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Home My WebLink About20100312 j RESOLUTION RE: APPROVE CANCELLATION AND RELEASE OF COLLATERAL (PUBLIC ROAD MAINTENANCE) FOR PLANNED UNIT DEVELOPMENT FINAL PLAN, PF #1097 - BREAKNECK WELD PROPERTIES, 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 June 28, 2006, the Board approved the application of Breakneck Weld Properties, LLC, 10845 West 32nd Avenue, Wheat Ridge, Colorado 80034, for Change of Zone, PZ #1097, from the A (Agricultural) Zone District to the PUD (Planned Unit Development) Zone District for nine (9) lots with E (Estate)Zone uses; and on March 30, 2007, the Department of Planning Services approved a PUD Final Plan, PF #1097, for nine (9) lots with E (Estate) Zone uses on the following described real estate, to wit: N1/2 NW1/4 of Section 6, Township 3 North, Range 68 West of the 6th P.M., Weld County, Colorado, and WHEREAS, on March 24, 2008, the Board of County Commissioners of Weld County, Colorado, approved an Improvements Agreement According to Policy Regarding Collateral for Improvements (Public Road Maintenance) for Keller Estates PUD, between the County of Weld, State of Colorado, by and through the Board of County Commissioners of Weld County, and Breakneck Weld Properties, LLC,with terms and conditions being as stated in said agreement, and accepted Irrevocable Letter of Credit No. 1063,drawn on the FirsTier Bank, 18870 East Plaza Drive, Suite 101, Parker, Colorado 80134, in the amount of$77,372.00, and WHEREAS, on February 25, 2009,the Board accepted an Amendment to Irrevocable Letter of Credit No. 1063, drawn on FirsTier Bank, in the amount of$11,605.80, 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 said collateral. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, Colorado, that the Amended Irrevocable Letter of Credit No. 1063, drawn on the FirsTier Bank, in the amount of$11,605.80 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. 111111 11111 nil II!! 11111//1 3678959 03/03/2010 02:30P Weld County, CO 1 of 2 R 0.00 D 0.00 Steve Moreno Clerk& Recorder 2010-0312 PL1843 0(% , ✓2L, r°/L , 7°/G CANCEL COLLATERAL - BREAKNECK WELD PROPERTIES, LLC PAGE 2 The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 10th day of February, A.D., 2010. � 1 OARD OF COUNTY COMMISSIONERS 4 J�'rr LD COUNTY, COLORADO ATTEST: Y� 1 — c a-O vp ;�'>In 1861 ,QC -11c o �:I'kademaa her, Chair , "4 Weld County Clerk to the Boa . �\% '/ / 1 ` .+ .ara Kirkmeyer, P o-Tem BY: 1L!� 4 �.C�i De y Cler to the Board Sean P. Conwa c) . .RS IED • . 4 FP 'M: �I Wily F. Trcia dunty Attorney (c>j David E. Long Date of signature: 9-I-3I/O HID 11111 IIIIII IIII 1111111 IIII IIIIII III IEEE' III' 3678959 03/03/2010 02:30P Weld County, CO 2 of 2 R 0.00 D 0.00 Steve Moreno Clerk& Recorder 2010-0312 PL1843 MEMORANDUM V Iwine TO: Board of County Commissioners COLORADO DATE: February 10, 2010 FROM: Kim Ogle, Planning Services SUBJECT: Keller Estates PUD, Case No,. PF-1097 c/o Tom Radigan, Break Neck Weld Properties, Inc. Release of Collateral — Public Improvements The Department of Public Works has completed their inspection of the one-year warranty period for Keller Estates PUD, case number PF-1097 and has determined that all the items have been completed. Mr. Marquez indicates that all letters of compliance have been submitted and the "As-Builts" for site construction have been reviewed and are in line with the completed improvements. Given this determination, the Departments of Public Works and Planning