HomeMy WebLinkAbout20130883.tiffRESOLUTION
RE: APPROVE REQUEST FOR AMENDMENT OR RELEASE OF COLLATERAL,
AUTHORIZE CHAIR TO SIGN, AND ACCEPT REPLACEMENT COLLATERAL FOR
USE BY SPECIAL REVIEW PERMIT, USR12-0022 - ROBERT L. SELTZER FAMILY
TRUST / COLORADO OUTDOOR STORAGE, LLC
WHEREAS, the Board of County Commissioners of Weld County, Colorado, pursuant to
Colorado statute and the Weld County Home Rule Charter, is vested with the authority of
administering the affairs of Weld County, Colorado, and
WHEREAS, by Resolution dated August 1, 2012, the Board approved the application of
Robert L. Seltzer Family Trust, Attn: Tim Seltzer, 33641 County Road 83, Brighton, Colorado
80611, and Colorado Outdoor Storage, LLC, 9249 South Broadway #418, Littleton, Colorado
80129, for outside recreational vehicle storage and miscellaneous storage on the following
described real estate, to wit:
Lot D of Recorded Exemption, RE -4482; being part
of the SW1/4, W1/2SE1/4 of Section 34,
Township 1 North, Range 67 West of the 6th P.M.,
Weld County, Colorado, and
WHEREAS, on January 2, 2013, the Board of County Commissioners of Weld County,
Colorado, approved an Improvements Agreement According to Policy Regarding Collateral for
Improvements, between the County of Weld, State of Colorado, by and through the Board of
County Commissioners of Weld County, and Robert L. Seltzer Family Trust / Colorado Outdoor
Storage, LLC, with terms and conditions being as stated in said agreement, and accepted
Irrevocable Standby Letter of Credit No. 0069, drawn on Cache Bank and Trust, 4601 West
20th Street, Greeley, Colorado 80634, in the amount of $60,506.00, and
WHEREAS, staff from the Weld County Departments of Public Works and Planning
Services have conducted a visual inspection and recommend partial release of said collateral,
and acceptance of replacement/warranty collateral.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of
Weld County, Colorado, that it will execute the "Request for Amendment or Release of Letter of
Credit #0069", and accept the replacement collateral in the amount of $9,075.00, following
issuance of the same by Cache Bank and Trust.
BE IT FURTHER RESOLVED by the Board that the Clerk to the Board be, and hereby
is, directed to return said collateral to the appropriate issuing party following receipt of said
replacement collateral.
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04/22/2013 10:24 AM R Fee:$0.00
Steve Moreno, Clerk and Recorder, Weld County, CO
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2013-0883
PL2170
ATTEST:
Weld County Clerk to the Board
BY:
Deputy Cle
Date of signature:
APR 18 2013
3926247 Pages: 2 of 2
04/22/2013 10:24 RR R Fee:$0.00
Steve Moreno, Clerk and Recorder, Weld County, CO
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CANCEL COLLATERAL - ROBERT L. SELTZER FAMILY TRUST / COLORADO OUTDOOR
STORAGE, LLC
PAGE 2
The above and foregoing Resolution was, on motion duly made and seconded, adopted
by the following vote on the 8th day of April, A.D., 2013.
BOARD OF COUNTY COMMISSIONERS
WELDD COUNT , CC/LORADO
liim F. rcia, Chair
�u(O % O e-wt-a,C�ti�
ouglasTRademac r, Pro-Tem
2013-0883
PL2170
MEMORANDUM
TO: Clerk to the Board
DATE: 4/4/2013
FROM: Richard Hastings, Public Works Department
SUBJECT: BOCC Agenda Item: Partial Release of Collateral
Seltzer/Colorado Outdoor Storage- (USR12-0022)
Request for Partial Release of Collateral:
The Department of Public Works received a request from the applicant's representative, Robert A.
Rickard, PLS, Agent for the Robert L. Seltzer Family Trust, requesting an inspection of the
property in order to obtain the partial release of collateral, for the Outside Recreational Vehicle
and Miscellaneous Storage Facility for (USR12-0022), located on CR's 19 & 2, west of the city of
Brighton.
Weld County Public Works Department performed a site inspection, at the above mentioned site,
and observed the following:
• All Public Works related items on Exhibit A, of the Improvements Agreement According
To Policy Regarding Collateral For Improvements Document #2013-0016, have been
completed and are found to be acceptable.
