HomeMy WebLinkAboutRESOLUTION NO. 2017-43 RESOLUTION NO. 2017-43
RESOLUTION ACCEPTING A MODIFIED LETTER OF CREDIT FOR
THE PUBLIC IMPROVEMENTS IN
HEARTLAND HEIGHTS IST ADDITION
WHEREAS, the City of Fairfax approved the Final Plat of Heartland Heights First
Addition in the City of Fairfax, Linn County, Iowa, and The Development Agreement for said
Heartland Heights First Addition, on March 14, 2017; and
WHEREAS, the Iowa Lot Development, L.L.C. had previously submitted an Irrevocable
Standby Letter of Credit to cover the costs of the public improvements yet to complete; and
WHEREAS, the Iowa Lot Development, L.L.C. has now submitted a reduced Irrevocable
Standby Letter of Credit for approval to cover the costs of the public improvements yet to complete
due to the fact that some of the public improvements have been completed; and
WHEREAS, Hall and Hall Engineers, Inc., have reviewed the reduced Irrevocable
Standby Letter of Credit and find it in order.
NOW, THEREFORE, BE IT RESOLVED that the Fairfax City Council does replace
the previously submitted Irrevocable Standby Letter of Credit with the newly submitted reduced
Irrevocable Standby Letter of Credit for Heartland Heights First Addition.
BE IT FURTHER RESOLVED, by the City Council of the City of Fairfax, Iowa, that
the Mayor and City Clerk are hereby authorized and directed to execute said Resolution and the
required paperwork to replace the Irrevocable Standby Letter of Credit on file.
Passed and approved this 9th day of May, 2017.
AYES: Beer, Daly, Kell, Volk, and Wainwright
Burnell G. Frieden, Mayor
ATTEST:
'eva�at'xte�hr�'�k'�'�'�tttp�r >
Cy hia Stimson, City Clerk/Treasurer ;
IRREVOCABLE STANDBY LETTER OF CREDIT
Letter of Credit Number: 77878 AMENDED-1
Amount:U.S, $ 1,272,267.73(one million two hundred and seventy two thousand two hundred and sixty seven dollars and seventy three cents U.S,DOLLARS)
This Letter of Credit is issued on March 13, 2017 AND AMENDED ON THIS 9TFf DAY OF MAY, 2017 by Issuer in favor of the Beneficiary for the account of
Applicant. The parties'names and their addresses are as follows:
APPLICANT:
IOWA LOT DEVELOPMENT,L.L.C.
Entity Type:Limited Liability Company
1840 COMMERCIAL DRIVE
WALFORD,IA 52351
BENEFICIARY:
CITY OF FAIRFAX
Entity Type:Other
P.O.BOX 337
FAIRFAX,IA 52228
ISSUER:
FAIRFAX STATE SAVINGS BANK
409 Vanderbilt St
PO Box 277
Fairfax,IA 52228-0277
1. LETTER OF CREDIT. Issuer establishes this Irrevocable Standby Letter of G[edit (Letter of Credit) in favor of Beneficiary in the amount indicated above.
Beneficiary may draw on this Letter of Credit with a Draft(or Drafts,if the maximum,number of drawings is greater than v,ne). Each Draft shall be signed on behalf
of Beneficiary and be marked"Drawn under FAIRFAX STATE SAVINGS BANK Letter of-Credit No;7.7878 AMENDED- 1 dafad March 13,2017." Drafts must be
presented at Issuer's address shown above on or before the Expiration Date. The presentation of"any'`Draft shall reduce the,{mount available under this Letter of
Credit by the amount of the draft.
This Letter of Credit sets forth in full the terms of Issuer's obligation to.Beneficiary. This obligafan cannot be modified by any reference In this Letter of Credit, or
any document to which this Letter of Credit may be related.
This Letter of Credit expires on the Expiration Date.
2. DRAWINGS. Beneficiary shall be permitted to make multiple drawings,on this Letter of,Credit. The maximum number of drawings that may be made on this
Letter of Credit is 10. "Draft"means a draft drawn afsight.
3.DOCUMENTS. Each Draft must be acco wing.in orl +gai,and.t
;Intoiedb Fe#Chgxastated:
A.A sight draft drawn by Beneficiary tit Issuer.
Issuer shall be entitled to accept a draft andthe'docuinentauon described above as;required by the terms of this Letter of Credit,from any person purporting to be
an authorized officer or representative of Benefictary.without ariy obligation or duton the part of Issuer to verify the identity or authority of the person presenting
the draft and such documentation.
4.SPECIAL'INSTRUCTIONS ALL.REcDUESTS FOR DRAWS ONIETTER OIF CREDIT TO BE SIGNED BY THE MAYOR OF THE CITY OF FAIRFAX,IA.
