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Home My WebLink AboutRelease Ltrs of Credit for Oracle Plaza CITY OF PALM DESERT PUBLIC WORKS DEPARTMENT STAFF REPORT REQUEST: Release Letters of Credit for Oracle Plaza SUBMITTED BY: Mark Greenwood, P.E., Director of Public Works APPLICANT: Suresh Shah 40530 Morningstar Rd. CiTY COUNCIL CTION Rancho Mirage, CA 92270 APPROVED _DI�,NIF.D - RF.CEIVED OTHF.R Letter of Credit SB99-9864 & SB99-9865 Numbers: California Bank &Trust MEET[NG DATE -�-a�� O 550 South Hope St., 3�d Floor AY[?S: � Los Angeles, CA 90071 NpFS: �� AI3SI�:NT: f�i��— DATE: March 26, 2009 p};STAIN•�'��'�� - VTItiFIF.D BY: CONTENTS: Letter of Credit Original on File with City Cler 's Oftice Vicinity Map Recommendation: By Minute Motion, release the letters of credit for Oracle Plaza. Discussion: Oracle Plaza is located at 73585 Fred Waring Drive between San Pablo and San Pasqual. At the time of grading permit issuance, the developer submitted a letter of credit in the amount of $32,878 for Faithful Performance and $16,439 for Labor and Materials for grading and off-site improvements. All 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 improvements. Therefore, staff recommends that Council authorize the City Clerk to release the letters of credit for Oracle Plaza. Submitted By: Depart Head: ^ , � ��`.a��u'� nC�MGt�(�S ''%{ Christina Canales Mark Gre wood, P.E. Assistant Engineer Director of Public Works Appro : Homer Croy Paul S. Gibson AC r Dev op ent Services Finance Director � Jo . Wo Imuth Cit anager = CAT.iFORNIA BANK&TRUST Standby Letter of Credit �- '" ` ` i `� tnternational Operations Cs �; 1� __...��_, S50 South Hope Street,3rd Floor 1 a{ �! .Los Angeles,California 90071 S.W.1.F.T.CALBUSb6 May 5,2006 IRREVOCABLE STANDBY LETT�R OF CREDIT NO. SB99-9864 BENEPICIARY: EXPIRATION: ��i i�� CITY OF PALM DESBRT November l,2007 73-51 Q FRED WARING DRIVE PALM DESERT,CA 9226Q �� 8 20Go ATTN:PUBLIC WORKS DIRECTOR AMOUNT: USD32,878.00 ��'��'��`�p��A�� lTY C3F PALd'�1 L}�BEA a Dear Sir/Madam: At the request of SURESH C. SHAH,40530 MORNINGSTAR RD.,RANCHO MIRAGE,CA 92270,we hereby establish our Trrevocable Standby Letter of Credit in your favor up to an aggregate amount of Tl�irty Two Tl�ousand Eight Hundred Seventy Eight and 00/I OQ USDOLLARS(USD 32,878.00). This credit is available for paymcnt against presentation of yo�u�draft(s)at Sight drawn on CALIFORNIA.BANK&TRUST,bearing the clause: "Drawn under credit no. SB99-9864 of CALIFORNIA BANK&TRUST,Los Ange[es,California" accompanied by the Following documents: This original Letter of Credit And amendment(s}tIiereto,if any,wl�ich will be returned to you following our notation thereon of the amaunt of such draft drawi�hereunder. If the amount of the draft is for the full a❑�ount of this Letter of Credit,tlie originat Letter of Credit will be retained by us. Beneficiary's state�nent purpnrtedly signed by tlie Pubtic Works Director indicating one of the following: "The at�dersigned,hereby certifies tt�at Suresh C.Sliah is in default regarding the terms and conditions outlined in tlie Improvement Agreement between the City of Palm Desert and Suresh C.Sl�ah" OR "TE�e undersigned,hereby certifies that Suresh C.Shah has not yet compl�ted construction and received a Certificate of Completion and it is beyond August 31,2007 and The City of Paltn Desert has not receivcd an extension of the expiration date or a replacement of tl�is Letter of Credit." Partial drawings are allowed. in the event of a drawing all