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Home My WebLink About20102338.tiff 031 RESOLUTION RE: APPROVE CANCELLATION AND RELEASE OF COLLATERAL FOR PLANNED UNIT DEVELOPMENT FINAL PLAN, PF #1077 - HARVEY AND OLGA MARKHAM 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 October 1, 2005, the Department of Planning Services staff approved the application of Harvey and Olga Markham, 650 Highway 56, Berthoud, Colorado 80513,for Markham View Estates Planned Unit Development for six (6) residential lots with E (Estate) uses on the following described real estate, to wit: Lot B of Recorded Exemption #3667; being part of the N1/2 NE1/4 of Section 19, Township 4 North, Range 68 West of the 6th P.M., Weld County, Colorado, and WHEREAS,on July 5, 2006,the Board of County Commissioners of Weld County, Colorado, approved an Improvements Agreement According to Policy Regarding Collateral for Improvements (Public Road Maintenance) between the County of Weld, State of Colorado, by and through the Board of County Commissioners of Weld County, and Harvey and Olga Markham, with terms and conditions being as stated in said agreement, and accepted Irrevocable Letter of Credit#00348, drawn on Centennial Bank of the West, 1401 South Taft Avenue, Loveland, Colorado 80537, in the amount of$118,474.00, and WHEREAS, on December 23, 2009, the Board was presented with replacement Irrevocable Letter of Credit#1785, drawn on Guaranty Bank and Trust Company, Letter of Credit Department, 1331 17th Street, P.O. Box 5847, Denver, Colorado 80217, in the amount of$13,933.00,which was to be retained for a period of one year as warranty collateral. WHEREAS,staff from the Weld County Departments of Public Works and Planning Services have conducted a visual inspection, and recommend release of remaining collateral in the amount of $13,933.00. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, Colorado, that Irrevocable Letter of Credit #1785, drawn on Guaranty Bank and Trust Company, in the amount of$13,933.00 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. III HI It IHI et_ , Rks., \App\ 3724031 10/08/2010 11:40/I Weld County, CO _ I a _ 2010-2338 1 of 2 R 0.00 D 0.00 Steve Moreno Clerk & Recorder PL1776 CANCEL COLLATERAL - HARVEY AND OLGA MARKHAM PAGE 2 The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 4th day of October, A.D., 2010. BOARD OF COUNTY COMMISSIONERS WELD COU , OLORADO ATTEST: a Do as ademacher, air Weld County Clerk to the Board bara Kirkme er, ro-Tem e ty Clerk to the oard Sean P. Co ay Th- APPR D A hit F. cia unty torney E USED David E. Long Date of signature: IC hi/ID 11111111111DIU EEO 11111II III III 11111IIIIVIII 3724031 10/08/2010 11:40A Weld County, CO 2010-2338 2 of 2 R 0.00 D 0.00 Steve Moreno Clerk& Recorder PL1776 ito(tegMEMORANDUM WITO: Board of County Commissioners COLORADO DATE: September 27, 2010 FROM: Kim Ogle, Planning Services • SUBJECT: Release of Irrevocable Letter of Credit# 178 %' Guaranty Bank and Trust Company rz Case number PF-1077 ' Harvey Markham, Applicant The Department of Planning Services received a telephone request for release of the Irrevocable Letter of Credit# 1785 from the Guaranty Bank and Trust Company, for Markham View Estates PUD, case number PF-1077 in the amount of thirteen thousand nine hundred thirty-three ($13,933.00) and no/100s. Representatives for the Department of Public Works performed a site inspection of the development and determined that all items from the punch list have been completed, and all improvements have met the one-year warranty. Therefore, the Department of Planning Services and Department of Public Works recommend that the Irrevocable Letter of Credit#1785 drawn on Guaranty Bank and Trust Company, Letter of Credit Department, 1331 17th Street, Post Office Box 5847, Denver, Colorado 80217 in the amount of thirteen thousand nine hundred thirty-three ($13,933.00) and no/100s be released in full. Markham, Harvey and Olga (PL1776, 2006-1777) Markham View EstatesPUD- PF#1077 Public Road Imps. Agrmt. Irrevocable Letter of Credit#00348 Centennial Bank of the West Expires 06/19/2007 w/auto renewal unless 60 days notice $1-11,47409 Replacement received 12/23/09 Warranty Collateral from Guaranty Bank and Trust Co. (2009-3346) Expires 12/31/2010 $13,933.00 Staff requests the support of the Board of County Commissioners in this request. 