: LETTER OF CREDIT MANAGER, DEPT. 9382 �001 S�: IOTH STREET BENTONVTLLE, AR 72716—p5S0 AMOUNT: US $4,123,892 .00 FOUR MILLION ONE HUNDRED TWENTY THRE� THOUSAND ETGHT HUNDRED NINETY TWO .AND NQ/10 0 US D OI�L�RS EXPIRY DATE. NOVF,N�ER 15, 2005 6ENTLEMEN: '" WE HEREBY ESTABLISH OUR 2RREVOCABLE STANDBY x,ETTER OF CREDIT NO. 5-615177 IN YOUR FAVOR, AS BENEFICIARY, BY ORDER AND FOR ACCOUNT OF WAL—MAEtT STORES, INC, ATTN: LETTER OF CREDIT MANAGER, DEPT. 93$2, 2001 SE lOTH STREET, BENTONV�LLE, AR 72716-0550, UP TO THE AGGREGATE SUM OF FOUR MILLIDN ONE HUNDRED TWENTY THREE THOUSAND EIGHT HUNDRED NTNETY TWO AND 1300Eo U070495 � Pag�1 oF 3 — . . `' �� . � ��P�organ .IP�torgan Chasc II�nk,\.,�. c/o JPMorgan Trcasury Scrvices Global Trade Services [0420 Hi�h�and�b(anor Drive I'ampa,Ft,336I0 Tei.:36b-632-�101 N�V 1S, 2004 OUR L/C NO. : 5-615177 APPLIC�NT REF. NO. : STORE NO. 1832/6609 NO/100 �C7S DOLLARS (LT,S, $4,123,892 . 00) , EX�'�RTNG ON NOVEMBER 15, 2005 EXCEPT AS FURTHER STATED, A� THE COUNTERS �F JPMORGAI3 GHASE BANK, N.A. , 30� S . GRANL r�,VED7t7E, 4TH FI,OOR, LOS ANGELES, CA 90071, AVAILABLE BY PAYMENT AGATNST YpUR DI2A&'T(S) DRAWN ON JPMORGAN CHp,SE B.ANK, N,A. , �yr7 YORK, AT SIGHT ACCOMPANIED BY: 1 . A NOTARIZED STATEMENT PURPORTEDZY SIGNED BY AN AUTHORIZED OFFICIAL OF THE CITY OF PALM DESERT, STATING THAT: "THE FIJNDS DRAyrTI•7 UNDER IgREVOCABLE STANVBY LETTER OF CREDIT NO. 5-6I5177 ISSUED BY JPMORGAN CHASE' BANK, N.A. �RE DUE BY REASON UF WAL-MART STORES, INC' S FAILURE TO COMPLETE OFF-SITE IMPROVEMENTS, FOR WAL-MART STORE �].$32 p,D7n g,t1M� S CLUB �6 60 9 IN PAZ,M L�.ESERT, �AL,IFnRNIA� pURSUANT TU THAT CERTAIN SUB-D'IVISTON IMPROVEMENT ?1GREENIEN� DATED NOVEM�3ER �--, 2Q04, ENTERED INTO BE'.i'WEE�I .WAL-MART STORES, INC. AND TH� GITY OF PALM DESERT, AS SHOWN nI�7 PLANS PREpARF� gy M�A, SNC./DRC, INC, AND THAT AT LEAST TEN (10) BUS.INESS DAXS IN ADVANCE OF THE PRESENTATION OF THE SIGHT DRAFT FOR PAYMENT, THE CITY OF PALM DESERT HAS PROVIDED TQ THE APPLIGANT BY COURTER OR CERTIFIED MA,�L, RETURN RELEIpT R�QUESTED, NOTICE OF THE CITY OF PALM DESERT' S �NT�ZdTTON TO DRAW FUNDS ON THIS T,,��TEIl �F CRED�T. THE WORK TO BE COMPLE'.CED IS AS FC)LLOWS: (LTST WO.RK WAL—MP�T STORES, INC. FAILED TO COM.PLE�'E. ) " ; AND 2 . THE ORTGINAL OF THIS LETxER OF CREDIT. SPECIAL CONDTT'IONS: P.ARTIAL DRAWTNGS ARE ACCEPTABLE UPON APPROVAI� OF THE CITY COUNCIL OF THE CITY OF PALM