original documents includ.ing original sight Draft must be dispatched in one lot by registered mail or courier services directly to Catifornia Bank&Trust,Ii�ternatianal Operations,550 South Hope Street,3rd Floor,Los Angeles,CA 90071. This Staudby Letter of Credit expires at our counters at the close of business on the expiration date. If you have any questions concerning this transaetion,please call us at(213)593-2131,(213)593-2130. _ � — IRREVOCABLE STANDBY LETTER OF CREDTT NO. SB99-9864 PAGE 2 We l�ereby agree with you that all draft(s}drawn uuder and in compliance wiEh the terms of tliis tetter of credit will Ue honored upon presentation to us as specified herein. THIS CRED1'T IS SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE FOR DQCUMENTARY CREDiTS(1993 REVISION),CNTERNATTONAL CHAMBER QF COMMERCE,PUBLICATION N0. 500. Sincerely, � � Aufhorized Signature �Y��a�� Vice President ` � ' � CALIFORNIA BANK&TRUST Amendment of �� ` P� Intei-naiionaf Operations • .--�-....- • 55 0 South Hope Street,3rd Ffoor Stan d by Letter of Credit ��t' �� Los Angeles,CaliFornia 9007( S.W.I.F.T.CAF.BUS6G M�iy 31,2006 IRREVOCABLE STANDBY LGTTER OF CREDIT N�.SB99-9864 AMENDMENT BENE�ICIARY: LETTER OF CREDIT DATE: CiTY OF PALM DESER.T May S,2006 73-5 l0 FRED WARING DRIVE PALM DESERT,CA 92260 ATTN:PUBLIC WORTCS DIRECTOR CURRENT AMOUNT: USD32,878.00 Dear Sir/Madam: We have been requesteci by SURESH C. SHAH,46530 MORNTNGSTAR RD,RANCHO MiRAGE, CA 92270-4076 to amend the above referenced TRREVOCA$LE LETTER OF CREDIT issued in your favor,as follows: Delete the pa��agraph that reads: "Bencficiary's statement purportedly signed by the Public Works Birector indicating one of the following:" Insert the follawing: Bcneficiaty's statement purportedly signed by the City Conncil or tlie Public Works Director indicating one of the followiog: AII other cerms and conditions remain the same. Tl�is ainendment is an intcgral part of the captioned letter of credit aiid must be attached to the said Ietter in your possession. If you have any questions concerning this transaction,please call us at(2 t 3)593-2131 0�•{213)593-2130. Sincerely, c�' Authorized Signature Linda �lU� Vice Presider�� ' ` � ; , CALIrORNIA BANK&TRUST Standby Letter of Credit � �_� � �) In[ernational Operations _:.,.�._,. SSfl South Hope Street,3rd Floor 1 ii� :�t . Los Angeles,California 90071 S.W.i.F.T.CALBTJSG6 May 5,20Q6 IRR�VQCABL� STANDBY LETTER OF CR�DIT NO. SB99-9865 B�NEFICIARY: EXPTRATION: ��g--�a�� CITY OF PALM DESERT November l,2007 � �� 73-5 f 0 FRED WARING DRTVE PALM DESERT,CA 92260 ATTN:PUBLIC WORKS DIRECTOR �4�/jY $ �005 AMOUNT:[JSD L 6,439.0(��dR��,�.�,��, �7��f 9F pALM t�ES��'� Dear Sir/Madam: At the request of SURESH C. SHAH,40530 IvIORNIIVGSTAR RD.,RANCHO 1VIIRAGE,CA 92270,we hereby establish our Irrevacable Statldby Lettcr of Credit in your favor up to an aggregate amount of Sixteen Tl�ousand�'our Hundred Thirty Nine and 00/100 USDOLLARS(USD 16,439.00}. Tl�is credit is available for payment against presentation of your draft(s)at Sight drawn on CALIFORNIA BANK&TRUST,bearu�g the clause: "Drawn uncler credit no. SB99-9865 of CALIFORNIA BANIC&TRUST,Los Angeles,California" accompanied by the following docume�lts: This original Letter of Credit and ainendment(s)tlzereto,if any,wliieh will be returned to you following ow- notatiou thereon af the amount of such draft drawn hereunder. If the ainount of the draft is for the ful] amount of this Letter of Credit,the original Letter of Credit will be retainad by us. Beneficiary's