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Home My WebLink AboutBond Information Page 1 of 1 Brittany Caldwell - HEB Tower Point Letter of Credit i From: Erika Bridges To: Caldwell, Brittany Date: 3/6/2012 2:59 PM Subject: HEB Tower Point Letter of Credit Brittany, The public infrastructure to support the Tower Point Ph.3 final plat and the HEB development has previously been accepted by the City. The Letter of Credit may be released at this time. Thanks, Erika • Erika Bridges, EIT, CFM Graduate Civil Engineer 3 I 1 t a r 0J1J-A 0( Itt)LO f_ Department of Public Works �� 1101 Texas Ave. UC. College Station, TX 77842 ,( „A Z Phone: 979.764.3570 � • 1 CL Fax: 979.764.3496 ebridges@cstx.gov * * * * * * * * * * * * * * * * * * ** City of College Station Home of Texas A &M University ® file: / /C: \Documents and Settings \bcaldwell \Local Settings \Temp \XPgrpwise \4F562648City ... 3/6/2012 Frost Post Office Box 1600 San Antonio, Texas 78296 -1600 February 8, 2010 City of College Station 1101 Texas Avenue College Station, Texas 77840 Attention: Bob Cowell Director of Planning and Development Services Dear Mr. Cowell: At the request of HEB GROCERY COMPANY, LP, we have established in your favor the enclosed Irrevocable Standby Letter of Credit No. 26433 -S, in the amount of U.S.$787,250.10. Please examine this instrument carefully. If you are unable to comply with the terms and conditions, please communicate with the applicant to arrange for an amendment. Please note that the enclosed Letter of Credit is delivered to you pending the recording of the Plat for the Tower Point Subdivision in the City of College Station, Brazos County, Texas ( "Plat "). If the Plat shall not be recorded by College Station MarketPlace, L.P. (the "Developer ") and the transactions between Developer and HEB Grocery Company, LP shall not be consummated, then you are instructed to return the original Letter of Credit to my attention as soon as possible for cancellation. If we can be of further assistance, please do not hesitate to call us a 0) 220 -5504 Sincerely, ,gei/V/Yh ' ita Fernandez - - • "re. it Specialist RF /rao Enclosure cc: HEB GROCERY COMPANY, LP 646 South Main Avenue San Antonio, Texas 78204 Attn: James L. Callahan A subsidiary of Cullen /Frost Bankers, Inc. NYSE Symbol: CFR. 1� Frost Post Office Box 1600 S FRO an (ISSUING BANK): THE FROST NATIONAL BANK 100 West Houston Street San Antonio, Texas 78205 IRREVOCABLE LETTER OF CREDIT DATE: February 08, 2010 TO BENEFICIARY: City of College Station Attention: Director of Planning and Development Services 1101 Texas Avenue College Station, Texas 77840 IRREVOCABLE LETTER OF CREDIT NO.: 26433 -S ISSUE DATE: February 08, 2010 EXPIRATION DATE: February 08, 2011 LOCATION OF PROJECT: Tower Point Subdivision, College Station, Brazos County, Texas STATED AMOUNT: SEVEN HU N0 R 1 ED DOLLARS ($ 8N,THO AND TWO HUNDRED THOUSAND ACCOUNT OF: HEB GROCERY COMPANY, LP (herein "HEB ") ATTN: TREASURY DEPT. S3 646 SOUTH MAIN AVENUE P.O. BOX 839999 SAN ANTONIO, TEXAS 78283 GENERAL TERMS & CONDITIONS: The Issuing Bank set out above hereby issues its IRREVOCABLE LETTER OF CREDIT NO. 26433 -S 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, ND TWO HUNDRED FIFTY for an amount of, up to DOLLARS ($787,250E1p HUNDRED EIGHTY - SEVEN THOUSAND ) We hereby engage with you that documents drawn under and in compliance with the terms of this istered Irrevocable Letter of Credit will be duly honored if presented for payment by overnight cour , Texas g 78205 mail, or in person, to The Frost National Bank, 100 West Houston Street, San Antonio, , Attention: Letter of Credit Department RB -1 prior to 4:OOp.m. Central Time on or before the expiration date of this Letter of Credit, when accompanied by the following: � � 1 ` Frost Post Office Box 1600 San Antonio, Texas 78296 -1600 Page two, which forms an integral part of Letter of Credit No. 26433 -S 1. Sworn Statement from the Director of Planning and Development Services of the City of College Station, Texas, stating the following: "College Station MarketPlace, L.P. ( "Developer ") has /have defaulted and failed to complete the performance and construction of the Tower