HomeMy WebLinkAbout20091717.tiffRESOLUTION
RE: APPROVE IMPROVEMENTS AGREEMENT ACCORDING TO POLICY REGARDING
COLLATERAL FOR IMPROVEMENTS (PRIVATE ROAD MAINTENANCE), AUTHORIZE
CHAIR TO SIGN, AND ACCEPT COLLATERAL FOR AMENDED USE BY SPECIAL
REVIEW PERMIT #686 - MILE HIGH DAIRY, LLC, AND MARTIN BANGMA AND
JOHANNA BANGMA 1989 TRUST
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 21, 2008, the Weld County Board of Commissioners approved
Amended Use by Special Review Permit #686, for Martin and Johanna Bangma 1989 Trust, 8847
Schaefer Avenue, Ontario, California 91761, and Wesley and Kelly Bangma, 15333 County
Road 5, Longmont, Colorado 80504, for a Livestock Confinement Operation (1,940 -head dairy,
including milking cows, dry cows, heifers, and calves), and one single-family dwelling unit per lot,
other than those permitted under Section 23-3-20.A of the Weld County Code (two single-family
employee homes), in the a (Agricultural) Zone District, on the following described real estate, being
more particularly described as follows::
A parcel being part of the E1/2 of Section 17, and
part of Lot B of Recorded Exemption #525, also
being part of the E1/2 of Section 17; all within
Township 3 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 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 Mile High Dairy, LLC, and Martin Bang ma and
Johanna Bang ma 1989 Trust, with terms and conditions being as stated in said agreement, and
WHEREAS, the Board has been presented with Irrevocable Letter of Credit and Amended
and Restated Letter of Credit #NZS642139 from Wells Fargo, Trade Services Division, Northern
California, One Front Street, 21st Floor, San Francisco, California 94111, in the amount of
$20,000.00, and
WHEREAS, after review, the Board deems it advisable to approve said agreement and
accept said Irrevocable Letter of Credit and Amended and Restated 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 Improvements Agreement According to Policy Regarding Collateral for
2009-1717
4C
A- f 9 L
oa//l (0?
PL0016
IMPROVEMENTS AGREEMENT - MILE HIGH DAIRY, LLC
PAGE 2
Improvements (Private Road Maintenance) between the County of Weld, State of Colorado, by and
through the Board of County Commissioners of Weld County, and Mile High Dairy, LLC, and Martin
Bangma and Johanna Bangma 1989 Trust, be, and hereby is, approved.
BE IT FURTHER RESOLVED that Irrevocable Letter of Credit and Amended and Restated
Letter of Credit #NZS642139 from Wells Fargo, Trade Services Division, Northern California, One
Front Street, 21st Floor, San Francisco, California 94111, in the amount of $20,000.00, be and
hereby is, accepted.
The above and foregoing Resolution was, on motion duly made and seconded, adopted by
the following vote on the 27th day of July, A.D., 2009.
BOARD OF COUNTY COMMISSIONERS
WELD COUN OLORADO
ATTEST:
F. Garcia, Chair
Weld County Clerk to the Board
David E. Long
Date of signature
2009-1717
PL0016
9j
IMPROVEMENTS AGREEMENT ACCORDING TO
POLICY REGARDING COLLATERAL FOR IMPROVEMENTS
(PRIVATE)
Z� 7
THIS AGREEMENT, made and entered into this ;X/ —day of .July' , 20O?, by and
between the County of Weld, State of Colorado, acting through its Board oY County Commissioners,
hereinafter called "County", and Mile High Dairy, LLC and Martin Bangma and Johanna Bangma 1989 Trust
hereinafter called "Applicant."
WITNESSETH:
WHEREAS, Applicant is the owner of, or has a controlling interest in the following described
property in the County of Weld, Colorado:
Legal Description: A Parcel of land being part of the E '// Section 17, Township 3 North,
Range 68 West, BEG N0D08'E 1025.88' OF SE COR SEC N0D0S'E 1629.53' TO E4 COR
SEC N0D53'W 1213.17' TO S BANK OF HIGHLAND DITCH AS EXISTING S77D53'W
290.45' S81D22'W 725.22' S73D03'W 338.19' S60D26'W 4.54' S01D11'E 2572.59'
E1289.75' TO BEG, and Lot B of RE -525 being part of the E %2 of Section 17, Township 3
North Range 68 West of the 6th P.M. Weld County Colorado.
WHEREAS, a Use By Special Review plat of said property, to be known as AMUSR — 686 Mile
High Dairy, LLC has been submitted to the County for approval, and
WHEREAS, relevant Sections of the Weld County Code provide that no Use By Special Review shall
be approved by the County until the Applicant has submitted an Improvement Agreement guaranteeing the
construction of the public improvements shown on plans, plats and supporting documents of the Use By
Special Review Final Plat or Site Plan, which improvements, along with a time schedule for completion, are
listed in Exhibits "A" and "B" of this Agreement.
NOW, THEREFORE, IN CONSIDERATION OF the foregoing and of the acceptance and
approval of said Final Plat, the parties hereto promise, covenant and agree as follows:
1.0 Engineering Services: Applicant shall furnish, at its own expense, all engineering services in
connection with the design and construction of the Use By Special Review improvements
listed on Exhibit "A," which is attached hereto and incorporated herein by reference.
1.1
The required engineering services shall be performed by a Professional Engineer and
Land Surveyor registered in the State of Colorado, and shall conform to the standards
and criteria established by the County for public improvements.
1.2 The required engineering services shall consist of, but not be limited to, surveys,
designs, plans and profiles, estimates, construction supervision, and the submission
of necessary documents to the County.
HBO VIIIHIE IIIIIIIIIIEll DIE III VIIIIIII IIII
3641925 08/11/2009 12:55P Weld County, CO
1 of 14 R 0.00 0 0.00 Steve Moreno Clerk & Recorder
1
2009-1717
1.3 Applicant shall furnish drawings and cost estimates for roads within the Use By
Special Review Plan to the County for approval prior to the letting of any
construction contract. Applicant shall furnish one set of reproducible "as -built"
drawings and a final statement of construction cost to the County.
