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HomeMy WebLinkAboutPM 1996-22 - Cashier Memo - 10/9/2006 City of rrlc�: yup, MEMORANDUM RECEIVED DATE: August 8, 2006 AUG 1 P- tip'"5 �a TO: Rose Saldivar DEVELOPMENT DEPARTMENT Public Works Department CITY OF FRESNO FROM: JONATHAN BARTEL Planning & Development Department, Building and Safety Services Division SUBJECT: SUBMITTAL OF SECURITIES FOR PARCEL MAP NO. 96-22. ATTACHED PLEASE FIND THE FOLLOWING ITEMS FOR PARCEL MAP NO. 96-22. 1. Letter of Credit in the amount of$1,573,000.00 2. Letter of Credit in the amount of$828,000.00 3. 5% of Performance Security paid on 08/04/06 - $83,000.00 4. Total fees on Exhibit"B" paid on 08/04/06- $157.132.49 5. Copy of the Subdivision Agreement for Parcel Map No. 96-22. The total charges are more particularly itemized in Exhibit "A"and Exhibit"B" of the Subdivision Agreement. If you have any questions please contact me at 621-8076. Thank You, Jonathan Bartel T Finance Control No. City of Fresno Security Deposit Form To: Finance Department - Accounting Division From: Rose Saldivar- Public Works Department CD Passbook Other Irrevocable Letter of Credit Deposited At: United Security Bank Certificate/Acct. No: Letter of Credit NZS577422 Deposit Amount: $1,573,000.00 Maturity Date: 06/05/07 Depositor: Name: Denken Farms Address: 416 East Curtis Ave Fowler 93625 Street City/State Zip Job Address: Parcel Map No. PM96-22 Received By: Rose Saldivar, Public Works Engineering Date: 8/4/06 Authorization to Release Signature Date Release To: Name: Address: Street City/State Zip E FINANCE.USE ON Y` A + tec#:By* Name; Date- R.eleased 6y: Name-, DaW, . Tj ,of Release:` iNaited:. Hard°Detiuered Data:, Date, Ratknem4edtA,receipt,oafthwabo reference instrurrrer Nmernts" WELLS FARGO BANK,N.A. TRADE SERVICES DIVISION,NORTHERN CALIFORNIA ONE FRONT STREET,21sT FLOOR SAN FRANCISCO,CALIFORNIA 94111 Contact No.: 1(800)798-2815—Option 1 Email: sftrade(r)wellsfargo.com Irrevocable Letter of Credit Number NZS577422 Issue Date: August 4,2006 Beneficiary: City of Fresno 2600 Fresno Street Fresno,California 93721-3603 Attention: City Clerk We hereby establish our Irrevocable Letter of Credit No.: NZS577422 in favor of City of Fresno for the account of Denken Farms, 416 East Curtis Avenue, Fowler, California 93625 in the amount of US$1,573,000.00 (United States Dollars One Million Five Hundred Seventy-Three Thousand only) available with Wells Fargo Bank, N.A., Trade Service Operations, located at One Front Street — 215` Floor, San Francisco, California 94111, by payment of your draft(s) drawn on us at sight (`Draft") accompanied by your signed and dated statement ("Payment Certificate") worded as follows: "The undersigned, an authorized representative of City of Fresno(the "City"), hereby certifies that the City is entitled to draw on Wells Fargo Bank, N.A. Letter of Credit No.: NZS577422 for the amount of the sight draft now presented pursuant to the provisions of performance of that certain Subdivision Agreement for Parcel Map 1996-22 by and between the City and Denken Farms (the "Subdivider"), upon occurrence of one or more events described therein,and such event has occurred." This Letter of Credit expires at our above office on June 5, 2007,but shall be automatically extended, without written amendment, to June 5h in each succeeding calendar year, unless we have sent written notice to you at your address above by registered mail or express courier that we elect not to extend this Letter of Credit beyond the date specified in such notice which date, will be June 5, 2007 or any subsequent June 5`h and be at least 30 calendar days after the date we send you such notice. Upon our sending you such notice of the non-extension of the expiration date of this Letter of Credit,you may also draw under this Letter of Credit by presentation to us at our above address, on or before the expiration date specified in such notice, of your draft drawn on us at sight. Partial and multiple drawings are permitted. All drafts must be marked: "Drawn under Wells Fargo Bank,N.A. Letter of Credit No.: NZS577422". All drafts must be also accompanied by the original of this Letter of Credit (plus all amendments, if any) for our endorsement on this Letter of Credit of our payment of such draft. All payments made by us under this Letter of Credit will be made in immediately available funds and will be disbursed from our own funds. If requested by you,payment under this Letter of Credit may be made by wire transfer of Federal Reserve Bank of San Francisco funds to your account in a bank on the Federal Reserve wire systems. Only you may make any Payment Certificate and Draft under this Letter of Credit. All charges and commissions of Wells Fargo Bank, N.A. incurred in this transaction are for Denken Farm's account. We hereby agree with you that each duly completed Payment Certificate and Draft drawn under and in compliance with the terms of this Letter of Credit will be duly honored upon presentation to the drawee. The obligation of Wells Fargo Bank, N.A. under this Letter of Credit is the individual obligation of Wells Fargo Bank, N.A. and is in no way contingent upon reimbursement with respect thereto. This