CC - Item 3E - Release of Bond for Wal-Mart DevelopmentE M E
S
O 9
A7
/NCORPOWED 1929
•
ROSEMEAD CITY COUNCIL
STAFF REPORT
TO: THE HONORABLE MAYOR AND CITY COUNCIL
FROM: ANDREW C. LAZZARETTO, CITY MANAGER
DATE: FEBRUARY 13, 2007
SUBJECT: RELEASE OF BOND FOR THE WAL-MART DEVELOPMENT PROJECT
(PARCEL MAP 26827 -1827 WALNUT GROVE AVENUE)
SUMMARY
A Faithful Performance Bond and a Labor and Material Bond were required to
guarantee construction of street, storm drain, water, sewer, street lighting, traffic signal,
signing and striping, and landscape and irrigation improvements associated with the
Wal-Mart development project located at 1827 Walnut Grove Avenue (Parcel Map
26827). In lieu of bonds, Letters of Credit were issued to the City in the amount of
$2,115,660 and $464,550.
Staff Recommendation
Staff recommends that the City Council accept the public improvements and release the
Letters of Credit.
ANALYSIS
In accordance with the Conditions of Approval for Tentative Parcel Map No. 26827
approved by the Rosemead Planning Commission on August 16, 2004, the subdivider is
required to construct street, storm drain, water, sewer, traffic signal, signing and
striping, and landscape and irrigation improvements subsequent to recordation of the
parcel map. In lieu of providing a Faithful Performance Bond and Labor and Material
Bond, the subdivider provided Letters of Credit in the amount of $2,115,660 and
$464,550. The City Engineer has inspected the improvements and found them to be
satisfactory.
PUBLIC NOTICE PROCESS
This item has been noticed through the regular agenda notification process.
Sub itted by:
/&AAJ4--
Ken Rukavina, P.E.
City Engineer
Attachment A: Letters of Credit ~
APPROVED FOR CITY COUNCIL AGENDA: 04;- 7"^~
• 0 Attachment "A"
_iPMorgan
JPpgorg:ut Chase D:nilc, N.A.
c/o MvIorgan Treasury Services
Global Trade Services
10420 Highland Manor Drive
Tampa, FL 33610
Tel.: 866-632-5101
FEB 10, 2005
OUR L/C NO.: 5-621135
APPLICANT REF. NO.: STORE NO. 5154
IRREVOCABLE STANDBY LETTER OF CREDIT NO. 5-621135
STORE NO. 5154
ISSUE DATE: FEBRUARY 10, 2005
BENEFICIARY:
CITY OF ROSEMEAD
8838 EAST VALLEY BOULEVARD
ROSEMEAD, CALIFORNIA 91770
ATTN: KEN RUKAVINA, P. E.,, CITY ENGINEER
TELEPHONE NO.: 626.288.6671
APPLICANT:
WAL-MART STORES, INC.
ATTN: LETTER OF CREDIT MANAGER, DEPT. 9382
2001 SE 10TH STREET
BENTONVILLE, AR 72716-0550
AMOUNT: US $2,115,660.00
TWO MILLION ONE HUNDRED FIFTEEN THOUSAND SIX HUNDRED SIXTY AND N01100 US
DOLLARS
EXPIRY DATE: FEBRUARY 10, 2006
GENTLEMEN:
WE HEREBY ESTABLISH OUR IRREVOCABLE STANDBY LETTER OF CREDIT NO. 5-621135
IN YOUR FAVOR, AS BENEFICIARY, BY ORDER AND FOR ACCOUNT OF WAL-MART
STORES, INC., ATTN: LETTER OF CREDIT MANAGER, DEPT. 9382, 2001 BE 10TH
STREET, BENTONVILLE, AR 72716-0550, UP TO THE AGGREGATE SUM OF TWO
MILLION ONE HUNDRED FIFTEEN THOUSAND SIX HUNDRED SIXTY AND N01100 US.
DOLLARS (U.S. $2,115,660.00), EXPIRING ON FEBRUARY 10, 2006 EXCEPT AS
FURTHER STATED, AT THE COUNTERS OF JPMORGAN CHASE BANK, N.A., 333 S. GRAND
AVENUE, SUITE 3600, LOS ANGELES, CA 90071, AVAILABLE BY PAYMENT AGAINST
YOUR DRAFT (S) DRAWN ON JPMORGAN CHASE BANK, N.A., NEW YORK,. AT SIGHT
ACCOMPANIED BY:
• 0JPMorgar•
JFMorgan Chase Bunk, N.A.
do IPMorgan Treasury Services
Global Trade Services
10420 Hiehland Manor Drive
Tampa, FL 33610
Tel.: 566-632-5101
FEB 10, 2005
OUR L/C NO.': 5-621135
APPLICANT REF. NO.: STORE NO. 5154
1. A NOTARIZED STATEMENT PURPORTEDLY SIGNED BY AN AUTHORIZED OFFICIAL OF
THE CITY OF ROSEMEAD, STATING THAT: THE FUNDS DRAWN UNDER IRREVOCABLE
STANDBY LETTER OF CREDIT NO. 5-621135 ISSUED BY JPMORGAN CHASE BANK, N.A.
ARE DUE BY REASON OF WAL-MART STORES, INC.'S FAILURE TO COMPLETE PUBLIC
IMPROVEMENTS, MORE SPECIFICALLY, STREETS, WATER, SEWER, TRAFFIC SIGNALS,
SIGNING AND STRIPING, STREET LIGHTS, LANDSCAPE AND IRRIGATION, AND
MONUMENTS FOR WAL-MART STORE #5154 IN ROSEMEAD, CALIFORNIA, AS SHOWN ON
PLANS PREPARED BY DEVELOPMENT RESOURCE CONSULTANTS, INC. AND THAT AT LEAST
TEN (10) BUSINESS DAYS IN ADVANCE OF THE PRESENTATION OF THE SIGHT DRAFT
FOR PAYMENT, THE CITY OF ROSEMEAD HAS PROVIDED TO THE APPLICANT BY COURIER
OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED, NOTICE OF THE CITY OF
ROSEMEAD'S INTENTION TO DRAW FUNDS ON THIS LETTER OF CREDIT. THE WORK TO
BE COMPLETED IS AS FOLLOWS: (LIST WORK WAL-MART STORES, INC. FAILED TO
COMPLETE.)"; AND
2.' THE ORIGINAL OF THIS LETTER OF CREDIT.
