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Home My WebLink About0000 Sommerfield Avenue - Infrastructure - 11/4/2013Peoples UnBitek a February 6, 2015 City of South Burlington Attn: Ray Balair 575 Dorset Street South Burlington, VT 05403 Dear Beneficiary: International Trade Finance Operations / Letters of Credit T:203-338-3223 F:844-835-9130 At the request of our customer, Dorset Street Associates, LLC we enclose our amendment to Irrevocable Standby Letter of Credit No. SB-1906 in your favor. We would greatly appreciate if you would acknowledge receipt by signing where indicated on the copy of the amendment, and returning this signed copy in the enclosed envelope. Your prompt attention will be greatly appreciated. Sincerely, 7(/c,-t-4 Xl Wendy Mejia International Trade Finance Operations 850 Main Street, RC 5-287 Bridgeport, CT 06604 (P) 203-338-3223 Encl. 850 Main Street Bridgeport, Connecticut 06604 Peoples.com Peoples United Bank International Trade Finance Operations / Letters of Credit T:203-338-3223 F:844-835-9130 AMENDMENT TO OUR IRREVOCABLE STANDBY LETTER OF CREDIT NO. 1665367 DATED NOVEMBER 4, 2013 February 6, 2015 City of South Burlington Attn: Ray Balair 575 Dorset Street South Burlington, VT 05403 Sir/Madam, At the request and for account of Dorset Street Associates, LLC , we hereby amend our Irrevocable Letter of Credit No. 1665367-12 in your favor as follows: 1. Expiration date to now read: January 11, 2017. All other terms and conditions remain the same. Very Truly Yours, People's United Bank By: t0� Authorized Signature 850 Main Street Bridgeport, Connecticut 06604 Peoples.com International Trade Finance Operations / Letters of Credit T:203-338-3223 F:844-835-9130 inY� pA 3//n AMENDMENT TO OUR IRREVOCABLE STANDBY LETTER OF CREDIT NO. 1665367 DATED NOVEMBER 4, 2013 February 6, 2015 City of South Burlington Attn: Ray Balair 575 Dorset Street South Burlington, VT 05403 Sir/Madam, P At the request and for account of Dorset Street Associates, LLC , we hereby amend our Irrevocable Letter of Credit No. 1665367-12 in your favor as follows: Expiration date to now read: January 11, 2017. All other terms and conditions remain the same. Very Truly Yours, DAB _ People's United Bank Accep ` O By: ,O Acknowleo_ ,nary) Authorized Signature �joiurized 850 Main Street Bridgeport, Connecticut 06604 Peoples.com P►eop/es United Ba International Trade Finance Operations / Letters of Credit T:203-338-3223 F:844-835-9130 AMENDMENT TO OUR IRREVOCABLE STANDBY LETTER OF CREDIT NO. SB-1906 DATED NOVEMBER 4, 2013 November 6, 2014 City of South Burlington Attn: Ray Belair 575 Dorset Street South Burlington, VT 05403 Dear Mr. Belair, At the request and for account of Dorset Street Associates, LLC we hereby amend our Irrevocable Letter of Credit SB-1906 in your favor as follows: Letter of Credit amount is decreased and is now USD $20,163.00 All other terms and conditions remain the same. Very Truly Yours, People's United Bank By: �J� O` Z),�- Authorized Signature 850 Main Street Bridgeport, Connecticut 06604 Peoples.com International Trade Finance Operations / Letters of Credit T:203-338-3223 F:844-835-9130 November 7, 2014 City of Burlington Attn: Ray Belair 575 Dorset Street South Burlington, VT 05403 Dear Mr. Belair, At the request of our customer, Dorset Street Associates, LLC we enclose our amendment to Irrevocable Standby Letter of Credit No. SB-1906 in your favor. We would greatly appreciate if you would acknowledge receipt by signing where indicated on the copy of the amendment, and returning this signed copy in the enclosed envelope. Your prompt attention will be greatly appreciated. Sincerely, Wendy Mejia International Trade Finance Operations 850 Main Street, RC 5-287 Bridgeport, CT 06604 (P) 203-338-3223 Encl. 850 Main Street Bridgeport, Connecticut 06604 Peoples.com November 3, 2014 Alan Bartlett Dorset Street Associates, LLC 44 Park Street Essex Jct., VT 05452 Re: Authorization for Reduction of Letter of Credit #SB-1906 for Project #SD-03-40 Dear Mr. Bartlett: Please be advised that the City of South Burlington hereby authorizes a reduction in the amount of the above -listed Letter of Credit required for public infrastructure improvements at your Cider Mill I project. The escrow account was established in the amount of $201,628 with People's United Bank and can now be reduced to $20,163. Should you have any questions, please feel free to contact us. Sincerely, 1"(:��I 0 �om Hubbard Treasurer 575 Dorset Street South Burlington, VT 05403 tel 802.846.4106 fax 802.846.4101 www.sburl.com International Trade