HomeMy WebLinkAbout20091396.tiffRESOLUTION
RE: APPROVE AGREEMENT FOR IMPROVEMENTS FOR COUNTY ROAD 3, AUTHORIZE
CHAIR TO SIGN, AND ACCEPT COLLATERAL FOR PLANNED UNIT DEVELOPMENT,
PF #1085 - LOVELAND PEAKS, 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, on October 4, 2006, the Department of Planning Services approved Planned
Unit Development Final Plan, PF #1085, for Twin View Estates, LLC, c/o Tetra Tech RMC, LLC,
1900 South Sunset Street, Suite 1-F, Longmont, Colorado 80501, for nine (9) residential lots with
E (Estate) Zone uses and one (1) common open space outlot (10.95 acres) - Twin View Estates
PUD, for a parcel of land located on the following described real estate, to -wit:
Lot B of Recorded Exemption #2953; being part of
the SW1 /4 of Section 5, Township 4 North, Range 68
West of 6th P.M., Weld County, Colorado
WHEREAS, pursuant to certain Conditions of Approval, the Board has been presented with
an Agreement for Improvements for County Road 3, between the County of Weld, State of
Colorado, by and through the Board of County Commissioners of Weld County, and Loveland
Peaks, LLC, with terms and conditions being as stated in said agreement, and
WHEREAS, the Board has been presented with Irrevocable Letter of Credit #1031 from
United Western Bank, 2420 East Harmony Road, Fort Collins, Colorado 80528, in the amount of
$21,651.00, and
WHEREAS, after review, the Board deems it advisable to approve said agreement and
accept said Irrevocable Letter of Credit as stated above, copies of which are attached hereto and
incorporated herein by reference.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld
County, Colorado, that the Agreement for Improvements for County Road 3 between the County
of Weld, State of Colorado, by and through the Board of County Commissioners of Weld County,
and Loveland Peaks, LLC, be, and hereby is, approved.
BE IT FURTHER RESOLVED that Irrevocable Letter of Credit #1031 from United Western
Bank, 2420 East Harmony Road, Fort Collins, Colorado 80528, in the amount of $21,651.00, be
and hereby is, accepted.
(0 Pi- , fk'c, if PPt-
2009-1396
PL1829
O`1f'17/Cr
IMPROVEMENTS AGREEMENT - LOVELAND PEAKS, LLC
PAGE 2
The above and foregoing Resolution was, on motion duly made and seconded, adopted by
the following vote on the 17th day of June, A.D., 2009.
ATTEST:
Weld County Clerk to th
BY
Deputy Clerk to the Boa
APRORM:
minty A
Date of signature fl,k24_2_
O
• "BOARD OF COUNTY COMMISSIONERS
WELD OOUN1'VTCOLORADO
William F Garcia heir
Douglas Fademacher, Pr-Tem
Sean P. Conway
arbara Kirkmeyer
EXCUSED
David E. Long
2009-1396
PL1829
MEMORANDUM
WI`Oc
COLORADO
TO: Board of County Commissioners
DATE: June 8, 2009
FROM: Michelle Martin ` `
SUBJECT: PF-1085
The Department of Planning Services received two letters of credit for the on -site and off -site
Improvements for PF-1085, A Planned Unit Development for nine (9) lots with (E) Estate uses
and one (1) common open space outlot Twin View Estates PUD.
The collateral for the on -site Improvements Agreement is in the amount of four hundred forty
eight thousand four hundred seventy seven dollars ($448,477.00).
The collateral for the off -site Improvements Agreement is in the amount of twenty one thousand
six hundred fifty one dollars ($21,651.00).
After review of the collateral by the Weld County Attorney, the Department of Public Works and
Department of Planning Services, it has been determined that the amount of the agreements will
be sufficient to complete the on -site and off -site improvements required for PF-1085.
2009-1396
MEMORANDUM
Mac
COLORADO
TO: Michelle Martin, Planning Services
DATE: 6/3/2009
FROM: Don Dunker, P.E., Public Works Department
SUBJECT: Twin View Estates — (PF-1085) — On -site and Off -site
Improvements Agreements
Weld County Public Works Department has received signed copies of both the On -site and Off -
site Improvements Agreements, along with the associated collateral.