SPECIAL CONDITIONS:
PARTIAL DRAWINGS ARE ACCEPTABLE.
IT IS A CONDITION OF.THIS LETTER OF CREDIT THAT IT SHALL BE DEEMED
AUTOMATICALLY EXTENDED WITHOUT AMENDMENT FOR ONE (1) YEAR FROM THE PRESENT
OR ANY FUTURE EXPIRATION DATE UNLESS AT LEAST THIRTY (30) DAYS PRIOR TO
SUCH EXPIRATION DATE YOU ARE NOTIFIED BY COURIER OR CERTIFIED MAIL, RETURN
RECEIPT REQUESTED, THAT WE ELECT NOT TO CONSIDER THIS LETTER OF CREDIT
RENEWED FOR ANY SUCH PERIOD. NOTWITHSTANDING THE FOREGOING, THIS LETTER
OF CREDIT SHALL HAVE A FINAL EXPIRY DATE OF FEBRUARY 10, 2007.
ANY DRAFT DRAWN UNDER THIS LETTER OF CREDIT MUST BE MARKED "DRAWN UNDER
IRREVOCABLE LETTER OF CREDIT NO. 5-621135 ISSUED BY JPMORGAN CHASE BANK,
N.A."
WE HEREBY ENGAGE WITH YOU THAT ANY DRAFT DRAWN UNDER AND IN COMPLIANCE
WITH THE TERMS OF THIS LETTER OF CREDIT WILL BE DULY HONORED ON THE
PRESENTATION AT OUR OFFICE AT 333 S. GRAND AVENUE, SUITE 3600 ATTN:
STANDBY LETTER OF CREDIT DEPARTMENT, LOS ANGELES, CA 90071, BY COURIER OR
?,c, ' of i
135:?.~ uo;cuo<
• d PJPMorga•
dPDlorean Chase Bank, N.A.
coo 1PAlorgan Treasnlry Services
Global Trade Services
10420 Highland Manor Drive
Tampa, FL 33610
Tel.: 866-632-5101
FEB 10, 2005
OUR L/C NO.: 5-621135
APPLICANT REF. NO.: STORE NO. 5154
CERTIFIED MAIL, ON OR BEFORE THE EXPIRATION DATE AS SPECIFIED ABOVE.
UNLESS OTHERWISE EXPRESSLY STATED HEREIN, THIS LETTER OF CREDIT IS SUBJECT
TO THE INTERNATIONAL STANDBY PRACTICES 1998 (ISP98), INTERNATIONAL CHAMBER
OF COMMERCE PUBLICATION NO. 590.
THORI D SIGNATU
A -71"s Martine-_
p. - ...,nt Vice r, - 1
Paca i 0; i
j_543. 1:070495
•
•
WAL=MART.
WAL-MART STORES, INC. * 2001 S.E. 10" STREET * BENTONVILLE, AR 72716 * 479.2734000
March 3, 2005
Mr. Ken Rukavina
City of Rosemead
8838 East Valley Boulevard
Rosemead, CA 91770
Re: Parcel Map No. 26827; Letter of Credit Issued by JP Morgan
Chase Bank, N.A. in the amount of $2,115,660.00; Improvements
to be Constructed
Dear Mr. Rukavina:
In connection with the Public Improvements more specifically identified in
Paragraph No. 1 of the JP Morgan Letter of Credit, Wal-Mart hereby agrees to protect
and hold harmless the City of Rosemead, and its officers and employees, from any and all
claims, demands, causes of action, liability or loss of any sort due to, or arising out of, the
acts or omissions of Wal-Mart, its agents or employees, in the performance of the
construction activity described in the JP Morgan Letter of Credit and as required in
connection with the City's approval of Parcel Map No. 26827.
Very truly yours,
WAL-MART REAL ES/~ ATE
BUSS TRUST
•
.fPm,mm Chasc Qmik, N.A.
c.'o .IPhkrgan Treasury Services
Glnbal Trade Services
10420 Highiand Myior Drve
Tampa. F1,33610
'rel.: 866-632-5101
A PJPMorga•
TO:
CITY OF ROSEMEAD
8838 EAST VALLEY BOULEVARD
ROSEMEAD, CALIFORNIA 91770
ATTN: KEN RUKAVINA, PE CITY ENGINER
MAR 15. 2005
OUR L/C NO.: 5-621135
APPLICANT REF. NO.: STORE NO. 5154
AMENDMENT NO.: 1
APPLICANT:
WAL-MART STORES,INC
BENTONVILLE,ARKANSAS 72716.8611
114 ACCORDANCE WITH INSTRUCTIONS RECEIVED, THE ABOVE REFERENCED STANDBY
LETTER OF CREDIT HAS BEEN AMENDED AS FOLLOWS:
Rh,CEIVER'S REFERENCE:
STORE NO 5154
PLEASE THE DELETE THE FOLLOWING PARAGRAPH
QUOTE
1. A NOTARIZED STATEMENT PURPORTEDLY SIGNED BY AN A'U'THORIZED OFFICIAL OF
THE CITY OF ROSEMEAD, STATING THAT: "THE FUNDS DRAWN UNDER IRREVOCABLE
STANDBY LETTER OF CREDIT NO. 5-621135 ISSUED BY JPMORGAN CHASE BANK, N.A.
