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Home My WebLink AboutLetter of Credit CIVIL P ENT DEVELO M , Ltd. CIVIL ENGINEERING&DESIGN-BUILD SERVICES P.O. Box 11929 • College Station, Texas 77842 • Phone: 979-764-7743 • Fax: 979-764-7759 October 18, 2006 Mrs. Carol Cotter City of College Station P.O. Box 1000 College Station, TX 77842 RE: South Hampton Subdivision, Phase 4 Dear Carol: The developer of South Hampton Subdivision, Phase 4 wishes to post a Letter of Credit with the City of College Station for all remaining infrastructure in that subdivision. The purpose of this action is to allow the Final Plat to be filed so the developer can begin transferring property to prospective homeowners and builders. We understand that building permits cannot be issued until the street and water systems are completed. Attached is my cost estimate of the work remaining in the subdivision. Most of these are minor items with the exception of the base and asphalt on the streets. The water and sewer systems are shown at 95% complete because they have not yet passed all of the required tests. Those tests are currently being performed and the results should be ready soon. We anticipate all work to be completed within the next two weeks,but the schedule is highly dependent on weather conditions. I ask that you forward this request to the appropriate staff and let me know if the figure is acceptable. If so, I will pass the information along to the developer so she can make appropriate financial arrangements with her bank. Thank you. Sincerel , Kent Laza, P.E. Project Manager attachment FROM: NANTUCKET,LTD ISSUER: STATE BANK ATTN:WILLIAM CANGELOSE 2202 LONGMIRE DRIVE COLLEGE STATION,TX 77845 IRREVOCABLE LETTER OF CREDIT DATE: OCTOBER 26,2006 TO BENEFICIARY: City of College Station Attention:Director of Development Services 1101 Texas Avenue College Station,Texas 77840 IRREVOCABLE LETTER OF CREDIT NO: 221288 ISSUE DATE: 12:00 Noon Central Standard Time,OCTOBER 26,2006 EXPIRATION DATE: 12:00 Noon Central Standard Time,DECEMBER 26,2006,or upon the completion and final payment to all contractors, whichever occurs first. LOCATION OF PROJECT: MARINER'S COVE SOUTH OF NANTUCKET DRIVE/BRAZOS COUNTY,TEXAS AMOUNT:FORTY-SIX THOUSAND ONE HUNDRED FORTY-FOUR AND NO/100 DOLLARS($46,144.00) ACCOUNT OF :NANTUCKET,LTD(herein"DEVELOPER") 9304 CHADWICK LANE COLLEGE STATION,TX 77845 GENERAL TERMS&CONDITIONS: The Issuing Bank set out above hereby issues its IRREVOCABLE LETTER OF CREDIT NO.221288 in favor of the CITY OF COLLEGE STATION,TEXAS,in accordance with Chapter 5,V.T.C.A.TEXAS BUSINESS AND COMMERCE CODE and pursuant to the Code of Ordinances of the City of College Station,Chapter 9: Subdivisions,for the Account of DEVELOPER for the amount of up to FORTY- SIX THOUSAND ONE HUNDRED FORTY-FOUR AND NO/100 DOLLARS ($46,144 .00).This amount is available by your draft(s)payable at sight when accompanied by the following. 