2010-2338 Weld County Planning Department GREELEY OFFICE September 22, 2010 SEP 28 7910 RECEIVED Kim Ogle Weld County Planning 1555 N. 17th Ave. Greeley, Colorado 80631 Subject: Warranty Period Collateral Release - Markham View Estates PUD Kim, All items in the Improvements Agreement have been completed satisfactorily as evidenced by issuance of a Certification of Conformance to approved designs to Don Stang, Weld County Engineering, on August 28, 2007 by Messner Engineering, Loveland, Colorado. Warranty period was completed and approved by Rich Hastings, Weld County Public Works. Given these events, I respectfully request full release of the 15% collateral, in the amount of $13,933.00, issued by Guaranty Bank and Trust Company, in the form of an irrevocable letter of credit. Should I need to expand on, or clarify anything,please contact me at(970) 532 3039 or email marveyr(&skybeam.com . I appreciate your assistance in this matter. Sincerely, H. Markh Les :1% , rite CLERK TO THE BOARD 1111 PHONE (970) 336-7215, Ext. 4225 FAX: (970) 352-0242 P. O. BOX 758 ke GREELEY, COLORADO 80632 COLORADO October 5, 2010 Harvey and Olga Markham 650 Highway 56 Berthoud, Colorado 80513 RE: Cancellation and release of Collateral for Harvey and Olga Markham Mr. and Mrs. Markham; On October 4, 2010,the Board of County Commissioners approved the cancellation and release of collateral for Harvey and Olga Markham, in the amount of $13,933.00, as referenced above. Enclosed is a copy of the Resolution signed by the Board of County Commissioners. If you wish to receive a copy of the recorded Resolution, you can contact the Clerk and Recorders office in the next couple weeks. The original Irrevocable Standby Letter of Credit No. 1785 for$13,933.00 has been returned to Guaranty Bank and Trust Company, Letter of Credit Department, 1331 17'"Street, Denver, Colorado 80202. 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 ler Deputy Clerk to the Board rs CLERK TO THE BOARD PHONE (970) 336-7215, Ext. 4227 1111 FAX: (970) 352-0242 P. O. BOX 758 O GREELEY, COLORADO 80632 • COLORADO October 5, 2010 Guaranty Bank and Trust Company Letter of Credit Department 1331 17th Street Denver, Colorado 80202 RE: Cancellation and release of Collateral — Harvey and Olga Markham To Whom It May Concern: Attached hereto please find the Board of County Commissioners Resolution releasing the collateral for Harvey and Olga Markham, in the amount of $13,933.00, and the original Irrevocable Standby Letter of Credit No. 1785, issued by Guaranty Bank and Trust Company, in the amount of$13,933.00. 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. B ler, Deputy Clerk to the Board 6y <o 0 9 20�°�d e o11 C3 GUARANTY BANK � SS�r�r P,,%. o o Per/1 AND TRUST COMPANY" ane � ' y° IRREVOCABLE STANDBY LETTER OF CREW? ` NO. 1785 g °scoo fie' DATE OF ISSUE: December 11, 2009 4e <Poi AMOUNT: $13,933.00 arv' EXPIRY DATE: December 31, 2010 with automatic renewal provision. Beneficiary: BOARD OF COUNTY COMMISSIONERS OF WELD COUNTY, COLORADO Attn.: Clerk to the Board 918 Tenth Street Greeley, CO 80631 Gentlemen: We hereby issue this Irrevocable Standby Letter of Credit for the account of HARVEY R. AND OLGA J. MARKHAM, ("Customer") 650 East Highway 56, Berthoud, CO 80513 (Markham View Estates PUD #PF 1077) in your favor in the aggregate amount not exceeding THIRTEEN THOUSAND NINE HUNDRED THIRTY-THREE AND 00/100THS USDollars (USD$13,933.00). Funds under this credit are available with GUARANTY BANK AND TRUST COMPANY by payment against presentation of your sight draft(s) drawn on us, at our office, on or before the Expiry Date when accompanied by the following: 1. This Original Letter of Credit. 2. Original of Beneficiary's statement purportedly manually signed by a member of the Board of County Commissioners of Weld County, Colorado stating one or more of the following: a. "The Board of County Commissioners of Weld County, Colorado hereby certifies that it is entitled to draw a total of, but not exceeding Thirteen Thousand Nine Hundred Thirty-Three and 00/100 US Dollars ($13,933.00) under Guaranty Bank & Trust Company, Letter of Credit Number 1785 dated December 11, 2009 because Harvey R. and Olga J. Markham have defaulted on its obligations under the "Improvements Agreement According to Policy Regarding Collateral for Improvements" (Public Road Maintenance) dated May 22, 2006, by (state nature of default). b. "The Board of County Commissioners of Weld County, Colorado hereby certifies that it is entitled to draw a total of, but not exceeding Thirteen Thousand Nine Hundred Thirty-Three and 00/100 US Dollars ($13,933.00) under Guaranty Bank & Trust Company, Letter of Credit Number 1785 Denver Marro 103-293 5 3011•Northern Colorado 97h-454-4220 • www.g tarantybankco.ron, Page 2 IRREVOCABLE STANDBY LETTER OF CREDIT NO. 1785 This page shall be attached to and become an integral part of the above referenced Letter of Credit dated December 11, 2009 because Harvey R. and Olga J. Markham have not, to the satisfaction of the Board of County Commissioners of Weld County, Colorado, within sixty (60) days of the expiration date of this Letter of Credit replaced or renewed this Letter of Credit." This statement signed by the Beneficiary pursuant to the preceding paragraph shall be conclusive to such matters. Special Conditions 1. It is a condition of this Letter of Credit that it shall be deemed automatically extended without amendment for one year from the present or any future expiration date thereof unless at least ninety (90) days prior to any such date Guaranty Bank and Trust Company notifies the Beneficiary in writing by certified letter that it elects not to consider this Letter of Credit extended for such additional period. 