ARE DUE BY REASON OF WAL-MART STORES, INC.'S FAILURE TO COMPLETE PUBLIC
.IMPROVEMENTS, MORE SPECIFICALLY, STREETS, WATER, SEWER; TRAFFIC.SIGNALS,
SIGNING AND STRIPING, STREET LIGHTS, LANDSCAPE AND IRRIGATION, AND
MONUMENTS FOR WAL-MART STORE #5154 IN ROSEMEAD, CALIFORNIA, AS SHOWN ON
PLANS PREPARED BY DEVELOPMENT RESOURCE CONSULTANTS, INC. AND THAT AT LEAST
TEN (10) BUSINESS DAYS IN ADVANCE OF THE PRESENTATION OF THE SIGHT DRE~,FT
FOR PAYMENT, THE CITY,OF ROSEMEAD HAS PROVIDED TO THE APPLICANT BY COURIER.
OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED, NOTICE OF THE CITY OF
ROSEMEAD'S INTENTION TO DRAW FUNDS ON THIS LETTER OF CREDIT. THE WORK TO
BE COMPLETED IS AS FOLLOWS:. (LIST WORK WAL-MART STORES, INC. FAILED TO.
COMPLETE.)"; AND
UNQUOTE
AND REPLACE WITH THE FOLLOWING PARAGRAPH
QUOTE
1. A NOTARIZED STATEMENT PURPORTEDLY SIGNED BY AN AUTHORIZED OFFICLk-li
OF THE CITY OF ROSEMEAD, STATING THAT: "THE FUNDS DRAWN UNDER IRREVOCABLE
Pace 1 of 2
771049 U07["9±
• e PJPMorgan•
.111M,organ Chase flank, N.A.
c,'o RVorgan Tremary Services
Global Trade Services
10420 Highland klar:or Drive
Tampa, FL 3361(1
Tel.: 866-612-5101
MAP. i5, 2005
OUR L/C NO.: 5-621135
APPLICANT REF. NO.: STORE NO. 5154
AMENDMENT NO.: 1
STANDBY LETTER OF CREDIT NO. 5-621135 ISSUED BY JPMORGAN CHASE BANK, N.A.
ARE DUE BY REASON OF WAL-MART STORES, INC. FAILURE TO FAITHFULLY PERFORM
IMPROVEMENTS AND PAY LABOR AND KkTERIAL COSTS FOR THE DISCRETE COMPONENTS
EACH IDENTIFIED SEPARATELY IN LINES 1 THROUGH 9 OF PAGE 1 OF THE STJMMARY OF
IMPROVEMENTS.- EVALUATION ESTIMATE - PARCEL MAP NO. 26827 DATED JANUARY 4,
2005, ATTACHED HERETO,: TOGETHER WITH THE CONTINGENCIES (LINE 11) .AND
ADJUSTMENTS (LINE 13); FOR WAL-MART STORE #5154 IN ROSEMEAD, CALIFORNIA. AT
LEAST TEN (10) BUSINESS DAYS IN ADVANCE OF THE PRESENTATION OF THE SIGHT
DRAFT FOR PAYMENT, THE CITY OF ROSEMEAD HAS PROVIDED TO THE APPLICANT BY
COURIER OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED, NOTICE OF THE CITY OF
ROSEMEAD'S INTENTION TO DRAW FUNDS ON THIS LETTER OF_CREDIT. THE WORT: TO.
BE COMPLETED IS AS FOLLOWS: (LIST WORK. WAL-MART STORES, INC. FAILED TO
COMPLETE.)"; AND
UNQUOTE
ALL OTHER TERMS AND CONDITIONS OF THE CREDIT REMAIN UNCHANGED.
.T
URE
AUT OeEDSIGNA
DRAGISA D. GLA.GO.IEVIC,
VICE PRESIDENT & MANAGER
171(149 U07(095 Pace "s
GRESHAM SAVAGE NOLAN & T'ILDEN
A PROFESSIONAL CORPORATION
LAWYERS • FOUNDED 1910
550 EAST HOSPI'I' ALI'1'Y LANE, SUITE 300
FaR'fm.. FIRM SAN BERNARDINO, CALIFORNIA 92408-4205
William C. Holzwarth (909) 884-2171 • FACSIMILE (909) SSS-2120
email: William.HOlzwanM1C);resM1amsavagr.cum
www.gresha m s a va ge. c o m
September 12, 2006
HAND DELIVERED
Mr. Ken Rukavina, Public Works Director
City of Rosemead
8838 East Valley-Boulevard
Rosemead, California 91770
Re: Parcel Map No. 26827; Letter of Credit Issued by JP Morgan Chase Bank, N.A.,
in the original amount of $2,115,660.00 as amended by the additional amount of
$464,550.00; off-site Public Improvements to be Constructed
Dear Mr. Rukavina:
In connection with the City's approval of Parcel Map No. 26827 and the Conditions
issued therewith, Wal-Mart has elected to post adequate security for the completion of certain
off-site Public Improvements as permitted pursuant to Condition No. 5. In that regard, enclosed
are the following:
1. Copy (original is on file with the City) of JP Morgan irrevocable Standby Letter
of Credit No. 5-621135 dated February 10, 2005 in the amount of $2,115,660.00.
2. Original Amendment to Irrevocable Standby Letter of Credit No. 5-621135 issued
by JP Morgan Chase in the additional amount of $464,550.00.
3. Letter dated September 11, 2006 from Wal-Mart Real Estate Business Trust to the
City of Rosemead indemnifying the City and other named parties in connection with the
construction of the Public Improvements described in the above-referenced Irrevocable Standby
Letter of Credit (as amended).
To summarize, Wal-Mart has now secured the cost of construction of the described off-
site Public Improvements in the total amount of $2,580,210.00.
WCH:jmk
Enclosures
Very truly your ,
William C. Holzwarth, o
GRESHAM SAVAGE
NOLAN & TILDEN,
A Professional Corporation
~v5vS-ROSEM E AU 12+W 2.I
L]
GRESHAM SAVAGE NOLAN & TILDEN,
A PROFESSIONAL CORPORATION
William C. Holzwarth
September 12, 2006
Page 2
cc: George Bacso, Esq.
Mr.
Chris Danos
Mr.
Daniel Mallory
Mr.