2.0 Rights -of -Way and Easements: Before commencing the construction of any improvements
herein agreed upon, Applicant shall acquire, at its own expense, good and sufficient rights -of -
way and easements on all lands and facilities traversed by the proposed improvements.
3.0 Construction: Applicant shall furnish and install, at its own expense, the improvements listed
on Exhibit "A," which is attached hereto and incorporated herein by reference, according to
the construction schedule set out in Exhibit "B" which is also attached hereto and
incorporated herein by reference.
3.1 Said construction shall be in strict conformance to the plans and drawings approved
by the County and the specifications adopted by the County for such public
improvements. Whenever a Subdivision or Planned Unit Development is proposed
within three miles of an incorporated community located in Weld County or located
in any adjacent county, the Applicant shall be required to install improvements in
accordance with the requirements and standards that would exist if the plat were
developed within the corporate limits of that community. If the incorporated
community has not adopted such requirements and standards at the time the
Subdivision or Planned Unit Development is proposed, the requirements and
standards of the County shall be adhered to. If both the incorporated community and
the County have requirements and standards, those requirements and standards that
are more restrictive shall apply.
3.2 Applicant shall employ, at its own expense, a qualified testing company previously
approved by the County to perform all testing of materials or construction that is
required by the County; and shall furnish copies of test results to the County.
3.3 At all times during said construction, the County shall have the right to test and
inspect, or to require testing and inspection of material and work at Applicant's
expense. Any material or work not conforming to the approved plans and
specifications shall be removed and replaced to the satisfaction of the County at
Applicant's expense.
3.4 Applicant shall furnish proof that proper arrangements have been made for the
installation of sanitary sewer or septic systems, water, gas, electric and telephone
services.
3.5 Said improvements shall be completed, according to the terms of this Agreement,
within the construction schedule appearing in Exhibit "B." The Board of County
Commissioners, at its option, may grant an extension of the time of completion
shown on Exhibit "B" upon application by the Applicant subject to the terms of
Section 6 herein.
4.0 Release of Liability: Applicant shall indemnify and hold harmless the County from any and
all liability loss and damage County may suffer as a result of all suits, actions or claims of
every nature and description caused by, arising from, or on account of said design and
construction of improvements, and pay any and all judgments rendered against the County on
account of any such su t action or claim, together with all reasonable expenses and attorney
HID 11111 IOU IIII 111111 Ell IIIIIII III 11111 IIII IIII
3641925 08/11/2009 12:55P Weld County, CO 2
2 of 14 R 0.00 I) 0.00 Steve Moreno Clerk & Recorder
fees incurred by County in defending such suit, action or claim whether the liability, loss or
damage is caused by, or arises out of the negligence of the County or its officers, agents,
employees, or otherwise except for the liability, loss, or damage arising from the intentional
torts or the gross negligence of the County or its employees while acting within the scope of
their employment. All contractors and other employees engaged in construction of the
improvements shall maintain adequate worker's compensation insurance and public liability
insurance coverage, and shall operate in strict accordance with the laws and regulations of the
State of Colorado governing occupational safety and health.
(THERE IS NO SECTION 5)
(THERE IS NO SECTION 6)
7.0 General Requirements for Collateral:
7.1 The value of all collateral submitted to Weld County must be equivalent to One -
Hundred percent (100%) of the value of the improvements as shown in this
Agreement. Prior to Final Plat approval, the applicant shall indicate which of the five
types of collateral preferred to be utilized to secure the improvements subject to final
approval by the Board of County Commissioners and the execution of this
Agreement. Acceptable collateral shall be submitted and the plat recorded within six
(6) months of the Final Plat approval. If acceptable collateral has not been submitted
within six (6) months then the Final Plat approval and all preliminary approvals shall
automatically expire. Applicant may request that the County extend the Final Plat
approval provided the cost estimates are updated and the development plans are
revised to comply with all current County standards, policies and regulations. The
improvements shall he completed within one (1) year after the Final Plat approval
(not one year after acceptable collateral is submitted) unless the applicant(s)
requests that this Agreement be renewed at least thirty (30) days prior to its
expiration and further provides that cost estimates for the remaining improvements
are updated and collateral is provided in the amount of One -Hundred percent
(100%) of the value of the improvements remaining to be completed. If
improvements are not completed and the agreement not renewed within these time
frames, the County, at its discretion, may make demand on all or a portion of the
collateral and take steps to see that the improvements are made.
7.2 The applicant may choose to provide for a phased development by means of
designating filings of a Use By Special Review Final Plat. The applicant would need
only to provide collateral for the improvements in each filing as approved. The
County will place restrictions on those portions of the property that are not covered
by collateral which will prohibit the conveyance of the property or the issuance of
building permits until collateral is provided or until improvements are in place and
approved pursuant to the requirements for a Request for Release of Collateral.
7.3 The applicant intends to develop in accordance with Exhibits "A" and "B."
8.0 Improvements Guarantee: The five types of collateral listed below are acceptable to Weld
County subject to final approval by the Board of County Commissioners.
111111111111111111111111111 III 1111111 IM 11111 IIII 1111
3641925 08/11/2009 12:55P Weld County, CO
3 of 14 R 0.00 0 0.00 Steve Moreno Clerk & Recorder
8.1 An irrevocable Letter of Credit from a Federal or State licensed financial institution
on a form approved by Weld County. The Letter of Credit shall state at least the
following:
8.1.1 The Letter of Credit shall be in an amount equivalent of One -Hundred
percent (100%) of the total value of the improvements as set forth in Section
6.0 and Exhibits "A" and "B."
8.1.2 The Letter of Credit shall provide for payment upon demand to Weld County
if the developer has not performed the obligations specified in the
Improvements Agreement and the issuer has been notified of such default.
8.1.3 The applicant may draw from the Letter of Credit in accordance with the
provisions of this policy.