Weld County Collateral List:
Colorado Outdoor Storage/Robert L Seltzer Family Trust (PL2170 — 2013-0016
USR #12-0022) Improvements Agreement, Irrevocable Standby Letter
Of Credit No. 0069, Cache Band and Trust. Expires 11/30/2013
Can be automatically extended unless 90 days notice $60,506.00
Recommendation:
The Departments of Public Works and Planning Services are recommending partial release of
collateral, as shown above from the Weld County Collateral List, in the amount of $51,430.00
Weld County will retain a balance of $9,075.90 to serve as Warranty Collateral for a period of two
years from the date the Board of County Commissioners approves this request. Seltzer/Colorado
Outdoor Storage- (USR12-0022) has submitted replacement/warranty collateral in the form of an
amendment to the original Letter of Credit (#0069) from Cache Bank & Trust, changing the collateral
amount from $60,506.00 to $9,075.90
pc: Heidi Hansen, Weld County Public Works
Chris Gagman, Weld County Planning Services
2013-0883
C:\Users\sbrown\AppData\Local\Microsoft\Windows\Temporary Internet Files\Content.Outlook\SY4JG0N7\Partial Collateral Release - Seltzer CO
Outdoor Storage (USR12-0022)-MEMO.docx
IRREVOCABLE STANDBY LETTER OF CREDIT NO.0069 FOR
BOARD OF COUNTY COMMISSIONERS OF WELD COUNTY, COLORADO
EXHIBIT 2
REQUEST FOR AMENDMENT OR RELEASE OF
LETTER OF CREDIT #0069
RE: USR 12-0022
The Board of County Commissioners of Weld County, Colorado certifies that the person
signing below is authorized to execute the request for amendment or release of Letter of
Credit on behalf of the Board of County Commissioners of Weld County, Colorado, and
further certifies with respect to the provisions contained in the Improvements Agreement
between the Board of County Commissioners of Weld County Colorado (Beneficiary)
and Colorado Outdoor Storage, LLC (Applicant) the following:
(CHECK APPLICABLE BOXES)
X The Letter of Credit is to be reduced to $ 9,075.90
X The expiration date of the Letter of Credit is revised to be the 8th day of
April, 2015
X Original Letter of Credit shall be released upon receipt of separate
Replacement Maintenance Letter of Credit in the amount of $ 9,075.90
(Current Value).
X Release of Letter of Credit.
In witness whereof, the undersigned has executed this Certificate on behalf of the Board
of County Commissioners of Weld County, Colorado, this 8th day of
April , 2013.
BOARD OF COUNTY COMMISSIONERS OF
WELD COUNTY, COLORADO
Chair, William F. Garcia
APR 082013
M:V'LAN NING - DEVELOPMENT REV IE W\-2012 Planning Referrals \USR 12\11SR12-0022 Seltzer RV Storage\Improvements
Agreement AColorado Outdoor Storage Letter of Credit modification March 2013 (4-4-13).docx
xj776 - ZThg.S).-�J
Rock Creek Surveying, LLC
3021 Gardenia Way Superior, CO 80027
PH: 303-521-7376 Email: rarickard@msn.com
March 21, 2013
Mr. Rich Hastings
Compliance Analyst
&Construction Inspector
Weld County Public Works
1111 H Street
Greeley, CO 80632-0758
Via Email: rastings@co.weld.co.us
Re: Request to reduce Letter of Credit amount for Seltzer USR12-0022.
Mr. Hastings,
After your final grading inspection and approval today for USR12-0022, on behalf of the Owner,
I am hereby requesting a reduction of 85% of the Letter of Credit amount currently on file with
Weld County.
The current estimated cost of improvements and supervision covered by our Letter of Credit is
$60,506.00. At this time, please process this request to reduce our letter of credit by 85%, which
will release $51,430.10.
It is our understanding that the remaining amount of $9075.90 can be released following our
final landscape inspection.
Please let me know the expected timeframe for the reduction approval process and any specific
requirements from the County, so we can let our bank know how to proceed in preparing a new
or revised Letter of Credit.
We appreciate your on -going assistance and final approval of our USR today.