Services recommend to release Irrevocable Letter of Credit# 1063 from FirsTier Bank, 18870 East Plaza Drive, Suite 101, Parker, Colorado 80134, for Keller Estates PUD, in the amount of eleven thousand six hundred five (11,605.80) dollars and 80/100s for Public Improvements. The Departments of Public Works and Planning Services recommend's the Board accept this request for a full release of collateral. Breakneck Weld Properties, LLC (PL1843-#2008-0913) PF#1097 Imps. Agrmt. Public Road Maintenance (Keller Estates PUD) Irrevocable Letter of Credit#1063, FirsTier Bank Expires 03/14/09 with auto renewal unless 60 days notice $77,372.00 Received Amended Irrevocable Letter of Credit -65,766.20 02/25/09 (#2009-0500) Expires 03/14/2010 $11,605.80 2010-0312 anning MF,MORANDU_°ya:_EY OFFICE ,• ` FEB 0 2?nln T TO: Kim Ogle DATREc /2EIVED FROM: Nick Marquez COLORADO SUBJECT: PF#1097 Keller Estates Private and Public Road Maintenance Final Release of Warranty Collateral. The Public Works Department has received a request from Tom Radigan of Breakneck Weld Properties, LLC, for the release of the final 15% required under both Improvement Agreements for the private and public road improvements. All letters of compliance have been submitted and the as-builts have been reviewed and in line with the work completed. The Irrevocable Letter of Credit number for the PRIVATE road agreement is 1062 and was provided by FirsTier Bank. Amount to be escrowed for 1-year warranty: $ 54,836.70 Amount to be released to Breakneck Weld Properties: $ 54,836.70 The Irrevocable Letter of Credit number for the PUBLIC road agreement is 1063 and was provided by FirsTier Bank. Amount to be escrowed for 1-year warranty: $11,605.80 Amount to be released to Breakneck Weld Properties: $11,605.80 If you have any questions please let me know. Thank you. Nick Marquz Construction Inspector Weld County Public Works 970.397.2418 cell 970.304.6496 office nmarquez(a,co.weld.co.us pc: Rich Hastings PF-I 097 M\PLANNING—DEVELOPMENT REVIEWU-Final Plat(PF,MF,MJF)PF-1097 Keller Estates PUDWF-1097 Keller Estates FINAL Warranty Release doc Page 1 of 1 BreakNeck Weld Properties, Inc January 19, 2010 TO: Nick Marquez, Kim Ogle FROM: Tom Radigan, President, BreakNeck Weld Properties, Inc. CC: Jim Green, Clayton Kimmi, Mark Dougherty, Danna Cantu RE: Release of Collateral, Improvements Agreements, Tract A& Tract B, Keller Estates We at Keller Estates are requesting collateral release of the final 15%required under both Improvements Agreements for Tract A& Tract B. Firstier Bank of Parker, CO issued the Letter of Credit under these Agreements. Please advise of any additional actions that must be taken to finalize this matter. Sincerely, � =tile \ L- Tom Radigan, President, Breal&eck Weld Properties, Inc., 303-881-1996 Page 1 P.O. Box 894, Wheat Ridge, CO 80034-0894 1/19/2010 CLERK TO THE BOARD PHONE (970) 336-7215, Ext. 4225 FAX: (970) 352-0242 P. O. BOX 758 C GREELEY, COLORADO 80632 COLORADO February 25, 2010 Breakneck Weld Properties, LLC 10845 West 32nd Avenue Wheat Ridge, Colorado 80034 RE: Cancellation and release of Collateral for Breakneck Weld Properties, LLC To Whom it May Concern; On February 10, 2010,the Board of County Commissioners approved the cancellation and release of collateral for Breakneck Weld Properties, LLC, in the amount of$11,605.80,as referenced above. Enclosed is a copy of the Resolution signed by the Board of County Commissioners. I will forward a copy of the signed and recorded Resolution to you as