Recommendation:
The Department of Public Works finds the documents to be acceptable and recommends approval
of these documents by the Board of County Commissioners.
C: Documents and Settings \mmartinALocal Settings \Temporary Internet Files VOLK88\PF-1085 Twin View Estates- MEMO.doc
439
AGREEMENT FOR IMPROVEMENTS FOR WCR 3
THIS AGREEMENT is made and entered into this 17th day of, June in the
year 2009, by and between Loveland Peaks, LLC , hereinafter referred to
as "Developer", with an address 2219 Smallwood Dr, Ft Collins , CO and the County
of Weld, State of Colorado, by and through the Board of County Commissioners of Weld
County, Colorado, hereinafter referred to as "County," with offices located at 915 - 10th Street,
Greeley, Colorado 80631.
WITNESSETH:
WHEREAS, the Developer has obtained approval for a Subdivision PUD Final Plat for 9
lots for Twin View Estates, hereinafter referred to as the "Development," and
WHEREAS, WCR 3 (from WCR 48 to SH 60), a distance of approximately one - mile,
hereinafter referred to as the "Road", will need road stabilization for dust control, or paving
hereinafter referred to as the "Improvements", in part, due to the increased traffic generated by
the Development, and
WHEREAS, the Road abuts a portion of Twin View Estates, all of the lots will need the
Road for access to the Development, and
WHEREAS, the Development, is responsible for a share of the need for the
Improvements based on a proportion of the traffic projected to be generated by the Development
to the existing traffic on the Road, and
WHEREAS, the proportional costs of the Improvements for the Road attributable to the
traffic generated by the lots in the Development using the Road, is estimated to be Twenty -One
Thousand Six Hundred and Fifty -One and no/100 Dollars ($21,651).
NOW, THEREFORE, in consideration of the mutual promises and covenants contained
herein, the parties hereto agree as follow:
1. TERM
A. The term of this Agreement shall be from the date first written above to
the completion of the Improvements and final accounting by the County
and payment of all land development charges by the Developer, or ten
(10) years, whichever is first in time.
2. OBLIGATIONS OF THE COUNTY
A. The Improvements contemplated by this Agreement include road
stabilization for dust control and possible paving projects. These
Improvements shall be undertaken and/or constructed, within (10) ten
years of the date first written above, at a current estimated cost to
I ( Documenitand SegTALIgille LocalTtenes'Tem. Weenie F its:, 01Kf'8F-Irv, To
Page I of 8
111111111111111111111111 I I 111111111111 I I 1/1111111 I I I I
3633439 06/30/2009 11:52A Weld County, CO
1 of 8 R 0.00 D 0.00 Steve Moreno Clerk 8 Recorder
Deleted: C'\Documents and
Settings\loe\My
Documents VvfyRealEstate\LovelandPeak
s\DevApproval\20090526 SubmittalTF-
1085 Twin View Estates POD (OR -site
road stabilization)-Finat(5-22-09) doc
a2oo9-/316
Developer of $21,651, subject to the provisions of paragraph 3.A. herein.
The final design of the road paving (stabilization) project shall be at the
discretion of the County.
B. Final design, construction, and maintenance of the Improvements shall be
the responsibility of the County.
C. The County must construct the Improvements within ten (10) years of the
date first written above or County shall forfeit all rights to land
development charges, which are the obligation of the Developer.
D. The County shall perform a final accounting following completion of the
Improvements and shall then be entitled to collect the amount owed by
Developer from the Letter of Credit (or from Developer, if the amount in
the Letter of Credit is insufficient to satisfy Developer's obligation). The
amount owed by Developer shall be calculated as Developer's proportion
of the total cost of the Improvements, as represented by Exhibit A "Cost
Estimating for Offsite Improvements Agreement" and Exhibit B
"Applicant's Proportional Share for Traffic Route". (Exhibits A and B are
expressly incorporated and made a part of this Agreement.) If additional
traffic is generated prior to constructing the Improvements, such that the
percentage of traffic generated by the development is less than the
proportion currently projected, the County shall adjust the percentage
charged to Developer proportionately. Any amount which must be
collected from Developer, which is not paid within 45 days of final
accounting, shall assessed interest in the amount of 8 percent per annum.
