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HomeMy WebLinkAboutT7231-2 14-276 Maint Bond Release LetterPUBLIC WORKS DEPARTMENT NICK FIDLER • DIRECTOR • CITY ENGINEER October 21, 2016 Froehlich Signature Homes, Inc. P.O. Box 22617 Bakersfield, California 93390 Re: Maintenance Letter of Credit Release Tract 7231 Phases 2 Improvement Agreement No. 14 -276 Valley Republic Bank Maintenance Letter of Credit No. 2015 -21 ($130,755.36) To Whom It May Concern: All improvements for the above - referenced tract were completed and a NOTICE OF COMPLETION AND ACCEPTANCE OF WORK has been approved by the City and was recorded on February 9, 2015. The subdivision has successfully completed its one year warranty period and /or all corrections have been completed, and this letter is your authorization to release Maintenance Letter of Credit No. 2015 -21 in the amount of $130,755.36. The Maintenance Letter of Credit is being returned to the bank along with a copy of this letter. You may contact Michelle Mendenhall at (661) 326 -3582 if you have questions. Very Truly Yours, Nick Fidler City Engineer By: W' Daniel Padilla Acting Civil Engineer IV - Subdivisions cc: Reading File Project File S: /LAND DIVISION /REDUCE & RELEASE/2016/T7231 -2 PW14 -276 MAINT LOC RELEASE 16(X) Truxtun Avenue www.bakersfieldcitv.us Bakersfield • California • 93301 (661)326-3724 e Fax (661) 852 -2120 4.` p W P B A K E R S F I E L D PUBLIC WORKS DEPARTMENT NICK FIDLER • DIRECTOR • CITY ENGINEER October 21, 2016 Froehlich Signature Homes, Inc. P.O. Box 22617 Bakersfield, California 93390 Re: Maintenance Letter of Credit Release Tract 7231 Phases 2 Improvement Agreement No. 14 -276 Valley Republic Bank Maintenance Letter of Credit No. 2015 -21 ($130,755.36) To Whom It May Concern: All improvements for the above - referenced tract were completed and a NOTICE OF COMPLETION AND ACCEPTANCE OF WORK has been approved by the City and was recorded on February 9, 2015. The subdivision has successfully completed its one year warranty period and /or all corrections have been completed, and this letter is your authorization to release Maintenance Letter of Credit No. 2015 -21 in the amount of $130,755.36. The Maintenance Letter of Credit is being returned to the bank along with a copy of this letter. You may contact Michelle Mendenhall at (661) 326 -3582 if you have questions. Very Truly Yours, Nick Fidler City Engineer By: W' Daniel Padilla Acting Civil Engineer IV - Subdivisions cc: Reading File Project File S: /LAND DIVISION /REDUCE & RELEASE/2016/T7231 -2 PW14 -276 MAINT LOC RELEASE 16(X) Truxtun Avenue www.bakersfieldcitv.us Bakersfield • California • 93301 (661)326-3724 e Fax (661) 852 -2120 4.` p W P VALLEY REPUBLIC BANK IRREVOCABLE STANDBY LETTER OF CREDIT NO.2015 -21 Date of Issue: January 14, 2015 Beneficiary: City of Bakersfield 1501 Truxtun Avenue Bakersfield CA 93301 Date of Expiration: August 11, 2016 For the Account of: FROEHLICH SIGNATURE HOMES, INC. P.O. Box 22617 Bakersfield CA 93390 ® We hereby establish Irrevocable Standby Letter of Credit No.2015 -21, in your favor, for the account of Froehlich Signature Homes, Inc. a California Corporation, P.O. Box 22617, Bakersfield CA 93390, up to the aggregate amount of One Hundred Thirty Thousand Seven Hundred Fifty - Five and 36/100 U.S. Dollars ($130,755.36). This Letter of Credit is for the purpose of Maintenance for the improvements to Phase 2 of Tract 7231. This amount is available by presentation of your draft(s) drawn on us, at sight and duly endorsed, accompanied by the following: Original Letter of Credit and any amendments, a dated and signed statement by an authorized representative of the City of Bakersfield saying that " FROEHLICH SIGNATURE HOMES, INC., a California Corporation is in default on the improvements of Phase 2 of Tract 7231 the amount of the drawing is due and payable. All draft(s) so drawn must bear the cause, "Drawn under Valley Republic Bank Irrevocable Standby Letter of Credit Number 2015 -21 dated January 14, 2015 ". Partial Drawings are permitted. We hereby engage with you that drafts so drawn shall be duly honored upon presentation if drawn and negotiated in compliance with the terms hereof. Except so far as otherwise expressly stated herein, this Letter of credit is subject to the Uniform Customs and Practices for Documentary Credits, 1993 Revision, International Chamber of Commerce Publication No. 500. Valley Republic Bank By: / Phil McLaughlin Executive Vice President 5000 California Avenue, Suite 110 Bakersfield, CA 93309 Telephone 661.371.2000 Fax 661.371.2010 www.valleyrepublicbank.com