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Home My WebLink About20101900.tiff 735 RESOLUTION RE: APPROVE CANCELLATION AND RELEASE OF COLLATERAL FOR MINOR SUBDIVISION FINAL PLAN, MF #1081 - GOLD STONE CENTER, LLC, C/O WALTER HUANG 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 September 20,2006,the Board approved the application of Gold Stone Center, LLC, do Walter Huang, 1714 Topaz Drive, Suite 240, Loveland, Colorado 80537, for nine (9) residential lots and two (2) open space tracts in the E (Estate) Zone District on the following described real estate, to wit: N1/2 NW1/4 of Section 16, Township 8 North, Range 66 West of the 6th P.M., Weld County, Colorado, and WHEREAS, on April 11, 2007, the Board of County Commissioners of Weld County, Colorado, approved an Improvements Agreement According to Policy Regarding Collateral for Improvements(Private Road Maintenance) between the County of Weld, State of Colorado, by and through the Board of County Commissioners of Weld County, and Gold Stone Center, LLC, c/o Walter Huang, with terms and conditions being as stated in said agreement, and accepted Irrevocable Letter of Credit No. 86465, drawn on Advantage Bank, 1475 North Denver Avenue, Loveland, Colorado 80538, in the amount of$157,517.15, and WHEREAS, on January 14, 2008,the Board partially released said collateral, in the amount of $110,257.75, retaining $47,259.43, and approved replacement collateral in the form of Irrevocable Letter of Credit No. 86465, drawn on Advantage Bank, 4532 McMurry Avenue, Suite 100, Fort Collins, Colorado 80525, in the amount of $47,259.43, which was replaced on August 11, 2008, with Irrevocable Letter of Credit No. 2540316/300, drawn on Larimer Bank of Commerce, 1432 East Mulberry, Unit B, Fort Collins, Colorado 80524, and WHEREAS, on September 16, 2009, the Board was presented with replacement Letter of Credit No. 3002540301, drawn on Larimer Bank of Commerce, 1432 East Mulberry, Unit B, Fort Collins, Colorado 80524, in the amount of $7,089.00, which was retained for one year as warranty collateral. WHEREAS, staff from the Weld County Departments of Planning Services and Public Works have conducted a visual inspection and recommend release of said collateral, in the amount of $7,089.00. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, Colorado, that Irrevocable Letter of Credit No. 3002540301, drawn on Larimer Bank of Commerce, in the amount of$7,089.00 be, and hereby is, canceled and released. 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. 11111111111111111111111111111 IIII 111111 III HIII 1111 IIII Le- .. ?L3, PL 2010-1900 3714735 08/27/2010 11:18A Weld County, CO c1_ I_l p PL1810 1 of 2 R 0.00 0 0.00 Steve Moreno Clerk& Recorder CANCEL COLLATERAL - GOLD STONE CENTER, LLC, CIO WALTER HUANG PAGE 2 The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 18th day of August, A.D., 2010. BOARD OF COUNTY COMMISSIONERS WELD COUNTY, COLORADO ATTEST: ; ugl�sR adem cher hair c Weld County Clerk to t��-o �i� EXCUSED Y• is 1 "Q. km; Barbara Kirkmeyer, Pro-Tern Deputy Clerk to th_ j' I iP (r) ` A� Sean P. Co ay APP ED A ��.► t( Aka: . Ga • ", ounty Attorney David E. Long Date of signature: V.% 1\U\\WOW%\\I\In IIII II\II\III II\%III\It 3714735 0812712010 2 of 2 R 0.00 D 0.00 Steve Moreno Clerk&Recorder 2010-1900 PL1810 a MEMORANDUM TO: Clerk to the Board DATE: 8/11/2010 W� �• Public Works Department COLORADO FROM: Richard Hastings, p SUBJECT: BOCC Agenda Item: Final Release of Collateral Gold Stone Center, LLC a.k.a.-"Gold Stone Creek Subdivision" (MF-1081, PL1872, Doc#2007-2931) Request for Final Release of Collateral: The Department of Public Works received a request from the applicant, Walter Huang, requesting an inspection of the property in order to obtain the final release of collateral at the end of the one- year warranty period. 