DESERT. IT IS A CONDxTION OF THIS I,ETTER OF CREDIT THAT �T SHALL BE DEEMED AUTOMATICA.i,LY EXTENDED WI�H�UT ANIENDMENT FOR ONE ,(Z) YEAR FROM THE PRESENT OR ANY FUTUR� EXPIRATION DATE UNLESS AT LEAST THIRTY (30) DAYS PRIOR TO SUCIi EXPIRA,TION DATE YOU ARE NOTIFIED BY COURTER OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED,. THAT WE EI�ECT NOT TO CONSIDER THIS LE'�TER OF CREDIT RENEWED FOR ANY SiJCH PERIOD. NOTWITHSTANDING THE FOREGOING, THIS LETTER OF CREDIT SHALI, HAVE A FINAI, EXPIRY DAxE OF NOVEI�ER 15, 2006 . .ANY DRAFT DRAWN UNDER THIS LETTER OF CREDIT MUST BE MARKED "DRAWN UNDER 1300(0 U070a95 � � Pagz 2 of 3 � ��. � � ��JPIVlorgan JP19orgAn Chuse Bank,N.A, c/o 1PMoraan Treasury Services Global Trade Services 10420 Highland Manor Drive Tampa,FL 33610 Tcl.:3G6-632-�I D I NOV 1= , 200' OUR L/C N0. : 5—�1517' APPLICANT REF. NC. : STORE NO. 1832/660= IRREVOCABLE LETTER OF CREDIT NO, 5-615177 ISSTJED gy JpMORGAN CHASE B��'�, N.A. " WE HEREBY ENGAGE WTTH YOU THAT ANY DRA,FT DRAWN L7NDER AND IN CUMPLIAr7� WITFi THE TERMS OF THIS LETTER OF CREDIT WTLI� BE DULY HONORED C?N THE PRESENTATTON AT OUR OFFICE AT 300 S. GRAND AVENUE, 4TH FLOOR, AfiTN: STANDBY LETTER OF CREDIT DEPARTMENT, LQS ANGELES, CA 90071, BX COURI� OR CERT�FIED MAIL, ON OR BEFORE THE EXPIRATION DATE AS SPECTFIED ABOVE. rJNLESS OTHERWISE EXPRESSLY STATED HEREIN, THIS LETTER UF CREDIT IS SL�:.��CT TO THE IN�ERNATIONAL STANDBY PRAC�ICES 199$ (TSP98} , TNTERNATIONAL CE�.�ER OF �QMI�RCE PUBL�CATTON NO. 590. • _ �� ' �'' AUTHORI D SIGN�'URE i �,.,��"iIBS l�f{8Tt1I7BZ __�:,rv� ?I��e Pt•nsiden: �sooio uo�a��s � Pa¢a 3 oe 3 -, . �� '��J PMorgan .IPi�lorgan Chasc Bank,N,�\, c/o JPMor�an Treasury Services Global Trade$ervices E 0420 E-fighiand�tanor Drive Tampa,FL 336I0 Tel.:866-632-5 I O l Nov 1�, 200� OUR L/C NO. : 5—�15176 APPLICRNT REF. NO. : STORE NO. 1832/6609 IRREVOCABLE ST2�NDBy LETTER OF CREDIT N4. 5-615176 sTo� rro. 1.832/6609 ISSUE DATE : NOVEMBER 15, 2004 BENEFICIARY: C:CTY t�E PALM DESERT 73-510 FRED WARING DRIVE PALM DESERT, CALTFORNIA 92260 AT�'N: P.AGE GARNER TELEPHONE NO. : 760-776-6450 APPLICANT: WAL-�MART STORES, INC. ATTN: LETTER OF CREDIT MP,NAGER, DEPT, 93$2 2001 SE ZOTH STREE� BENTONVILLE, AR 72716-055� AMOUNT: US $2, 061,949 .00 TWO MILLION SIXTY ONE THOUSAND NINE HUNDRED FORTY NINE AND NO/Iq0 US DOLI,ARS EXPIRY DATE: NOVEMBER 15, 2005 GENTI�EMEN: WE HEREBY ESTABLISH OUR TRREVOCABLE ST.ANDBY ZE�TER OF CREDIT NO. 5—fi15176 IN YOUR FAVOR, AS BENEFICIARY, BY ORDER .