Gregory Peters
Mr.
Kelly Collier
Mr.
Sam Sanchez
•
N'39b-RU51;ML'AD- 1240421
W . AL* MART
u
WAL-MART STORES INC. ' 2001 S.E. 10'" STREET " BENTONVILLE, AR 72712-0550 ' 479-273-4000
September 11, 2006
Mr. Ken Rukavina
City of Rosemead
8838 East Valley Boulevard
Rosemead, California 91770
Re: Parcel Map No. 26827; Letter of Credit Issued by JP Morgan Chase Bank,
N.A. in the original amount of $2,115,660.00, as amended by the
additional amount of $464,550.00 Improvements to be Constructed
Dear Mr. Rukavina:
In connection with the. Public Improvements more specifically identified in
Paragraph No. 1 (amended) of the JP Morgan Letter of Credit, Wal-Mart hereby agrees to
protect and hold harmless the City of Rosemead, and its officers and employees, from
any and all claims, demands, causes of action, liability or loss of any sort due to, or
arising out of, the acts or omissions of Wal-Mart, its agents or employees, in the
performance of the construction activity described in the JP Morgan Letter of Credit and
as required in connection with the City's approval of Parcel Map No. 26827.
Very truly yours,
WAL-MART REAL ESTATE
BUSINESS TRUST
By
Davie al cry
Assistant Vice President
dmm/brat
Approvac to 100,11 terms only
by~e/5rt~r
\~v` ~L l5n ,RT V-*CAL DEPT.
. PNJ,. l;an Chase Ballk, N.A.
C/o JFMorgan Treasury Services
Global Trade Services
10420 Highland Manor Dnve
Tampa, FL 33610
JPMorganChaseo.
SEP 11, 2006
L/C NO.: 5-621135
TO:
CITY OF ROSEMEAD
8838 EAST VALLEY BOULEVARD
ROSEMEAD, CALIFORNIA 91770
ATTN: KEN RUKAVINA, PE CITY ENGINER
RE : SBLC 5-621135 AMENDMENT 2
APPLICANT
WAL-MART STORES INC.
BENTONVILLE, ARKANSAS 72716-8611
ITEM NO: 0004
IN ACCORDANCE WITH INSTRUCTIONS RECEIVED, THE ABOVE REFERENCED STANDBY
LETTER OF CREDIT HAS BEEN AMENDED AS FOLLOWS:
RECEIVER'S REFERENCE:
FINAL EXPIRY DATE:
L/C INCREASED BY:
STORE NO 5154
SEPTEMBER 11, 2008
USD464,550.00
CREDIT AMOUNT Now TO READ USD2,580,210.00 (TWO MILLION FIVE HUNDRED EIGHTY
THOUSAND•TWO HUNDRED TEN AND 00/100 UNITED STATES DOLLARS),
PAGE 2 PARAGRAPH ONE IS HEREBY DELETED IN ITS ENTIRETY AND IS REPLACED
WITH: QUOTE
1, A NOTARIZED STATEMENT PURPORTEDLY SIGNED BY AN AUTHORIZED OFFICIAL OF
THE CITY OF ROSEMEAD, STATING THAT: ''THE FUNDS DRAWN UNDER IRREVOCABLE
STANDBY LETTER OF CREDIT NO. 5-621135 ISSUED BY JPMORGAN CHASE BANK, N.A.
ARE DUE BY REASON OF WAL-MART STORES, INC.'S FAILURE TO COMPLETE PUBLIC
IMPROVEMENTS, MORE SPECIFICALLY, STREETS, WATER, SEWER, TRAFFIC SIGNALS,
SIGNING AND STRIPING, STREET LIGHTS, LANDSCAPE AND IRRIGATION, MONUMENTS,
PUBLIC SIDEWALKS, PARAMETER GREEN WALL, AND MONUMENT SIGN BASES FOR WAL-
MART STORE 5154 IN ROSEMEAD, CALIFORNIA, AS SHOWN ON THE PLANS PREPARED BY
DEVELOPMENT RESOURCE CONSULTANTS, INC. AND THAT AT LEAST TEN (10) BUSINESS
DAYS IN ADVANCE OF THE PRESENTATION OF THE SIGHT DRAFT OR CERTIFIED MAIL,
RETURN RECEIPT REQUESTED, NOTICE OF THE CITY OF ROSEMEAD'S INTENTION TO
172 9IKi IhlnTurtC, Ralph 1",, I n(
• JPMorganChas^.
.IIT1organ Chase Il.nl. N.A.
No JpNIorgan Ireasun• Services
Glohal "Prade Sen'ices
10420 Highland Manor Drive
Tampa, FI. 33610
SEP 11, 2006
L/C NO.: 5-621135
ITEM NO: 0004
TO:
CITY OF ROSEMEAD
8838 EAST VALLEY BOULEVARD
ROSEMEAD, CALIFORNIA 91770
ATTN: KEN RUKAVINA, PE CITY ENGINER
DRAW FUNDS ON THIS LETTER OF CREDIT. THE WORK TO BE COMPLETED IS AS
FOLLOWS: (LIST WORK WAL-MART STORES, INC. FAILED TO COMPLETE). THIS LETTER
OF CREDIT SHALL ASSURE FAITHFUL PERFORMANCE AND LABOR AND MATERIALS COSTS
FOR THE DISCRETE COMPONENTS EACH IDENTIFIED SEPARATELY IN (A) LINES 1
THROUGH 9 OF PAGE 1 OF THE SUMMARY OF IMPROVEMENTS - EVALUATION ESTIMATE -
PARCEL MAP NO. 26827 DATED JANUARY 4, 2005, ATTACHED HERETO, TOGETHER WITH
THE CONTINGENCIES (LINE 11) AND ADJUSTMENTS (LINE 13), TOTALING
2,115,660.00; AND (B) LINES 1 AND 8 OF THE SUMMARY OF IMPROVEMENTS -
EVALUATION ESTIMATE - PARCEL MAP NO. 26827 DATED SEPTEMBER 7, 2006,
ATTACHED HERETO, TOGETHER WITH THE CONTINGENCIES (LINE 11) AND ADJUSTMENTS
(LINE 13), TOTALING 464,550.00;'' AND
UNQUOTE
ALL OTHER TERMS AND CONDITIONS OF THE CREDIT REMAIN UNCHANGED.