E. If, during the term of this Agreement, County performs a paving project
on Weld County Road 3, adjacent to Twin View Estates, all monies
represented by the Letter of Credit, plus any monies co,.,: Ly Developer
pursuant to the inflation adjustment factors discussed in Paragraph 3.A.
shall be applied to said Weld County Road 3 paving project.
3. OBLIGATION OF THE DEVELOPER
A. Developer shall not be released from this obligation unless County does
not construct the Improvements within ten (10) years of the date of this
Agreement. In no event shall Developer's obligation under this Agreement
exceed $21,651 subject to an inflationary adjustment to a higher or lower
figure from the third (3rd) quarter of 2006 to the year and quarter in which
the contemplated work is being performed based on the "Colorado
Construction Cost Index Report" as published by the Colorado
Department of Transportation. The inflationary adjustment will only be
applied to improvements specifically related to road stabilization for dust
control and not applied to improvements related to paving.
C.: Ds unano.- -al Jel ni s.T4mC 'rt Interne File, 0IK(,PP-I ogS Tn\ ear Stales Pl0 (0 (Lsiie ra _ ghtiza(onlFinal(c-22 DUI. doQ, ,
Pape 2 of 8
1IIIIII1111111111111111III t 1111111 III 1111111111111111IIII1111
3633439 06/30/2009 11:52A
CO
2 of 8 R 0.00 D 0.00 Steve Moreno Clerk & Recorder
Deleted: C ADocuments and
SeningsVoeNy
Doeumentn'MyRealEstateALovelandPeak
sADevApprovalA20090526 SubmittalAPF-
1085 Twin View Estates PUD (OR -site
road stabilization)-Final(5-22-09).doc
B. Developer agrees to obtain and maintain a Letter of Credit in the amount
of $21,651 for the term of this Agreement. If for any reason Developer is
unable to maintain a Letter of Credit which meets the terms of this
Agreement as set forth in Paragraph 4, Developer shall establish an
Escrow Account into which Developer shall deposit the amount of
$21,651. Once established, the escrow account shall remain in place, and
shall be govemed by the terms of Paragraph 5.
4. LETTER OF CREDIT
A. Developer shall provide collateral in the form of an Irrevocable Letter of
Credit for the above described Improvements in the amount of $21,651.
B. Upon the acceptance of this Agreement by County, Developer shall
provide County with an Irrevocable Letter of Credit in the amount of
$21,651. The Irrevocable Letter of Credit shall be held by the Clerk to the
Board of the Board of County Commissioners of Weld County, and shall,
pursuant to the provisions of Weld County Code, Section 2-3-30, be
subject to the following terms and conditions:
S ,Document,
Page 3 of
1. The irrevocable Letter of Credit shall be issued by a federal or state
licensed financial institution on a form supplied by the County.
2. The letter of credit shall state at least the following:
a. The letter of credit shall be in the amount of $21,651.
b. The letter of credit shall provide for payment upon demand to
County if Developer does not pay directly for the Improvements
specified in this Improvements Agreement and the issuer has been
notified of such non-payment.
c. Developer may draw from the letter of credit to pay Developer's
obligations under the terms of this Agreement.
d. The issuer of the letter of credit shall guarantee that at all times
the unreleased portion of the Letter of Credit shall be equal to a
minimum of one hundred percent (100%) of the estimated costs of
completing any uncompleted portions of the required
improvements, based on inspections of the development by the
issuer. In no case shall disbursement for the Improvements item
exceed the cost estimate in the Improvements Agreement, subject
however to the obligation of the Developer to pay costs increased
by inflation. The issuer of the letter of credit shall sign the
Improvements Agreement acknowledging this agreement and its
cost estimates.