' f
5. EXPIRATION DATE This'Letter of Cradit explies at the apse of business artIsWer's address at 4:00 P.M Central Time(Time) on October 31, 2018 (Date),
Issuer agrees to honor all Dtafts presented In stilet eompliance?yuf#lithe provisionsbf''this Letter of Credit on or before the Expiration Date.
6.NON-TRANSFERABLE. This Letter of Credit is not transferable
7.APPLICABLE LAW. This Lett@r gf,Credit is governedjl)yahe Interna4{opal Standby Practices 1998(ISP98). This Letter of Credit is also governed by the laws of
Iowa,except as those laws conflict with the International Standby Practises 1998(ISP98).
}
ISSUER:
FAIRFAX STATE SAVINGS BANK
By Date
MICHAEL D SHOUP,VICE PRESIDENT
IOWA LOT DEVELOPMENT,L.L.C.
Standby Letter Of Credit
IA/4XXMSHOUP00000000001289034N Wolters Kluwer Financial Services 01996,2017 Bankers SystemsT" Page 1
PRELIMINARY OPINION OF COSTS
PROJECT 416-0099
CITY OF FAIRFAX,IOWA
ITEM ITEM CODE ITEM DESCRIPTION UNIT ESTIMATED UNIT PRICE SCHEDULED WORK COMPLETED %COMPLETED BALANCE TO FINISH
NO. QUANTITIES VALUE
1 01100-01Mobilization LS 1 :.$125,000.00 $ 125,00000 073 75% 3.2:>0)0
2 01100-10 Construction Surveys LS 1 $ 50,000.00 $ 50,00000 075 75% $ 12,500.00
3 01200-01 Traffic Control LS 1 $ 2,500.00 $ 2,50000 000 0% $ 2,500.00
4 02850-20Temporary End of Pavement Signage EA 10 $ 500.00 $ 5,000 00 0.0 0% $ 5,000.00
5 01300-01 Temporary Erosion and Sediment Control LS 1 $ 10,000.00 $ 10,00000 075 is% 1: ?.>Ot0:)
6 013OD-10 Sill Fence LF 7,500 $ 1.60 $ 12,00000 7,500 100% $
7 01300-10 Rock Ditch Check EA 62 ":$ 150.00 $ 9,300 00 0 0% $ 9,300.00
8 01400-22 Sawcutting of Pavement(Full-Depth) LF 107 $ 5.00 $ 53500 0 0% $ 535.00
9 01400-40 Removal of Storm Sewer Structures EA 1 $ 750.00 $ 750.00 0 0% $ 750.00
10 02000-01 Unclassified Excavation and Embankment CY 659,600 $ 2.00 $ 1.31 9P200.00 560.000 85% $ '99,200.00
11 02000-02Strip and Respread Topsoil CY `- 108,845 1 $ 2.50 $ 271,612 50 60,000 55°b $ 2-012.50
12 02100-50 Granular Subbase 6" SY 29,761 $ 5.50 $ 163,79550 29701 1000
13 02300-01 Sanitary Sewer Gravity Main 8"PVC Truss LF 6,256 $ 34.95 $ 218,647 20 c,166 98% $ 's.4^500
14 02300-02 Sanitary Sewer Gravity Main 8"DIP(under gas) LF 1 20 $ 80.00 $ 1 600 00 20 100% $
15 02300-01 Sanitary Sewer Gravity Main 10"PVC Truss LF 2,685 $ 24,76 $ 63,978 75 2,685 100% $
16 02300-10 Sanitary Sewer Services EA 109 $ 1,950.00 $ 212,550 00 109 100% -
17 02300-20 Sanitary Sewer Manholes,48"Dia EA 3$ $ 2,700.00 $ 102,600 00 37 97°b $ 2,700.00
18 02300-50 Connection to Existing Sanitary Sewer Manhole EA 1 $ 750.00 $ 75000 1 100% $ -
19 02400-01 Storm Sewer Mein 15"RCP LF 1,603 $ 32.50 $ 48,847 50 390 59°4, $ ;3922 50
20 02400-01 Storm Sewer Main 18"RCP LF 2706 :.$ 36.75 $ 99,44550 1,1611 430 $ Sfi 5582`
21 02400-01 Storm Sewer Main 24"RCP LF 2,652 $ 40.00 $ 106,080 00 2.204 83°4; $ 3.:0.00
22 02400.01 Storm Sewer Main 30"RCP LF 982 $ 51 00 $ 50,082 00 982 100'% $
23 02400-01 Storm Sewer Main 36"RCP LF 402 $ 63.50 $ 25,527 00 402 100% $