1728M DcIaTnn e. Ralph p^_=a 2 'f
DRAGISA D. BLAGOJEVIC,
VICE PRESIDENT & MAN;,GER
Date September 7 2006
Rev.
CITY OF ROSEMEAD - WAL-MART #5154-00
SUMMARY OF IMPROVEMENTS - EVALUATION ESTIMATE
PARCEL MAP NO.
Address SWC Rush Street and Walnut Grove Avenue
1. Streets $104,900
2. Water
3. Storm Drain
4.
Sewer
5.
Traffic Signals
6.
Signing and Striping
7.
Street Lights
8.
Landscape and Irrigation
9.
Monuments ($1,500 plus $400
per each deferred Mon.)
Deferred Mon. 25 each
10.
SUBTOTAL
11.
15% Contingencies
12.
SUBTOTAL
13.
Adjustment at end *of agrmnt.
1 yr. x 6%/yr. = 6%
14.
TOTAL AMOUNT
FAITHFUL PERFORMANCE
BOND AMOUNT (100%)
LABOR & MATERIALS
BOND AMOUNT (50%)
$149,125
$254,025
$38,104
$292,129
$17,258
$309,657
$309,657 SAY $309,700
$154,828.50 SAY $154,850
THE PRECEDING ITEMS ARE ESTIMATES AND THE AMOUNT INDICATED FOR AN ITEM SHALL NOT
ACT TO LIMIT THE LIABILITY OF THE SURETY TO THAT AMOUNT. THE SURETY SHALL BE LIABLE
FOR FULL AMOUNT POSTED FOR ANY ITEM NOT COMPLETED.
Prepared by:
Development Resource Consultants Inc
Steve Reiner P. E. R.C.E. 41308
PAGE1
EVALUATION COST ESTIMATE FOR PARCEL MAP NO.:26827
STREET IMPROVEMENTS QTY.
UNIT PRICE
EXTENDED
AMOUNT
1.
Unclassified Excavation
C.Y.
@ $
30.00
$
2.
Imported Fill
C.Y.
@ $
35.00
$
3.
Curb and Gutter (Type A2-8)
L.F.
@ $
20.00
$
4.
Curb and Gutter (Type A2-6)
L. F.
@ $
20.00
$
5.
Curb Only
L.F.
@ $
15.00
$
6.
AC Berm
S. F.
@ $
12.00
$
7.
Cross Gutter
S.F.
@ $
10.00
$
8.
PCC Sidewalk 6,100
S.F.
@ $
9.00
$54,900
9.
PCC Alley
S.F.
@ $
12.00
10.
PCC Alley Intersection
S.F.
@ $
8.00
$
11.
Wheelchair Ramps
EACH
@ $
1,250.00
$
12.
Driveway Approach (4 inch
thick)
S.F.
@ $
5.00
$
13.
Driveway Approach (6 inch
thick)
S. F.
@ $
6.00
$
14.
Asphalt Concrete Pavement
(4")(0.35/SF-inch thickness)
S.F.
@ $
1.40
$
15.
Aggregate Base (15")
(0.20/SF-inch thickness)
S. F.
@ $
3.00
$
16.
PCC pavement (
($0.90/SF-inch thick-ness)
S.F.
@ $
$
17.
Base Under Curb, and Gutter
(6-inch)
L. F.
@ $
1.00
$
18.
Retaining Walls
(Within Public Right-of-Way)
S. F.
@ $
$
19.
Mounument Sign Foundations
LUMP SUM
@ $50,000
$50,000
20.
Barricades Guide Markers
EACH
@ $
$
PAGE 2
• 0
EVALUATION COST ESTIMATE FOR PARCEL MAP NO.:26827
EXTENDED
STREET IMPROVEMENTS QTY. UNIT PRICE AMOUNT
21. Relocation of Existing Facilities
in Public Right-of-Way
22. Removal of Existing Facilities in
Public Right-of-Way
23. Tree Removal
a. Less than 24" diameter
b. 24" diameter or greater
24. Reinforced Concrete Block Walls
25. Chain link fence
26. Redwood Headers
27. Adjust Manhole to Grades
28. Adjust Meter to Grades
29. Cold Mill ($600 plus 0.25 S.F.)
30. Bus Pads
31. Sawcut AC
32. Sawcut PCC
LUMP SUM @ $ $
LUMP SUM @$10,000 $
EACH
EACH
S.F.
S.F.
L.F.
EACH
EACH
S.F.
S.F.
L.F.
L.F.
TOTAL AMOUNT
PAGE 3
@ $
25.00
$
@ $
5.00
$
@ $
350.00
$
@ $
250.00
$
@ $
10,000.00
$
@ $
1.00
$
$104,900
EVALUATION COST ESTIMATE FOR PARCEL MAP NO.:26827
STORM DRAIN QTY
UNIT PRICE
EXTENDED
AMOUNT
1.
Parkway Drain APWA 151-1
EACH
@$
3,500.00
$
2.
Parkway Drain APWA 150-2
EACH
@$
500.00
$
3.
Curb Drain
EACH
@$
900.00
$
4.
Manhole pipe-to-pipe
EACH
@$
4,000.00
$
5.
RCP Pipes
18-inch diameter
L.F.
@$
115.00
$
24-inch diameter
L.F.
@$
125.00
$
30-inch diameter
L.F.
@$
140.00
$
33-inch diameter
L.F.
@$
150.00
$
36-inch diameter
L. F.
@$
175.00
$
48-inch diameter
L.F.
@$
200.00
$
inch diameter
L. F.
@$
$
-inch diameter
L. F.
@$
$
6.
Inlet Structure
L.S.
@$
$
7.
Outlet Structure
L.S.