1. Sworn Statement by a duly authorized representative of the City of College Station, Texas,stating that Developer has/have defaulted and failed to complete the performance and construction of the improvements described below in accordance with the Chapter 9 of the code of Ordinances of the City of College Station,Texas,and that the proceeds from this Letter of Credit will either be utilized by the City of College Station,Texas,to complete such construction or will be returned by the City of College Station to the Issuing Bank. SPECIAL TERMS&CONDITIONS: 1. All banking fees/expenses/charges incurred are for the account of Developer.This letter of Credit is issued in conjunction with the development of Developer in the City of College Station,Texas, specifically for the following: To guarantee the payment and performance of the proposed construction of the water,sanitary sewer,storm sewer and street improvements in SOUTH HAMPTON (PHASE 4)AND NANTUCKET(PHASE 7)Subdivision, a proposed addition to the City of College Station,Texas,for a period not to exceed one(1)year from the date hereof. 2. Disbursements pursuant to this Letter of Credit will never exceed the above-stated amount, less any amount released by the City of College Station,Texas.The amount of credit under this Letter of Credit may be reduced upon approval and acceptance by the City of College Station of completed improvements,which reduction may only be made with the written authorization of the Director of Development Services of the City of College Station. 3. In accordance with Section 5.106 of the TEXAS BUSINESS AND COMMERCE CODE,this Letter of Credit may be modified,upon the execution and delivery to Issuer of a sworn statement giving consent to modification by the Director of Development Services of the City of College Station. 4. The Issuer of this Letter of Credit has caused this Letter to be signed by the undersigned officer who has attached proof of his authorization to sign,together with attestation by Issuer's authorized attesting officer and sealed with the seal of Issuer. ISSUER: STATE BANK 0.L._ BY: 1b444.._ ILLIAM CANGELO S,VICE PRESIDENT Attested By: ___,6_011pg?4,Lilale STATE OF TEXAS COUNTY OF BRAZOS r This ins ftur�ent was acknowledged before me on 0 G�O 6 fro 10, ,2006 by kA);1t;Arm (;An) IIOse,,the authorized officer of Si-sift, SOLA)k , Issuer,a Texas Bng Corporation,on behalf of said Banking Corporation and in the capacity stated. • 18). ,F*`'^ue JOAN MARIE SIMS `A, Notary Public State of Texas Notary ' lis-Sta j Texas .0. Comm. Expires 04-06-2007 ' SOUTH HAMPTON SUBDIVISION, PHASE 4 ESTIMATE OF REMAINING CONSTRUCTION COST October 18, 2006 Iteml Estimated % Remaining Description No. Quantity Unit Original Cost, Complete Value Streets 1 Mobilization/Construction Staking ! 1 LS 5,000 100% 0 2 (Clearing& Grubbing 2.7 AC 4,005' 100% 0 3 Excavation/Grading - Street Construction 1 1,578 CY 9,468 100% 0 4 16" Lime Stabilized Subgrade 3,693 1 SY 12,926' 100% 0 5 Base Material - 6" depth 2,864 SY 21,480 50% 10,740 6 Asphalt Paving- 2" depth 1 2,861 SY 20,027 0% 20,027 7 Concrete Curb and Gutter(all types) 2,042 LF 17,868' 100% 0 8 Hydromulch/Hydroseeding 1 2,150 SY 1,2901 0% 1,290 9 'ADA Ramp -regular 1 4 EA 2,200 I1 100% 0 1 10 ADA Ramp -corner i 1 EA 650 i 100% 0 11 Sidewalk- 4' wide 1 4,089 SF 13,289! 