Thank you,
Robert A. Rickard, PLS, Agent for
The Robert L. Seltzer Family Trust
RE: USR12-0022
Rock Creek Surveying, LLC 3021 Gardenia Way, Superior, CO 80027
CACHE BANK
Where a handshake 5
QkgcOUNTY COMMISSIONERS OF WELD COUNTY, COLORADO
Issuance Date: 11-30-2012
Date Amended: 04-08-2013
Original Amount: $60,506.00
Amended Amount: $ 9,075.90
Beneficiary:
BOARD OF COUNTY COMMISSIONERS OF WELD COUNTY, COLORADO
1150 "O" Street
Greeley, Colorado 80631
Applicant:
Colorado Outdoor Storage, LLC
9249 S. Broadway #418
Littleton CO 80129
Attn: Clerk to the Board:
We hereby establish at the request and for the account of Colorado Outdoor Storage, LLC, in
your favor as Beneficiary, our Irrevocable Letter of Credit No. 0069 in the amount of Nine
thousand seventy five and 90/100, US Dollars, ($9,075.90). As more fully described below,
effective immediately and expiring at the close of banking business on April 8, 2015 our office
located at 4601 W. 20th St., Greeley, CO 80634.
This Irrevocable Letter of Credit is issued as collateral to the Beneficiary as required under the
Improvements Agreement According to policy Regarding Collateral For Improvements
Seltzer/Colorado Outdoor Storage-UR12-0022 (hereinafter referred to as "Improvements
Agreement").by and between the Board of County Commissioners of Weld County, Colorado
and Colorado Outdoor Storage, LLC for the assurance of the completion of construction and the
maintenance of the public and private infrastructure as outlined in the Improvements Agreement,
and in connection with any building permit issued to Colorado Outdoor Storage, LLC for the
property located at (Vacant Land -See Attached Legal Description) and hereinafter referred to as
"Development Project".
Funds under this Letter of Credit are available to you for one or more drawings prior to the close
of business on April 8, 2015, against sight drafts in as aggregate cumulative amount not to
exceed $9,075.90, dated the date of presentment, drawn on our office referred to above, referring
thereon to the number of this Letter of Credit and accompanied by your written certificate signed
by you and acknowledged as therein provided in the form of Exhibit 1 hereto.
Presentation of such draft and Certificate shall be made at our office referred to above.
Upon the earlier of
(1) our honoring your draft(s) totaling $9,075.90 in the aggregate presented on or before this
Letter of Credit expires pursuant to the terms herein, or
(2) the surrender to us by you of this Letter of Credit for cancellation,
this Letter of Credit shall automatically terminate.
West Greeley • 4601 West 20th Street • Greeley, CO 80634 • (970) 351-8600 • Fax (970) 351-7878
Downtown Greeley • 924 11th Street • Greeley, CO 80631 • (970) 506-7183 • Fax (970) 351-6272
www.cachebankandtrust.com
It is understood that the amount of this Letter of Credit may be reduced as public and/or private
improvements are constructed and accepted by Weld County. As components of the
infrastructure are satisfactorily completed in accordance with the terms of the Improvements
Agreement, the amount of this Letter of Credit may be reduced by the value of the completed
component(s), upon execution of a "Request for Amendment to Letter of Credit" in the form
attached hereto as Exhibit 2. Any amendments to the Letter of Credit shall be made in the form
of Exhibit 2 hereto. Weld County may at any time request that the Bank amend this letter of
Credit by submitting to the Bank a fully executed certificate in the form of Exhibit 2. The Bank
may thereafter promptly issue an amendment to the Letter of Credit corresponding to the change
or changes requested on such Certificate.
This Letter of Credit shall be automatically extended without amendments for one year from the
present and for one year from each future expiration date thereof, unless the Issuer delivers
written notice at least ninety (90) days prior to any such expiration date to the Board of County
Commissioners of Weld County, Colorado of its intent not to renew this Letter of Credit. Any
such notice shall be in writing and shall be delivered with an acknowledged receipt, either in
hand, by certified mail, or by overnight courier.
This letter of Credit is not transferrable.
Both the Beneficiary and Applicant in this Letter of Credit Acknowledge that through the
Improvements Agreement, Beneficiary reserves the right to require Colorado Outdoor Storage,
LLC to obtain a replacement Letter of Credit from a financial institution other than this Bank in
the event that the rating of this Bank falls below a three star rating.
This Letter of Credit sets forth in full our undertaking, and such undertaking shall not in any way
be modified, amended, amplified or limited by reference to any document, instrument or
agreement referred to herein, except by the Certificate and drafts referred to herein. No reference
to a document, instrument or agreement shall be deemed to incorporate herein by reference such
document, instrument or agreement, except for references to such Certificate and draft(s).