Finance Operations T: 203-338-3223 F: 203-338-5417 11/5/2013 City of South Burlington 575 Dorset Street South Burlington, VT 05403 Ref: Letter of Credit Delivery At the request of our customer Dorset Street Associates LLC, we enclose our original Irrevocable Letter of Credit No: SB-1906 in your favor, available by draft for an amount not exceeding US dollars of: $201,628.00, in accordance with the terms of the Letter of Credit. We would greatly appreciate if you would acknowledge receipt by signing where indicated on the copy of the Letter of Credit and returned the signed copy in the envelope enclosed. Thank you in advance for your prompt attention regarding this matter. Should you have any questions or concerns, please contact me at the number noted below. Sincerely, International Trade Finance Operations 850 Main Street BC05 RC287 Bridgeport, CT 06604 (P) 203-338-3049 (F) 203-338-5417 850 Main Street, Bridgeport, Connecticut 06604 peoples.com ccv 06107 Peo 1-e United MBank LETTER OF CREDIT NO. " ISSUE DATE SB-1906 November 4, City of South Burlington Attn: Ray Belair 575 Dorset Street South Burlington, VT 05403 Sir/Madam, On the instructions and for accoun Street, Essex Junction, VT 05452 we hereby establish our Clean, Irrevocable, Standby Letter of Credit No. SB-1906, in your favor, available by your draft drawn on us at sight, for a sum not exceeding the total amount Two Hundred One Thousand Six Hundred Twenty Eight and 00/100 (U.S. Dollars $201,628.00) International Trade Finance Operations T: 203-338-3223 F: 203-338-5417 EXPIRY DATE 2013 January 11, 2015 Partial Drawings are permitted. All bank charges and commissions incurred in this transaction are for account of the applicant. Any funds drawn hereunder and not eventually applied by you in reimbursement of loss incurred by you will be repaid to us by you. Draft(s) drawn under this Letter of Credit must bear on their face the clause "Drawn under People's United Bank Credit No. SB-1906 dated November 4, 2013". We engage with you that draft(s) drawn under and in compliance with the terms and conditions of this credit will be duly honored upon presentation and delivery of documents, as specified, to the address below, ATTN: International Trade Finance Operations 5-287, on or before January 11, 2015 which is the expiration date of this Letter of Credit. Please Note: In the event this Letter of Credit is no longer required, or is to be cancelled prior to the present or future expiration date, it must be returned along with any amendments thereto, to this office for cancellation. Except so far as otherwise expressly stated, this credit is subject to the "Uniform Customs and Practice for Documentary Credits (2007 Revision), ICC Publication No. 600." Very truly yours, People's UnAed Ban 4 f 850 Main Street, Bridgeport, Connecticut 06604 peoples.com [a GEN-1 0&07 MEMORANDUM TO: Tom Hubbard, Treasurer FROM: Raymond J. Belair, Administrative Officer DATE: November 3, 2014 SUBJECT: Reduction of Letter of Credit #SB-1906 for Project #SD-03-40 The applicant's request for the reduction of the above -listed has been reviewed for the following project: Cider Mill I #SD-03-40 The original amount of the surety was: $ 201,628 The surety is presently: $ 201,628 Based on our analysis, the applicant has qualified for a reduction to in the amount of the public infrastructure surety to: $ 20,163. Please complete and sign the enclosed letter authorizing the financial institution to reduce the Letter of Credit to the amount listed therein. 575 Dorset Street South Burlington, VT 05403 tel 802.846.4106 fax 802.846.4101 www.sburl.com Ilk" O Leary -Burke Civil Associates, PLC CIVIL ENGINEERING I REGULATORY AND PERMIT PREPARATION I LAND SURVEYING I CONSTRUCTION SERVICES I LAND USE PLANNING October 12, 2014 Justin Rabidoux, Public Works Director City of South Burlington 575 Dorset Street South Burlington, VT 05403 Re: The Cider Mill, Sommerfield Avenue Road Acceptance & Reduction in Letter of Credit Dear Justin, On behalf of Dorset Street Associates, LLC, we formally request that the City of South Burlington begin the acceptance process for Sommerfield Avenue and reduce the Letter of Credit for Sommerfield Avenue to 10% of the original value. Acceptance Sommerfield Avenue is complete from Station 0+00 to 7+00 including street lights, street trees, and the top course of pavement. Sommerfield Avenue is complete from Station 7+00 to 17+94 including street lights, street trees, and the base course of pavement. The top course of pavement on this section will be place in 2015. Record drawings