@$
$
8.
Pavement Replacement
S.F.
@$
$
9.
Manhole pipe-to-pipe with large
side inlet.
EACH
@$
5,000.00
$
10.
Catch Basins with local
depressions.
W = 3'
EACH
@$
3,500.00
$
W = 7'
EACH
@$
4,000.00
$
W = 10'
EACH
@$
4,500.00
$
PAGE 4
EVALUATION COST ESTIMATE FOR PARCEL MAP NO.:26827
EXTENDED
STORM DRAIN QTY UNIT PRICE AMOUNT
W=14'
W = 21'
W=
Local Depression
11. Junction Structures
J.S. APWA 331-2
J.S. APWA 332-1
12. Transition Structures
T.S. APWA A-342-1
EACH
EACH
EACH
EACH
EACH
EACH
EACH
EACH
EACH
EACH
S. RCP to RCB
13. Pipe connection to existing
drainage
24" diameter or less
42" diameter or less
60" diameter or less
14. Concrete Collar
EACH
EACH
EACH
EACH
EACH
EACH
EACH
PAGE 5
@$
5,300.00
$
@$
5,000.00
$
@$
1,000.00
$
@$
1,500.00
$
@$
1,000.00
$
@$
3,500.00
$
@$
5,000.00
$
@$
1,500.00
$
@$
2,000.00
$
@$
2,500.00
$
EVALUATION COST ESTIMATE
FOR PARCEL MAP NO.:26827
EXTENDED
STORM DRAIN
QTY
UNIT PRICE
AMOUNT
24" diameter or less
EACH
@$
700.00
$
42" diameter or less
EACH
@$
800.00
$
60" diameter or less
EACH
@$
900.00
$
More than 60" diameter
EACH
@$
1,000.00
$
11. Yard Inlet
EACH
@$
1,500.00
$
15. CSP Flare Inlet
EACH
@$
1,000.00
S
16. AC Pavement (_A)
($0.281SF-inch thickness)
S.F.
@$
$
17.PCC Pavement (A)
($0.90/SF-inch thickness)
S.F._
@$
$
18. Aggregate Base ( A)
($0.14/SF inch thickness)
S.F.
@$
$
19. Pipe Anchors
EACH
@$
350.00
$
TOTAL AMOUNT
$0
EXTENDED
SEWER
QTY
UNIT PRICE
AMOUNT
1. 1.5 VCP Sewer
L.F.
@$
115.00
$
2. 12" VCP Sewer
L.F.
@$
110.00
$
3. 10" VCP Sewer
L.F.
@$
100.00
$
4. 8" VCP Sewer
L. F.
@$
50.00
$
5. 4" and 6" Lateral
L.F.
@$
35.00
$
6. Manhole (48" dia.)
EACH
@$
3,500.00
$
7. Manhole over 48" dia.
EACH
@$
5,000.00
$
PAGE 6
•
EVALUATION COST ESTIMATE FOR PARCEL MAP NO.:
SEWER
QTY
EXTENDED
UNIT PRICE AMOUNT
Sewer Trap M.H.($1,500
8
plus cost of manhole)
Extra Depth Sewers (over 12 feet)
8.
15 VCP
9.
12" VCP
10.
10" VCP
11.
8" VCP
12.
Break into Existing Manhole
13.
Break into Existing Pipe
14.
Concrete Encasement
15.'
Pavement Replacement
16.
Lift Station
17.
Sawcut PCC Pavement
18.
Sawcut AC Pavement
EACH @$12,000.00 $
L.F.
@$
135.00
$
L. F.
@$
120.00
$
L.F.
@$
110.00
$
L.F.
@$
100.00
$
EACH
@$
1,200.00
$
EACH
@$
400.00
$
C.Y.
@$
250.00
$
S. F.
@$
5.00
EACH
@$50,000.00
$
L. F.
@$
1.20
$
L.F.
@$
0.72
$
TOTALAMOUNT
PAGE7
EVALUATION COST ESTIMATE FOR PARCEL MAP NO.:26827
STREET LIGHTS
QTY
UNIT PRICE
EXTENDED
AMOUNT
1.
Install Electrolier
EACH
@$
3,500.00
$
2.
Relocate Electrolier
EACH
@$
2,500.00
$
3.
Lighting Conduit
L.F.
@$
18.00
S
4.
Pull Box
EACH
@$
174.00
$
5.
Wiring and Conductors
L. F.
@$
15.00
$
TOTAL AMOUNT
$
EXTENDED
SIGNING AND STRIPING
QTY
UNIT PRICE
AMOUNT
1.
Striping (Minimum 1 day).
DAY
@$
1,250.00
$
2.
Signs with posts.
EACH
@$
250.00
$
4.
Signs without posts.
EACH
@$
100.00
$
TOTAL AMOUNT
$
EXTENDED
TRAFFIC SIGNALS
QTY
UNIT PRICE
AMOUNT
1. Traffic signal installation
2. Electrical service
3. Inductive loops
L.S. @ $ 100,000.00
$
L. S. @ $ 2,500.00
$
EACH @ $ 300.00
$
TOTAL AMOUNT
$
PAGE 8
EVALUATION COST ESTIMATE FOR PARCEL MAP NO.:
WATER
QTY
UNIT PRICE
EXTENDED
AMOUNT
1.
8-inch PVC pipe
L.F.
@ $
40.00.
$
2.
6-inch fire hydrant assembly
EACH
@ $
3;000.00
$
3.
2-inch water service
EACH
@ $
1,200.00
S
4.
Connect new water main to
existing water new
EACH
@ $
2,100.00
$
5.
8-inch gate valve.
EACH
@ $
1,000.00
$
TOTAL AMOUNT (payable to District)
$
EXTENDED
LANDSCAPE AND IRRIGATION
QTY
UNIT PRICE
AMOUNT
1.
Greenscreen Fencing - 8' tall
790
L. F.
@ $
150.00
$118,500
2.
Greenscreen Fencing - 4' tall
245
L. F.
@ $
125.00
$30,625
3.