�,ND FOR ACCOUNT OF WAL—M�2T STORES, INC, ATTN: LETTER OF CREDIT MANAGER, DEPT. 9382, 2001 SE lOTH STREET, BENTONtT�I,LE, AR 72716�-0550, UP TO THE AGGREGATE SUM OF TWO MILLION SIXTY ONE THOUSAND NINE HUNDRED FORTY NTNE AND NO/1Q0 US DQLLARS (U.S. $2,061,949. 00) , EXPIRING ON NOVE2�ER 15, 2005 EXCEPT AS FURTHER STATED, AT THE COUNTERS OF JPMORGAN CHASE BANK, N.A. , 300 S . GRAND ,'�,VENUE� �soaos uo�oays Page I o() ` � � " �� °�J PMorgan JP�lorg;�n Ch:tse Bank,Y.A, c!o JPiviorsan Treasury Services Globaf Trade Services I Od20 Hi�hland�Sanor Drive Tampa,FL 33610 Tal,;366-632-5101 NOV 15, 2004 OUR L/C NO. : 5-615176 A�'PI,,IC.ANT REF. NO. : STORE NO. 1832/6609 4TH F3�OOR, LOS AI3GEZES, CA 90071, AVAII.ABLE BY PAYMENT AGAINST YOUR DRAFT (S) DRAWN G�N JPMORGAN CHASE BANK, N.A. , NEW YORK, AT STGHT ACCOMPANIED BY: 1. A NOTARIZED STATEMENT PURPORTEDLY SIGNED BY AN AUTHORIZED OFFICIAI, OF THE CITY OF PALM DESERT, STATING THAT: "THE .FTJNDS DRAWN UNDER IRREVOCABLE STANDBY LETTER OF CREDIT NO. 5-6I5176 ISSUED BY JPMORGAN CHASE BANK, N.A. ARE DTJE BY REASON OF WAL—MART STORES, INC' S FAILURE TO PAY EOR MATERIAL AND/f)R T,,A.BOR FOR OFF—SSTE IMPR�VENYEI�ITS, FOR WAL—MART STQRE #1832 AND SAM'S C�UB #6609 IN PALM DESERT, CAL�FORNIA, PURSUANT TO THAT CERTAIN SUB— DTVTSTON 2MPROVENTENT AGREEMENT DATED NOVEMBER --, 2004, ENTERED TNTO BETWEEN WAL—IvJART �TOgES, ZNC. AND THE CTTY OF PALN! DESERT', AS SHQWN ON FI+ANS PRr,PARED BY MSA, INC./DRC, I1�lC, AND THAT AT. LEAST TEN (10) BUSINESS �AYS IN ADVANCE OF THE PRE$ENTATION OF' THE SIGHT DRAET FO�t PAYMENT, �'HE . CITY OF �ALM DESER'� HAS PRO`VTDED TO THE .APPLICANT BY COTJ.ZIER OR CERTIFIED MAIL, RETiSR1�T RECEIpT REQUESTED, NATTCE OF THE CITY �F PALM ,DESERT'S ' TNTENTION TO DRAW FUN,DS ON THIS I�ETTER OF CREDIT. THE .PAXMENTS. TO BE COMPLETED ARE AS EOLLOWS: tLIST PAYMENT WAL�-MART STORES, INC. FAZLED TO PAY. ) n ; Alti� 2 . THE OR�GIN�1L OF THIS LETTER OF CREDIT. SPECIAL CONDITIONS: PARTIAL DRAWINGS �1RE ACCEPTABLE OPN APPROVAL OF THE CITY COUNCIL OF THE CITY OF PALM DESERT. IT IS 3�, COND�T'TON OF THIS LETTER OF CREDZT THAT ZT SHALL BE DEEMED AUTOMATICA.LLY EXTENDED WITXOUT AMENDMENT FOR ONE (J.