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 (Private Road Maintenance) Document # 2007-2931, have been completed and are found to be acceptable. Weld County Collateral List: Gold Stone Center, LLC do Walter Huang (PL1810, #2007-1021) MF #1081, Private Road Maintenance and Imps. Agrmt. Irrevocable Letter of Credit#86465 - Advantage Bank $-157,517.15 Expires 03/27/08, with auto renewal unless 60 days notice Received Replacement Letter of Credit 01/14/08 $47,259.43 (2008-0212) Expires Nov 17, 2008 w/Auto Renewal Letter of Credit from Advantage Bank replaced by Letter Of Credit from Larimer Bank of Commerce 08/20/08 Expires 8/11/09 Received Replacement Letter of Credit No. 3002540301 from Larimer Bank of Commerce 09/16/09. Partial Release 40.170.52 (2009-2474) Retain for 1 year warranty period $7,089.00 Recommendation: The Department's of Public Works and Planning Services are recommending final release of collateral, as shown above from the Weld County Collateral List, in the amount of$7,089.00 pc:Don Carroll,Weld County Public Works Chris Gathman,Weld County Planning Services M1PLANNING—DEVELOPMENT REVIEW\3-Final Plat(PF,MF,MJF)kMF-1081 Gold Stone Creek Minor Subdivision\Final Release(Gold Stone Center,LLC MF-1081)-MEMO.docx 2010-1900 Richard Hastings From: Chris Gathman Sent: Tuesday,August 10,2010 2:35 PM To: Richard Hastings Subject: Release of Collateral for Goldstone Creek(MF-1081) Dear Mr . Hastings , The Department of Planning Services is in support of releasing the remaining 15% collateral for Goldstone Creek (MF-1081 ) . Sincerely, Chris Gathman Planner III Weld County Department of Planning Services 1555 N. 17th Avenue, Greeley CO . 80631 Ph: (970 ) 353-6100 ext . 3537 Fax: ( 970 ) 304-6498 1 July 26, 2010 Weld County Public Works Department 1111 H Street Greeley, CO 80632-0758 Attn: Rich Hastings Dear Mr. Hastings: According to the Improvement Agreement between the Board of County Commissioners, Weld County and the Gold Stone Center LLC., the improvements and work have been done to meet the compliance and approved by the Public Works Department for the Gold Stone Creek Minor Subdivision. Lam requesting the release of final fund of the Letter of Credit from the Board to the Gold Stone Center LLC. Respectfully yours, (u4L, Walter Huang, Man mg Partner Gold Stone Center LC. 3324 Terrywood ad Fort Collins, CO 8 24 970-231-0479 dragonwalter@msn.com CLERK TO THE BOARD I PHONE (970) 336-7215, Ext. 4225 WI FAX: (970) 352-0242 P. O. BOX 758 O GREELEY, COLORADO 80632 • COLORADO August 30, 2010 Attn: Andrew Knapp Larimer Bank of Commerce 1432 E. Mulberry, Unit B Fort Collins, Colorado 80524 RE: Cancellation and release of Collateral— Gold Stone Center, LLC, c/o Walter Huang Mr. Knapp: Attached hereto please find the Board of County Commissioners Resolution releasing the collateral for Gold Stone Center, LLC, c/o Walter Huang, in the amount of$7,089.00, and also the original Irrevocable Letter of Credit No. 3002540301, issued by Larimer Bank of Commerce, in the amount of $7,089.00. If you have questions or need additional information, please do not hesitate to contact me at (970) 336-7215, Extension 4227. Very truly yours, BOARD OF COUNTY COMMISSIONERS By: Donna J. Be c er, Deputy Clerk to the Board CLERK TO THE BOARD ' PHONE (970) 336-7215, Ext. 4225 FAX: (970) 352-0242 P. O. BOX 758 O GREELEY, COLORADO 80632 • COLORADO August 30, 2010 Gold Stone Center, LLC c/o Walter Huang 3324 Terrywood Road Fort Collins, Colorado 80524 RE: Cancellation and release of Collateral for Gold Stone Center, LLC Mr. Huang; On August 18, 2010,the Board of County Commissioners approved the cancellation and release of collateral for Gold Stone Center, LLC, in the amount of$7,089.00, as referenced above. Enclosed is a copy of the Resolution signed by the Board of County Commissioners. If you wish to receive a recorded copy of the resolution, you can contact the Recording Department with the Clerk and Recorders office in a few weeks. The