This letter of Credit shall be subject to the Uniform Commercial Code as in effect in the State of
Colorado and to the extent not inconsistent with the terms of this Letter of Credit and the
Uniform Commercial Code, the Uniform Customs and Practice for Documentary Credits, 2007
Revision, ICC Publication Number 600.
SINCERELY,
vi A. Thompson
Executive Vice President
Cache Bank & Trust
4601 W. 20th St.
Greeley CO 80634
Tel. No. 970-506-7117
Fax No. 970-506-7113
IRREVOCABLE STANDBY LETTER OF CREDIT NO. 0069 FOR
BOARD OF COUNTY COMMISSIONERS OF WELD COUNTY, COLORADO
EXHIBIT 1
CERTIFICATE
The Board of County Commissioners of Weld County, Colorado, hereby certifies as follows with
respect to the certain Irrevocable Letter of Credit Number 0069, dated April 8, 2013 established
in favor of the Board of County Commissioners of Weld County, Colorado (hereinafter referred
to as "the Letter of Credit)
He(She) is authorized to execute this Certificate on behalf of the Board of County
Commissioners of Weld County, Colorado;
The Applicant is in default under the terms of the Improvements Agreement
and/or the Development Construction Permit;
The sum of $
this Certificate is
Commissioners of
Company)
, which is the amount of the Draft Presented with
the amount currently due to the Board of County
Weld County, Colorado from ;(Name of
The amount of the accompanying draft together with all previous draws under the
Letter of Credit do not exceed in the aggregate $9,075.90; and
The Letter of Credit has not expired.
Funds paid pursuant to this Certificate shall be wire transferred to
(Name of County's Bank), according to wire transfer instructions.
In witness whereof, the undersigned has executed this Certificate on behalf of the Board of
County Commissioners of Weld County, Colorado, this day of , 20_.
BOARD OF COUNTY COMMISSIONERS OF
WELD COUNTY, COLORADO
BY:
(NAME), Chair
IRREVOCABLE STANDBY LETTER OF CREDIT NO.0069 FOR
BOARD OF COUNTY COMMISSIONERS OF WELD COUNTY, COLORADO
EXHIBIT 2
REQUEST FOR AMENDMENT OR RELEASE OF
LETTER OF CREDIT #0069
The Board of County Commissioners of Weld County, Colorado certifies that the person signing
below is authorize to execute the request for amendment or release of a Letter of Credit on behalf
of the Board of County Commissioners of Weld County, Colorado, and further certifies with
respect to the provisions contained in the Improvements Agreement between the Board of
County Commissioners of Weld County Colorado, (Beneficiary) and (Name
of Company), (Applicant) the following:
[CHECK APPLICABLE BOXES]
❑ The Letter of Credit is to be reduced to $
❑ The expiration date of the Letter of Credit is revised to be the day of
,20
❑ Original Letter of Credit shall be released upon receipt of separate Replacement
Maintenance Letter of Credit in the amount of $ (Current
Value).
❑ Release Letter of Credit.
In witness whereof, the undersigned has executed this Certificate on behalf of the Board of
County Commissioners of Weld County, Colorado, this day of , 20 .
BOARD OF COUNTY COMMISSIONERS OF
WELD COUNTY, COLORADO
BY:
(NAME), Chair
RECEIVED
DEC 1 3 ?012
Weld County Planning Deportment
REVOCABLE STANDBY LETTER OF CREDIT NO,0069 FORIEELEY OFFICE
CACHE BANK
OF COUNTY COMMISSIONERS OF WELD COUNTY, COLORADO
'Mere a /lands u sti meaning.' • d
y C
Issuance Date. 11-30-2012 Amount: $60,506.00 co,„8odr11dr
r `fie ss d o et
e Al zo F d1
Beneficiary: cep_ d°e ae 4e A
BOARD OF COUNTY COMMISSIONERS OF WELD COUNTY, COLORADO <Qa el/ �4 c lads
1150 "O" Street deA �1V? 011v2olarya
Greeley, Colorado 80631 oe °t� de
°1e e .t.,?,r
Applicant:
Colorado Outdoor Storage, LLC
9249 S. Broadway #418
Littleton CO 80129
Attn: Clerk to the Board:
eo
We hereby establish at the request and for the account of Colorado Outdoor Storage, LLC, in
your favor as Beneficiary, our Irrevocable Letter of Credit No. 0069 in the amount of Sixty
thousand five hundred six and Noi 100, US Dollars, ($60,506.0O). As more fully described
below, effective immediately and expiring at the close of banking business on November 30,
2013 our office located at 4601 W. 20th St., Greeley, CO 80634.
