HomeMy WebLinkAboutAGENDA REPORT 1995 0503 CC REG ITEM 08GITEM
TO: The Honorable City Council
FROM:
Jaime Aguilera, Director of Community Developnt
Paul Porter, Senior Planner
DATE: April 24, 1995 (CC meeting of May 17, 1995)
SUBJECT: REQUEST TO RELEASE IRREVOCABLE LETTER OF CREDIT NO.
135192441 FOR DP 348 - A TO Z SELF STORAGE
Background
On February 11, 1988, the City Received an Irrevocable Letter of
Credit in the amount of $2,500.00 for grading related work on the
above captioned property. This work has since been completed.
Staff received a letter from the applicant requesting release of
the Letter of Credit on December 18, 1992. At that time, the
letter of credit was not released due to unfinished landscaping.
The landscaping has since been completed to the satisfaction of the
Department of Community Development..
It is standard practice to release onsite performance securities
once the improvements have been completed. It is therefore
appropriate to exonerate this letter_ of credit.
Recommendation:
Exonerate the letter of Credit
Attachments
Letter from M.R. Thaker dated December 18, 1992
Letter of Credit dated February 11, 1988
PP04:24:9511:08PMA :\DP348.CC
00038
Savings
Ciaiv �a
Lary 11, 1988
rrevocable Letter of Credit. 135'92441
Clerk, City Council
CITY OF MOORPARK
'799 Moorpark Avenue
Moorpark, CA 93021
Gentlemen:
TA
By order of the City of Moorpark and for account of
A to Z Self Storage Ltd., a California Limited Partnership, we
hereby authorize you irrevocably to draw on account number
1.35192441 up to an aggregate amount of two thousand five hundred
dollars available by your drafts at sight, signed by the
Clerk of the City of Moorpark. when accompanied by a statement to the
effect that A to Z Self Storage ltd. has failed to carry out all
of the terms of the permit no. 88 -485G issued by the City of
Moorpark, and listing in genes: -1 I.erms such items involved.
This Letter of Credit shall bE, va _id until one year from the
date herof and shall thereafter bc� 111tomtically renewed for a
one year period upon such date and upon each anniversary of
such date, we notify the Clerk Di= thE? City of Moorpark in
writing at 799 Moorpark Avenue, Moorrpark, California 93021 by
personal service or registered ma..L,,. that we elect not to so
renew this Letter of Credit. poti receipt by you of such
notice, you may draw hereunder by vou.r drafts drawn at sight on
us and accompanied by a staterns,r-rt:: tc:) -the effect that all of the terms
of said permit have nest heen -= n, c with as of that date.
All drafts drawn under this crf -:lit must bear its date and number
and the amounts must be endorsEl cri the reverse side of this
Letter of Credit by the negot i r cr lark,
We hereby agree with the drawer
of all drafts drawn upon and it
credit that such drafts wil:I be
to the drawee. This credit i
and Practices for Documentary
International Chamber of Commer
Susan Kaufma --
Branch Manager
it endorsers, and bonafide holders
compliance with the terms of this
duly Honored upon presentation
;ukject to the Uniform Customes
edit 1974 Revision),
E nutlication No. 290.
Self_ Storage, Ltd. -ES 1 S,
8 lRo
0 0 0 3 gr1TY OF MOOPPA
December 18, 1992.
M. R. Thakar
A To Z Self Storage Ltd.
8619 Reseda Blvd. # 302
Northridge Ca. 91324
Mr. Steven Kueny, City Manager
799 Moorpark Avenue
Moorpark, Ca. 93021
Subject Release Of
the
A To Z Self Storage Ltd.
Dear Mr. Kueny,
We like to refresh your memor
anticipation of Y on the following items in
a favorable reply on each one of them.
A bond deposit in the amount
retained by us in the Citygank 2500.00 has been
grading related work for the sub'ectNfacility.
Ca' for
was completed in the later 19 The work
p
occupancy permit was issuedirt January 1988, and
y 1989.
Early last year we had requested
same. In response to Y °ll to release the
that the our request, you had mentioned
City will verif
a Letter of release. Y their records, and will issue
toda We have not received the same as of
i'• We will appreciate to ec'eivE, the same.
(2) We had invited the City
storage of retired Records °andeotherf Documents. We
for the
be pleased to have the City as our customer and will be units very hrentedofgivtheiong term discount rate for the
have you come down and visit W w.t1:1 be very pleased to
convenience. :ur' facility at your
(3) We would like
utilizing our
Storage.
to discuss with you the possibility of
parking areas fog- Recreational Vehicle
00(14()