soon as it has been recorded. The original Irrevocable Letter of Credit No. 1063 for$11,605.80 has been returned to FirsTier Bank in Parker, Colorado. If you have questions or need additional information, please do not hesitate to contact me at(970) 356-4000, Extension 4227. Very truly yours, BOARD OF COUNTY COMMISSIONERS By/�d , ler1thitL, Donna J. Bec Deputy Clerk to the Board ritt CLERK TO THE BOARD IDFAX: PHONE (970) 336-7215, Ext. 4225(970) 352-0242 CP. 0. BOX 758 GREELEY, COLORADO 80632 COLORADO February 25, 2010 FirsTier Bank 18870 East Plaza Drive, Suite 101 Parker, Colorado 80134 RE: Cancellation and release of Collateral — Breakneck Weld Properties (Public Road Maintenance) To Whom It May Concern: Attached hereto please find the Board of County Commissioners Resolution releasing the collateral for Breakneck Weld Properties, LLC, in the amount of$11,605.80, and the original Amendment to Irrevocable Letter of Credit No. 1063, issued by FirsTier Bank, in the amount of $11,605.80. If you have questions or need additional information, please do not hesitate to contact me at (970) 356-4000, Extension 4227. Very truly yours, BOARD OF COUNTY COMMISSIONERS By: Donna J. Be ler, Deputy Clerk to the Board C $ to FIRSTIER BANK MStte\ d,www.FirsTierBank.com Member FDIC d �rr 4° PAG - s O8°dr Pa y0 .1O 0x, AMENDMENT TO P • C IRREVOCABLE LETTER OF CREDIT NO. 1063 4 e ^ • % PERFORMANCE ° eA • P It d The Board of County Commissioners No: 1063 .e v Weld County Colorado Original date: 03/14/08 Attn: Clerk of the Board Amended: 02/12/09 PO Box 758 Greeley,CO 80632 RE: BREAKNECK WELD PROPERTIES, INC, Private road Maintenance Ladies and Gentlemen; Letter of Credit No.1063 issued by FirsTier Bank in favor of The Board of Commissioners—Weld County Colorado is hereby amended as follows: LETTER OF CREDIT DECREASED TO$11,605.80 AND MATURITY DATE EXTENDED TO MARCH 14,2010. All other terms and conditions of the original Letter of Credit remain the same. Sincerely, FirsTier Ba / j%/ _— -----_. By :// ✓, ou hefty Market Presiden FirsTier B ACKNOWLEDGEMENT i( State of } ss County of if„,../V.- Q.') On this I,t11 1 day of 1-7I)t L-nit- ,2009,before me,the undersigned Notary Public, personally appeared Mark Dougherty M .resident of-FirsTier Bank. t,,,,,,,,,„, • e.By / ( -:, ` ,_.„--<,\ ¢¢ ��P•..... TG"% Notary Public in and for the State of �(,i ®�: ��1FZy • My commission expires: 11-/ 7- // __ Y - - PO\3".\C,••Q ...- •• 4 Parker Corporate Office Louisville Church Ranch Country Club Village Tech Center Downtown Parker Boulder Loveland 8001 Arista Place 980 Dillon Rd 7180 W.103rd Ave 2921 w.120tH Ave 7887 E.Belleview 1225 17th St. 10169 S.Parker R0 2120 Broadway 2695 Rocky Mtn Ave Suite 500 Louisville,CO Westminster,CO Suite 100 Suite 100 Suite 150 Parker.CO Boulder,CO Suite 110 Broomfield,CO 80027 80021 Westminster,CO Englewood,CO Denver,CO 80134 80302 Loveland,CO 80021 303-926-9000 303-951-4225 80234 80111 80202 303-464-6620 303-464.6680 80538 303.926-9000 303-464-6600 303-625-2300 303-464.6640 970-278-4278 FIRSTIER BANK Corporate Office 555 Eldorado Blvd. Broomfield,(080021 303-926�90D0 IRREVOCABLE LETTER OF CREDIT NO. 1063 303-92 March 14, 2008 Louisville 980 Dillon Road Board of County Commissioners Louisville,CO 80027 Weld County, Colorado 303-926-9000 ATTN: Clerk to the Board Church Ranch PO Box 758 7180 W.103rd Avenue Greeley, CO 80632 Westminster,CO 80021 303-951-4225 RE: BREAKNECK WELD PROPERTIES, INC, Public Road Maintenance Denver Tech Center 7887 ESelleview We hereby open