24 02400-01 Storm Sewer Main 42"RCP LF 1,085 $ 86.00 $ 93,310 00 -1.085 100%
25 02400-01 Storm Sewer Main 42"POLYPROPYLENE LF 559 ;:$ 58.00 $ 32,422 00 659 100% $
26 02400-01 Storm Sewer Main 48"RCP LF 1,222 $ 104.00 $ 127,088 00 1,222 100% $
27 02400-01 Storm Sewer Main 54"RCP LF 167 $ 122.00 $ 20,374 00 167 100% $
28 02400.10 Subdrain,6"PERE HDPE LF 11,518 ':1 $ 10.20 $ 117,48360 1161E 100%
29 02400-10 Subdrain,8"SOLID WALLED HDPE LF 2,623 $ 12.50 $ 32,787 50 0 0% $ 32,787.50
30 02400-10 Subdrain,4"Service Lines HDPE LF 3,449 $ 8.50 $ 29,316 50 2600 7546 %,216 50
31 02400-10 Subdrain,8"PVC(DR18) LF 350 $ 21.00 $ 7,350 00 350 1001% $ -
32 02400-13 Subdrain Cleanouls EA .6 $ 500.00 $ 3,00000 0 0% $ 3,000.00
33 02400.30 Flared End Sections 24" EA �1 $ 1,200.00 $ 1,200 00 1 '1007;, $
34 02400-30 Flared End Sections 42" EA '1 $ 1,600.00 $ 1,600 00 1 100'0 $:
35 02400-30 Flared End Sections 48" EA 8 $ 1,925.00 $ 15,40000 8 100% $
36 02400-30 Flared End Sections 54" EA 1 $ 2,150.00 $ 2.150 00 1 100% $
37 02400-40 Storm Sewer Manholes 60"RA341-A EA 1 $ 2,500.00 $ 2,500 00 1 100% $
38 02400-40 Storm Sewer Manholes 96" EA 2 $ 4,500.00 $ 9,000.00 2 100% $
39 02400-40 Storm Sewer Manholes SW-402 48"X40" EA 1 $ 2,500.00 $ 2,500 00 1 100% $
40 02400-40 Storm Sewer Manholes SW-402 54"X40" EA 1 T-2,500 00 $ 2,500 00 1 100% $
41 02400-40 Storm Sewer Manholes SW-40260"X40" EA 3 $ 3,000.00 $ 9,00000 3 100% $
42 02400-40 Storm Sewer Manholes SW-402 66"X40" EA 1 $ 3,000.00 $ 3,000 00 1 100% $
43 02400-40 Storm Sewer Manholes SW-40272"X40" EA 1 :1$ 3,500.00 $ 3,50000 1 100% $
44 02400-50 Storm Sewer Intakes RA-3 EA 4 $ 2,450.00 $ 9,800 00 2 50% $ 4.900.00
45 02400-50 Storm Sewer Intakes RA-5 EA 48 $ 3,200.00 $ 153,600 00 36 701% $ 3;"VW
46 02400-50 Storm Sewer Intakes Modified RA 5 EA 9 $ 4,500.00 $ 40,500 00 9 100% $
toren ewer nta eso i le _
47 02400-50 DIA EA 8 ': $ 750.00 $ 6,00000 8 100% $
forma erIntakes o l eSW-513
48 02400-50 60'X60"wEA 1 $ 3,000.00 $ 3,00000 0 0% $ 3,00000
forma er Intakes dire -1
49 02400-50 72'X72"w EA 1 $ 3,500.01) $ 3,50000 0 0% $ 3,500.00
50 02400-50 Storm Sewer Intake 24"Dia RCP Area Intake EA 9 $ 600.00 $ 5,400.00 0 0% $ 5,400.00
51 02400-60 Connection to Existing Storm Sewer Structures EA 2 $ 75000 $ 1,500 00 0. 0 $ 1,500.00
52 02500-01 Water Main 8" LF 7,774 $ 21.00 1$ 163,25400 7,774 100% $
53 02500-01 Wale,Main 12" LF 762 $ 34.00 $ 26,588 00 782 100% $
54 02500-20 Furnish and Install Valve and Box,12"Gate EA 3 $ 1,850.00 $ 5P560600 3 100% $
55 02500-21 Furnish and Install Valve and Box,8"Gate EA 32 -'$ 1,200.00 $ 38P400.00 32 100% $
56 02500-21 Furnish and Install Valve and Box,6"Gate EA 2 $ 1,000.00 $ 2,000 00 2 100% $
57 02500-31 JBIow-off Assemblies EA 11 $ 500.00 $ 5,50000 11 100% $
58 02500-40 Water Services,1-inch EA `116 $ 1,200.00 $ 138,000600 115 100% $
59 02500-40 Water Services,6-inch EA 2 $ 2,000.00 $ 400000 1 50% $ 2,000.00
60 02500-50 Furnish and Install Fire Hydrant EA 20 $ 2,200.00 $ 44,00000 20 100% $
