90-GRESOLUTION NO. 90- ~
A RESOLUTION OF THE CITY COMMISSION OF
THE CITY OF BOYNTON BEACH, FLORIDA,
AUTHORIZING THE ACCEPTANCE OF LETTERS OF
CREDIT RELATED TO DEVELOPMENT WITHIN THE
SHOPPES OF WOOLBRIGHT PCD.
WHEREAS, letters of credit in the amount of $275,000
and $30,000 are being held according to City Ordinances to
ensure that certain improvements are completed and paid for
in accordance with applicable requirements; and,
WHEREAS, a letter of credit specifically for the amount
of $275,000 is being held for construction of earthwork
(excavation and filling operations) within said planned
commercial development; and,
WHEREAS, a letter of credit in the amount of $30,000 is
being held for roadway restoration and mitigation of blowing
sand within said PCD; and,
WHEREAS, the administration fee of $5,000 in payment
for inspections has been received.
NOW, TtIEREFORE, BE IT RESOLVED BY THE CITY COMMISSION
OF THE CITY OF BOYNTON BEACH, FLORIDA;
That it hereby accepts such letters of credit in the
amount of $275,000 and $30,000 as referenced above, and
attached hereto and made a part by reference.
PASSED AND ADOPTED THIS ~ day of ~/~O~ ,
1990. ~
CITY~Fz ~/~ YNTON BEACH, FLORIDA
L~* Mayor
Vice Mayor
ATTEST:
City ~erk
(Corporate Seal)
? .
Comn4issioner
United Nationa Bank
Commercial Loan Division
CLEAN IRREVOCABLE LETTER OF CREDIT #UNB1323
February_ 1, 1990
C~ of Boynton Beach
12~ Nc~d3 Second Avenue
B _o~Am~ Beach, FL 33435
United National Bank irrevocable Letter of Credit #UNB1323 for roadway restoration
~_?,d mitigation of blowing sand at Shoppes of Wooibright PCD, Boynton Beach, FL
By ~_,e~-of Tradewinds Development Corporation, a Florida corporation, we hereby open
our CLe~--q irrevocable Letter of credit #UNB1323 in your favor for the amount of Thirty
Tho~d a~ No/100 Do]tars U.S. (US$30,000) effective as of February 1, 1990 and
expir~g a~ our office at the close of business on January 31, 1991.
We ~ ~ed that Tradewinds Development Corporation has agreed to the
requ~me~s of the City of Boynton Beach to develop a subdivision to be known as
Sho~ of Woolbdght PCD, and to construct the required earthwork as shown on
cor-~cr~ ptans for said subdivision identified as follows:
Pz;adway Restoration and Mitigation of Blowing Sand
~me Depot
?r~.;~t No. 10336
.Sheets I-11 of 11
¢d .~--=d November, 1989
S.?¢. _~h Street
?ro~ect No. 10259
Sh~m-3ts 1-12 of 12
dated January, 1990
We f'u~er are informed that the aforementioned construction of required improvements
is required by the City of Boynton Beach for a subdivision plat known as Shoppes of
Woo[bright PCD, and that the City Engineer has approved an estimated cost schedule for
a!i the required improvements under the Contract in the amount of Thirty Thousand and
No/100 Dollars U.S. (US$30,000).
Funds under this Letter of Credit #UNB1323 are available to you hereunder not exceeding
Lq the aggregate the amount of this Letter of Credit #UNB1323 against your Sight Draft
on us mentioning our Letter of Credit #UNI~1323 accompanied by a statement, purporting
to be signed by the City Engineer of Boynton Beach, Florida, to the e[fect that (a) it is a
certification by said Engineer relating to construction of earthwork and other improvements
1399 Sou,'.hwest First Avenue, Miami, Rodda 33130-4~88 · 3~5/358-4334 . Fax 305/38,1-6320
City of Boynton Beach
February 1, 1990
Page 2
mentioned above; (b) Tradewinds Development Corporation has defaulted upon the
construction of required improvements; (c) it is your obligation to complete the e~hwork;
(d) the City of Boynton Beach's obligation, shall include but not be limited to engin4~edng,
legal and contingent costs and expenses, together with any damages, either di.~ or
consequential, which the City of Boynton Beach may sustain on account of f~ of
Tradewinds Development Corporation to carry out and execute all the required
and (e) you will promptly refund to us any portion of such funds drawn .and not
in completion of work-called for.
This Letter of Credit #UNB1323 sets forth in full the terms of our undertakinG,
undertaking shall not in any way be modified, amended, or ~mpl[fied by refemr~
document, instrument or contract referred to herein or in ~Lch this Letter
#UNB1323 is refe,q'ed to or to which this Letter of Credit #UNB1323 relates, a,qd
reference shall not be deemed to incorporate herein, by reference .any
instrument or contract.
