HomeMy WebLinkAboutCorrespondenceDRI CA College Station, UC
101 N. Clirk Street, Suite 4900
Chicago, Illinois 60601
tvt; tN.campu.acquisitions.com
May 8, 2012
Mrs. Carol Cotter
City of College Station
Planning & Development Services
1101 Texas Avenue
College Station, Texas 77842
Re: 717 N. University Drive Project — Relocation of Public Storm Sewer
Dear Mrs. Cotter:
DRUCA College Station, LLC is undertaking efforts to construct a 473 bed student housing
residential community at 717 University Drive in College Station, Texas. In connection with this planned
development and as part of the application of Radakor, LLC, the current property owner, to have an
easement located on the property abandoned, please find enclosed a check in the amount of One Hundred
Ten Thousand Seven Hundred Dollars and 00/100 ($110,700.00), the amount estimated to relocate certain
public storm sewer infrastructure located within the aforesaid easement and based on the sealed estimate
of Dawson Van Orden Engineering.
Currently, we anticipate that the relocation of the existing storm sewer line will be complete by
June 30, 2012. Notwithstanding our anticipated schedule, if the relocation work is not complete by
December 31, 2012, DRUCA College Station, LLC will forfeit the enclosed funds to the City of College
Station so that the City may complete the work. Provided that the work is completed prior to December
31, 2012, DRUCA College Station, LLC expects that the funds will be returned in full upon receiving a
Letter of Completion from the City. In addition, if for some reason DRUCA College Station elects not to
move forward with the project and to not close on the acquisition of the land from Radakor, LLC,
DRUCA College Station expects that the funds will be returned in full upon written notification to the
City.
Please feel free to contact JJ Smith, Campus Acquisitions' Executive Vice President of
Development, if you should have any questions at jisiytbC&,campusacquisitions.coin or by phone at (312)
994-1882,
Sincerely,
Thomas M. Scott
Authorized Representative of DRUCA College Station, LLC
Carol Cotter
From: Carol Cotter
Sent: Friday, May 11, 2012 10:50 AM
To: 'David Israel'
Cc: JJ Smith; David Cox; Rajen Shastri; Bob Cowell; Alan Gibbs
Subject: RE: Wire Confirmation
David,
This email is in response to your request for confirmation that the surety will be returned if the project does not move
forward. It is the City's general intent to return unused funds. However, in this case we will first need to ensure several
things, including but not limited to; re -dedication of the easement, and repair of any related infrastructure, etc.
All remaining funds could then be returned upon request. It should be noted that this process could be a lengthy one.
Carol
From: David Israel [mailto:disrael@campusacquisitions.comj
Sent: Friday, May 11, 2012 8:40 AM
To: Carol Cotter; Cheryl Wright
Cc: JJ Smith; David Cox; Rajen Shastri; JJ Smith
Subject: Wire Confirmation
Carol and Cheryl,
Please find attached the wire confirmation for the $110,700. Please contact Citibank in Bryan to confirm that the money
has hit your account.
Separately, at your earliest convenience, we would appreciate it if you would mark the two checks you received as void
and return them to us.
Also, please send us an acknowledgment email confirming that in the unlikely event Campus Acquisitions does not move
forward with the project, the money will be returned.
Finally, please confirm that we are all set for the City Council's meeting this Monday and that we're on the agenda.
Thanks and please do not hesitate to reach out with any questions or concerns.
Best,
David
David A. Israel
Campus Acquisitions, LLC
161 N. Clark Street, Suite 4900
Chicago, Illinois 60601
disrae]Co)campusacguisitions.com I www.campusacguisitions.com
Office: (312) 994-1883 1 Fax: (312) 546-3815
Wire Transfer Detail
Page 1 of 1
Wire Details
Primary Company: vnvw Campus Acqulsistlons
Status: Received
Reference Number 3986
Current Date: 05/11/2012 08:19 CST
Beneficiary
Beneficiary Bank
Template Type:
Freeform
Name:
City of College Station
Bank Name:
CITIBANK N.A.
Address 1:
Address 1:
Address 2:
Address 2:
City:
City:
BRYAN
State:
State:
TX
Zip Code:
Zip Code:
Country:
Country:
Account Name:
ABA:
113193532
Account No.:
56413
Contact Name:
Phone Number:
Fax Number:
Email Address:
Receiving Bank
Intermediary Bank
Bank Name:
Bank Name:
Address 1:
Address 1:
Address 2:
Address 2:
City:
City:
State:
State:
Zip Code:
Zip Code:
Country:
Country:
ABA:
ABA:
Wire Information
Company:
vwv Campus Acquisistions
Created Date/rime:
05/10/201217:35 CST
Account:
100038959 - CA Investment Mgmt
Created By:
KATIEB
Amount:
USD 110,700.00
Denied Date/Time:
Value Date:
05/11/2012
Denied By:
Company Address 1:
9 e ontario
Approved Date/Time:
05/10/2012 17:37 CST
Company Address 2:
Approved By:
KATIES
Company City:
Chicago
Received Datefrime:
05/11/201208:17 CST
Company State:
IL
Processed Dale rime:
Company Zip:
60611
Bank Reference:
Fed Reference:
FRB Error Category:
FRB Error Code:
FRB Error Description:
DRI/CA COLLEGE STATION, LLG RELOCATE STORM SEWER INFRASTRUCTURE)
https://www.metcapbank.com/onlineserv/CM/CWire.egi?state=vpd actuser&activityType... 5/11 /2012