'This Irrevocable Letter of Credit is issued as collateral to the Beneficiary as required under the
Improvements Agreement According to policy Regarding Collateral For Improvements
Seltzer/Colorado Outdoor Storage-UR12-0022 (hereinafter referred to as "Improvements
Agreement").by and between the Board of County Commissioners of Weld County, Colorado
and Colorado Outdoor Storage, LLC for the assurance of the completion of construction and the
maintenance of the public and private infrastructure as outlined in the Improvements Agreement,
and in connection with any building permit issued to Colorado Outdoor Storage, LLC for the
property located at (Vacant Land -See Attached Legal Description) and hereinafter referred to as
"Development Project".
Funds under this Letter of Credit are available to you tor one or more drawings prior to the close
of business on November 30, 2013, against sight drafts in as aggregate cumulative amount not to
exceed $60,506.00, dated the date of presentment, drawn on our office referred to above,
referring thereon to the number of this Letter of Credit and accompanied by your written
certificate signed by you and acknowledged as therein provided in the form of Exhibit 1 hereto.
Presentation of such draft and Certificate shall be made at our c.ffice referred to above.
Upon the earlier of
(I) our honoring your draft(s) totaling $60,506.00 in the aggregate presented on or before this
Letter of Credit expires pursuant to the terms herein, or
(2) the surrender to us by you of this Letter of Credit for cancellation,
this Letter of Credit shall automatically terminate.
the
Bo
Ph 02)2O
Greeley • 4601 West 20th Street • Greeley, CO 80634 • (970) 351-8600 • Fax (970) 351-7878
www.cachebankandlrust.com
It is understood that the amount of this Letter of Credit may be reduced as public and/or private
improvements are constructed and accepted by Weld County. As components of the
infrastructure are satisfactorily completed in accordance with the terms of the Improvements
Agreement, the amount of this Letter of Credit may be reduced by the value of the completed
component(s), upon execution of a "Request for Amendment to Letter of Credit" in the form
attached hereto as Exhibit 2. Any amendments to the Letter of Credit shall be made in the form
of Exhibit 2 hereto. Weld County may at any time request that the Bank amend this letter of
Credit by submitting to the Bank a fully executed certificate in the form of Exhibit 2. The Bank
may thereafter promptly issue an amendment to the Letter of Credit corresponding to the change
or changes requested on such Certificate.
This Letter of Credit shall be automatically extended without amendments for one year from the
present and for one year from each future expiration date thereof, unless the Issuer delivers
written notice at least ninety (90) days prior to any such expiration date to the Board of County
Commissioners of Weld County, Colorado of its intent not to renew this Letter of Credit. Any
such notice shall be in writing and shall be delivered with an acknowledged receipt, either in
hand, by certified mail, or by overnight courier.
This letter of Credit is not transferable.
Both the Beneficiary and Applicant in this Letter of Credit Acknowledge that through the
Improvements Agreement, Beneficiary reserves the right to require Colorado Outdoor Storage,
LLC to obtain a replacement Letter of Credit from a financial institution other than this Bank in
the event that the rating of this Bank falls below a three star rating.
This Letter of Credit sets forth in full our undertaking, and such undertaking shall not in any way
be modified, amended, amplified or limited by reference to any document, instrument or
agreement referred to herein, except by the Certificate and drafts referred to herein. No reference
to a document, instrument or agreement shall be deemed to incorporate herein by reference such
document, instrument or agreement, except for references to such Certificate and draft(s).
This letter of Credit shall be subject to the Uniform Commercial Code as in effect in the State of
Colorado and to the extent not inconsistent with the terms of this Letter of Credit and the
Uniform Commercial Code, the Uniform Customs and Practice for Documentary Credits, 2007
Revision, ICC Publication Number 600.
David A. Thompson
Executive Vice President
Cache Bank & Trust
4601 W. 20th St.
Greeley CO 80634
Tel. No. 970-506-7117
Fax No. 970-506-7113
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