Letter of Credit is subject to the Uniform Customs and Practice for Documentary Credits (1993 Revision), International Chamber of Commerce Publication No. 500 (the "UCP") and the laws of the State of California, and, in the case of any conflict between such laws and the UCP, the laws of the State of California will control. Page 1 of 2 This is an integral part of Letter of Credit No. NZS577422 Wells Fargo an ,hT�A. By: Name: sa Chau Title: Assistant Vice President Page 2 of 2 - -%- 'a Finance Control No. City of Fresno Security Deposit Form To: Finance Department - Accounting Division From: Rose Saldivar- Public Works Department CD Passbook Other Irrevocable Letter of Credit Deposited At: United Security Bank Certificate/Acct. No: Letter of Credit NZS577423 Deposit Amount: $828,000.00 Maturity Date: 06/05/07 Depositor: Name: Denken Farms Address: 416 East Curtis Ave Fowler 93625 Street City/State Zip Job Address: Parcel Map No. PM96-22 Received By: Rose Saldivar, Public Works Engineering Date: 8/4/06 Authorization to Release Signature Date Release To: Name: Address: Street City/State Zip FINANCE USE t�NL )Nct thd`By,: A am& I]ate; teleiased,:SX.. Name:, .� �.' � � � Dates 1"yieafl#'Release;: Mwted,; �i>veree Date Datav 12ledg ,rec. iytffiatraurfirenced ittr +r R WELLS FARGO BANK,N.A. TRADE SERVICES DIVISION,NORTHERN CALIFORNIA ONE FRONT STREET,21sT FLOOR SAN FRANCISCO,CALIFORNIA 94111 Contact Phone: 1(800)798-2815(Option 1) Email: sftrade(a—)wellsfar2o.com Irrevocable Letter of Credit Number NZS577423 Issue Date: August 4,2006 Beneficiary: City of Fresno 2600 Fresno Street Fresno, California 93721-3603 Attention: City Clerk We hereby establish our Irrevocable Letter of Credit No.: NZS577423 in favor of City of Fresno for the account of Denken Farms, 416 East Curtis Avenue, Fowler, California 93625 in the amount of US$828,000.00 (United States Dollars Eight Hundred Twenty-Eight Thousand only) available with Wells Fargo Bank, N.A., Trade Service Operations, located at One Front Street— 21" Floor, San Francisco, California 94111, by payment of your draft(s) drawn on us at sight ("Draft") accompanied by your signed and dated statement ("Payment Certificate") worded as follows: "The undersigned, an authorized representative of City of Fresno(the"City"), hereby certifies that the City is entitled to draw on Wells Fargo Bank, N.A. Letter of Credit No.: NZS577423 for the amount of the sight draft now presented pursuant to provision of materials or labor or Unemployment Insurance Act of that certain Subdivision Agreement for Parcel Map 1996-22 by and between the City and Denken Farms (the "Subdivider"), upon occurrence of one or more events described therein, and such event has occurred." This Letter of Credit expires at our above office on June 5, 2007,but shall be automatically extended, without written amendment, to June 5h in each succeeding calendar year, unless we have sent written notice to you at your address above by registered mail or express courier that we elect not to extend this Letter of Credit beyond the date specified in such notice which date, will be June 5, 2007 or any subsequent June 5h and be at least 30 calendar days after the date we send you such notice. Upon our sending you such notice of the non-extension of the expiration date of this Letter of Credit,you may also draw under this Letter of Credit by presentation to us at our above address, on or before the expiration date specified in such notice, of your draft drawn on us at sight. Partial and multiple drawings are permitted. All drafts must be marked: "Drawn under Wells Fargo Bank,N.A.Letter of Credit No.:NZS577423". All drafts must be also accompanied by the original of this Letter of Credit (plus all amendments, if any) for our endorsement on this Letter of Credit of our payment of such draft. All payments made by us under this Letter of Credit will be made in immediately available funds and will be disbursed from our own funds. If requested by you, payment under this Letter of Credit may be made by wire transfer of Federal Reserve Bank of San Francisco funds to your account in a bank on the Federal Reserve wire systems. Only you may make any Payment Certificate and Draft under this Letter of Credit. All charges and commissions of Wells Fargo Bank, N.A. incurred in this transaction are for Denken Farm's account. We hereby agree with you that each duly completed Payment Certificate and Draft drawn under and in compliance with the terms of this Letter of Credit will be duly honored upon presentation to the drawee. The obligation of Wells Fargo Bank, N.A. under this Letter of Credit is the individual obligation of Wells Fargo Bank, N.A. and is in no way contingent upon reimbursement with respect thereto. Page 1 of 2 This is an integral part of Letter of Credit No. NZS577423 This Letter of Credit is subject to the Uniform Customs and Practice for Documentary Credits (1993 Revision), International Chamber of Commerce Publication No. 500 (the "UCP") and the laws of the State of California, and, in the case of any conflict between such laws and the UCP,the laws of the State of California will control. Wells o Bank,N.A. 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