our Irrevocable Letter of Credit in your favor for the account of Englewood,Co80111 . Breakneck Weld Properties, Inc, 10845 W 32nd Ave, Wheat Ridge, CO 80034, for a 303.625.2300 sum not to exceed the aggregate of $77,372, seventy seven hundred, three Country Club Villagehundred and seventy two. 2921 W.120th Avenue Westminster,.0080234 Each draft so drawn must be marked "Drawn under FIRSTIER BANK, 18870 E 3034644600 Plaza Dr, Ste 101, Parker, CO 80134, Letter of Credit No.1063 and be accompanied by a "signed statement from the Board of County Commissioners of Loveland Weld County, Colorado stating the applicant has committed a material breach of 5C0ky 80538 the the Improvements Agreement According to Policy Regarding collateral for Loveland,2 (080538 97o-2z8a278 Improvements regarding Keller Estates Subdivision dated the 6th day of December 2007 by and between Breakneck Weld Properties, Inc and the Board of County Parker Commissioners of the County of Weld." 18870 E.Plaza Drive 303.4 4.6620C0 4. This credit is subject, so far as applicable, to "The Uniform Customs and Practice 303.464.6620 for Documentary Credits, 1993 Revision, The International Chamber or Commerce Downtown Publication No. 500." 1225 17th Street Denver,(080202 We hereby agree with you that all drafts drawn under and in compliance with the 303-4646640 terms of this credit will be duly honored and presented for payment to our main Boulder office, FIRSTIER BANK, 555 Eldorado Blvd Suite 100, Broomfield, CO 80021. This "Opening in September" letter of credit will expire on March 14, 2009 at 5:00 P.M. 2100 Broadway Boulder,C080302 This letter of credit is automatically extended without amendment, for additional one year periods from the current expiration or any future expiration date unless 60 days prior to such current expiration date FIRSTIER BANK notifies beneficiary in writing that the letter of credit will not be renewed. In the case you receive such a notification, you may draw by presentation of the following: (a) draft at sight on FIRSTIER BANK; (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 FIRSTIER BANK the Letter of Credit No. 1063 will not be renewed and that Breakneck Weld Properties, Inc. has failed to provide proof of adequate collateral and substitution of this Letter or Credit No. 1063 (c) copy of letter from FIRSTIER BANK stating non-renewal of Letter or Credit No. 1063 and the original letter of credit. www.FirsTierBank.com Your Tr Do herty Ma Presiders arker (ENDED Member FDIC IMO fill xl 9 fl c 0 � r m CD xxi al _i kc x O Oom 15 �$ °• O a as o - z o N C d � 5 i f Q 1 B y M1 it t jJ -..I � Ella ❑ rSU La � oo .� Emsq g ? o S O 0 re > X o �� d * m d m e a CO Ertl CO W m ox `" �� m O 8 WA r sii . m 'o0 ▪ O C A dSn 2O 4 c«£ = iR D -I O co � �C 25 __ m mmz 0!0 1 y.� 'as� g N °� )7 i Ewa w 0 El ~ sse Uq ' I\ , coo uwrF cc 0 0- y) L� r v O m 0;1213~ > O N O sak 0 ¢ ; m a cC it• O D PI � rn p Ec« mo o ICJ • 0 0 a z °ti' I0'� 4 Cgra` $¢ 5 \`` to u 3O ` ■ ■ ■ `i 1 N a b N • µ � T ei f o m0 I N V 0, H O 0 0 w 0 C U.S. Postal ServicerM 5, CERTIFIED MAIL., RECEIPT N (Domestic Mail Only;No Insurance Coverage Provided) t` F•r •elivery inf•rmati•n visit ur we•site at www.us•s.c•rrN„ ru Postage $ m ) 0p Certified Fee - p os mery p Return Receipt Fee ierp Yll, (Endorsement Required) O Restricted n e Fee ILIea (Endorsement Required) d. Total Postage 8 Fees $ ul p Sent Ta f orrPO,Mt.No.; `S ^azit px / / or PO Box Np. /eS�0/LC.. ,O�!(F.GuI/ O cl State.y�..4 CID RO7.3 4 YQrKFr aC/ —6 Hello