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Home My WebLink About20112492.tiff i$ RESOLUTION RE: APPROVE PARTIAL CANCELLATION AND RELEASE OF COLLATERAL FOR IMPROVEMENTS - SADDLER ARENA, LLC/SADDLER RIDGE METROPOLITAN DISTRICT 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,on May 10, 2006,the Department of Public Works approved an Improvements Agreement for County Road 17, for Saddler Arena, LLC/Saddler Metropolitan District, from State Highway 14 to Rodeo Drive, due to increased traffic generated by the Development, and WHEREAS, on September 13, 2006, the Board of County Commissioners of Weld County, Colorado, approved an Improvements Agreement for County Road 17 between the County of Weld, State of Colorado, by and through the Board of County Commissioners of Weld County, and Saddler Arena, LLC/Saddler Ridge Metropolitan District, with terms and conditions being as stated in said agreement, and accepted Irrevocable Letter of Credit No. 8017015033(per letter from Liberty Bank, dated September 8, 2011, an incorrect loan number was assigned, it should be 8017015034) from Liberty Savings Bank, FSB, 120 West Second Street, Dayton, Ohio 45402-1604, in the amount of$265,338.15, and WHEREAS,staff from the Weld County Department of Public Works has conducted a visual inspection and recommends release of a portion of said collateral, in the amount of$229,155.67, and WHEREAS, the Board has been presented with an amendment to Irrevocable Letter of Credit No. 8017015034 from Liberty Savings Bank, in the amount of $36,182.48, which shall be retained for a period of one year as warranty collateral and extend the termination date to September 6, 2012. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, Colorado, that an amendment to Irrevocable Letter of Credit No. 8017015034 from Liberty Savings Bank, 120 West Second Street, Dayton, Ohio 45402-1604, in the amount of$36,182.48, and extending the termination date to September 6, 2012, be and hereby is, accepted. 111111111111 MI 11111111111 III 1111111111 11111 IIII IIII 3796742 10/05/2011 11:52A Weld County, CO 1 of 2 R 0.00 D 0.00 Steve Moreno Clerk& Recorder c c,'.-1 3, Pt 10-'1- 11 2011-2492 EG0064 APPROVE PARTIAL RELEASE OF COLLATERAL-SADDLER ARENA, LLC/SADDLER RIDGE METROPOLITAN DISTRICT PAGE 2 The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 21st day of September, A.D., 2011. BOARD OF COUNTY COMMISSIONERS WELD COUNTY, COLORADO ATTEST: / '. 1E / � % EXCUSED Barbara Kirkmeyer, Chair Weld County Clerk to th =o- '„F �1 c--------'1361 t�tf. A I•, `" ----' P C �J Sean P. C ay, Pro-Tem cp- Deputy Clerk to the Boat ' �.�►�'� William F. Garcia APP94X/ED/ RM: EXCUSED avid E. Long c+ Attorney r�L �-- glas/F�ademacher Date of signature: 9/3O I111111111111111 111111 11111 III 1111111 III VIII IIII IIII 3796742 10/05/2011 11:52/1 Weld County, CO 2 of 2 R 0.00 D 0.00 Steve Moreno Clerk& Recorder 2011-2492 EG0064 MEMORANDUM TO: Clerk to the Board W�`�IDATE: 8/3/2011 �• Richard Hastings, Public Works Department COLORADO FROM: g , p SUBJECT: BOCC Agenda Item: Partial Release of Collateral Saddler Arena/Bridle Hill (WCR 17 Improvements) (EG0054, #2006-2565) Request for Partial Release of Collateral: The Department of Public Works received a request from the representative for the developer, Allison Hanslik/Bridle Hill Development Company, LLC, requesting an inspection of the property in order to obtain the partial release of collateral and to begin the one-year warranty period, for the improvements to WCR 17, located north of the intersection of State Highway 14 and State Highway 257. 