2-inch thick layer of shredded
wood chip mulch
C.Y.
@ $
75.00
$
4.
Root control barrier in tree well
L.F.
@ $
6.00
$
5.
Water service connection
EACH
@ $
2,500.00
$
6.
Backflow prevention device
assembly 1 '/2-inch size
EACH
@$
4,000.00
$
7.
Irrigation controller
EACH
@ $
12,000.00
$
8.
1 '/z-inch size remote control
master valve assembly
EACH
@ $
600.00
$
9.
2-inch size remote control master
valve assembly
EACH
@ $
700.00
$
10.
1 '/s-inch size shut-off valve
assembly
EACH
@$
300.00
$
11.
2-inch size shut-off valve
assembly
EACH
@$
300.00
$
12.
3/4-inch size quick coupling valve
assembly
EACH
@ $
150.00
$
PAGE 9
EVALUATION COST ESTIMATE FOR PARCEL MAP NO.:26827
EXTENDED
LANDSCAPE AND IRRIGATION QTY UNIT PRICE AMOUNT
13.
1-inch remote control
valve
assembly.
EACH
14.
1 '/4 -inch size remote
control
valve assembly
EACH
15.
Control wire conduit
L.F.
16.
2-inch pop-up spray
head
assembly.
EACH
17.
PVC Class 315 mainline
, 2-inch
size
L.F.
18.
PVC Sch. 40 mainline 1
'/z-inch
size
L.F.
19.
PVC Sch. 40 mainline 1
%-inch
size
L.F.
20.
PVC Sch. 40 mainline 1-i
nch size
L. F.
TOTAL AMOUNT (no plans as of yet)
G:\MSTR\Rosemead\EVALUATION COST ESTIMATE FOR TRACT-PARCEL
10mo4
@ $
300.00
$
@ $
300.00
$
@ $
2.00
$
@ $
20.00
$
d s
5.00
$
@ $
3.00
$
@ $
3.00
$
@ $
3.00
$
$149,125
PAGE 10
FES. -28' 05 (MON) 14 A? CTY OF ROSEMEAD TEL 16-307-9218 P. 002
A°
WJPMorgan
JP..V-,_,n 0h~ Bunk N,4_
w. Jp Mc,5. T,--,,,f Sync
ri.W T-8.9,,zc n
10420 Higbl=6 t W.r D ivc
T-p, FL33610
Td.: 566.6325101
FEE 10, 2005
OUR L/C NO.: 5-621135
APPLICANT REF- NO.: STORE, NO. 5154
IRREVOCABLE STANDBY LETTER OF CREDIT NO- 5-621135
STORE NO. 5154
ISSUE DATE: FEBRUARY 10, 2005
BENEFICIARY:
CITY OF ROSEMEAD
8838 EAST VALLEY BOULEVARD
ROSEMEAD, CALIFORNIA 91770
ATTN: KEN RURAVINA, P. E., CITY ENGINEER
TELEPHONE NO.: 626.288.6671
APPLICANT:
WAL-MART STORES, INC.
ATTN: LETTER OF CREDIT MANAGER, DEPT- 9382
2001 SE 10TH STREET
BENTONVILLE, AR 72716-0550
AMOUNT: US $2,115,660-00
TWO MILLION ONE HUNDRED FIFTEEN THOUSAND SIX HUNDRED SIXTY AND NO/100 US
DOLLARS
EXPIRY DATE: FEBRUARY 10, 2006
GENTLEMEN:
WE HEREBY ESTABLISH OUR IRREVOCABLE STANDBY LETTER OF CREDIT NO. 5-621135
IN YOUR FAVOR, AS BENEFICIARY, BY ORDER AND FOR ACCOUNT OF WAL-MART
STORES, INC-, ATTN: LETTER OF CREDIT MANAGER, DEPT- 9382, 2001 SE 10TH
STREET, BENTONVILLE, AR 72716-0550, UP TO TIM-AGGREGATE SUM OF TWO
MILLION ONE HUNDRED FIFTEEN THOUSAND SIX HUNDRED SIXTY AND N01100 US
DOLLARS (U.S. $2,115,660.00), EXPIRING ON FEBRUARY 10, 2006 EXCEPT A.5
FURTHER STATED, AT THE COUNTERS OF JPMORGAN CHASE BANK, N.A., 333 S. GRAND
AVENUE, SUITE 3600, LOS ANGELES, CA 90071, AVAILABLE BY PAYMENT AGAINST
YOUR DRAFT(S) DRAWN ON LTPMORGAN CHASE BANK, N.A., NEW YORK, AT SIGHT
ACCOMPANIED BY:
133434 U07095
Phi- 1 0!'0
rtn. 2V' 051Moi'1 14 48 CITE OF ROSEMEA0 TELIP6-307-9218
WiP'MOrgan
JfNfnr¢nn Chn Bank N.A.
rJo .rP7dorgen Tr=a:ury 5 mice
G ob.I Inde Smi.o
10420 HiJ'le d Manor Drive
T:v,p,, FL 33610
Tel,: S66b32-5Wl
OUR L/C
APPLIC_4NT REF. NO-:
P. 003
FES 10, 2005
NO.: 5-621135
STORE NO. 5154
1. A NOTARIZED STATEMENT PURPORTEDLY SIGNED BY AN AUTHORIZED OFFICIAL. OF
THE CITY OF ROSEMEAD, STATING THAT: "THE FUNDS DRAWN UNDER IRREVOCABLE
STANDBY LETTER OF CREDIT NO. 5-621135 ISSUED BY JPMORGAN CHASE BANK, N.A.