8.1.4 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 the
uncompleted portions of the required improvements, based on inspections of
the development by the issuer. In no case shall disbursement for a general
improvement item exceed the cost estimate in the Improvements Agreement
(i.e., streets, sewers, water mains and landscaping, etc.). The issuer of the
Letter of Credit will sign the Improvements Agreement acknowledging the
agreement and its cost estimates.
8.1.5 The Letter of Credit shall specify that fifteen percent (15%) of the total
Letter of Credit amount cannot be drawn upon and will remain available to
Weld County until released by Weld County.
8.1.6 The Letter of Credit shall specify that the date of proposed expiration of the
Letter of Credit shall be either the date of release by Weld County of the
final fifteen percent (15%), or one year from the date of Final Plat approval,
whichever occurs first. Said letter shall stipulate that, in 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 of County Commissioners.
8.2 Trust Deed upon all or some of the proposed development or other property
acceptable to the Board of County Commissioners provided that the following are
submitted:
8.2.1 In the event property within the proposed development is used as collateral,
an appraisal is required of the property in the proposed development by a
disinterested Member of the American Institute of Real Estate Appraisers
(M.A.I.) indicating that the value of the property encumbered in its current
degree of development is sufficient to cover One -Hundred percent (100%) of
the cost of the improvements as set forth in the Improvements Agreement
plus all costs of sale of the property.
1111111 11111 111111 1111 111111 IIII 1111111 III 11111 1111 1111
3641925 08/11/2009 12:55P Weld County, CO
4 of 14 R 0.00 I0 0.00 Steve Moreno Clerk & Recorder
4
8.2.2 In the event property other than the property to be developed has been
accepted as collateral by Weld County, then an appraisal is required of the
property by a Member of the Institute of Real Estate Appraisers (M.A.I.)
indicating that the value of the property encumbered in its current state of
development is sufficient to cover One -Hundred percent (100%) of the cost
of the improvements as set forth in the Improvements Agreement plus all
costs of sale of the property.
8.2.3 A title insurance policy insuring that the Trust Deed creates a valid
encumbrance which is senior to all other liens and encumbrances.
8.2.4 A building permit hold shall be placed on the encumbered property.
8.3 Escrow Agreement that provides at least the following:
8.3.1 The cash in escrow is at least equal to One -Hundred percent (100%) of the
amount specified in the Improvements Agreement.
8.3.2 The escrow agent guarantees that the escrowed 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 Weld
County Board of Commissioners.
8.3.3 The escrow agent will be a Federal or state -licensed bank or financial
institution.
8.3.4 If Weld County determines there is a default of the Improvements
Agreement, the escrow agent, upon request by the County, shall release any
remaining escrowed funds to the County.
8.4 A surety bond given by a corporate surety authorized to do business in the State of
Colorado in an amount equivalent to One -Hundred percent (100%) of the value of
the improvements as specified in the Improvements Agreement.
8.5 A cash deposit made with the County equivalent to One -Hundred percent (100%) of
the value of the improvements.
9.0 Request for Release of Collateral: Prior to release of collateral for the entire project or for a
portion of the project by Weld County, the Applicant must present a Statement of Substantial
Compliance from an Engineer registered in Colorado that the project or a portion of the
project has been completed in substantial compliance with approved plans and specifications
documenting the following:
9.1 The Engineer or his representative has made regular on -site inspections during the
course of construction and the construction plans utilized are the same as those
approved by Weld County.
9.2 Test results must be submitted for all phases of this project as per Colorado
Department of Transportation Schedule for minimum materials sampling, testing and
inspections found in the Colorado Department of Transportation (CDOT) Materials
Manual.
111111 11111 DIE IIII 111111 IIII 1111111 III (IIII IIII IIII
3641925 08/11/2009 12:55P Weld County, CO 5
5 of 14 R 0.00 ID 0.00 Steve Moreno Clerk & Recorder
9.3 "As built" plans shall be submitted at the time the letter requesting release of
collateral is submitted. The Engineer shall certify that the project "as -built" is in
substantial compliance with the plans and specifications as approved, or that any
material deviations have received prior approval from the County Engineer.
9.4 The Statements of Substantial Compliance must be accompanied, if appropriate, by a
letter of acceptance of maintenance and responsibility by the appropriate utility
company, special district or town for any utilities.
9.5 A letter must be submitted from the appropriate Fire Authority indicating the fire
hydrants are in place in accordance with the approved plans. The letter shall indicate
if the fire hydrants are operational and state the results of fire flow tests.
9.6 The requirements in paragraphs 9.0 thru 9.5 shall be noted on the final construction
plans.
9.7 Following the submittal of the Statement of Substantial Compliance and
recommendation of approval of the streets by the County, the applicant(s) may
request release of the collateral for the project or portion of the project by the Board.
This action will be taken at a regularly scheduled public meeting of the Board.
9.8 The request for release of collateral shall be accompanied by "Warranty Collateral" in
the amount of fifteen percent (15%) of the value of the improvements as shown in
this Agreement excluding improvements fully accepted for maintenance by the
responsible governmental entity, special district or utility company.
9.9 The warranty collateral shall be released to the applicant upon fmal approval by the
Board of County Commissioners.
10.0 Public Sites and Open Spaces: When the Board of County Commissioners, pursuant to a
rezoning, Use By Special Review, requires the dedication, development and/or reservation of
areas or sites other than streets and utility easements of a character, extent and location
suitable for public use for parks, greenbelts or schools, said actions shall be secured in
accordance with one of the following alternatives, or as specified in the Use By Special
Review, if any:
10.1 The required acreage as may be determined according to the Weld County Use By
Special Review Regulations shall be dedicated to the County or the appropriate
school district, for one of the above purposes. Any area so dedicated shall be
maintained by the County or school district.
10.2 The required acreage as determined according to Chapter 24 of the Weld County
Code, may be reserved through deed restrictions as open area, the maintenance of
which shall be a specific obligation in the deed of each lot within the Use by Special
Review area.
