HomeMy WebLinkAboutAGENDA REPORT 2001 0207 CC REG ITEM 11DTO:
FROM:
DATE:
MOORPARK CITY COUNCIL
AGENDA REPORT
The Honorable City Council
ITEM ( • .
CITE' OF M- OO .PARK, CALTIFORNIA
City Council Meeting,
Of
ACTION:
Wayne Loftus, Director of Community Development4e
Prepared by: Lynn Harris, Planning Manager
January 25, 2001 (CC Meeting of 2/07/01)
SUBJECT: Consider the Early Release of a Letter of Credit (LOC) for
Development Plan No. 299, Minor Modification No. 1
(Industrial Building Addition at 6100 Condor Drive).
BACKGROUND AND DISCUSSION
In May 1992, a 19,014 square foot building addition (Development
Plan No. 299, Minor Modification No. 1) was approved, with
conditions, by the Director of Community Development for Aquaria,
Inc. Condition No. 25 required the posting of a $10,000.00 surety
to guarantee the completion of improvements and required the surety
to be kept in place for a period of ten (10) years.
The surety, in the form of a $10,000.00 Irrevocable Letter of Credit
(LOC), was issued by Union Bank of California on February 24, 1993.
The LOC has automatically renewed each year since then. The City
has received a Notice of Non - Renewal from Union Bank of California,
stating their intention to expire the LOC on February 24, 2001.
The final Certificate of Occupancy was issued for the building
addition on November 2, 1995. At that time, planning staff and
consultants certified that all conditions of approval had been met.
Although approximately one (1) year remains to complete the ten (10)
year term of the LOC, there are no outstanding conditions on the
project to be satisfied. Therefore, release of this security at
this time would be appropriate.
S: \Community Development \Everyone \City Council Agenda Reports \cc - 012501 (cc mtg 20701) LOC DP -299
MM #l.doc
C 3020'S
Honorable City Council
January 25, 2001
Page 2
STAFF RECOMMENDATION
Accept Union Bank of California's Notice of Non - Renewal of Standby
Letter of Credit with no further surety required relating to
Development Plan No. 299, Minor Modification No. 1.
Attachment:
Union Bank of California Notice of Non - Renewal, dated 12- 13 -00.
S: \Community Development \Everyone \City Council Agenda Reports \cc - 012501 (cc mtg
20701) LOC DP -299 MM #l.doc
C00206
NOTICE OF NON - RENEWAL OF STANDBY LETTER OF CREDIT
UNION BANK OF CALIFORNIA, N.A.
Southern California
International Operations Center
Standby Letter of Credit, Mail Code: V01 -519
1980 Saturn Street
Monterey Park, CA 91755 -7417
Phone No.: 323- 720 -7953, Fax No.: 323 - 720 -2773
DATE: December 13, 2000
TO: Moorpark City Clerk's Department
799 Moorpark Avenue
Moorpark, CA 95021.
Attention: Blanca
Phone # 8051529 -6864 ext. 245
RECEIVED
DEC i �j 2000
CITY CLERK'S DEPARTMENT
CITY OF MOORPARK
Reference: , Our Irrevocable Standby Letter of Credit No. 305 -LCS- 004615 for USD 10,000.00
Date of issuance: February 24, 1993
Name of Applicant: Aquaria, Inc.
2290 Agate Court
Simi Valley, CA 93065
NOTICE OF NON - RENEWAL
Ladies /Gentlemen:
This is to advise you that the validity of our captioned letter of credit shall not be renewed for an
additional one -year period from the present expiration date, namely February 24, 2001.
In view of the foregoing no drawings will be honored by us after February 24, 2001.
Please forward to us the original letter of credit and its amendment(s),
if any, visa courier.
Very Truly Yours,
Union Bank of California, N.A.
International Operations Center
Autho ized Sig atur
3;