ARE DUE BY REASON OF WAL-MART STORES, INC-fS FAILURE TO COM_PLETE'PUBLIC
IMPROVEMENTS, MORE SPECIFICALLY, STREETS, WATER, SEWER, TRAFFIC SIGNALS,
SIGNING AND. STRIPING, STREET LIGHTS, LANDSCAPE AND IRRIGATION, AND
MONUMENTS FOR WAL-MART STORE #5154 IN ROSEMEAD, CALIFORNIA, AS SHOWN ON
PLANS PREPARED BY DEVELOPMENT RESOURCE CONSULTANTS, INC. AND THAT AT LEAST
TEN (10) BUSINESS DAYS IN ADVANCE OF THE PRESENTATION OF THE SIGHT DRAFT
FOR PAYMENT, THE CITY OF ROSEMEAD HAS PROVIDED TO THE APPLICANT. BY COURIER
OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED, NOTICE OF THE CITY OF
ROSEMEAD'S INTENTION TO DRAW FUNDS ON THIS LETTER OF CREDIT. THE WORK TO
BE COMPLETED IS AS FOLLOWS: (LIST WORK WAL-MART STORES, INC- FAILED TO
COMPLETE.)"; THIS LETTER OF CREDIT SHALL ASSURE FAITHFUL PERFORMANCE AND
LABOR AND MATERIALS COSTS FOR THE DISCRETE COMPONENTS EACH IDENTIFIED
SEPARATELY IN LINES 1 THROUGH 9 OF PAGE 1 OF THE SUMMARY OF IMPROVEMENTS
- EVALUATION ESTIMATE - PARCEL MAP NO. 26627 DATED JANUARY 4, 2005,
ATTACHED HERETO, TOGETHER WITH THE CONTINGENCIES (LINE 11) AND
ADJUSTMENTS (LINE 13); AND
2. THE ORIGINAS, OF THIS LETTER OF CREDIT
SPECIAL CONDITIONS:
PARTIAL DRAWINGS ARE ACCEPTABLE.
IT IS A CONDITION OF THIS LETTER OF CREDIT THAT IT SHALL BE DEEMED
AUTOMATICALLY EXTENDED WITHOUT AMENDMENT FOR ONE (1) YEAR FROM THE PRESENT
OR ANY FUTURE EXPIRATION DATE UNLESS AT LEAST THIRTY (30) DAYS PRIOR TO
SUCH EXPIRATION DATE YOU ARE NOTIFIED BY COURIER OR CERTIFIED MAIL, RETURN
RECEIPT REQUESTED, THAT WE ELECT NOT TO CONSIDER THIS LETTER OF CREDIT
RENEWED FOR ANY SUCH PERIOD- NOTWITHSTANDING THE FOREGOING, THIS LETTER
OF CREDIT SHALL HAVE A FINAL EXPIRY DATE OF FEBRUARY 10, 2007.
ANY DRAFT DRAWN UNDER THIS LETTER OF CREDIT MUST BE MARKED "DRAWN UNDF_.R
I-RREVOC_AaLE LETTER OF CREDIT NO. 5-621135 ISSUED BY JPMORC-AN CHASE BANK,
N. A. rr
13-1134 Llcl_104~1
°R- 2 or 3
rnn - _e U3INIQN) 14:48 CITY OF ROSB.lEAD TEL' -6-307-9218 F. 004
MipMorgan
.1'YiVlor_an Chic BunLr Via.
G1aFa1 TT 6z Sm'icz:
10420 HiShl=d..V=or Drivc
Tampa FL 33610
Tdt 566492.5101
FEB 3.0, 2005
OUR L/C NO.: 5-621135
APPLICANT REF. NO.: STORE NO. 5154
WE HEREBY ENGAGE WITH YOU THAT ANY DRAFT DRAWN UNDER AND IN COMPLIANCE
WITH THE TERMS OF THIS LETTER OF CREDIT WILL BE DULY HONORED ON THE
PRESENTATION AT OUR OFFICE AT 333 S. GRAND AVENUE, SUITE 3600 ATTN:
STANDBY LETTER OF CREDIT DEPARTMENT, LOS ANGELES, CA 90071, BY COURIER OR
CERTIFIED MAIL, ON OR BEFORE THE EXPIRATION DATE AS SPECIFIED PaOVE:
UNLESS OTHERWISE EXPRESSLY STATED HEREIN, THIS LETTER OF CREDIT IS SUBJECT
TO.THE INTERNATIONAL, STANDBY PRACTICES 1998 (ISP98), INTERNATIONAL CHAMBER
OF COMAERCE PUBLICATION NO. 590
THORI7 D SIGNATC
AMsrtincz
p=' '.-,nr Vice P • Gan[
135;3; UV0495 Fog= 3 of 3
Date January 4, 2005
Rev.
CITY OF ROSEMEAD - WAL-MART 45154-00
SUMMARY OF IMPROVEMENTS - EVALUATION ESTIMATE
PARCEL MAP NO. 26827
Address SWC Rush Street and Walnut Grove Avenue
1.
Streets
$179,740
2.
Water
$250.000
3.
Storm Drain
$0
4.
Sewer
$175,180
5.
Traffic Signals
$258.000
6.
Signing and Striping
$6,250
7.
Street Lights
$184,392
8.
Landscape and Irrigation
$30,000
9. Monuments ($1,500 plus $400
per each deferred Mon.)
Deferred Mon. 25 each $11.500
10. SUBTOTAL $1,095,062
11. 15% Contingencies $164,259
12. SUBTOTAL $1,259.321
13. Adjustment at end of agrmnt.
2 yrs. x 6,%/yr. = 12%
14. TOTAL AMOUNT
FAITHFUL PERFORMANCE
BOND AMOUNT (100%)
LABOR & MATERIALS
BOND AMOUNT (50%)
$151,119
$1.410,440
$1.410,440 SAY $1,410,440
$705,220 SAY $705,220
THE PRECEDING ITEMS ARE ESTIMATES ANDTHEAMOUNT INDICATED FORAN ITEM SHALL NOT
ACT TO LIMIT THE LIABILITY OF THE SURETY TO THAT AMOUNT. THE SURETY SHALL BE LIABLE
FOR FULL AMOUNT POSTED FOR ANY ITEM NOT COMPLETED.
Prepared by:
Development Resource Consultants. Inc.
Steve Reiner, P. E. R.C.E. 41308
PAGE 1