10.3 In lieu of land, the County may require a payment to the County in an amount equal
to the market value at the time of Final Plat submission of the required acreage as
determined according to Chapter 24 of the Weld County Code. Such value shall be
determined by a competent land appraiser chosen jointly by the Board and the
Applicant. The cash collected shall be deposited in an escrow account to be
expended for parks at a later date.
AEI 11111111111IIM U
3641925 08/11/2009 12:55P Weld County, CO 6
6 of 14 R 0.00 D 0.00 Steve Moreno Clerk & Recorder
11.0 Successors and Assigns: This Agreement shall be binding upon the heirs, executors, personal
representatives, successors and assigns of the Applicant, and upon recording by the County,
shall be deemed a covenant running with the land herein described, and shall be binding upon
the successors in ownership of said land.
111111111111111111 IIII 1111111111 IFI1II1 III 1111111 IIII
3641925 08/11/2009 12:55P Weld County, CO
7 of 14 R 0.00 ID 0.00 Steve Moreno Clerk & Recorder
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed on the day
and year first above written.
APPLICANT:
APPLICANT:
TITLE: oer-
Subscribed and sworn to before me this cfilO6 day of �C! %� , 201)9.
My Commission expires:
J�Z2 /2O1O
ATTEST:
t%6t
Weld County Clerk to the c ar
BY:
Deputy Clerk . the board
APPROVED AS TO FORM:
La
County Attorney
1 111111 11111 111111 1111 111111 II111111111 III 11111 IIII IIII
3641925 08/11/2009 12:55P Weld County, CO
8 of 14 R 0.00 ID 0.00 Steve Moreno Clerk & Recorder
/ /
-:...--L.
�/-vim �-.. ,....
GL+�� �� ,OTARp `:
Notary Publi =
N'•. PUBL\ ' f O zri
'"9TF.'............' "9.3' o
,,,, OFI COQ\\\�\" 4'
'iiiiii!on iv
Bees
\\\\\\\111111111/fool/
•\AACq 6.
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY COLORADO
William F. Garcia
, Chair
JUL 27 2009
8
a Cy -/7/;
EXHIBIT "A"
Name of Use By Special Review: Mile High Dairy, LLC and Martin Bangma and Johanna Bangma 1989
Trust
Filing: AMUSR #686
Location: 15333 WCR 5 Longmont, CO 80504
Intending to be legally bound, the undersigned Applicant hereby agrees to provide throughout this Use By
Special Review the following improvements. (Leave spaces blank where they do not apply)
Improvements
Quantity Units
Unit
Costs
Estimated
Construction Cost
Site grading
Street grading
N/A
Street base
N/A
Street paving
N/A
Curbs, gutters, and culverts
N/A
Sidewalk
N/A
Storm sewer facilities
N/A
Retention ponds
N/A
Ditch Improvements
N/A
Subsurface drainage
N/A
Sanitary sewers
N/A
Trunk and forced lines
N/A
Mains
N/A
Laterals (house connected)
N/A
On -site sewage facilities
N/A
On -site water supply and storage
N/A
Water Mains (includes bore)
N/A
Fire hydrants
N/A
Survey and street monuments and boxes
N/A
Street lighting
N/A
Street Names
N/A
Fencing requirements 6' solid privacy fence
1255
Linear foot
$11.50
$ 14,432.50
Landscaping 5'-6' spruce trees
72
each
$65.00
$ 4,680
Park improvements
N/A
Road culvert
N/A
Grass lined swale
N/A
Telephone
N/A
Gas
N/A
Electric
N/A
Water transfer
N/A
SUB -TOTAL:
$ 19,112.50
Engineering and Supervision Costs $ 0
(Testing, inspection, as -built plans and work in addition to preliminary and final plat; supervision of actual
construction by contractors)
TOTAL ESTIMATED COST OF IMPROVEMENTS AND SUPERVISION: $ 19,112.50
1111111 11111 111111 I'll 111111 1II11111111111111111111 1111
3641925 08/11/2009 12:55P Weld County, Co
9 of 14 R 0.00 ID 0.00 Steve Moreno Clerk & Recorder
9
The above improvements shall be constructed in accordance with all County requirements and specifications,
and conformance with this provision shall be determined solely by Weld County, or its duly authorized agent.
Said improvements shall be completed according to the construction schedule set out in Exhibit "B".
By:
Appli
py tL-. ^ A ir
them Oer-
Title
Date: G --aq_ , 20 fq .
(If corporation, to be signed by President and attested to by Secretary, together with corporate seal.)
IIIIII 11111 IIIIII IIII 111111 IIII 1111111 III IIIIII III IIII
3641925 08/11/2009 12:55P Weld County, CO
10 of 14 R 0.00 D 0.00 Steve Moreno Clerk & Recorder
10
Said improvements shall be completed according to the construction schedule set out in Exhibit "B".
By:
Applicant
Title
Date: \ii\i\ex] Z\ , 20O .
(If corporation, to be signed by President and attested to by Secretary, together with corporate seal.)
IIIN11111111111III' III!!! 1111 1111111IIIIIIIIIIIIJill
3641925 08/11/2009 12:55P Weld County, CO
11 of 14 R 0.00 D 0.00 Steve Moreno Clerk & Recorder
10
EXHIBIT "B"
Name of Use by Special Review: Mile High Dairy, LLC and Martin Bangma and Johanna Bangma 1989 Trust
Filing: AMUSR #686
Location: 15333 WCR 5 Longmont, CO 800504
Intending to be legally bound, the undersigned Applicant hereby agrees to provide throughout this Subdivision
or Planned Unit Development the following improvements.
All improvements shall be completed within 0.5 years from the date of approval of the final plat. Construction
of the improvements listed in Exhibit "A" shall be completed as follows:
(Leave spaces blank where they do not apply.)