} YEAR FROM THE PRESENT OR ANY FUTURE EXPIRATION DATE UNLESS AT LEAST THIRTY (30) DAYS PRIOR TO SUCH EXPIRATIC?N DATE YOU ARE 1�70T2FIED BY COURIER OR CERTTFIED MATL, RETURN RECEIPT REQLTESTED, THP,T WE ELECT NOT TO CONSIDER THTS LETTER OF CREDIT RENEWED FOR ANY SUCH PERIOD. NOTWTTHSTANDING THE FOREGOING, THIS LETTER OF CREDIT SHAI�L HAVE A FZNAL EXPIRY DATE OF NOVEMBER 15, 2006. ANY DRA.FT DRAWN UNDER THIS LETTER OF CREDIT MUST BE Ni1�,RKED "DRAWN UNDER IRF2EVOCABLE LETTER OF CREDIT NO. 5-615176 ISSUED BY JPMORGAN CHASE BANK, N.A. " 130008 tJ070495 Page 2��F 3 -. A�°` � 'a�J PMorgan .Jh�torgan Chasc Bank,Y,;�, c%JPMorgan Trcazury Services Global Tradc Services 10420 Highland Manor Drive Tamp;�,FL 33610 Tel.:366-632->I01 NOV 15, 2004 OUR L/C NO. : 5-615176 APPLICANT REF. N�. : STORE NO. 1832/6609 WE HEREBY ENGAGE WITH YOU THAT ANY DRAFT DRAWN UNDER AND IN COMPLIANCE WTTH THE TERMS OF THIS ZETTER OF CREDIT WILL BE DULY HONORED ON THE PRESENTATION AT OUR OFFTCE AT 300 S. GRAND AVENUE, 4TH FLOOR, �iTTN: STANDBY LETTER OF CREDZ� DEPARTMENT, LOS ANGELES, CA 90071, BY COURIER OR CERTIFIED M1�II,� ON t�R BEFORE THE EXPIRATION DATE AS SPECIFIED ABOVE. UNLESS OTHERWISE EXPRESSLI' STATED HEREIN, THIS LETTER OF CREDIT 25 Sl'JBJECT TO THE TNTERNATZON.AL STANDBY PRACTICES 1998 (TSP9$) , INTERNATTONAL CHAMF3ER OF COMN�RCE PUBLTCATION NO. 590. ,/� / ��`�� :-��;�''�� • �'� ,� AUTHORIZED SIG TURE AaneS Martinez , :. ;,:.�^��l��e PrAsidenz isaoos vo�oa�s Pagc 3 oC 3 � z � . 4* � J .. � � . �v - , � � il.d r� . .� �, , - q „ � . r d,��'� � � ��^e r i 1' �T ��, ,j ' " . . � � .. x Gq�kV[-RS PCL � a� k e k s "'rc ak' "� l��"�. . 4 . . r '' 1C � r ` " y�� . �. n a a�'.t�� - ,, �,� '� " '_ . rw. }w�. �..... ,� �� y a�, .. y � `� . . . , �,.° ' � � . , , �� t � . ,42 .i .,� � 'y; ' . " . ry i w x� q�' ��r �+ �t�`!�� , ` �� '�,ir+�!,'!�r� ��. � � , ' a � � `�'N.. N 5��.�,IfY�IHt, j1 �r �� — , �, . y�a�+Mt°+�„l�`N��°'��»�k�'^ k'.�.�'.�, DINA� !iF >I ' � �� 1 ' ,.�_� � � " , , � ; . .� . ., .:' ` , ;r/ � ��'.'•,. , � �� ` <; y�s'�, i � ir,.�.� ;�� _J }' �„ . � i! 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'tts' ,— , - . �Q,,�._,.,�.. _ � � . ." -. ,. ..�:.o .. . . ., .... ,.�II�� ,� � M � p � . . , � ` 4 ' ~ . , .. � ' . a s � �, ,y� . . q , b s ^ , . � . �r � . x . • r � . � n v � � " , . ' ' � • . � ` ° � � � � * "x��+. "� ,�K. " � � .. +M� � , � t » + ., ` ' , . ' ` . . ' ♦ ro � P .o .� � a "� .� � " . � * i _. • � . � . ` . . .. � . ��°�Y�D�'�, LOCATOR MAP � � PARC E L Iv�AP 30502 � � � " �� DAT E: ��A,�o� 3/9/2009 1 inch = 400 feet