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Home My WebLink AboutS_Release_Letter_AOF_5151060020_U16002091_180924DenisLawMayorCommunity&EconomicDevelopmentC.E.“Chip”Vincent,AdministratorSeptember24,2018DavePoolPoolBrothersConstruction720N10thStreet,SuiteA105Renton,WA98057SUBJECT:RELEASEOFASSIGNMENTOFFUNDSACCOUNT#5151060020MONTERRATOWNHOMES/UTILITYPERMIT#U16002091DearMr.Pool:ThisletteristoconfirmthattheCityhasreceivedthetwo-yearmaintenancesuretyintheformofanAssignmentofFundsfrom1stSecurityBank,intheamountof$5,042.00andthemaintenanceanddefectagreementonSeptember20,2018whichsecuresthesuccessfulmaintenanceandoperationoftherequiredimprovementsfortheabovereferencedproject.Accordingly,thisletterwillalsoserveasauthorizationtoreleasetheAssignmentofFundsheldonaccountat1stSecurityBankaccount#5151060020issuedtoPoolBrothersConstructiononJanuary13,2017intheamountof$37,102.51.TheseitemswerepostedtotheCityofRentononbehalfoftheMonterraTownhomesproject.Enclosedaretheoriginaldocumentsforyourreference.Ifyouhaveanyquestions,pleasecontacttheprojectmanager,RohiniNairat(425)430-7298.Sincerely,c3n%J‘ñ4IIIJenniferHenningPlanningDirectorEnclosure(s):AssignmentofFunds-15tSecurityBankAccount#5151060020cc:RohiniNair,DevelopmentEngineeringProjectManagerBrianneBannwarth,DevelopmentEngineeringManager1055SouthGradyWay,Renton,WA98057•rentonwa.gov 1STSECURElYBANKASSIGNMENTOFFUNDSTOTHECITYOFRENTON____ __PoolBrothersConstructionBank:5ecjnj-tj‘ctnlDavePool___ ___ ___ ___ __ _ __720No.10thSt.Suite#A105___ ___ ___ ___ __ _ __Renton,WA98057Phone:RyanMcGowan253-405-8695Email:ryanrmhome&cornFax:2‘33—fIb-cd1ZAttention:RyanMcGowan-Attention:rv.’iHl3.enrn5Title:GeneralContractorTitle:Asss-+brctvicLiflOano5cTheabovereferencedbankherebycertifiesthat$37,102.51(thirty-seventhousandonehundredtwodollarsfifty-onecents)isondepositInaccount#5’)510OOao,underthenameoftheCityofRenton,tosecuretheapplicant’sperformanceofthefollowingworkrequiredinconnectionwiththeplatorprojectdescribedbelow:PlatorProject:MonterraUIoaocLocation/Addre5sofPiatorProject:905SunsetBlvdNE,Renton,WATherequiredworkisgenerallydescribedasthefollowing:Clearandgrade.29acresite,extensionofsanitarysewerwithside-sewerconnections,installingastorminiltrationtrenchsystem,frontageimprovementsthatincludeanewdrivewayapproach,newcurbandnewsidewalk.OnsiteconstructionincludingrepavingdrivewayoffSunset,drivewaystounitsandlandscapingaroundthe5townhomesThebankherebycertifiesandagreesthatthesefundswillnothereleasedwithoutwritteninstructionsfromanauthorizedagentoftheCityofRenton(theOty).WefurtheragreethatthesefundswillbepaidtotheCitywithinten(10)daysofreceivingwrittennoticethattheCityh25determinedthattherequiredworkhasnotbeenproperlyperformed.ThebankshallhavenodutyorrighttoevaluatethecorrectnessorappropriatenessofanysuchnoticeordeterminationbytheCityandshallnotinterpleadorinanymannerdelaypaymentofsaidfundstotheCity.TheapplicantherebyagreestothisAssignmentofFundsandthatitsobligationtoperformtherequiredworkisnotlimitedtotheamountoffundsheldbythebank.ThisAssignmentofFundsisirrevocableandcannotbecanceUedbythebankorapplicant.The5efundsmaynotbeassigned,pledged,usedassecurityorotherwisemadeavailabletotheapplicant,bankorthirdpartywithoutthepriorwrittenconsentoftheCity.thataretobeconstructed.Titleloll]DateThIeC,I)laSH.DateH\cEo\nata\Forms-TemlR1R’l!N&’ffi‘Edmonds425.774.5144v’o2/12/15Lynnwood125.774.55367AilICreei45.41S.6139.bverl’ake42.57.9O61’.Poulsbo360.779.4488.PuyallupWWW.FSBWA.COM.MemberFDICIEqualHousinqlenderApplicant:Owner:Address:Branch:?JAa.lluPP,rsnd’Address:3]StewaA-5+,Puyaiiup1LAJ,4.99)391Phone:Z-’3”1b9bOLpPoolBrofli&g.costrution/DavePoolIV&P’XVloffa-HAuthorizedSignatureAuthorizedSignature€-tL..——’OwnerA55;s+arit)raMc%NameofBankCfficer(Print)7c-z<c—..%-9q___