f. The letter of credit shall specify that the date of proposed
expiration of the letter of credit shall be ten years from the date of
the issuance of the letter of credit. Said letter shall stipulate that, in
Ternaonn Inlema Files s0I,KGPr-1,1%, Tom
111111tDIIIIIIIIIIIIIIIIII111111111WIII 11111111111
3633439 06130/2009
3 of 8 R 0.00 D 0.00 Steve Moreno Clerk & Recorder
oel-f irs-22.o„sdap_ ,
Deleted: (:\Documents and
SetfingsVoe'My
Documents\MyRealEstate5LovelandPeak
s\DevApprovalt20090526 Submittald'F-
I085 Twin View Estates PUD (Off -tile
road stabilization)-Final(5-22-09)doc
any event, the letter of credit shall remain in full force and effect
until after the Board has received sixty (60) days' written notice
from the issuer of the letter of credit of the pending expiration.
Said notice shall be sent by certified mail to the Clerk to the Board.
5. ESCROW
This Paragraph 5 shall apply only in the event that Developer is unable to
maintain the Letter of Credit described in Paragraphs 3 and 4 above:
A. Developer shall provide collateral and deposit the full amount into an
Escrow Account for the above described Improvements in the amount of
$21,651.
B Developer shall enter into an escrow agreement with County that provides
at least the following:
1. The cash in escrow shall equal $21,651.
2. The escrow agent shall guarantee that the escrow funds will be
used for improvements as specified in the agreement and for no
other purpose and will not release any portion of such funds
without prior approval of the Board.
3. The escrow agent will be a federal or state licensed bank or
financial institution.
4. The funds in the escrow account shall be used to pay the
obligations of Developer under this Agreement, unless Developer
pays such obligations directly. The escrow agent shall, upon
request by County and Developer release any remaining escrow
funds to County.
6. SEVERABILITY
If any term or condition of this Agreement shall be held to be invalid, illegal, or
unenforceable, this Agreement shall be construed and enforced without such
provision to the extent that this Agreement is then capable of execution within the
original intent of the parties hereto.
7. NO THIRD PARTY BENEFICIARY ENFORCEMENT.
It is expressly understood and agreed that the enforcement of the terms and
conditions of this Agreement, and all rights of action relating to such
enforcement, shall be strictly reserved to the undersigned parties and nothing in
this Agreement shall give or allow any claim or right of action whatsoever by any
other person not included in this Agreement. It is the express intention of the
undersigned parties receiving services of benefits under this Agreement shall be
an incidental beneficiary only.
( Doe LIITICDI, and Seo,,Iasi 5lual Seamas'Temnaran Imurn.fIA,. OLA6lPr--loKiT A :, dates PID'0ff ,ale road dablw font Fcal(5-_-N9dd
Page 4 of 8
1 111111 11111 111111 11111 III IF 11111111 III 111111111 I1ll
3633439 06/30/2009 1152A Weld County, CO
4 of 8 R 0.00 D 0.00 Steve Moreno Clerk & Recorder
Deleted: C \Documents and
Scttingsvoe',My
Documents \MyRealEstate\LovelandPeak
s\DevApprovar20090526 Submittal T F-
1085 Twin View Estates PUD (Off -site
road stabilization)-Final(5-22-09) doc
8. MODIFICATION AND BREACH
This Agreement contains the entire agreement and understanding between the
parties to this Agreement and supersedes any other agreements conceming the
subject matter of this transaction, whether oral or written. No modification,
amendment, notation, renewal, or other alteration of or to this Agreement shall be
deemed valid or of any force or effect whatsoever, unless mutually agreed upon in
writing by the undersigned parties. No Breach of any term, provisions, or clause
of this Agreement shall be deemed waived or excused, unless such waiver or
consent shall be in writing and signed by the party claimed to have waived or
consented. Any consent by any party hereto, or waiver of, a breach by any other
party, whether express or implied, shall not constitute a consent to waiver of, or
excuse for any other different or subsequent breach.