are complete and have been submitted to the City of South Burlington. We would like to schedule a walk- thru/inspection with the City as soon as possible. Reduction in the Letter of Credit The existing letter of credit for Sommerfield Avenue is in the amount of $201,628. The amount was based on an estimate from J.C. Antone & Company dated October 17, 2013. The letter of credit and estimate are attached. The work remaining, the placement of the top course of pavement from Station 7+00 to 17+94, is estimated to be $19,400 (194 tons @ $100 per ton). Since the 1 CORPORATE DRIVE SUITE #1 ESSEX JUNCTION VERMONT 05452 TEL 802 878 9990 1 FAX 802 878 9989 1 obca@olearyburke.com letter of credit is typically held at 10% of the original value throughout the warranty period, we are requesting a reduction in the letter of credit to $20, 163. If you have any questions, please do not hesitate to call. Sincerely, / Pau cc: Ray Belair Oct 17 13 11:46a JC Antone & Company, Inc 567 lViddle Road, Swanton, YT 49S488 Mr. Alan Bartlett Dorset Street Associates 44 Park Street Essex Jct., VT 05452 (802) 868-7877 p.2 October 17, 2013 Re_ Estimate to Complete Construction of Sommerfield Avenue Dear Al, Phone/Fax: (802) 868-7877 Below please find a breakdown of construction costs to complete Sonimerfield Avenue at the Cider Mill in South Burlington. Sommer field Avenue — 0+00 — 7+00 ❑ Install top coat of asphalt $13,728.00 Sommerfield Avenue — 7+00 —17+94 ❑ Complete roadway including curb, sidewalk and asphalt $142,000.00 ❑ Supply and installation of street lights $14,000.00 ❑ Supply and installation of street trees $11,900-00 o Final cleanup, topsoil, seed and mulch within right-of-way $20,000.00 Total Cast to Complete Sommerfield Avenue $201,628.00 If you have any questions, please do not hesitate to call. Sincerely, ✓i � Daniel V. Rexford, L;.�.S— J.C. Antone & Company, Inc. C XAN-TOME VaW2012-011XBAR7LE17-SOMMERRELD-COST-TO-COMPLETE- I00917.doc Peop% b Unite+d k:.��Bank International Trade Finance Operations T: 203-338-3223 F: 203-338-5417 11/5/2013 City of South Burlington 575 Dorset Street South Burlington, VT 05403 Ref: Letter of Credit Delivery At the request of our customer Dorset Street Associates LLC, we enclose our original Irrevocable Letter of Credit No: SB-1906 in your favor, available by draft for an amount not exceeding US dollars of: $201,628.00, in accordance with the terms of the Letter of Credit. We would greatly appreciate if you would acknowledge receipt by signing where indicated on the copy of the Letter of Credit and returned the signed copy in the envelope enclosed. Thank you in advance for your prompt attention regarding this matter. Should you have any questions or concerns, please contact me at the number noted below. Sincerely, International Trade Finance Operations 850 Main Street BC05 RC287 Bridgeport, CT 06604 (P) 203-338-3049 (F) 203-338-5417 850 Main Street, Bridgeport, Connecticut 06604 peoples.com GEN-1 06107 People inU ted MBank LETTER OF CREDIT NO. ISSUE DATE SB-1906 November 4, International Trade Finance Operations T: 203-338-3223 F: 203-338-5417 EXPIRY DATE 2013 January 11, 2015 T City of South Burlington DATE Attn: Ray Belair � nr � T 575 Dorset Street A:.v�',fe.t ;.: a.� ? -. !/ ton VT 05403 ^�� OF South South Burlington, g ACIc?Lawie'c.,:r .,..', Sir/Madam, On the instructions and for account`°terse`£reet-Associates,-�'LLC,-44 Park Street, Essex Junction, VT 05452 we hereby establish our Clean, Irrevocable, Standby Letter of Credit No. SB-1906, in your favor, available by your draft drawn on us at sight, for a sum not exceeding the total amount Two Hundred One Thousand Six Hundred Twenty Eight and 00/100 (U.S. Dollars $201,628.00) Partial Drawings are permitted. All bank charges and commissions incurred in this transaction are for account of the applicant. Any funds drawn hereunder and not eventually applied by you in reimbursement of loss incurred by you will be repaid to us by you. Draft(s) drawn under this Letter of Credit must bear on their face the clause "Drawn under People's United Bank Credit No. SB-1906 dated November 4, 2013". We engage with you that draft(s) drawn under and in compliance with the terms and conditions of this credit will be duly honored upon presentation and delivery of documents, as specified, to the address below, ATTN: International Trade Finance Operations 5-287, on or before January 11, 2015 which is the expiration date of this Letter of Credit. Please Note: In the event this Letter of Credit is no longer required, or is to be cancelled prior to the present or