61 02500-60 Disinfection and Hydrostatic Testing LS 1 $ 500.00 $ 50000 1 100% $
62 02600-01 Revetment SY 400 $ 42.00 $ 16,80000 0 0% $ 16,800.00
63 02700-72 Portland Cement Concrete,7" SY 20,666 $ 31.50 $ 650,979 00 12,187 59% $ 267.:8c 50
64 02700-73 Portland Cement Concrete, SY 3,160 $ 37.25 $ 117,71000 1,580 50% .rH,B::S.)0
65 02700-73 Portland Cement Concrete,8"-Mailbox Pads SY 3$ $ 50.00 $ 1,65000 0 0% $ 1650.00
66 02850-01 Pavement Markings,Painted Stop Line,24" LF 32 $ 2.40 $ 76680 0 0% $ 76.80
67 02850-01 IPavement Markings,4"White LF 239 *. $ 0.60 $ 14340 0 0% $ 143.40
68 02850-01 Pavement Markings,4"Yellow LF 1,316 $ 0.70 $ 92120 0 0% $ 921.20
69 02850-20 Pavement Symbols,Painted left Turn Arrow EA 3 $ 200.00 $ 600,00 0 0% $ 600.60
70 02850-20 Pavement Symbols,Painted Right Turn Arrow EA 3 $ 200.00 $ 60000 0 0% $ 600.00
71 02900-11 Seeding AC 78 $ 425.00 $ 33,15000 0 0% $ 33,150.00
72 Street Lights 10OW EA 10 $ 500.00 $ 5,00000 0 0% $ 5,000.00
73 Street Lights 25OW EA 2 $ 500.00 $ 1,000,0 0 0% $ 1,000.00
74 Mailbox Cluster EA 3 $ 1,750.00 $ 5,25000 0 0% $ 5,250.00
Storm Water Basin
1 Ou let Structure EA 2 $ 14,000.00 $ 28.00000 0.0 0% $ 28,000.00
2 02000-01 Unclassified Excavation and Embankment CY 26,000 $ 2.00 $ 50,00000 00 0% $ 50,000.00
2 02600-01 Revetment-Outlet SY 600 $ 4200. $ 25,20000 0.0 0% $ 25,200.00
3 Pond Revetment-Inlet SY 600 $ 4200 $ 33,60000 0.0 0% $ 334600.00
4 02900-11 Seeding AC 11 $ 425.00 $ 2,677 50 0.0 0% $ 2,677.50
5 Temporary Sediment Basin EA 3 $ 9,000.00 $ 27,00000 0.0 0% $ 27,000.00
Materials Stoned On-Site but not installed(50%of unit price above
1 02300-01 Sanitary Sewer Gravity Main 8"PVC Truss LF 100 !74757 rl.%47.;01
2 02400-01 Storm Sewer Main 15"RCP LF 613 :f>25 S .,9,Gt.G: $ (�.951.2bj
3 02400-01 Storm Sewer Main 18"RCP LF 1,539 in 3A (28.27913 (?8279.131
4 02400-01 Storm Sewer Main 24"RCP LF 440 20 CID S 8,00 10, $ i=.360.0,D)
5 02400-01 Storm Sewer Main 30"RCP LF 0
6 02406-01 Storm Sewer Main 42"RCP LF 0 43 DO S
7 02400-10 Subdrain,6"PERF.HDPE LF 0 510
8 02400-10 Subdrain,8"SOLID WALLED HDPE LF 2623 $ 6.25 $ (16,393 75) $ (16,393.75
9 02400-10 Subdrain,4"Service Lines HDPE LF 849
10 02400-10 Subdrain,8"PVC(DR18) LF 0 10>G
11 02400-13 Subdrain Cleanouts EA 7 6 $ 250.00 $ 1,50000 $ 1,500.00
12 02400-30 Flared End Sections 24" EA 0 o0,G.a i $ $
13 02400-30Flared End Sections 42" EA 0 8GO.no 3
14 02400-50 Storm Sewer Intakes RA-3 EA 2 : $ 1,225.00 $ (2,450o0) $ (2,450.00)
15 02400-50 Storm Sewer Intakes RA-5 EA 10 S '600.00 $ ;16000 U( $ (16('00,00)
Storm Sewer Intakes o le
16 02400-50 60"X60" EA 1 $ 1,500.00 $ (1,50000) $ (1,500.00)
Storm ewer fnfakas Modified
17 02400-50 72"X72" EA 1 $ 1,750.00 $ (1,75000) $ (1,750.00)
18 0240D-50 Storm Sewer Intake 24"Dia RCP Area Intake EA 9 $ 300.00 $ (2,700
SUB-TOTAL ESTIMATE $ 4,971,882.58 ESTIMATE REMAINING $ 1,043,809.78
Contingency(20%) 994,376.52 Contingency(20%) 208,761.96
$616.647.22 Reduction Amomit Total 5,966,259.09 Totall 1,252,571.73
Page 1 of 1 5/9/2017