9. NO WARRANTY.
Neither County nor Developer, by virtue of their entering into this Agreement and
upon their promises to perform the work described herein, make warranties, either
express or implied, that the improvement work and/or maintenance of these roads
meet standards other than those generally required for counties and cities of the
size and type similar to County.
10. BINDING
This agreement shall be binding on the heirs, successors, and assigns of the
parties.
Deleted: C9Documents and
Serongs\Joe\My
Docum entsMvlyRealEstate\f,os elandPeak
siDevApproval"r20090526 Submittatd'F-
1085 Twin View Estates PUD (Off -site
road stabilization)-Einal(5-22-09) doc
C 'Documents and Seib sl n:
Page 5 of
Internet P,lgn I.R.OPF-Infis Tv. titVenEsi nes PlO{pr. on read rlahili.almlfinal(_-=-0nidos,
TIED 11111 111111 111111 III 11111111111 11111 lilt Ill
3633439 06/30/2009 11:52A Weld County, CO
5 of 8 R 0.00 D 0.00 Steve Moreno Clerk & Recorder
IN WITNESS WHEREOF the parties hereto have signed this greement this '- day
of /AIL,, , 2009.
BY:
Developer
ATTEST: BOARD OF COUNTY COMMISSIONERS
WELD COUNTY eC ORADO
C
William F. Garcia, Chairman
JUN 1 7 2009
APPROVED AS TO FORM:
County Attorney
9 y��ge1 Loae40/AL /rec
Weld County Cler
D-puty Clerk to the :oard
ACCEPTANCE BY ISSUER OF LETTER OF CREDIT:
Yl ;-1Leci VC/ e site ou
a
ame of Institution) hereby accepts the terms and condition
imposed herein upon the "issuer of the letter of credit", and agrees to be bound thereby.
i ✓rte O S TEL—�'2�7
Name
e�"o net
itle
C Docum,N ond er,oran Iniernei F le- Ot KOYF D*5 1m In A eww @ides 11 D L0L Cte road Stahl n ont Final(,5 ^^_oy. Joy
Page 6 of 8
AIM 11111111111111111 III IIII 11111111 III 11111 III! III!
3633439 06/30/2009 11:52A Weld County, CO
6 of 8 R 0.00 D 0.00 Steve Moreno Clerk & Recorder
Deleted: C -\Documents and
Settings\JoeUdy
Documents,MyReaIEstate\LovelandPeat
.c\DevApprova1,20090526 Submittal'd'F-
1085 Twin View Estates PUD (Off -site
road stabilization)-Final(5-22-09). doc
07009 - /3 96
Exhibit A
Cost Estimating for Offsite Improvements Agreement
Weld County Road 3 stabilization for one -mile between CR 48 & SH 60.
Two 13 -foot lanes = 26 -feet.
1O -Jul -2006 PAS
Weld County Public Works Dept.
Material
Street Grading
Street Base (Class 6)
Chemical Stabilization
(DC2000)
one -mile
estimate
one -mile 32.2%
Quanti Units
Cost per Unit
Total Cost
Percent Cost
2,542 yd^3
$3.00 yd^3
$7,626.00
$2,456.31
2,542 yd^3
$15.00 ydA3
$38,130.00
$12,281.57
15,253 yd^2
$1.00 yd"2
$15,253.00
$4,912.95
Engineering & Supervision Costs (fixed)
$2,000 $2,000.00
Grand Total = I $63,009.001 $21,650.841 _% Total
Estimate of Quantities
Material
Length
feet
Width
feet
Depth
feet
Street Grading 5,280 26 0.5
Class 6 5,280 26 0.5
Chemical 5,280 26 - 137,280 15,253
Area
ftA2
Area
yd"2
Volume
ft^3
Volume
yd^3
68,640 2,542
68,640 2,542
Weight
ton
Proportional Share
Applicant (adt)
86
Current laadt1
181
Percentage Participation
32.2%
Deleted: C?Documents and
Settings\Joe'My
Documents `,MyRealEstate\LovelandPeak
s\DevApprovaP20090526 Submittal\PF-
1085 Twin Vicw Estates PUD (Off -site
road stabilization)-Final(5-22-09)doc