If we receive your Sight Draft and statement as mentioned above here at 1399~ ..,.~% ~
Avenue, Miami, FL 33130, on or prior to the expiration date,, we will prompdy h. op~or ~,he
same,
Kindly address all correspondence regarding this Letter-of Credit #UNBI.~ ~ ~e
attention of International Department mentioning sp~ecifically
Very truly yours,
Robert A. Cronin,
Vice-Chairman
/ev
GERALD KATCH ER
HOWARD R. $CHARLIN
JOHN A. LANZr---YFA
February 8, 1990
ATTO R N EY~ At LAW
UNITED NATIONAL BANK BUILDING
139~ S.W. FIRST AVENUE
~i~ F~o~m& 3SXSO
TELEPHONE 35~-42~
AREA CODE 305
HAND-DEUVERED
C~/of Boynton Beach
B~,-~n Beach, Flodda
UNrTED NATIONAL BANK revised Letter of Credit #UNB1322 dated February 8,
1990 in favor of CITY OF BOYNTON BEACH for the account of TRADEWlNDS
DE~VELOPMENT CORPORATION for earthwork at Shoppes of Woolbright POD,
Boynton Beach ,
Per v~',,~,.~r r~q. uest, enclosed please find United National Bank's revised Letter of Credit
#UN~i322 dated February 8, 1990 deleting all reference to the "construction of
improvements" and in its place referring to "the required earthwork".
The ~..c~osed revised Letter-of Credit. #UNB1322 dated February 8 is the replacement of
L=~ ,~ ~.,reait #UNB1322 dated February I in your possession.
Jmmed~eiy upon your receipt of the revised letter of credit (Letter of Credit #UNB1322
dats-d Feb~'uary 8), the letter of credit in your possession (Letter of Credit #UNB1322 dated
Fu~,~.~y !,~ is to be m~"ked "void and cancelled" and returned to the undersigned
fo~ ';F~,W~, ~.
YOURS tj'dly,
/8--'¢
Eric.
United National Bank
Commercial Loan Division
CLEAN IRREVOCAB! F LETTER OF CREDIT #UNB1322
Febrdaw 8, 1990
C~-~ of Bcrynton Beach
120 North Second Avenue
Boy.~.on Beach, FL 33435
Un~ed National Bank Irrevocable Letter of Credit #UNB1322 for earthwork
improvements (52 acres, more or less) at Shoppes of Woolbright PCD, Boynton
Beach
By o~ of T,"adewinds Development Corporation, a Florida corporation, we hereby open
~ur Ci~-m. Irrevocable Le~er of Credit #UNB1322 in your favor for the amount of Two
H~,~-ed Seve,?ty-Five ~no,Jsand and No/lO0 Dollars U.S. (US$275,000) effective as of
F~b~.~ 1, 1990 and e×pidng at our office at the close of business on January 31, 1991.
W~ ~ informed that Tradewinds Development Corporation has agreed to the
requ~[eme~s of the Ci~- of Boynton Beach to develop a subdivision to be known as
Sho-~pes of Woolbdght PCD, and to construct the required, earthWork as shown on
c~-~s~uc+Jon plans for sa~d subdivision identified as follows:
Home Depot
P~je~ No. 10336
.. ,e~s 1-11 of 11
~ed November,
S.W. 8d3 Street
Project-No..10259
Sheets 1-12 of 12
dated January, 1990
We fu,'t~."~r are informed that the aforementioned earthwork is required by the City of
Bo;y~ton Beach for a subdMsion plat known as Shoppes of Woolbright PCD, and that the
C~ Engineer has approved an estimated cost schedule for all the required earthwork
Lmprovements under the Contract in the amount of Two Hundred Seventy-Five Thousand
~,d No/lO0 Doltars U.S. (US$275,000).
Funds under th~s Letter of Credit #UNB1322 are available to you hereunder not exceeding
in Eqe aggregate the amount of this Letter of Credit #UNB1322 against your Sight Draft
on us mentioning our Letter of Credit #UNB1322 accompanied by a.statement, purporting
to be signed by the City Engineer of Boynton Beach, Florida, to the effect that (a) it is a
1399 Southwest First Avenue, Miami Florida 33130-4388. 3051358-4334 , Fax 305!381*6320
City of Boynton Beach
February 1, 1990
Page 2
ce~cation by said Engineer relating to required earthwork; (b) Tradewinds Development
Cc~rpcration has defaulted upon the required earthwork; (c) it is your obligation to
complete the earthwork; (d) the City. of Boynton Beach's obligatior~ shall include but not
be i~ed to engineering, legal and contingent costs and expenses, together with any
dmm. sges, either direct or consequential, which the City of Boynton Beach may sustain on
~ of failure of Tradewinds Development Corporation to carry out and execute all the
-requital earthwork;, and (e) you will promptly refund to us any portion of such funds
dr~'awrr ar'~d not expended in completion of work called for.