original Irrevocable Letter of Credit No. 3002540301 has been returned to Larimer Bank of Commerce. If you have questions or need additional information, please do not hesitate to contact me at(970) 336-7215, Extension 4227. Very truly yours, BOARD OF COUNTY COMMISSIONERS By: Donna J. Bec er Deputy Clerk to the Board d o% Co y 1 s�sc°yde ra LARIMER A�r�c �Pr5'o0e. °L° BANK OF COMMERCE r� X/ e 1-0 k 1432 E. Mulberry, Unit B• FORT Comics, COLORADO 80524 • PHONE: 970.224.7200 •FAX: 97092 1�1p'fr' 9, 2009 de O5)(2- Septemberor. �r Board of County Commissioners °°ro, ATTN: Clerk to the Board P.O. Box 758 Greeley, CO 80632 RE: Walter Huang Gold Stone Creek Minor Subdivision Dear Board of County Commissioners, We hereby open our Irrevocable Letter of Credit in your favor for the account of Walter Huang, 3324 Terrywood Drive, Fort Collins, CO 80524, for a sum not to exceed the aggregate of$7,089.00 (Seven Thousand Eighty Nine dollars and no/100). Each draft so drawn must be marked"Drawn under Larimer Bank of Commerce, 1432 E. Mulberry Street, Fort Collins, CO 80524, Letter of Credit No. 3002540301" and be accompanied by a signed statement from the Board of County Commissioners of Weld County, Colorado stating that Walter Huang has committed a material breach of the Improvements Agreement According to Policy Regarding collateral for Improvements regarding Gold Stone Creek Minor Subdivision, Dated August 11, 2008 by and between Walter Huang and the Board of County Commissioners of the County of Weld." This credit is subject, so far as applicable, to "The Uniform Customs and Practice for Documentary Credits, 1993 Revision, The International Chamber of Commerce Publication No. 500." We hereby agree with you that all drafts drawn under and in compliance with the terms of this credit will be duly honored and presented for payment to our main office, Larimer Bank of Commerce, 1432 E.Mulberry Street, Fort Collins, CO 80524. This letter of Credit will expire on September 9, 2010. This letter of credit is automatically extended without amendment for additional one year period(s) from the current expiration of any future expiration date unless 60 days prior to such current expiration date Larimer Bank of Commerce notifies beneficiaries in writing that the letter of credit will not be renewed. In the case you received such a notification,you may draw by presentation of the following: (a) a draft at sight on Larimer Bank of Commerce; (b) a statement purportedly signed by an official of the Board of County Commissioners of Weld County, Colorado stating that we have received notice from Larimer Bank of Commerce the Letter of Credit No. 3002540301 will not be renewed and the Walter Huang has failed to provide proof of adequate collateral and substitution of this Letter of Credit no. 3002540301; (c) copy of letter from Larimer Bank of Commerce, stating non-renewal of Letter of Credit No. 3002540301 and the original letter of credit. Sincerely, An ew napp Assistant Vice P id t Larimer Bank Commerce F-151^ W W W LARIMERBANK.COM EQUAL S{� HOUSING LENDER U.S. Postal Service,., M1 CERTIFIED MAIL, RECEIPT ..0 (Domestic Mail Only;No Insurance Coverage Provided) r F•r delivery informati•n visit•ur we•site at www.us•5'.c• e I:: A ER ru tr1 Postage $ m p Certified Fee Postmark p Postmark i( in Return Receipt H, (Endorsement Requited) t = Restricted Delivery Fee (Endorsement Required) rl Total Postage&Fees Ln O St M Ni ./44,0—"" -)llmylelre/ -I.'r �Ln ielle..e orPOBoxNo. //_9,R Gt`.'i i-/them 4,; S City,State,Zl' • S F.nn3 ii,June 2r02 See everse t.rinsiructi•ns SEN IE•: C•M•LETS THIS SECneN COMPLF�E r>♦i�sccrioN ory DEUVERV • Complete items 1,2,and 3.Also complete A. Signatu Item 4 If Restricted Delivery is desired. t t)(Agent le Print your name and address on the reverse X /1 / ID Addressee so that we can return the card to you. B. 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