HomeMy WebLinkAboutRelease Maintenance Security Parcel Map 34211-1 Wilson, Johnson, SharpCITY OF PALM DESERT
PUBLIC WORKS DEPARTMENT
STAFF REPORT
REQUEST: RELEASE MAINTENANCE SECURITY FOR PARCEL MAP
34211-1
SUBMITTED BY: Mark Greenwood, P.E., Director of Public Works
APPLICANT: Wilson, Johnson, Sharp
45-445 Portola Avenue, Suite 5
Palm Desert, CA 92260
Firstbank
73000 Highway 111
Palm Desert, CA 92260
BOND NUMBER: 804-2475
DATE: October 27, 2011
CONTENTS: Maintenance Letter of Credit
Vicinity Map
Recommendation
By Minute Motion, release maintenance security for Parcel Map 34211-1.
Background
The subject property is located north of Gerald Ford Drive between Cook Street and
Pacific Avenue. A letter of credit for faithful performance and labor and materials, which
was originally posted for the construction of street improvements on Technology Drive,
was released in October 2010. A letter of credit was accepted for the one-year
maintenance period as required by the Palm Desert Municipal Code.
Staff has recently re -inspected this project to insure that all improvements remain as
they were originally accepted in October 2010. The one-year maintenance period is
now complete and staff recommends that the City Council authorize the release of the
maintenance obligation.
Staff Report
Release Maintenance Security for Parcel Map 34211-1
October 27, 2011
Page 2 of 2
Fiscal Analysis
There is no fiscal impact associated with this action.
Prepared By:
Christina Canales, Assistant Engineer
14��
P ul S. Gibson, Director of Finance
Approval:
n M. Wohlmuth, City Manager
CITY COUNCILACTION
APPROVED_ DENILD
RECEIVED _ i.�"d HER.
Mark Green ood, P.E.,
Director of Public Works
MEETING DATE , - - Cl
AYES: - ad
NOES: 1J Ord
ABSENT: N U'� (L
ABSTAIN:
VERIFIED BY. ---
Original on File with City Clerk's (Alce
IRREVOCABLE STANDBY LETTER OF CREDIT
Letter of Credit Number: 804-2475
Amount: U.S. $ 21,907.00 Itwenty one thousand nine hundred and seven dollars and zero cents U.S. DOLLARS)
This Letter of Credit is issued on August 27, 2011 by Issuer in favor of the Beneficiary for the account of Applicant. The parties'
names and their addresses are as follows:
APPLICANT:
MATTHEW JOHNSON
73134 Bel Air Road
Palm Desert, CA 92260
SCOTT WILSON
45445 Portola Avenue
Palm Desert, CA 92260
WILLIAM HAY
49455 Coachella Drive
La Quinta, CA 92253
DENISE DUBARRY HAY
49455 Coachella Drive
La Quinta, CA 92253
BENEFICIARY:
CITY OF PALM DESERT
73510 Fred Waring Drive
Palm Desert, CA 92260
ISSUER:
FIRSTBANK
10403 W Colfax Ave
Lakewood, CO 80215
1. LETTER OF CREDIT. Issuer establishes this Irrevocable Standby Letter of Credit (Letter of Credit) in favor of Beneficiary in the
amount indicated above. Beneficiary may draw on this Letter of Credit with a Draft (or Drafts, if the maximum number of drawings is
greater than one). Each Draft shall be signed on behalf of Beneficiary and be marked "Drawn under FirstBank Letter of Credit No.
804-2475 dated August 27, 2011." Drafts must be presented at Issuer's address shown above on or before the Expiration Date.
The presentation of any Draft shall reduce the Amount available under this Letter of Credit by the amount of the draft.
This Letter of Credit sets forth in full the terms of Issuer's obligation to Beneficiary. This obligation cannot be modified by any
reference in this Letter of Credit, or any document to which this Letter of Credit may be related.
This Letter of Credit expires on the Expiration Date.
2. DRAWINGS. Partial drawings shall not be permitted under this Letter of Credit. "Draft" means a draft drawn at sight.
3. DOCUMENTS. Each Draft must be accompanied by the following, in original and two copies except as stated:
A. The original Letter of Credit, together with any amendments.
Issuer shall be entitled to accept a draft and the documentation described above, as required by the terms of this Letter of Credit,
from any person purporting to be an authorized officer or representative of Beneficiary without any obligation or duty on the part of
Issuer to verify the identity or authority of the person presenting the draft and such documentation.
4. EXPIRATION DATE. This Letter of Credit expires at the close of business at Issuer's address at 6:00 PM Mountain Time 1Time) on
November 27, 2011 (Date). Issuer agrees to honor all Drafts presented in strict compliance with the provisions of this Letter of
Credit on or before the Expiration Date.
5. NON -TRANSFERABLE. This Letter of Credit is not transferable.
6. APPLICABLE LAW. This Letter of Credit is governed by the Uniform Customs and Practice for Documentary Credits, 2007
Revision, International Chamber of Commerce Publication No. 600 IUCP), or any later version or amendment. This Letter of Credit is
also governed by the laws of Colorado, except as those laws conflict with the UCP,
ISSUER:
FirstBan
B
David S. Harper,
Date
Matthew Johnson
Standby Letter Of Credit
CO/4Xckbourn00184400007454020081011 Y Wolters Kluwer Financial Services 61996, 2011 Bankers SystemsT" Page 1
TECHNOLOGY DRIVE
STREET IMPROVEMENTS
DATE: Q
9/2010 VICINITY MAP