Th~ ~er of Credit #UNB1322 sets forth in full the terms of our L~ndertaking, and such
ur~~g shall not in any way be modified, amended,-or amplified by reference to any
dc~.-'~..~-~.nt; instrument or contract referred to herein or in which this Letter of Credit
#U~.~'-'~2 is referred to o¢ to which this Letter of Credit #UNB1322 relates, and any such
ref~e st---~t~ not be deemed to incprporate herein by reference any document,
If ~.~-~ ~m.~ceJve,-your Sight Draft and statement as mentioned above here at 1399 S.W. First
Aw~',~ Miami, FL 33130, on or pdor to the expiration date, we w~lt promptly honor the
K~ ~-dress all correspondence regarding this Letter of Credit #UNB1322 to the
a~'~-~ :o~ International D..partment mentioning specifically our Letter of Credit #UNBI322.
yours,
Ro~ A. Cronin,
lev
National
Commercial Loan Division
C~N IRR~OCAB~'~R OF CRE~ ~UNB13~ -- ~. ~'~ O
February 1, 1990
CRy of 'Boy.nton Beach
! 2o No~h Second Avenue
Boy~n Beach, FL 33435
Re: United NatiOnal Bank Irrevocable Letter of Credit #UNB1322 for construction of
:earthwork (52 acres., more or less) at Shoppes of Woolbright PCD, Bo)/nton Beach
By ~mer of Tradewinds Development Corporation, a Florida corporation, we helreby open
our '~,.:~ap. - Letter of Credit #UNB1322 in your favor for the amount of Two
Hua~d Seven-Five Thousand and ,No~100 Dollars U.S. (US$275,000) effec, tive as of
Feb~_~aW i, 1990 and expMng at our office at. the close of business on January 31, 1991.
We ~-e f~formed that Tradewinds Development Corporation has agreed to the
reaui~eman..ts of the City of Boynton 'Beach to develop a subdivision to be known as
Sho~.es of Woolbright PCD, and to construct the required earthwork as shown on
co.~,.st;:ru~tion pians for said subdivision identified as follows:
Home Depot
P~act No. 10336
~ ~ ~sl 1-11 of 11
~ad November, 1989
~W. 8th Street
P..roje~ No. 10259
S~ets 1-12 of !2
dated January, 1990
We further are informed that the aforementioned construction of required improvements
-~q~r~-°P--~=E~-r is' reauired by the City of Boynton .Beach for a subdivision plat known as Shoppes of
..... ~o1'~z:Y~...._ Woo!~¢g.'_F:_L_P.CD,~q.qd_tbat_t_h.e~__C_ity Engineer has approved an estimated cost schedule for
u~L,~ ~,¢¢p- ~'~. ,~h~ required improvement~.~under the Contract in the amount of Two Hundred
~..~.<~ ~ %~.~:o.:.,~eventy-Five---Tfl-ousand-arrd'N~o/100 Dollars U.S. (US$275,000).
Funds under this Letter of Credit #UNB1322 are available to you hereunder not exceeding
in the aggregate the amount of this Letter of Credit #UNB1322 against your Sight Draft
oR us mentioning our Letter of Credit #UNB1322 accompanied by a statement, purporting
to b~ signed by the City Engineer of Boynton Beach, Florida, to the effect that (a) it is a
' ce~fication by said Engineer relating to construction of earthwork; (b) Tradewinds
1399 Southwest Firs[ Avenue. Miami. Florida 33130-4388. 3051358-4334 · Fax 305;38t.6320
City of Boynton Beach
February 1, 1990
Page 2
Development Corporation has defaulted upon the construction of required improvements;
(c) it ~s your obligation to complete the earthwork; (d) the City of Boynton Beach's
ob{~m;,on shall include but not be limited to engineering, legal and contingent costs and
expenses, together with any damages, either direct or consequential; which the City of
Boyr'~to~ Beach may sustain on account of failure of Tradewinds Development Corporation
to c_.~ out and execute all the required earthwork; and (e) you will promptly refund to
us ~ portion of such funds drawn and not expended in completion of work called for.
Th~ L~-er of Credit #UNB1322 sets forth in full the terms of our undertaking, and such
undo.. [~ng shall not in any way be modified, amended, or amplified by re[erence to any
d~_.~T'~_~.~, instrument or contract referred to herein or in which this Letter of Credit
#UN~13~22 is referred to or to which this Letter of Credit #UNB1322 relates, and any such
ref.~-e~-~a~, shaJ~, not be deemed to incorporate herein by reference any document,
ins~m~t' o~ contract. ,
If w~ ~ce~.ve your Sight Draft. and statement as mentioned above here at 1399 S.W. First
Avenue~-Mia~; FL 33130, on or prior to the expiration date, we wilt promptly honer the
sar~
Kir, d;~ ~dress all correspondence regarding this Letter of Credit' #UNB1322 'to the
atte~fon of international Department mentioning specifically our Letter of Credit #UNBI322.
Vepj m..~'y, yours,
RO~'T~' A. Cronin,
Vic~Cha[rman