Improvements
Time for Completion
Site grading
N/A
Street base
N/A
Street paving
N/A
Curbs, gutters, and culverts
N/A
Sidewalk
N/A
Storm sewer facilities
N/A
Retention ponds
N/A
Ditch improvements
N/A
Subsurface drainage
N/A
Sanitary sewers
N/A
Trunk and forced lines
N/A
Mains
N/A
Laterals (house connected)
N/A
On -site sewage facilities
N/A
On -site water supply and storage
N/A
Water mains
N/A
Fire hydrants
N/A
Survey and street monuments and boxes
N/A
Site lighting
N/A
Street name signs
N/A
Fencing requirements
12/31/2009
Landscaping
12/31/2009
Park improvements
N/A
Road culvert
N/A
Grass lined swale
N/A
Telephone
N/A
Gas
N/A
Electric
N/A
Water Transfer
N/A
SUB -TOTAL:
IIIIII IIIII 111111 IIII 111111 IIII 1111111 III 111111 III IIII
3641925 08/11/2009 12:55P Weld County, CO
12 of 14 R 0.00 D 0.00 Steve Moreno Clerk & Recorder
11
The County, at its option, and upon the request of the Applicant, may grant an extension of time for
completion for any particular improvements shown above, upon a showing by the Applicant that the above
schedule cannot be met.
By:
Appli
OL
Applicant
r ev komi- Date: 6 -at ,20Oe,
Title
(If corporation, to be signed by President and attested to by Secretary, together with corporate seal.)
111111111111111111111111111111111111111III 111111 111 1111
3641925 08/11/2009 12:55P Weld County, CO
13 of 14 R 0.00 D 0.00 Steve Moreno Clerk & Recorder
12
•
The County, at its option, and upon the request of the Applicant, may grant an extension of time for
completion for any particular improvements shown above, upon a showing by the Applicant that the above
schedule cannot be met.
By: (ti
Appli
Applicant
Title
Date: MpN4 Z4 , 20 .
(If corporation, to be signed by President and attested to by Secretary, together with corporate seal.)
1 111111 11111 111111 IIII 111111 1111 1111111 III 111111 III IIII
3641925 08/11/2009 12:55P Weld County, CO
14 of 14 R 0.00 D 0.00 Steve Moreno Clerk & Recorder
12
WELLS
FARGO
County of Weld, State of Colorado,
Board of County Commissioners
915 10th Street
Greeley, CO 80631
Attention: Clerk to the Board
Ladies and Gentlemen:
eV "L IU 6I L
L
TRADE SERVICES DIVISION, NORTHERN CALIFORNIA
ONE FRONT STREET, 215' FLOOR
SAN FRANCISCO, CALIFORNIA 94111
Contact Phone: 1(800) 798-2815
Email: sftrade@wellsfargo.com
IRREVOCABLE LETTER OF CREDIT
Letter of Credit No.NZS642139
Date: June 12, 2009
At the request and for the account of Mile High Dairy, L.L.C., 15333 WCR 5, Longmont, Co
80504, we hereby establish our Irrevocable Letter of Credit in your favor in the amount of Twenty
Thousand United States Dollars (US$20,000.00) available with us at our above office by payment of
your signed and dated demand(s) worded as follows with the instruction in brackets therein complied
with:
"The undersigned, an authorized official of the County of Weld, State of Colorado, Board of
County Commissioners ("Beneficiary"), hereby demands US$ [insert amount of drawing] and
certifies that Mile High Dairy, L.L.C. ("Applicant") has not performed its obligations specified in
the Improvements Agreement by and between the Beneficiary and Applicant ."
This Letter of Credit expires at our above office on June 1, 2010.
Partial and multiple drawings are permitted under this Letter of Credit.
If any instructions accompanying a drawing under this Letter of Credit request that payment is
to be made by transfer to an account with us or at another bank, we and/or such other bank may rely
on an account number specified in such instructions even if the number identifies a person or entity
different from the intended payee.
We hereby engage with you that all drawings presented under and in compliance with the terms
of this credit will be duly honored for payment.
This Letter of Credit is subject to the Uniform Customs and Practice for Documentary Credits
(2007 Revision), International Chamber of Commerce Publication No. 600, and engages us in
accordance therewith.
Q7
co m
tai
_C Q
o-
_ I r <J
w I,
C.,
BY:
Very truly yo
WELLS RG• g,ANK, '.A.
(AU •'I. SIGNATURE)
•. 'RESIDENT
EISA
WELLS
FARGO
TRADE SERVICES DIVISION, NORTHERN CALIFORNIA
ONE FRONT STREET, 21sT FLOOR
SAN FRANCISCO, CALIFORNIA 94111
Contact Phone: 1(800) 798-2815
Email : sftrade(atwellsfaroo.com
AMENDED AND RESTATED LETTER OF CREDIT
BOARD OF COUNTY COMMISSIONER OF
WELD COUTY, COLORADO
915 Tenth Street
Greeley, Colorado 80631
Attn: Clerk to the Board
Letter of Credit No.NZS642139
Date: July 15, 2009
Applicant: Mile High Dairy, L.L.C.,
Amendment No. 1
Ladies and Gentlemen:
This Amendment is to be considered as part of the above Letter of Credit and must be attached thereto.
The text of the above mentioned Letter of Credit is deleted in its entirety and replaced by the following:
Quote
IRREVOCABLE STANDBY LETTER OF CREDIT FOR
BOARD OF COUNTY COMMISSIONERS OF WELD COUNTY, COLORADO
Date: June 12, 2009
Beneficiary:
BOARD OF COUNTY COMMISSIONERS OF WELD COUNTY, COLORADO
915 Tenth Street
Greeley, Colorado 80631
Attn: Clerk to the Board
Applicant:
Mile High Dairy, L.L.C.
15333 WCR 5
Longmont, CO 80504
Ladies and Gentlemen:
Effective immediately, at the request of and on behalf of Mile High Dairy, L.L.C, we hereby issue this
Letter of Credit #NZS642139 for Twenty Thousand U.S. Dollars (US$20,000.00) in favor of the Board of
County Commissioners of Weld County, Colorado, (Board of County Commissioners of Weld County,
Colorado and its transferee, if any hereinafter "Beneficiary"). We have been informed that this Letter of
Credit is issued to permit Mile High Dairy, L.L.C. to meet the requirements of the Improvements
Agreement According to Policy Regarding Collateral for Improvements (Private) (hereinafter
"Improvements Agreement"). This amount may be drawn on at our office located at Wells Fargo Bank,
N.A., Trade Services Division, Northern California, One Front Street, 21st Floor, San Francisco, CA 94111.