100% 0 12 1Concrete Apron - 6" Depth 1,598 1 SF 7,990 100% 0 Subtotal - Residential Streets $116,192 $32,057 Storm Drainage 13 18" HDPE, non-structural 1 10 ! LF 2401 100% 0 14 124" HDPE, structural 317 LF 10,144 100% 0 15 24" HDPE, non-structural 212 LF 5,936, 100% 0 16 �30" HDPE, non-structural 116 LF 5,2201 100% 0 17 110' Inlet 1 EA 3,200! 100% 0 18 'Grate Inlet w/36" grate 1 2 1 EA 6,0001 100% 0 19 !Standard Junction Box3 , EA 8,4001100% 0 1 20 !Concrete Flume 3,000 SF 10,5001 100% 0 11 21 1Safety End Treatment- 18" Pipe 1 I EA 1,750 100% 0 22 I Safety End Treatment- 24" Pipe 2 1 EA 3,700' 100% 0 23 1Safety End Treatment- 30" Pipe 1 ' EA 2,000 100% 0 24 !Grass Sod 390 SY 1,9501 0% 1,950 25 I1Rock Riprap 1 55 1 SY 3,0251 100% 0 26 I Inlet Protection 1 3 EA 4501 0% 450 27 Construction Exit 1 22 EA 3,0001 100% 0 28 Silt Fence 1 170 , LF 383 100% 0 Subtotal - Storm Drainage $65,898 $2,400 Water- College Station 29 6" Water PVC CL200 (C909) - structural 1 682 LF 17,0501 95% 853 30 13" Water PVC Sch 40 - structural 1 166 LF 2,4901 95% 125 31 !Fire Hydrant Assembly (incl. tee, valve,bend &hydrant) 2 EA 4,800 100% 0 32 16" M.J. Gate Valve 3 EA 1,500' 100% 0 33 3" M.J. Gate Valve 1 EA 375 100% 0 34 6"x 6" M.J. Tee 1 EA 275 100% 0 35 6"x 450 M.J. Bend 2 EA 500 100% 0 36 6"x 11.25°M.J. Bend 1 EA 250 100% 0 37 3"x 45° M.J. Bend 1 EA 100 100% 0 38 3"x 22.5° Ni J. Bend I 1•.A 100 101% 11 Page 1 of 2 SOUTH HAMPTON SUBDIVISION, PHASE 4 ESTIMATE OF REMAINING CONSTRUCTION COST October 18, 2006 Item Estimated % Remaining Description Unit Original Cost No. Quantity Complete Value 39 2" Blow Off Assembly 2 EA 1,500 100% 0 40 Connect to existing water line 1 EA 500 100% 0 41 1.5" Water Service,<20 ft(avg length= 5 ft) 3 EA 1,800 100%1, 0 42 1" Water Service,<20 ft(avg length= 5 ft) 2 EA 1,0001 100% 0 Subtotal -Water $32,240 $977 Water-Wellborn 42 3" Water PVC Sch 40 -non-structural 1,101 LF 11,010 95% 551 43 3" M.J. Gate Valve 1 LF 375 95% 19 44 3"x 450 M.J.Bend 1 EA 100 100% 0 45 3"x 22.5°M.J.Bend 1 EA 100 100% 0 46 6"x3" M.J. Reducer 1 EA 100 100% 0 45 2" Blow Off Assembly 1 EA 750 100% 0 46 Connect to existing water line 1 EA 500 100% 0 47 1.5" Water Service w/meter box,<20 ft(avg length= 5 ft) 4 EA 2,800 100% 0 48 1" Water Service w/meter box,<20 ft(avg length=5 ft) 1 1 EA 600 100%I 0 Subtotal -Water Off-Site $16,335 $569 Sewer 46 6" Sewer SDR 26 D-3034-structural 279 LF 7,812' 95% 391 47 6" Sewer SDR 26 D-3034-non-structural 541 LF 12,984 95% 649 48 8" Sewer SDR 26 D-3034- structural 207 LF 6,210 95% 311 49 8" Sewer SDR 26 D-3034-non-structural 778 LF 19,450 95% 973 50 Manholes-0' - 8.00'Depth 4 EA 10,400 100% 0 51 Manholes- 8.01'- 10.00'Depth 1 EA 2,800 100% 0 52 Manholes- 10.01' - 12.00' Depth 2 EA 6,000 100% 0 53 4" Sewer Service,<20 ft(avg length= 5 ft) 5 EA 2,250 100%I 0 54 4" Sewer Service,>20 ft(avg length=44 ft) 7 EA 5,250 100%! 0 55 Sewer Service- (stack only on Ebbtide Cover) 10 EA _ 2,000 100%1 0 56 TV Inspection I 1,805 j LF 6,318 01 6,318 Subtotal - Sewer $81,474 $8,640 TOTAL REMAINING CONSTRUCTION $44,644 General Clean-up and Grading $1,500 TOTAL COST $46,144 pi-i,'\ AligrAlli/` A II:Z1.1ir. 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