I c.Disenne,a and sonar, I ocalSeli,U-T4 nO Yr tn�LEIP,OL KC, Pr -P55 Tnm le+ Eo"IS PL DI Offaumd qtatatialtonlF wl(S='.II"i,la
Page 70la
HID 11111 111111 111111 III IIII 11111111111 11111 IIII I'll
3633439 06/30/20(19 11•52A Weld County, CO
7 of 8 R 0.00 D 0.00 Steve Moreno Clerk & Recorder
Exhibit B
Applicant's Proportional Share for Traffic Route
CR 3 (between CR 48 & SH 601
$21,651
$21,651
= Grand Total Applicant (for 9 Lots)
OR $2,406 per Lot
Deleted: C\Documents and
SettingsJoefMy
Documents \MykealEstate\LovelandPeak
s\DevApproval'20090526 Submittal`,PF-
1085 Twin View Estates PUD (Off -site
road stabilization)-Final(5-22-09) doc
C DO-cum,LIS ty,He.' oral elttn.c Ten,orar I ntcnet FIB ()Lk. P F-I'0i ToolAiuc Fstyv PF D IOr4ne road atab halonlFnal6"°-Ontdoy
Page 8 of 8
11111 11111 DIN 111111 till IIIIII11 III 11111 IIII IIII
3633439 06/30/2009 11:52A Weld County, CO
8 of 8 R 0.00 D 0.00 Steve Moreno Clerk & Recorder
UNITED
WES 1 ERN
BANK
May 4, 2009
Board of County Commissioners
Attn: Clerk to the Board
PO Box 758
Greeley, CO 80632
Re: Loveland Peaks, LLC
Dear
We hereby issue our Irrevocable Letter of Credit in your favor for the account of Loveland Peaks, LLC,
608 E Harmony, Suite 203, Fort Collins, CO 80525, for a sum not to exceed the aggregate of 521,651.00
(Twenty-one thousand, Six hundred Fifty-one dollars and no/100).
Each draft so drawn must be marked "Drawn under UNITED WESTERN BANK, 2420 E HARMONY
ROAD, FORT COLLINS, CO 80525, Letter of Credit No. 1031" and be accompanied by a signed
statement from the Board of County Commissioners of Weld County, Colorado stating that "the Loveland
Peaks, LLC has committed a material breach of the Improvements Agreement According to Policy
Regarding Collateral for Improvements regarding dated the day of
20 , by and between Loveland Peaks. LLC and the Board of County Commissioners of the County of
Weld." Such draft is accompanied by this original Letter of Credit.
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, UNITED WESTERN BANK, 2420 E
HARMONY ROAD, FORT COLLINS, CO 80528. This letter of credit will expire on May 4, 2010 at 5:00
P.M.
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
UNITED WESTERN 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 the following: (a) a draft at sight on
UNITED WESTERN 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 UNITED WESTERN
BANK that the Letter of Credit No. 1031 will not be renewed and that Loveland Peaks, LLC has failed to
provide proof of adequate collateral and substitution of this Letter of Credit No. 1031; (c) copy of letter
from UNITED WESTERN BANK stating non -renewal of Letter of Credit No. 1031 and the original letter
of credit.
Yours truly,
Cindy Sterett
Senior Vice President
4zet
United Western Bank
2420 E Harmony Road • Fort Collins, CO 80528
tel: 970-226-8460 • fax: 970-226-8461
www.uwbank.com
Donna Bechler
From:
Sent:
To:
Cc:
Subject:
Jay McCarthy [jay.mccarthy@comcast.net]
Monday, June 15, 2009 4:41 PM
Esther Gesick; JoeGMcCarthy@yahoo.com
Michelle Martin; Donna Bechler
RE: Loveland Peaks, LLC
Joe's email address was incorrect on my reply, so I'm cc'ing to his correct
address.
