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Home My WebLink AboutLetter of Credit v PROSPERITY BANK' we er FROM: Creek Meadows Partners,L.P. ISSUER: Prosperity Bank 1298 Arrington Rd, College Station, TX 77845 IRREVOCABLE LETTER OF CREDIT DATE: February 20,2015 4 P I I t TO BENEFICIARY: City of College Station Attention: Director of Development Services 1101 Texas Avenue College Station,Texas 77840 IRREVOCABLE LETTER OF CREDIT NO.: 1890 ISSUE DATE: 12:00 Noon Central Standard Time,February 20,2015 EXPIRATION DATE: 12:00 Noon Central Standard Time, February 20, 2016, or upon the completion and final payment to all contractors,whichever occurs first. LOCATION OF PROJECT: Creek Meadows Subdivision,College Station,TX AMOUNT: FIFTY-EIGHT THOUSAND THREE HUNDRED NINETY-THREE AND 50/100 DOLLARS($58,393.50) ACCOUNT OF: Creek Meadows Partners,L.P.,(herein"DEVELOPER") 2800 S.Texas Avenue.Ste 401 Bryan,TX 77802 GENERAL TERMS&CONDITIONS: The Issuing Bank set out above hereby issues its IRREVOCABLE LETTER OF CREDIT NO. 1890 in favor of the CITY OF COLLEGE STATION,TEXAS,in accordance with CHAPTER 5,V.T.C.A.TEXAS BUSINESS AND COMMERCE CODE as varied by and pursuant to the CITY OF COLLEGE STATION UNIFIED DEVELOPMENT ORDINANCE for the Account of DEVELOPER for an aggregate amount of up to FIFTY- EIGHT THOUSAND THREE HUNDRED NINETY-THREE AND 50/100 DOLLARS($58,393.50). 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(s)has/have defaulted and failed to complete the performance and construction of the improvements described below in accordance with the UNIFIED DEVELOPMENT ORDINANCE 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: Creek Meadows Subdivision Section 3,Phase 3,Paving,Drainage and Utility Improvements. Prepared by: ydiaz 3/4/15 SPECIAL TERMS&CONDITIONS: 1. All banking fees/expenses/charges incurred are for the account of Developer. The City of College Station is not responsible for any charges in connection with a drawing under this Letter of Credit. 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 improvements in Creek Meadows Subdivision Section 3, Phase 3, a proposed subdivision in 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 Planning and 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 Planning and 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: Pros se_:,.. Bank BY: A Jo 7/•.F ynn :anking Center President /, / , 11111--.1 Attested By: wir STATE OF TEXAS * * COUNTY OF BRAZOS * This instrument was acknowledged before me on February 20,2015,by John A. Flynn, III,Banking Center President,the authorized officer of Prosperity Bank,Issuer, a Texas Banking Corporation,on behalf of said Banking Corporation and in the capacity stated. / *Meta, +c.' MORGAN TAYLOR MCCALL`' Notary P lic—State ..0 exas�� Notary Public, State of Texas �:`7�� My Commission Expires L ''r`'' NOVEMBER 10, 2018 Prepared by: ydiaz 3/4/15 Engineer's Cost Estimate CREEK MEADOWS - SECTION 3, PHASE THREE PAVING,DRAINAGE,& UTILITY IMPROVEMENTS COLLEGE STATION,BRAZOS COUNTY,TEXAS ' AT:i'ti' '�:, : 7 M n s Sv F ai ti;,aCi ,±n,2`i'r rr � „i � ,-r,. ".+ !. °. �iic L. ;4: fi ^r 7 ,' rC,, { `v4 rJ� '`` 5y.f" �`fi � ,..-;: ,,,,,,„..t.,„:,,,,,..,,„..,,.„,,,,;,, � ? �,k' „NJ J �� w> a:��,1F it � -7� � , i.qi .,,F�it rtd a c.v L11: ' Cyr i,`-_4 �S?0 , PAVING IMPROVEMENTS 1 Mobilization, Construction Staking,All Required Testing by Contractor&Trench Safety 1 LS $5,000.00 100% $0.00 2 SWPP Measures(Rock Rip-Rap,Seeding,Silt Fencing, Construction Entrance,Inlet Protection) 1 LS $8,000.00 63% $3,000.00 3 Clearing&Grubbing(ROW&All Easements) 1 LS $2,000.00 100% $0.00 4 In-Place Earthwork Excavation(Roadway,Alleys, 1,750 CY Drainage Channels, Sitework, etc...) $5.00 100% $0.00 5 In-Pace Earthwork Embankment(Roadway,Alleys, Sitework, etc..)