2. Partial drawings under this Letter of Credit are permitted. 3. This Letter of Credit is transferable one or more times, but in each instance to a single transferee and only in the full amount available to be drawn under this Letter of Credit at the time such transfer. Any transfer may be effected only through ourselves and only upon payment of our usual transfer fee and upon presentation to us at our office of a duly executed instrument of transfer in the format attached hereto as Exhibit A together with the original of the Letter of Credit. Any transfer of this Letter of Credit may not change the place of expiration of this Letter of Credit from our above-specified office. Each transfer shall be evidenced by our endorsement on the reverse of the original of this Letter of Credit so endorsed to the transferee. 4. For purposes of the Letter of Credit, HARVEY R. AND OLGA J. MARICHAM, shall be deemed in default if one or more of its obligations under the "Improvements Agreement According to Policy Regarding Collateral for Improvements" (Public Road Maintenance) dated May 22, 2006 is/are not met within the time frame(s) set forth in said Improvements Agreement. Page 3 IRREVOCABLE STANDBY LETTER OF CREDIT NO. 1785 This page shall be attached to and become an integral part of the above referenced Letter of Credit Except as otherwise expressly stated herein this credit is subject to the Uniform Customs and Practice of Documentary Credits (2007 Revision) International Chamber of Commerce, Publication 600 (UCP 600). Any draft presented must bear the words "Drawn under GUARANTY BANK AND TRUST COMPANY Irrevocable Letter of Credit No. 1785 dated December 11, 2009." This Letter of Credit will expire at our counters, 3:00 p.m. Mountain Standard time on the Expiry Date or any future expiration date thereof. In case of cancellation of this Letter of Credit prior to Expiry Date, the original of this Letter of Credit must be returned to us for cancellation with a statement purportedly signed by the Beneficiary stating that: "This Letter of Credit is no longer required by us and is hereby returned to the issuing bank for cancellation." Please address all communications regarding this Letter of Credit to the attention of Guaranty Bank and Trust Company, Letter of Credit Department, 1331 17th St., Denver, CO 80202, mentioning specifically our Irrevocable Letter of Credit No. 1785, issued for the account of HARVEY R. AND OLGA J. MARKHAM. We hereby agree with drawers and endorsers, and bona fide holders of drafts negotiated under this Letter of Credit that the same shall be duly honored upon presentation and delivery of the documents as specified above. The Letter of Credit sets forth in full the terms of our undertaking and such undertaking shall not in any way be modified, amended, or amplified by reference to any documents or instrument referred to herein (except UCP 600), or in which this Letter of Credit is referred to, or to which this Letter of Credit relates, and any such reference shall not be deemed to incorporate herein by reference any document or instrument. Sincerely, GUARANTY BANK AND TRUST COMPANY JAmes IC. Sim s Thomas V. Hornbacher ELecutive Vice President Senior Vice President U.S. Postal Service,,, E. CERTIFIED MAIL;, RECEIPT (Domestic Mail Only;No Insurance Coverage Provided) c0 F•r•elivery inf•rmati.n visit•ur we•site at www.us.s.c•m„ ru I SE ru trl Postage $ m Certified Fee Postmark O Return Receipt R Rquire Here (Endorsement Required) ndoRestrceedm nt ery Fee - f1J (Endorsement Required) rD a Total Postage&Fees $ Ul O Sent To p - '4adiv&mkt lr.�/ zocfrefetedY.taf or PO Box No. f/Q4/ /745/ C/ry,Ste S Form 3'r0.June 204 See•averse In Insiructl.ns SEN•E C.M• •ry �oavni FJr nuc�tcnoN oni DEL VEtrr ■ Complete Items 1,2,and 3.Also complete A Si,r ., re Item 4 if Restricted Delivery is desired. X 1 1 anent • Print your name and address on the reverse �� ❑Addressee so that we can return the card to you. 'ecelved by(Plinted Name) C. Date of r=livery • Attach this card to the back of the mailpiece, \ t �, so i Z (� or on the front if space permits. ) ,,+v- Art D. Is delivery address different from item 1? O Yes 1. Article Addressed to: If YES,enter delivery address below: IyZ'No 6uarant A,Av Trust eaLeer o'f7 era/ be of /53/ // ze St 3. Service Type Qe4Ye� x 9 900? I� Idt�eifie Mail O Express Mall / (�(/ D (/ O Regigisteredetum Receipt for Merchandise O Insured Mall O C.O.D. 4. Restricted Delivery?(Extra Fee) ❑Yes 2. Article Number 7005 1820 0003 5224 8409 (Transfer burn service label) PS Form 3811,February 2004 Domestic Return Receipt 102595-02-M-1540 Hello