We hereby undertake to honor your sight draft drawn on us bearing upon its face the clause: "Drawn
under the Wells Fargo Bank, N.A. Letter of Credit Number NZS642139, dated June 12, 2009", when
accompanied by the following:
1. The original of this Letter of Credit and any subsequent amendments, if any; and
Page 1 of 4
2. Original of Beneficiary's statement purportedly manually signed by a member of the Board of
County Commissioners of Weld County, Colorado or if this Letter of Credit is transferred, an authorized
representative of the transfer beneficiary stating one or both of the following:
a. "The beneficiary ("Beneficiary") of Wells Fargo Bank, N.A. Letter of Credit No.
NZS642139 (the "Letter of Credit") hereby certifies that it is entitled to draw US Dollars (Written
Amount of Withdrawal) ($_) under the Letter of Credit because Mile High Dairy, L.L.C. has defaulted
on its obligations under the Improvements Agreement According to Policy Regarding Collateral for
Improvements (Private)."
b. "The beneficiary ("Beneficiary") of Wells Fargo Bank, N.A.No.NZS642139 (the "Letter of
Credit") hereby certifies that it is entitled to draw US Dollars (Written Amount of Withdrawal)
($_) under the Letter of Credit Number because Mile High Dairy, L.L.C. has not, to the satisfaction of
the Beneficiary, within sixty (60) days of the expiration date of this Letter of Credit replaced or renewed
this Letter of Credit."
Unless this Letter of Credit has been transferred, the above statements are acceptable if presented in the
form of a purported formally adopted Resolution of the Board of Commissioners of Weld County,
Colorado as long as the wording includes the quoted wording of one or both of the above statements.
It is a condition of this Irrevocable Letter of Credit that it be considered automatically extended without
amendment for additional periods of one year from the present or any future expiration date unless we
notify you, the Beneficiary, in writing, not less than ninety (90) days before such date that we elect not to
extend this Letter of Credit for such additional term. This notice will be set to the address herein sent by
certified mail, return receipt requested or receipted express courier. Upon your receipt of said notice, you
may draw on us at sight for the balance remaining under this Letter of Credit within the then applicable
expiration date by presentation to us of your sight draft drawn on us bearing upon its face the clause:
"Drawn under Wells Fargo Bank, N.A. Letter of Credit Number NZS642139, dated June 12, 2009", when
accompanied by "1." And "2" above .
Partial and multiple drawings under this Letter of Credit are permitted. Drawings may be submitted to us
at our above office by hand delivery or delivered to us by U.S. Postal Service mail, registered mail or
certified mail or by express courier or overnight courier. Drawings may also be presented to us via
facsimile to facsimile number 415-296-8905 (each such drawing by facsimile, a "Fax Drawing") provided
however that a Fax Drawing will not be effectively presented until you confirm by telephone our receipt
of such Fax Drawing by calling us at telephone number 1-800-798-2815. Drawings may also be presented
by electronic mail presentation via portable document format ('PDF") attachment to electronic mail
address sftrade@wellsfaroo.co,(each such drawing by electronic mail an "E -Mail Drawing") provided
however that an E -Mail drawing will not be effectively presented until you confirm by telephone our
receipt of such E -Mail Drawing by calling us at telephone number 1-800-798-2815. A copy of document 1
above is acceptable in the event of a Fax Drawing or E -Mail Drawing.
We have been further informed that for purposes of the Letter of Credit, Mile High Dairy, L.L.C. shall be
deemed in default if one or more of its obligations under the Improvements Agreement According to
Policy Regarding Collateral for Improvements (Private) is/are not met within the time frame(s) set forth in
said Improvements Agreement.
This Credit shall be transferable, as directed by an authorized representative of the Board of County
Commissioners of Weld County, Colorado, in compliance with Article 48 of UCP 500 and only in the full
amount available to be drawn under the Letter of Credit at the time of such transfer. The transfer may be
affected only through ourselves and only upon payment of our usual transfer fee and upon presentation
to us at our above -specified office of a duly executed instrument of transfer in the format attached hereto
as Exhibit A together with the original of this Letter of Credit. The transfer of this Letter of Credit may not
change the place of expiration of this Letter of Credit from our above -specified office. The transfer shall
be evidenced by our endorsement on the reverse of the original of this Letter of Credit, and we shall
deliver the original of this Letter of Credit so endorsed to the transferee.
Page 2 of 4
We hereby promise you that a draft drawn under and in compliance with the terms and conditions of this
Letter of Credit will be duly honored by us if presented at this office on or before the current expiration
date, currently June 1, 2010, or any future applicable expiration date as described herein.
Presentation of drawings in compliance with the terms of this Letter of Credit before 9:00 a.m. Pacific
time on any Business Day shall be honored before 2:00 p.m. on the same Business Day by wire transfer
in immediately available funds to any account designated in the payment instructions which accompany
such drawing (or any other reasonable means specified in the payment instructions which accompany
such drawing) Presentation of drawings in compliance with the terms of this Letter of Credit after 9:00
a.m. Pacific time on any Business Day shall be honored before 2:00 p.m. on the following Business Day
by wire transfer in immediately available funds to any account designated in the payment instructions
which accompany such drawing (or any other reasonable means specified in the payment instructions
which accompany such drawing) . As used herein the term "Business Day" shall mean a day of the year
on which our San Francisco Trade Services Division, Northern California office is open for business.
This Letter of Credit sets forth in full the terms of our undertaking, and such undertaking shall not in any
way be modified, amended, amplified or limited by reference to any document, instrument or agreement
referred to herein or to which this Letter of Credit relates. The informational statements above are
understood to be for information only and not made terms of this Letter of Credit.