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 For Weld County Road 17, Document#2006-2565, have been completed and are found to be acceptable. Weld County Collateral List: Saddler Arena, LLC/Saddler Ridge Metropolitan District (2006-2565, EG0054) Imps Agrmt for WCR 17 Irrevocable Letter of Credit No. 8017015033 from Liberty Savings Bank, FSB Expires 09/06/07; with add'l year, unless 60 days notice $265,338.15 Recommendation: The Department of Public Works is recommending partial release of collateral, as shown above from the Weld County Collateral List, in the amount of$229,155.67 This leaves a balance of $36,182.48 to serve as Warranty Collateral for a period of one year from the date the Board of County Commissioners approves this request. pc:Dave Bauer,Weld County Public Works Don Carroll,Weld County Public Works M.\PLANNING--DEVELOPMENT REVIEW\Misc Projects\Saddler Arena-Bridle Hill\Partial Collateral Release(Saddler Arena-Bridle Hill WCR 17 Improvements)-MEMO.docx 2011-2492 I. c4;t.. .! an Bridle Hill Development Company y rilECEilnrii" _ ti i February 24, 2011 WELD COUN FY PUBLIC WORKS DEPT Mr. Richard Hastings Weld County Colorado P.O. Box 758 Greeley, CO 80632 Dear Mr. Hastings: I received your letter dated November 29, 2010 regarding the Partial Release of Collateral for IMPROVEMENTS AGREEMENT FOR WCR-17 - Document #2006-2565 (the "Agreement"). Based on that letter, I hereby request that pursuant Section 12.06 of the Agreement, Weld County release the Collateral to an amount equal to fifteen percent (15%) of the Improvements. If this is acceptable, Warranty Collateral in the amount of a letter of credit for $36,182.48 will be provided to Weld County, prior to the BOCC (Board of County Commissioners) hearing to discuss this request. We greatly appreciate your assistance with this matter. Sincerely, Azi4 Allison Manager Bridle Hill Development Company, LLC 1616 South Voss,Suite 430 Houston, Texas 77057 PUBLIC WORKS DEPARTMENT 1 � 1111 H STREET, RO. BOX 758 l�Tjl GREELEY, COLORADO 80632 WEBSITE: WWW.CO.WELD.CO.US WI ID PHONE: (970) 356-4000, EXT. 3750 C. FAX: (970) 304-6497 COLORADO November 29, 2010 Charlie Atwood Hartford Homes 1218 Ash, Suite A Windsor, Colorado 80550 RE: Partial Release of Collateral for IMPROVEMENTS AGREEMENT FOR WCR 17 - Document#2006-2565 Dear Mr. Atwood, You had asked what the procedures were for release of collateral. Weld County Requirements For A Partial Release Of Collateral: for the components of Exhibit "A" of the "IMPROVEMENTS AGREEMENT FOR WCR 17" (Doc. # 2006-2565), that are completed at this time, please submit: 1. A letter from the developer (Saddler Arena, LLC), requesting a partial release of collateral and indicating the dollar amount to be released. Generally this amount is equal to eighty-five (85%) of the collateral that was originally submitted. 2. A Statement of Substantial Compliance from an Engineer registered in the State of Colorado, stating that the project or a portion of the project has been completed in substantial compliance with accepted plans and specifications. 3. "As-Built Survey"of the improvements to WCR 17 and adjacent Weld County ROW. 4. "Warranty Collateral" in the amount of fifteen percent (15%) of the value of the improvements as shown in the agreement. Collateral may be in the form of one or more irrevocable letter(s) of credit(LOC), surety bond(s) given by a corporate surety authorized to do business in the State of Colorado, or in the form of a cash deposit(s) made with the Board in the applicable amount. Upon receipt of the above-mentioned documents, the County will review the documents and conduct an on-site inspection of the improvements. Following acceptance of both the documents and improvements, the Weld County Clerk to the Board will be contacted and the collateral release request placed on the BOCC (Board of County Commissioners) agenda. Please feel free to contact the Weld County Public Works Department, if you have any questions or concerns regarding this matter, at(970) 304-6496. Sincerely, Richard A. Hastings Engineering Compliance Analyst& Construction Inspector pc: Dave Bauer.County Engineer Josh Holbrook, Lead Inspector M\—Completed ProjectsAWCR 17,SaddlerA Saddler Arena-Bridle Hill WCR 17 Collateral Release Requirements-Final docx TEAM Engineering 3468 Shallow Pond Drive Fort Collins, CO 80528 (970) 231-9937 February 16, 2011 — - Mr. David Bauer AUG 1 9011 I L Weld County Public Works Department 1111 H Street "fn Greeley, CO 80632-0758 `" � ' nFPT RE: Saddler P.U.D.