statcment purportedly signed by the PubEic Works Director indicating one of the following: "The undersigned,herehy certifies that Suresl�C.Shal�is in defa�dt regarding the terms and conditions outlined in the Labor and Materials Pe�•formance Agreement between the City of Palm Desert and Suresh C. Shah." OR "The undersigned,hereby certifies that Suresh C.Sliah has not yet completed construction and received a Certificate of Completion and it is beyond August 31,2007 and The City of Palm Desert I�as not received an extension of tl�e expiration date or a replacement of t11is Letter of Credit." Partial drawings are allowed. In the event of a drawing all original docuinents i��cfuding original sight Draft must be dispatched in one lot by registered maii or courier se�vices directly to California Bai�k&Trust,Tnternational Operatians,550 Souih Hope Street,3rd F[oor,Los Angefes,GA 90071. This Standby Letter of Credit expi��es at our countet•s at the close of bi►siness on tlie expiratiai date. If you have any questions concerning this transaction,ptease call us at(213}593-2131,(213}593-2130. �� "" _ - — IRREVOCABLE STANDBY LETTER OF CREDIT NO.SB99-9865 PAGE 2 Wc hereUy agi-ee with you that all draft(s)drawn wider and in compliance with the tcrras of tl�is letter of credit will be honored upois presentation to us as specified herein, TH1S CREDIT IS SUBJECT TO THE UNTFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CRGDITS(1993 REVISION},INTE.RNATIONAL CHAMBER QF COMMERCE,PUBLICATION NO. 500. Sincereiy, . � Authorized Signature �,lIIt�a 5��1� �1C��I('f�51(��il� y • . � CALII�OT2i�'IA BAnK&TRUST Amendment of �, ` �3 tnternational Qperations -�-��.-.--. • 550 South Hope Street,3rd Floor S#andby Letter of Credit E�_' �� Los Angeles,California 90071 S.W.I.F.T.CAL,BUSG6 May 3 i,zaa� lRREVOCABLE ST�NDBY LETTER OF CREDIT NO.51399-9865 Ai��I�NDM�NT B:ENEFICIARY: LETTER OF CREDIT DATE: CTTY OF PA.LM DESERT May 5,2006 73-510 FRED WARING DR]VE PALM DESERT,CA 92260 ATTN: PUBI.IC WORKS DIRGCTOR CURRENT AMOUNT:USD l 6,439.00 Dear Sir/Madam: We have been requested by SURESH C.SHAH.,40530 NIORNINGSTAR RD,RANCHO MIRAGE,CA 92270-4U7G to amend tlxe above referenced IRREVOCABLE LETT.ER OF CREDIT issued in your favor,as follows: Deletc thc paragraph that reads: 'Beneficiary's statement pu3portcdly signcd by the Public Works Director indicating one of the follo�ving:" Insert the following: Beneficiary's stat�ment puiportedly signed by the City Council or the Public WoE•ks Director indicating one of the fotlowin6: All other terms and conditions re�naiii the same. This amend�nent is an iniegral part of the captioned letter of credit and must be attached to tl�e said letter in your possession. 1f you havc any qeiesiions conccrninb this transaction,>>lease call us at(213)593-2131 or(2I3)593-2130. Sincerely, � Alll�lOCl'LC(�$ISItAIUri; �,� � �- �� '��'�" �ii � F �,� � �� r� � � xt � . '� i� � ,�, rl� "' ,� ,I'��I�� ,� :'�-.. �i�� V. � � ;, . ,a�. ..,,,. . ��II � „ � �, w � . �il 04� ...�. � �� . �; � ' f � v • '� �� ' � ,.:..�� r,� ai �� ` d � ,,� � �" �� s.. � �� , i�� m� �� ,� �'` a,�,,a �. ,� � a,` � �I . , , � , , � ._ ' Q � - � sr� = n: " ' ,c ___. i �, , ,�. : , � _ �� ,� � "�Y�,e`�� s�� i s �:g �, � Z �;: �u.�.- � , � , ,� � �� . . �' � � �. ��, I, �fi �� ,� , . � � _ �,� � � �..,�"'� � a_ M � . ..__ � a`, '�t q.,� �I I'. "�Y�.+,.,� #II �� g, � I :. �� ar{9 {�,"�"�"„ ,�. ,�'i� � , - � � � ' � �� t ....�� ..�..r.�. � b� �,. . �. 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