Except to the extent terms hereof are inconsistent with its provisions, in which case this Letter of Credit
shall govern, this Letter of Credit is subject to the Uniform Customs and Practice for Documentary Credits
(1993 Revision), the International Chamber of Commerce Publication No. 500.
Yours truly,
AUREA C. BALENBIN
Name ASSISTANT VICE PRESIDENT
Authorized Officer
Wells Fargo Bank, N.A.
Trade Services Division, Northern California
One Front Street, 21s` Floor
San Francisco, CA 94111.Tel No.: 1-800-798-2815
Fax No.: (415) 296-8905
E -Mail: sftrade@wellsfargo.com
Page 3 of 4
Exhibit A
Wells Fargo Bank, N.A.
Letter of Credit No. NZS642139
Date:
Wells Fargo Bank, N.A.
Trade Services Division, Northern California
One Front Street, 21s` Floor
San Francisco, California 94111
Subject: Your Letter of Credit No. NZS642139
Ladies and Gentlemen:
For value received, we hereby irrevocably assign and transfer all our rights under the above -
captioned Letter of Credit, as heretofore and hereafter amended, extended or increased, to:
[insert name of transferee]
[insert address]
By this transfer, all of our rights in the Letter of Credit are transferred to the transferee, and the
transferee shall have sole rights as beneficiary under the Letter of Credit, including sole rights relating to
any amendments, whether increases or extensions or other amendments, and whether now existing or
hereafter made. You are hereby irrevocably instructed to advise future amendment(s) of the Letter of
Credit to the transferee without our consent or notice to us.
Enclosed are the original Letter of Credit and the original of all amendments to this date. Also
enclosed is $ in payment of your transfer commission (1/4% of the amount
transferred, minimum $250.00). Please notify the transferee of this transfer and of the terms and
conditions of the Letter of Credit as transferred. This transfer will not become effective until the
transferee is so notified.
Very truly yours,
Board of County Commissioners of Weld County,
Colorado
By:
Name:
Title:
Signature of Transferor Guaranteed
[insert name of bank]
By:
Name:
Title:
Page 4 of 4
MEMORANDUM
111kR
COLO
TO: Board of County Commissioners July 16, 2009
FROM: Jacqueline Hatch-Drouillard
SUBJECT: AMUSR-686, Bangma / Mile High Dairy
The Department of Planning Services has received an irrevocable standby letter of credit for
AMUSR-686 collateral.
The collateral is in the amount of nineteen thousand one hundred and twelve dollars and fifty
cents ($19,112.50) for site improvements, landscaping and screening.
After review of the collateral by the Department of Planning Services and the Department of
Public Works, it has been determined that the amount outlined the agreement will be sufficient
to complete the work required for AMUSR-686, and the Departments of Planning Services and
Public Works recommend acceptance of this collateral.
Page 1 of 1
Stephanie Arries
From: Jacqueline Hatch
Sent: Monday, June 22, 2009 8:35 AM
To: Stephanie Arries
Subject: AMUSR-686 Mile High Dairy
Stephanie,
Just to let you know — I have the final signed Improvements Agreement. Once the collateral is okay with you (and you have it) let
me know. I will send over to Donna the Improvements Agreement with the staff memorandum to be attached to the collateral.
The only changes I see to the Improvements Agreement is that the completion date for the fencing and landscaping instead of
being 11/30/2009 it is now 12/31/2009 but the amounts for the improvements all stayed the same.
THANKS — let me know if you have any questions
Jacqueline
6/22/2009
Page 2 of 2
Donna,
I work in the business banking department at Wells Fargo in Greeley. Our customer Mile High Dairy LLC had
requested a standby letter of credit but I understand you are requiring some changes. The trade bank has sent
me a draft of the new proposed letter of credit. Please review and let me know what you think. Thank you.
Kathy Wolf
Business Associate
Greeley Business Banking
2164 35th Ave
Greeley. CO 80634
970-336-6252
C7515-011
WELLS FARGO RESTRICTED or CONFIDENTIAL - Not intended for use, reproduction or further distribution
outside of Wells Fargo & Company, or those without a business need -to -know.
6/18/2009
Page 1 of 2
Donna Bechler
From: Donna Bechler
Sent: Thursday, June 18, 2009 2:19 PM
To: 'Kathy.L.Wolf@wellsfargo.com'
Subject: FW: Mile High Dairy LLC Standby Letter of Credit
Attachments: Board of County Commissioners of Weld County Colorado their format redline after SA.doc
Kathy,
I sent your e-mail to our County Attorney (Stephanie Arries) and she looked over the document you sent, and has
made her changes to it. She said you could call her if you have any questions. Her number is 356-4000 Ext
4394.
Donna
From: Stephanie Arries
Sent: Thursday, June 18, 2009 12:03 PM
To: Donna Bechler
Subject: RE: Mile High Dairy LLC Standby Letter of Credit
Donna
Here are my comments - you can send them to your contact at the Greeley branch.
Please advise them that the Improvements Agreement has not yet been finalized, so we cannot insert the date of
the Agreement. They can call me to discuss how we will do that.
Thanks
Stephanie
From: Donna Bechler
Sent: Wednesday, June 17, 2009 4:49 PM
To: Stephanie Arries
Subject: FW: Mile High Dairy LLC Standby Letter of Credit
Stephanie,
Here is what Wells Fargo e -mailed me. I will give you the hard copies also, so you can see if it's okay.
Donna
From: Kathy.L.Wolf@wellsfargo.com[mailto:Kathy.L.Wolf@wellsfargo.com]
Sent: Wednesday, June 17, 2009 2:53 PM
To: Donna Bechler
Subject: Mile High Dairy LLC Standby Letter of Credit
6/18/2009
WUk.
COLORADO
March 18, 2010
Attn: Aurea Balenbin
Wells Fargo Bank N.A.
Trade Services Division, Northern California
One Front Street, 21st Floor
San Francisco, California 94111
CLERK TO THE BOARD
PHONE (970) 336-7215, Ext. 4225
FAX: (970) 352-0242
P. O. BOX 758
GREELEY, COLORADO 80632
RE: Letter of Credit #NZS642139 — Mile High Dairy, 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 Letter of Credit.