Regards,
Jay McCarthy
jay.mccarthy@comcast.net
970.282.4432
Original Message
From: Jay McCarthy[mailto:jay.mccarthy@comcast.net]
Sent: Monday, June 15, 2009 4:38 PM
To: 'Esther Gesick'; 'joegmccarthy@comcast.net'
Cc: 'Michelle Martin'; 'Donna Bechler'
Subject: RE: Loveland Peaks, LLC
Hi Esther and Michelle,
1. Thanks for filling that in. Our company info is:
Loveland Peaks, LLC
2219 Smallwood Drive
Fort Collins, CO 80528
2. We have now secured all required signatures (except yours) on the final
plat! Do you need the mylars in your hands before Wednesday's meeting? I
ask because I'm tied up in Denver and Joe is out of town this week. If you
absolutely need it before Wednesday, I'll drive up and get it to you,
otherwise if it's OK to get it to you later, that would be more convenient
for us.
Regards,
Jay McCarthy
jay.mccarthy@comcast.net
970.282.4432
Original Message
From: Esther Gesick [mailto:egesick@co.weld.co.us]
Sent: Monday, June 15, 2009 4:09 PM
To: jay.mccarthy@comcast.net; joegmccarthy@comcast.net
Cc: Michelle Martin; Donna Bechler
Subject: Loveland Peaks, LLC
Hello Jay,
Michelle Martin is working from the Greeley office today and did not have
your file on hand so she provided me with your e-mail address. I'm working
on preparing the Draft Resolutions for your two Improvements Agreements
which will be listed on the Commissioners Agenda for Wednesday, June 17,
1
2009, at 9:00. I noticed that the first page of the WCR 3 agreement needs
to be completed with your company name and address. Would you please reply
with the current address for your company?
Thanks!
Esther E. Gesick
Deputy Clerk to the Board
Weld County, Colorado
915 10th Street
Greeley, CO 80631
(970)356-4000 X4226
(970)352-0242 (fax)
4tt:vo
Wilk
COLORADO
March 18, 2010
Attn: Cindy Sterett
United Western Bank
2420 East Harmony Road
Fort Collins, Colorado 80528
CLERK TO THE BOARD
PHONE (970) 336-7215, Ext. 4225
FAX: (970) 352-0242
P. O. BOX 758
GREELEY, COLORADO 80632
RE: Letters of Credit #1030 and #1031 — Loveland Peaks, LLC
Ladies and Gentlemen:
This letter shall act as a confirmation of your obligations to the Board of County Commissioners of Weld
County under the above -referenced Letters of Credit.
As you are aware, on the 4th day of May, 2009, United Western Bank, issued two (2) Letters of Credit
on behalf of Loveland Peaks, LLC, naming the Board of County Commissioners of Weld County,
Colorado as beneficiary. The dollar amount of the Letters of Credit were established at Four Hundred
Forty-eight thousand Four Hundred Seventy-seven ($448,477.00) and Twenty-one Thousand Six
Hundred Fifty-one Dollars (21,651.00) respectively.
The terms of the Letters of Credit require that it be maintained by your institution until the 4th day of
May, 2010. If your institution intends to terminate its obligations under the Letters of Credit, you are
required to provide notice to Weld County sixty (60) days prior to the anniversary date. If we are not in
receipt of said notification, the terms of the Letters of Credit will remain in force.
If you have any questions regarding this letter or your obligations under the Letters of Credit, or if you
disagree with any of the statements contained herein, please call Donna Bechler, at 970-336-7215,
ext. 4227, or e-mail me at dbechler@co.weld.co.us.
Very truly yours,
��—
Bruce T. Barker
Clerk to the Board
By: •� -1��9i1M
Deputy Clerk to a Board
pc Loveland Peaks, LLC
CLERK TO THE BOARD
PHONE (970) 336-7215, Ext. 4227
FAX: (970) 352-0242
P. O. BOX 758
GREELEY, COLORADO 80632
ELft COUNTY
I
March 7, 2011
Attn: Cindy Sterett
United Western Bank
2420 East Harmony Road
Fort Collins, Colorado 80528
RE: Letters of Credit #1030 and #1031 — Loveland Peaks, LLC
Ladies and Gentlemen:
This letter shall act as a confirmation of your obligations to the Board of County Commissioners of Weld
County under the above -referenced Letters of Credit.
