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HomeMy WebLinkAboutAmended Irrevocable Letter of Credit - Mutual Bank1316 COUNTY -CITY BUILDING 227 W. JEFFERSON BOULEVARD SOUTH BEND. INDIANA 4660I-1830 CITY OF SOUTH BEND PETE BUTTIGIEG, MAYOR BOARD OF PUBLIC WORKS February 14, 2017 Mr. Jeff Remble Business Banking Dept. MutualBank 4100 Edison Lakes Parkway, Ste. 300 Mishawaka, IN 46545 PHONE 574/235-9251 FAX 574/235-9171 RE: Amended Irrevocable Letter of Credit Company: Cleveland Woods Development Co., LLC for Fernwood, Phase III No. 2544726682 Dear Mr. Remble: The Board of Public Works, at its meeting of February 14, 2017, approved the above referenced Irrevocable Letter of Credit extending the date to January 31, 2018 in the amount of $61,870.00 Enclosed is a copy of the Letter of Credit extension for your files. If you have any further questions regarding this matter, please call this office at (574) 235- 9251. Sincerely, Linda M. Martin, Clerk Enclosure c: Donna Hanson, Engineering Matt Longfellow, Engineering GARY A. GILOT SUZANNA M. FRITZBERG ELIZA13ETH A. MARADIK JAMEs A. MUELLER THERESE J. DORAU IRREVOCABLE LETTER OF CREDIT LETTER OF CREDIT NO. 2544726682 January 17, 2017 BENEFICIARY: APPLICANT: Board of Public Works Cleveland Woods Development Co., LLC Attn: Linda Martin 2010 Went Avenue City of South Bend Mishawaka, IN 46545 1316 County City Building South Bend, IN 46601 We are amending our Irrevocable Letter of Credit No. 25447266, dated February 8, 2006, in your favor in the amount of USD 61,870.00 (Sixty -One Thousand, Eight Hundred Seventy US Dollars Only) for the account of Cleveland Woods Development Co., LLC, 2010 Went Avenue, Mishawaka, Indiana 46545, to an amended expiration date of January 31, 2018. Funds are available by your draft at sight drawn on MutualBank and accompanied by the following documents: Beneficiary's signed statement reading as follows: "Cleveland Woods Development Co., LLC has failed to complete the required Sanitary Sewer and Municipal Water in Femwood — Phase III." Partial drawings are permitted. This letter of credit will expire January 31, 2018. We hereby agree with you that all draft(s) drawn under and in compliance with the terms of this letter of credit will be fully honored upon presentation, as specified herein. All drafts drawn under this letter of credit must be endorsed hereon and must bear the clause: "Drawn under MutualBank Letter of Credit No. 2544726682, dated January 17, 2017 " and must be presented at 4100 Edison Lakes Parkway, Suite 300, Attn: Business Banking Dept., Mishawaka, Indiana, 46545 on or before January 31, 2018. All draft(s) drawn under this letter of credit must be presented with original letter of credit and any and all amendments. Except as otherwise expressly stated herein, this credit is subject to the Uniform Customs and Practice for Documentary Credits, 1993 Revision, ICC Publication No. 500. Sincerely, 7Je/ffffRemble Vice President ames Martindale Vice President FIZOVED o"ard of Public Works FEB 14 'tOt BOARD OF PUBLIC WORKS AGENDA ITEM REVIEW REQUEST FORM Date 01/26/17 Name Matt Longfellow Department Engineering BPW Date 02/14/17 Phone Extension 5920 Required Prior to Submittal to Board Legal ❑ Attorney Name Controller 0 Controller review is required for all Contracts $5,000.00 or more and greater than one year in length per the City Purchasing Policy Purchasing ❑ Check the Appropriate Item Type — Required for All Submissions ❑ Agreement ❑ Contract ❑ Proposal ❑ Addendum ❑ Professional Services ❑ Resolution ❑ Bid Opening ❑ Bid Award ❑ Req. to Advertise ❑ Title Sheet ❑ Quote Opening ❑ Quote Award ❑ Change Order No. ❑ C/O & PCA No. ❑ PCA ❑ Ease/Encroach. ❑ Traffic Control ® Other: Amendment Company or Vendor Name New Vendor MBE/WBE Contractor MBE/WBE Contractor Requested Project Name Project Number Funding Source Account No. Amount Terms of Contract Purpose/Description Amount of Required Information Cleveland Wood Pu MBE ❑ No ❑ Yes Name of Company Fernwood Subdivision — Phase III Amending Irrevocable Letter of Credit to Jan ary 31►2018 in the amount of $61,870.00. fn ❑ Required Contractor's Certification Form Attached (Non - Collusion, Non -Discrimination, Non -Debarment. E-Verifv. Iran. etc. Increase Decrease Previous Amount Current Percent of Change: New Amount Total Percent of Change: Copy Original ❑ ❑ ❑ ❑ ❑ ❑ % For Chance Orders On Dispersal After Approval