HomeMy WebLinkAboutRelease - PP 07-08 (Desert El Paseo/Harkman Family Enterprises, LP) CITY OF PALM DESERT
PUBLIC WORKS DEPARTMENT
STAFF REPORT
REQUEST: RELEASE MAINTENANCE SECURITY FOR THE COLONNADE
(PP 07-08)
SUBMITTED BY: Mark Greenwood, P.E., Director of Public Works
APPLICANT: Desert EI Paseo, LP
Harkham Family Enterprises, LP
c/o Jack Corrigan
210 E. Olympic Blvd., Suite 202
Los Angeles, CA 90015
Comerica Bank
I nternational Trade Services
2321 Rosecrans Avenue, 5t" Floor
EI Segundo, CA 90245
LETTER OF
CREDIT NUMBER: 642798-40
DATE: November 18, 2010
CONTENTS: Maintenance Bond
Vicinity Map
Recommendation
By Minute Motion, release maintenance security for the Colonnade (PP
07-08).
Backqround
The subject property is located at 73-399 EI Paseo between Lupine Lane and Sage
Lane. A faithful performance and labor and materials bond, which was originally posted
for the construction of the various public improvements, was released in November
2009. A letter of credit was accepted for the one-year maintenance period as required
by the Palm Desert Municipal Code.
Staff Report
Release Maintenance Security for the Colonnade (PP 07-08)
November 18, 2010
Page 2 of 2
Staff has recently re-inspected this project to insure that all improvements remain as
they were originally accepted in November 2009. The one-year maintenance period is
now complete and staff recommends that the City Council authorize the release of the
maintenance obligation.
Fiscal Analysis
There is no fiscal impact associated with this action.
Prepared By: Departme a .
;
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Christina Canales, Assistant Engineer Mark Greenw od, P.E.,
Director of Public Works
Paul S. Gibson, Director of Finance
oval: _
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n M. Wohlmuth, City Manager
CITY COUNCILACTiON
APPROVF,D— - � n�;,�j�p
RCCEIVED OTHrR
MEETING DATF - - �G�U
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ABSENT: N+��1�'
A13STAIN: �
VF,I2IFIED BY: r�'
Original on File with City Cler{c's O ice
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International Department
COMERICA BANK :
TELEX N0: 37'72134 NIIQB INTI, DEP INTERNATIONAL TRADE SERVICES
FAX N0: 330-297-2$86 2321 RDSECRANS AVE. ; STH FLOOR
SWIFT: MNBDUS6S LAX EL SEGUNDO, CA 90245
BENEFICIARY:
. CITY OF PALM DESERT
ATTN: CHRISTINA CANAT,ES
bEP'I'; OF PUBLIC WORKS
' 73-510 FRED WARING DRIVE
) PALM DESERT, CA 92260
DATE OF 'ISSUE: OCTOBER 2, 2009
WE HEREBY :OPEN OUR.IRREVOCABT,E STANDBY LETTER'OF CREDIT NO. 642798-40 `IN YOUR
FAVOIt, FOR ACCOLINT OF 'PHE COLONNADE OI�7 EL PASEO, LP,' 210 E. OLYMPIC BLVD. , :
SUITE 202, 'LOS ANGEI,ES' CA 90015, FOR A SLTM NOT EXCEEDING USD24;824.00{FOL7RTEEN
THOUSAND, :EIGHT HUNDRED AND,TWENTY FOUR'U.S. DOLLARS) AVAZLABLE:BY YOUR BRAFT
c (S) i`AT SFGHT ON.COMERICA BANK, (IN THE FORNf ATTACHED HERETO AS ANNEX A) WHEN
ACCOMPANIED BY: '
1.. THE ORIGIIVAL OF THIS STADTDBY LETTER OF CREDIT AND' AMENDMENT (S) IF ANY.
SPECZAL 'CO�IASTIONS:
' AI,L INFORMATION REQLTIRED WHETHER INDICATED BY BLANKS', BRFICKETS OR OTHERWTSE,;
'. MUST.''BE. COMPLETED"AT THE TIME OF DRAW3NG.
ALli SIGNATURES MUST, BE ,MB�NY7AT,LX EXECUTED± IN ORIGINAT�S < >
PARTIAL DRAWINGS ':ARE NOT ALLOWED. :
ALL DRAFTS iREQLTIRED 'IJATDER THIS STIINDBY LETTER OF CREDIT MUST BE MARRED: "DRAWN
UNDER COMERICR BANK STANDBY :LETTER"OF CREDIT N0.. 642798-40" .
ALL BOCUMEN'I'S ARE TO BE DISPATCHED IN ONE LOT,BY,COT7RIER SERVICE TO COMERICA
' BANK INTERNATIONAL TRA17E SERVICES,<2321 ROSECRANS AVE. , 5TH FL.,' EL $EGUNDO,; CA
9D24S, ATTN: STAbTllBY LETTER .OF CREDZT DEPT, .TEAM 40.`
WE HEREBY ENGAGE'WITH YOi7 TfiAT ALL DRAFT,' (S) DRAWN UNDER AND IN COMPLTANCE WITH
THE TERMS OF THTS STANDBY LETTER OF CREDIT WILL BE DULY HONORED IF DRAWN AND
PRESENTED FOR PAYMENT. AT OUR.OFFTCE LOCATED AT=COMERTCA HANK INTERNATIONAL '
TRADE SERVICES, 2321 ROSECRANS AVE': , STI3. FL., EL SEGUNDO, ;CA 90245, ATTN:
STANDBY LETTER OF CREDIT DEPT, TEAM 40 ON QR BEFORE THE EXPTRATIOI3 DATE OF THIS
CREDIT, AUGUST 31, 2010.
EXCEPT SO FAR AS'OTHERWISE EXPRESSLY STATED HEREIN, THTS STANDBY LETTER OF
CREDI`P IS:SUSJECT TO THE INTERNATIONAL CHAMBER`pF COMMERCE` (PUBLICATION NO. `
590} (1996 VERSION AND ANY SUBSEQUENT REVISIONS) .
VERY TRU
•`'� � NElL RALPH
�'` V.P.,;INT'LTRADESERVICES '
OMER3 sArrx A[�THORIZED SIGNATURE
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, , . �,
International Department
ANNEX A
: SIGHT DRAFT
DATE: `REF,NO. . :
'AT STGHT '
PAY TO THE ORDER OF. US$
US DOLLARS
"DRAWN UNDER COMERTCA BANK;IRREVOCABLE STANDBY LETTER OF CREDIT
NUMBER NO. DATED _,2008"
TO: ` COMERICA BANK
2321'ROSECRANS AVE:,STH FL (INSERT NAME OF BENEFICIAR�
EL SEGUNDO,CA 90245
'AUTHORIZED SIGNATURE �:
` GUIDELINES TO PREPATtE TAE SIGHT DRAFTc
: l. DATE: ISSUANGE DATE OF DRAFT.'
2. REF.NO.: YOUR REFERENCE NUMBER,IF'ANY..
. 3. PAY TO THE 4RDER OF: BENEFICIARY°S NAME
' 4. US$s'AM�UNT OF DRA.WING IN FIGURES.
5. US DOLLARS: AMOLINT OF DRAWING IN WORDS.
6. LETTER OF CREDIT NUMB�R: OUR STANDBY L/C 1VUMBER THAT
PERTAINS TO THE DRAWING:
7. : DATED:ISSUANCE DATE OF OUR STANT7BY L/C.
NOTE: BENEFICIARY'S NAME SHOULD BE PftiNTED AT THE BACK OF THE
SIGHT DRAF"I'WITH EIVDORSEMENT.
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