Point Subdivision Improvements 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." Except as expressly stated herein, this undertaking is not subject to any agreement, condition or qualification. The obligation of The Frost National Bank under this Letter of Credit is the individual obligation of The Frost National Bank, and is in no way contingent upon reimbursement with respect thereto. This Letter of Credit is subject to the International Standby Practices 1998, International Chamber of Commerce Publication No. 590 ( "ISP98 "), in effect on the date this Letter of Credit is issued, and as to matters not addressed by ISP98 is subject to and governed by Texas State Law and applicable U.S. Federal Law. SPECIAL TERMS & CONDITIONS: 1. All banking fees /expenses /charges incurred are for the account of HEB. This Letter of Credit is issued in conjunction with the development of College Station MarketPlace, L.P. (the "Developer ") in the City of College Station, Texas, specifically for the following: In conjunction with the payment and performance of the proposed construction of the water, sanitary sewer, storm sewer and street improvements (collectively, the "Tower Point Subdivision Improvements ") in the Tower Point 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. Partial disbursements or drawings pursuant to this Letter of Credit are permitted, however, the aggregate amount of all disbursements or drawings shall not exceed the Stated Amount, Tess any amount reduced by the City of College Station, Texas. The Stated Amount available under this Letter of Credit may be reduced upon the issuance of an amendment to this Letter of Credit, and the Issuing Bank's receipt of the City of College Station's written acceptance of such amendment, signed by the Director of Planning and Development Services. If, prior to the expiration date, the Developer's obligation to Beneficiary has been fulfilled and Beneficiary no longer requires this Letter of Credit, Issuing Bank kindly requests that Beneficiary return the original Letter of Credit and all original amendments (if any), together with Beneficiary's letter, signed by the Director of Planning and Development Services, giving us written consent to close the Letter of Credit. The Letter of Credit and Beneficiary's letter should be returned to The Frost National Bank at the address listed in the General Terms & Conditions section above. 4 ciiheirlio r, of !`Hilo, /x - , Ran Lnrc Inn Nvxx Cvmhnl !`CR ��1► Frost Post Office Box 1600 San Antonio, Texas 78296 -1600 Page three, which forms an integral part of Letter of Credit No. 26433 -S 3. In accordance with Section 5.106 of the Texas Business and Commerce Code, no amendment or cancellation of this Letter of Credit shall be effective against the Beneficiary unless the Beneficiary shall deliver to the Issuing Bank a sworn statement consenting to the proposed amendment or cancellation executed by the Director of Planning and Development Services of the City of College Station. 4. This Letter of Credit sets forth in full the terms of our undertaking and such undertaking shall not in any way be modified, amended or amplified by reference to any document, instrument, agreement or ordinance referred to herein or to which this Letter of Credit relates, and any such reference shall not be deemed to incorporate herein by reference any document, instrument or agreement, it being understood that any reference to any such document, instrument or agreement is for informational purposes only. 5. The Issuing Bank of this Letter of Credit has caused this Letter to be signed by the undersigned officer. ISSUING BANK: THE FROST NATIONAL BANK, a national banking associ••r ion BY: Air —�� John . a Sr. V _ - 'r- sident STATE OF TEXAS * COUNTY OF BEXAR * This instrument was acknowledged before me on February 08, 2010, by John C. Lack, the authorized officer of The Frost National Bank, a national banking association, on behalf of said national association and in the capacity stated. 4(2„..A(.L ROSAW�A SORIANO /Notary Public — State of Texas � Notary s / MU OF My Comm. Exp. 07 -24 -2043 • • - A subsidiary of Cullen /Frost Bankers, Inc. NYSE Symbol: CFR.