future expiration date, it must be returned along with any amendments thereto, to this office for cancellation. Except so far as otherwise expressly stated, this credit is subject to the "Uniform Customs and Practice for Documentary Credits (2007 Revision), ICC Publication No. 600." Very truly y urs, People's UnX ed E uthorizled Sicutatu 850 Main Street, Bridgeport, Connecticut 06604 peoples.com GEN-1 0"7 SUBDIVISION LETTER OF CREDIT AGREEMENT THIS AGREEMENT, executed in triplicate between Dorset Street Associates, LLC, hereinafter referred to as DEVELOPER, Peoples United Bank, hereinafter referred to as BANK, and the City of South Burlington, herein after referred to as MUNICIPALITY. WITNESSETH: WHEREAS, DEVELOPER has received final plat approval No. dated from the MUNICIPALITY's Development Review Board for the development of a subdivision consisting of 59 single-family lots and 90 single family units with related improvements, in a development to be known as "Cider Mill", as depicted on and in accordance with the specifications as set forth on the final plat entitled "Cider Mill Overall Subdivision Plat", dated 4-23-2003, last revised 10-10-2012, prepared by Button Professional Land Surveyors, and recorded at Map Slide of the Land Records of the City of South Burlington; WHEREAS DEVELOPER is required by said approvals, at its own expense, to complete the construction of the development site in accordance with the plans approved by the Development Review Board; WHEREAS the parties to the Agreement wish to establish a mechanism to secure the obligations of the DEVELOPER for the work as set forth below; and WHEREAS the BANK executes this Agreement solely in the capacity of issuer of a Letter of Credit hereinafter specified. NOW, THEREFORE, the parties hereby covenant and agree as follows: 1. DEVELOPER will, at its own expense, complete the following construction as depicted and in accordance with the Final Plat (herein referred to as the Improvements): a. Sommerfield Drive Sta 0+00 to 17+94 2. DEVELOPER shall replace or repair any defective or improper work or materials which may be identified as such by the MUNICIPALITY within two (2) years after acceptance of the improvements set forth in Paragraph 1 by the MUNICIPALITY (hereinafter the "Warranty Period"). For the purpose of this Agreement "acceptance" shall be deemed to have occurred when the MUNICIPALITY's legislative body has voted to accept ownership of all the improvements required by this Agreement and applicable deeds of conveyance have been recorded in the Land Records of the City of South Burlington. 3. Upon "acceptance," the CITY shall provide DEVELOPER and BANK written notice of acceptance. 4. For the guarantee of DEVELOPER's performance of all requirements hereunder set forth, DEVELOPER has caused the BANK to issue its Irrevocable Letter of Credit in favor of the MUNICIPALITY, the original of which is attached to the MUNICIPALITY's copy of this Agreement, and a copy of which is attached to the DEVELOPER's copy of this Agreement. During the term of this Agreement, DEVELOPER shall cause the attached Letter of Credit to be renewed at least thirty (30) days before the maturity date thereof. Failure of the DEVELOPER to deliver evidence of such renewal to MUNICIPALITY thirty (30) days prior to the date of expiration of said Letter of Credit shall constitute a default of the terms of this Agreement. 5. Upon "acceptance," as defined above in Paragraph 2, the sum required to secure DEVELOPER=s obligations under `this Agreement shall be reduced to $ 65,866[10% of original amount secured by Letter of Credit] and the BANK may reduce the amount of the Letter of Credit by $592,795[90% of original amount secured by Letter of Credit]. Nothing herein shall relieve the DEVELOPER from the obligation to pay any additional costs, if actual costs exceed the amount secured by the Letter of Credit, after the time of acceptance. Following the reduction contemplated in this paragraph 5, the sum of $65,866[10% of original amount secured by Letter of Credit] shall remain secured by the Letter of Credit until completion of the Warranty Period set forth in Paragraph 2 or until Bank is instructed, in writing, by MUNICIPLITY to disburse some or all of that sum to MUNICIPLITY, pursuant to Paragraph 6, below. 