—Weld County Road 17 Statement of Substantial Compliance Dear Mr. Bauer: This letter is written to provide Weld County with a "Certificate of Substantial Compliance" indicating that the construction of Weld County Road 17, undertaken as part of the Saddler P.U.D. land development project, has been completed. This project involved the replacement of Weld County Road 17 from Colorado State Highway 14 north approximately one-half mile. This project was completed in conformance with an agreement between Weld County and Bridle Hill Development, LLC. Construction was completed in compliance with the construction drawings completed by TEAM Engineering as approved by Weld County dated August 10, 2008. The majority of the construction was completed in 2009 with changes to the intersection of Roper Trail and Weld County Road 17 being completed in November of 2010. I have also included several photos showing various completed stretches of the roadway. Please review this information at your earliest convenience and feel free to contact me at(970)231-9937 if you need additional information. 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Engineering Consultants To: Rich HastineC l TRANSMITTAL Weld Count E - Public Work art sal 10111 1111 H Stre-t Greeley, CO 8WE�pp mkt', 31 Project Name: Bridle Hill Development, WCR 17 Date: August 5, 2011 Project Number: 0019.0001 .01 Re: Record Drawings Quantity Item Description 1 Drawings WCR 17 Record Drawings - Stamped/Signed (20 sheets) Remarks: Hi Rich, Per our correspondence earlier this week, I have included the Stamped/Signed Record Drawings for WCR 17 associated with the Bridle Hill Development. I have added the requested under drain note to Sheet 14 along the installed piezometer locations. I also indicated that a sign was not installed on Sheet 3, at the north end of the project. I appreciate your assistance in completing the review process so quickly. Thanks again, By: Chris E. Messersmith, P.E. CC To: File COLORADO CIVIL GROUP, INC. • 1413 W. 29th Street • Loveland, Colorado 80538 • 970-278-0029 LIBERTY SAVINGS BANK Our Interest Is In Thu www.libertysavingsbank.com September 9, 2011 Mr. Richard Hastings Weld County Colorado P.O Box 758 Greeley, Co 80632 Re: Letter of Credit 8017015034 Enclosed is the amendment document for the above referenced Letter of Credit. Please sign the indicated areas. Please forward a copy of the signed form back to my attention in the enclosed envelope, the original is for you to retain for your records. I have also enclosed a copy of a letter sent to Bridle Hill in 2006. Apparently when the Letter of Credit was originated, there was a mistake in assigning the loan number. Your records may indicate that this particular Letter of Credit has a loan number of 8017015033, this is incorrect. This letter enclosed shall clear up any confusion. Please feel free to contact me with any questions or concerns. _Sincerely, Stephanie Hagedorn Commercial Loan Closing Coordinator II Liberty Savings Bank 120 W Second St Dayton Oh 45402 937-224-4572 x 5048 Member 120 W.Second Street.Dayton.OH 45402-1604 Equal Housi FDIC (937)224-4572 (800)436-6100 Lender TLIBERTY SAVINGS BANK Our Interest Is In You www.libertysavingsbank.com September 8, 2011 Weld County Public Works P.O