HomeMy WebLinkAboutAGENDA REPORT 1987 1104 CC ADJ ITEM 08GCLINT HARPER, Ph.D.
Mayor
ELOISE BROWN
Mayor Pro Tem
THOMAS C. FERGUSON
Councilmember
JOHN GALLOWAY
Councilmember
JOHN PATRICK LANE
Councilmember
MAUREEN W. WALL
City Clerk
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FROM:
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SUBJECT=
MOORPARK
I � .. _
ITEM
STEVEN KUENY
City Manager
CHERYL J. KANE
City Attorney
PATRICK RICHARDS, A.I.C.P.
Director of
Community Development
R. DENNIS DELZEIT
City Engineer
JOHN V. GILLESPIE
Chief of Police
MO�QMAS P GENOVESE
Cit �� Treasurer
M E M O R A N D U M of � y Co���� C ��F�R,M
Honorable City Council
Steven Kueny, City Manager
October 30, 1987
By
REIMBURSEMENT FOR SCIENCE DRIVE TRAFFIC SIGNAL
In January, 1985, the City Council entered into an agreement
with Cabot, Cabot and Forbes (CC &F) for construction of the
Science Drive traffic signal.
As part of the agreement, Carlsberg Development Company provided
the City with a Letter of Credit for one -half the cost of the
traffic signal. The signal was to be borne equally by CC &F and
Carlsberg. Since that time, Southmark Company has become a
successor to Carlsberg. As you are aware, the traffic signal
has been installed and CC &F has asked for reimbursement from
Southmark.
The City Engineer has reviewed the traffic signal costs and
verified a total construction cost of $95,103.00.
At the City's request, Southmark has provided a cash payment
for their one -half share of the traffic signal of $47,551.50
and requested release of their Irrevocable Standby Letter of
Credit that had guaranteed their 50% share.
STAFF RECOMMENDATION:
1. Authorize payment to CC &F in the amount of $47,551.50.
2. Return the Irrevocable Standby Letter of Credit No. LASB -40511
drawn on Bank of America to Southmark Pacific Corporation.
799 Moorpark Avenue Moorpark, California 93021 (805) 529 -6864
CLINT HARPER, Ph.D.
Mayor
ELOISE BROWN
Mayor Pro Tern
THOMAS C. FERGUSON
Councilmember
JOHN GALLOWAY
Councilmember
JOHN PATRICK LANE
Councilmember
MAUREEN W. WALL
City Clerk
November 12, 1987
MOORPARK
Southmark Pacific Corporation
2 North Lake Avenue
Suite 800
Pasadena, CA 91101
Attention: Mr. Jerry Sloniker
Vice President, Construction
Re: Science Drive Traffic Signal
Dear Mr. Sloniker:
STEVEN KUENY
City Manager
CHERYLJ.KANE
City Attorney
PATRICK RICHARDS, A.I.C.P.
Director of
Community Development
R. DENNIS DELZEIT
City Engineer
JOHN V. GILLESPIE
Chief of Police
THOMAS P. GENOVESE
City Treasurer
We are in receipt of your check in the amount of $47,728.50
covering your 50% share of the above traffic signal installation.
Per our agreement, we are returning herewith your Irrevocable
Standby Letter of Credit No. LASB -40511 drawn on Bank of America.
Thank you for your cooperation in this matter.
Very truly yours,
CITY/ OF MOORPARK
Steven Kueny
City Manager
SK: j
Enclosure
CC: City Clerk ✓
799 Moorpark Avenue Moorpark, California 93021 (805) 529 -6864
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® BANKOFAMERICA
INTERNATIONAL BANKING OFFICE #662, P.O. BOX 3141
Place: TERMINAL ANNEX, LOS ANGELES, CALIFORNIA 90051
IRREVOCABLE
STANDBY LETTER OF CREDIT
Advising bank
All drafts must be marked:
"Drawn under Bank of America
credit no. LASB -40511
Cable Address: BankAmerica
Date: OCTOBER 13, 1983
Advising bank reference no.
For account of
CARLSBERG CORPORATION ON BEHALF OF
MOORPARK R & T CENTER
2800 28TH STREET, 2ND FLOOR
SANTA MONICA, CALIFORNIA 90405
To beneficiary Amount
CITY OF MOORPARK U:S.CY..$50,000.00 (FIFTY THOUSAND AND
C/0 CLERK, CITY OF MOORPARK NO 1100 DOLLARS)
PORT OFFICE BOX 701
MOORPARK, CALIFORNIA 93021.
Expiration date OCTOBER 14, 1984
Gentlemen: ❑ This refers to preliminary cable advice of this credit.
We hereby establish our irrevocable letter of credit in your favor available by your drafts drawn at SIGHT
on US
and accompanied by documents specified below:
COVERING:
PAYMENT OF ONE -HALF THE FUTURE COST OF INSTALLING A STOP LIGHT SIGNAL ON
NEW - LOS - ANGELES AVENUE IN CONJUNCTION -WITH THE DEVELOPMENT OF-PARCEL MAP
NO.3828.
NO DOCUMENTS REQUIRED:
SPECIAL INSTRUCTIONS:
IT IS A CONDITION OF THIS IRREVOCABLE STAND -BY LETTER OF CREDIT THAT IT
SHALL BE AUTOMATICALLY EXTENDED FOR ADDITIONAL PERIOD OF ONE YEAR FROM
THE PRESENT OR EACH FUTURE EXPIRATION DATE UNLESS 60 DAYS PRIOR TO SUCH
DATE WE NOTIFY YOU IN WRITING THAT WE ELECT NOT TO RENEW THIS STAND -BY
LETTER OF CREDIT FOR SUCH ADDITIONAL PERIOD.
A * * * .
We hereby engage with you that all drafts drawn under and in
compliance with the terms of this credit will be duly honored
if drawn and presented for payment at this office on or before
the expiration date of this credit.
fm Sincerely yours,
r
Advising bank's notification
CItV Of Moor,oark