6. Said Irrevocable Letter of Credit provides that the drafts drawn under said Letter of Credit must be accompanied by a written statement signed by a duly authorized agent of the MUNICIPALITY, stating that in the judgment of the MUNICIPALITY, the DEVELOPER is in default under the terms of this Agreement, and that the funds to be drawn pursuant to the draft are in payment for, or in anticipation of payment for materials, labor and services required for completion of the Improvements, or the repair or replacement thereof. Payment of each draft will be made at sight when presented to the BANK by the MUNICIPALITY, the payment limited only by the aggregate amounts presented in relationship to the maximum amount of the Letter of Credit. 7. If DEVELOPER shall be in default of this Agreement for seven (7) days because of its failure to provide evidence of renewal of the Letter of Credit, required in paragraph 4 above, MUNICIPALITY may notify BANK of such default and request payment of the remaining balance available on said Letter of Credit. Such notice shall be provided in accordance with Paragraph 5, above, with the exception that the MUNICIPALITY shall be under no obligation to provide a statement that the funds to be drawn are in payment for, or in anticipation of payment for materials, labor and services required for completion of the Improvements, or the repair or replacement thereof. All funds drawn pursuant to this paragraph shall be held in escrow by the MUNICIPALITY for the remaining duration of this agreement. At the termination of this Agreement, the MUNICIPALITY shall refund all remaining amounts held in escrow, less any funds retained in payment for, or in anticipation of payment for materials, labor and services required for completion of the Improvements, or the repair or replacement thereof. In the event any funds are withheld by MUNICIPALITY, it shall provide DEVELOPER with a written statement stating that the retained funds were retained in payment for, or in anticipation of payment for materials, labor and services required for completion of the Improvements, or the repair or replacement thereof. 8. The DEVELOPER and MUNICIPALITY hereby agree that the sum of two hundred one thousand, six hundred and twenty eight one dollars ($201,628) shall be sufficient to secure DEVELOPER'S obligations under this Agreement but shall not relieve DEVELOPER from the obligation to pay any additional costs, if actual costs exceed the above - stated cost. Nothing herein shall relieve the DEVELOPER from the obligation to pay any additional costs, if actual costs exceed the amount secured by the Irrevocable Letter of Credit, after the time of acceptance. 9. The MUNICIPALITY will promptly submit to the DEVELOPER a copy of any draft it submits to the BANK. The consent of the DEVELOPER to payment of said draft by BANK to the MUNICIPALITY under said Letter of Credit shall not be required. 10. The MUNICIPALITY shall not file with the BANK a statement of default until ten (10) days after notice has been sent by it to the DEVELOPER by certified mail, return receipt requested, setting forth its intention to do so. 11. All funds drawn on the BANK by the MUNICIPALITY pursuant to the Letter of Credit shall be used solely by the MUNICIPALITY for the purpose of completing construction of the Improvements or the repair or replacement thereof. Any work contracted for by the MUNICIPALITY pursuant hereto shall be let on a contractual basis, or on a time and material basis, or shall be performed by the MUNICIPALITY's own work force and equipment, or shall be accomplished in such other manner as in the judgment of the MUNICIPALITY shall accomplish the work more expeditiously and economically, consistent with good construction practices. 12. If payments are made by the BANK to the MUNICIPALITY pursuant to said Letter of Credit, and it later develops that a portion of the monies drawn are in excess of the MUNICIPALITY's needs, any such excess amount shall be refunded by the MUNICIPALITY to the BANK, to be credited by said BANK to the Letter of Credit. 13. This Agreement and said Letter of Credit shall terminate and shall be of no force and effect upon completion of the Warranty Period described in Paragraph 2, above. If the MUNICIPALITY has not delivered any written notice to the DEVELOPER of any defective or improper work or materials related to the Improvements within the Warranty Period, or if notice has been given and the defective work or materials have been corrected by the DEVELOPER to the reasonable satisfaction of the MUNICIPALITY, the MUNICIPALITY shall forthwith notify the BANK in writing that the Letter of Credit may be cancelled, and shall return the original Letter of Credit to the BANK, and the DEVELOPER shall be released from all obligations hereunder. 14. Upon request of DEVELOPER, but only at the sole