Box 758 Greeley, Colorado 80632 RE: Irrevocable Credit No.8017015034 Beneficiary: Weld County & Town of Severance To Whom It May Concern: This Amendment is to be considered an integral part of the above credit and must be attached thereto. The above-mentioned credit is amended as follows: The Letter of Credit expiration date has been extended to September 6, 2012. The Letter of Credit has been reduced to $36,182.48 All other terms and conditions remain unchanged. Sincerely, Atte Wtness: Liberty Savin s Ba By: By: 571_, ��/// Name: `. D1\ A\-e - i it Title: tom f\Cs. Avc S i. * * * * * * * * * * * * * Approved and accepted for and on behalf of Weld County, this o7/ day of , 2011. Original 2 of 2 To the Town of Severance Member 120 W.Second Street,Dayton,OH 45402-1604 Equal Housing FDIC (937)224-4572 (800)436-6100 Lender Approved and accepted for and on behalf of Weld County, this 21st day of September , 2011. \ELo% Attest Weld County Clerk to the Board 1 ame: Sean P�By: ai�i i._ �, �iy ;�lrcn ' ConaaY- Deput Clerk to the�': � u•.. itle: Chair,Pro-Tema Board of. Weld County Rr4 Commissioners SEP 2 'i 2011 Approved and accepted for and on behalf of the Town of Severance, this day of , 2011. Attest/Witness: Town of Severance By: By: Name: Name: Title: Title: Original 2 of 2 To the Town of Severance irLIBERTY SAVINGS BANK Our Interest Is In You www.libertysavingsbank.com September 28, 2006 Bridle Hill Development, LLC Attention: Jeffry Crowley 3615 Mitchell Dr. Fort Collins, CO 80525 Re: New Commercial Loan Number Loan Amount: $265,338.15 Loan Date: 09/06/06 Mr. Crowley: The above referenced loan was assigned a loan #of 8017015033 in error. The correct loan #for the above referenced loan is 8017015034. Please reference this new number on all correspondence and payments. Should you have any questions, please contact Kim Castle (800) 436-6100 extension 5028. Sorry for any inconvenience this may have caused. Thank you for allowing Liberty Savings Bank, FSB the opportunity to serve your business/personal financial needs. Sincerely, Kim Castle Commercial Loan Department Donna Bechler From: Donna Bechler Sent: Friday, August 31, 2012 2:31 PM To: 'allison@arkroyalcap.com' Cc: Richard Hastings; Kim Ogle; Stephanie Arries Subject: Release of Collateral Ms. Hanslik, I have received word from our Departments of Planning Services and Public Works that the work on Weld County Road 17 for Saddler Ridge Metropolitan District has been completed, and that the Irrevocable Letter of Credit from Liberty Savings Bank can be released. Could you please send me a letter or send an e-mail asking that we release the collateral. As soon as we receive the request from you, we can bring it before the Board of County Commissioners, and release the collateral and return the Letter of Credit to Liberty Savings Bank. Thank you. Donna Bechler Donna Bechler Deputy Clerk to the Board 1150 O Street P.O. Box 758 Greeley, Colorado 80632 970-336-7215 Ext 4227 Confidentiality Notice:This electronic transmission and any attached documents or other writings are intended only for the person or entity to which it is addressed and may contain information that is privileged, confidential or otherwise protected from disclosure. If you have received this communication in error, please immediately notify sender by return e-mail and destroy the communication. Any disclosure, copying, distribution or the taking of any action concerning the contents of this communication or any attachments by anyone other than the named recipient is strictly prohibited. 8/90,2 93 7- aay-2/574 L `iberfri Say J;m Ma 1t5 • ( ionl were al Le n al' C3 h;`dd/e )1///,/ {firc;cre,;> of reCIasara? d�/sn'9 i1/2 .5 i against {heel j/�9c,!sto/1 / / J 7/3 tec g55--/ /ls��C' ur�rD�a/ (d' V• eat et Xsov4 1 _ye,/r- /��1 Hello