(Excavated On-Site) 500 CY $5.00 100% $0.00 6 In-Place Earthwork Embankment Finishing(Topsoil,Landscape 915 CY Berms&Miscellaneous)(Excavated On-Site) $3.00 100% $0.00 7 4”Thick Reinforced Concrete Sidewalk(Includes H/C Ramps) 5,026 SF $5.00 50% $12,565.00 8 24"Laydown Concrete Gutter 1,571 LF $13.00 100% $0.00 9 Concrete Apron at Street Intersection 113 SY $55.00 100% $0.00 10 6"Compacted Lime Stabilized Subgrade ' (Residential Street) 3,182 SY $5.00 100% $0.00 11 6"Compacted Limestone Base(Residential Street) 2,345 SY $12.00 100% $0.00 12 2"Compacted Hot-mix Asphaltic Concrete (Residential Street) 2,345 SY $16.00 0% $37,520.00 SUB-TOTAL= $53,085.00 DRAINAGE IMPROVEMENTS 1 Mobilization,Construction Staking,All Required Testing 1 LS $5,000.00 100% (Including TV)by Contractor&Trench Safety $0.00 2 Recessed Curb Inlet(10'Opening) 3 EA $5,200.00 100% $0.00 3 Concrete Headwall (30"Pipe) 1 EA $4,500.00 100% $0.00 4 24"RCP(CL 4) Storm Sewer w/Non-Structural Backfill 36 LF $100.00 100% $0.00 5 24"RCP(CL 4)Storm Sewer w/Structural Backfill 209 LF $125.00 100% $0.00 6 30"ADS(N-12)Storm Sewer w/Cement Stabilized Sand Bedding&Non-Structural Backfill 27 LF $125.00 100% $0.00 SUB-TOTAL= $0.00 CD1-260-0426-E08.xlsx 1 of Z Engineer's Cost Estimate WATER IMPROVEMENTS 1 Mobilization, Staking,All Required Testing by Contractor&Trench Safety(Water Line) 1 LS $4,000.00 100% $0.00 2 8"PVC Water Line(C900, DR14)-Non Structural Backfill 586 LF $22.00 100% $0.00 3 4" PVC Water Line(C900, DR14)-Structural Backfill 63 LF $26.00 100% $0.00 4 Tie into Existing Water Line 2 EA $750.00 100% $0.00 5 8"(MJ)Gate Valve&Box 1 EA $1,200.00 100% $0.00 6 4"(MJ)Gate Valve&Box 1 EA $800.00 100% $0.00 7 2"Blow-Off Valve&Riser 1 EA $1,500.00 100% $0.00 8 8"x 8"(MJ)Tee 1 EA $1,050.00 100% $0.00 9 8"x 4"(MJ) Reducer 1 EA $600.00 100% $0.00 10 4"(MJ)Plug w/2"Tap 1 EA $300.00 100% $0.00 11 Dual Water Service(Long Side) 5 EA $1,900.00 100% $0.00 12 Dual Water Service(Short Side) 3 EA $950.00 100% $0.00 ` 13 Single Water Service(Long Side) 3 EA $1,400.00 100% $0.00 14 Single Water Service(Short Side) 1 EA $600.00 100% $0.00 SUB-TOTAL= $0.00 SANITARY SEWER IMPROVEMENTS 1 Mobilization, Staking,Trench Safety&TV Inspection 1 LS (Sewer Line) $2,000.00 100% $0.00 2 Adjust Existing Manhole Rim&Cone 2 EA $2,000.00 100% $0.00 3 Dual Sanitary Sewer Service(Long Side)- Connected to Existing Sewer Line 6 $2,500.00 100% $0.00 4 Dual Sanitary Sewer Service(Short Side)- Connected to Existing Sewer Line 4 $950.00 100% $0.00 5 Single Sanitary Sewer Service(Short Side)- Connected to Existing Sewer Line 1 $750.00 100% $0.00 SUB-TOTAL= $0.00 CD1-260-0426-E08.xlsx rvf Engineer's Cost Estimate `-•-�E OF TE-4,111 ESTIMATED CONSTRUCTION COST= $53,085.00 5-CP•••••''• -iSl1r 10%CONTINGENCY= $5,308.50 i*; 'J4' ••* r* •:•:oN GRAND TOTAL = $58,393.50 y 1' •• 'OeN5- •••��:• FSS/ NALENS'...1 1 6 �' tl Avoc o" t �ti.. 7RME ConsultingEngineers gineers TEXAS FIRM REGISTRATION No.F-4695 POST OFFICE BOX 9253 / COLLEGE STATION,TEXAS 77842 410M !> c' OFF/FAX: (979)764-0704 I R E-mail: civil@rmengineer.com Estimates and projections prepared by RME Consulting Engineers relating to construction costs and schedules,operation and maintenance costs,equipment characteristics and performance,and operating results are based on this office's experience,qualifications and judgment as a design professional. Since RME has no control over weather, cost and availability of labor,material and equipment,labor productivity,construction contractor's procedures and methods,unavoidable delays,construction contractor's methods of determining prices,economic conditions,competitive bidding or market conditions and other factors affecting such estimates or projections,this office does not guarantee that actual rates,costs,performance,schedules,etc.,will not vary from estimates and projections prepared by the Engineer of record. CD1-260-0426-E08.xlsx 1 of www.OldhamGoodwin.com GROUP BROKERAGE DEVELOPMENT MANAGEMENT Alan Gibbs Planning&Development Services 1101 Texas Avenue College Station,TX 77842 agibbs@cstx.gov February 20, 2015 VIA ELECTRONIC MAIL Re:Creek Meadows-Section 3,Phase 3 Letter of Credit Mr. Gibbs, The attached Letter of Credit for remaining infrastructure related to Creek Meadows Section 3, Phase 3 in the amount of$58,393.50 including contingency covers the following items: $50,085.00 for remaining HMACand Sidewalks $3,000.00 for vegetation establishment. Your consideration in this matter is greatly appreciated. Sincerely, Chris Rhodes Vice President I Construction Management Development Services Oldham Goodwin Development, LLC Bryan/College Station Houston 2800 South Texas Avenue,Suite 401 25222 Northwest Freeway,Suite 1-185 Bryan,Texas 177802 Cypress,Texas 177429 Phone:979.268.2000 I Fax:979.846.7020 Phone:281.256.2300 I Fax:281.213.2095