As you are aware, on the 4th day of May, 2009, United Western Bank, issued two (2) Letters of Credit on
behalf of Loveland Peaks, LLC, naming the Board of County Commissioners of Weld County, Colorado as
beneficiary. The dollar amount of the Letters of Credit were established at Four Hundred Forty-eight
thousand Four Hundred Seventy-seven ($448,477.00) and Twenty-one Thousand Six Hundred Fifty-one
Dollars (21,651.00) respectively.
The terms of the Letters of Credit require that it be maintained by your institution until the 4th day of May,
2010. We did not receive a reply from you in 2010 stating you wished to terminate your obligations,
therefore, the terms of the Letter of Credit were extended until May 4, 2011. According to the Weld County
Departments of Planning Services and Public Works, the improvements on the property have not taken
place at this time, and the Letter of Credit needs to be maintained until 6/17/2019, or until the improvements
take place, whichever occurs first. If your institution intends to terminate its obligations under the Letters of
Credit, you are required to provide notice to Weld County sixty (60) days prior to the anniversary date. If we
are not in receipt of said notification, the terms of the Letters of Credit will remain in force. Therefore, as
your institution did not provide notice of termination prior to March 4, 2011, the Letter of Credit will remain in
force until at least May 4, 2012.
If you have any questions regarding this letter or your obligations under the Letters of Credit, or if you
disagree with any of the statements contained herein, please call Donna Bechler, at 970-336-7215,
ext. 4227, or e-mail me at dbechler@co.weld.co.us.
Very tru yours,
Bruce T. Barker
Clerk to the Board
By: ,ky1y/�t '44„,
Deputy Cler o the Board
pc Loveland Peaks, LLC
cr9-/ 9'4
First Citizens
Bank
May 17, 201'2
Board of County Commissioners
Attn: Clerk to the Board
PO Box 758
Greeley, CO 80632
First -Citizens Bank & Trust Company
International Banking Services — DAC44
100 East Tryon Road
PO Box 27131 (27611-7131)
Raleigh, North Carolina 27603 USA
SWIFT FCBTUS33
Telephone 919.716.2887
Telefacsimile 919.772.1037
Re: Our In -evocable Stand-by Letter of Credit Number SB93681
For the account of Loveland Peaks, LLC
Amount: $21,651,00
Amendment Number 1
Ladies and Gentlemen:
We hereby amend our Irrevocable Stand-by Letter of Credit SB93681 in your
favor as follows:
Effective January 21, 2011 the issuing bank's name in the letter of
credit is amended to First -Citizens Bank & Trust Company and draft(s)
presented for drawing under this letter of credit must be drawn on
First -Citizens Bank &s Trust Company, International Banking Services-
DAC44, 100 East Tyron Road, Raleigh, NC 27603.
- Letter of Credit Number now reads: 51393681
This amendment is to be considered a part of irrevocable Stand-by Letter of
Credit Number 5B93681 and must be attached thereto. All other terms and
conditions remain the same.
Sincerely,
(,1.1 aiK��
Authorized Si nature u
(919)716-7617
First Citizens
Bank
February 26, 2013
Board of County Commissioners
Attn: Clerk to the Board
PO Box 758
Greeley, CO 80632
RE: Our Irrevocable Stand -By Letter of Credit Number SB93681
For The Account of Loveland Peaks, LLC
Amount: $21,651.00
Ladies and Gentlemen:
First -Citizens Bank & Trust Company
International Banking Services — DAC44
100 East Tryon Road
PO Box 27131 (27611-7131)
Raleigh, North Carolina 27603 USA
SWIFT FCBTUS33
Telephone 919.716.2887
Telefacsimile 919.772.1037
r lV i
FEB 2 7 2Q2
COUNTY
StONERC
Please be advised that we have elected not to renew the above -referenced Letter of Credit.
Consequently, it will expire on its current expiration date of May 4, 2013.
Sincerely,
Authorized Signature
Hello