As you are aware, on the 15th day of July, 2009, Wells Fargo Bank, issued an Amended and Restated
Letter of Credit on behalf of Mile High Dairy, LLC, naming the Board of County Commissioners of Weld
County, Colorado as beneficiary. The dollar amount of the Letter of Credit was established at Twenty
Thousand Dollars ($20,000.00).
The terms of the Letter of Credit require that it be maintained by your institution until the 1st day of June,
2010. If your institution intends to terminate its obligations under the Letter of Credit, you are required to
provide notice to Weld County ninety (90) days prior to the anniversary date. If we are not in receipt of
said notification, the terms of the Letter of Credit will remain in force.
If you have any questions regarding this letter or your obligations under the Letter 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.
eputy Cle to the Board
pc Mile High Dairy, LLC
N00 9- /7/ 2
I am replacing the Irrevocable Letter of Credit # NZS642139 for Mile High Dairy, LLC
(PL 0016 - AmUSR686) from Wells Fargo with a cashier's check for $20,000.00 as replacement
collateral. Weld County will return the Letter of Credit to Wells Fargo.
neAgor I
d(0- /7/7
PZ oo/�
REMITTER::
COMMENTS:
PAY TO THE
ORDER OF
THIS DOCUMENT HAS AN ARTIFICIAL WATERMARK PRINTED ON THE BACK. ABSENCE OF THIS FEATURE WILL INDICATE A COPY.
Great Western Bank.
MILE HIGH DAIRY, LLC
USR686 FOR MILE HIGH
Making Life Great°
DAIRY
5292
EXACTLY **20,000 AND 00/100 DOLLARS $ ******20,000:00
CASHIER'S CHECK
PAYABLE THROUGH
FIRST INTERSTATE BANK
HELENA; MT
CUSTOMER COPY
REMITTER: MILE HIGH DAIRY, LLC
TO: WELD COUNTY
CASHIER'S CHECK
DATE:
THORIZED SI
U)
ATURE
4/05/11
BRANCH: 0561
ORIGLNATOR: SUAREZAL
TIME: 12:58:08
CK ANTI':
52922
******20,000.00
NOT NEGOTIABLE
SAVE THIS COPY FOR YOUR RECORDS
NO REFUND OR REISSUE WITHOUT THIS COPY
WELLS
FARGO
Letter of Credit No Longer
Required. Replaced with
Cashi,r's Chec}c, 4/5{2011.
By
County of Weld, State of Colorado,
Board of County Commissioners
915 10th Street
Greeley, CO 80631
Attention: Clerk to the Board
Ladies and Gentlemen:
TRADE SERVICES DIVISION, NORTHERN CALIFORNIA
ONE FRONT STREET, 21s' FLOOR
SAN FRANCISCO, CALIFORNIA 94111
Contact Phone: 1(800) 798-2815
Email: sftrade@welisfargo.com
Deputy Clerk to the Board of Weld County
IRREVOCABLE LETTER OF CREDIT Commissioners
Letter of Credit No.NZ5642139
Date: June 12, 2009
At the request and for the account of Mile High Dairy, L.L.C., 15333 WCR 5, Longmont, Co
80504, we hereby establish our Irrevocable Letter of Credit in your favor in the amount of Twenty
Thousand United States Dollars (US$20,000.00) available with us at our above office by payment of
your signed and dated demand(s) worded as follows with the instruction in brackets therein complied
with:
"The undersigned, an authorized official of the County of Weld, State of Colorado, Board of
County Commissioners ("Beneficiary"), hereby demands US$ [insert amount of drawing] and
certifies that Mile High Dairy, L.L.C. ("Applicant") has not performed its obligations specified in
the Improvements Agreement by and between the Beneficiary and Applicant ."
This Letter of Credit expires at our above office on June 1, 2010.
Partial and multiple drawings are permitted under this Letter of Credit.
If any instructions accompanying a drawing under this Letter of Credit request that payment is
to be made by transfer to an account with us or at another bank, we and/or such other bank may rely
on an account number specified in such instructions even if the number identifies a person or entity
different from the intended payee.
We hereby engage with you that all drawings presented under and in compliance with the terms
of this credit will be duly honored for payment.
This Letter of Credit is subject to the Uniform Customs and Practice for Documentary Credits
(2007 Revision), International Chamber of Commerce Publication No. 600, and engages us in
accordance therewith.
CO
nn
›-cc
�CD
0-
v-
0 —
:t
yo
U
LU
7.1
Es.!
BY:
Very truly yo
WELLS f RG' IANK i.A.
(AUIrr SIGNATURE)
EISA 'HAU
. , ,ne PRESIDENT
WELLS
FARGO
TRADE SERVICES DIVISION, NORTHERN CALIFORNIA
ONE FRONT STREET, 21s` FLOOR
SAN FRANCISCO, CALIFORNIA 94111
Contact Phone: 1(800) 798-2815
Email : sftradeewellsfarao.com
AMENDED AND RESTATED LETTER OF CREDIT
BOARD OF COUNTY COMMISSIONER OF
WELD COUTY, COLORADO
915 Tenth Street
Greeley, Colorado 80631
Attn: Clerk to the Board
Letter of Credit No.NZS642139
Date: July 15, 2009
Applicant: Mile High Dairy, L.L.C.,
Amendment No. 1
Ladies and Gentlemen:
This Amendment is to be considered as part of the above Letter of Credit and must be attached thereto.
The text of the above mentioned Letter of Credit is deleted in its entirety and replaced by the following:
Quote
IRREVOCABLE STANDBY LETTER OF CREDIT FOR
BOARD OF COUNTY COMMISSIONERS OF WELD COUNTY, COLORADO
Date: June 12, 2009
Beneficiary:
BOARD OF COUNTY COMMISSIONERS OF WELD COUNTY, COLORADO
915 Tenth Street
Greeley, Colorado 80631
Attn: Clerk to the Board
Applicant:
Mile High Dairy, L.L.C.
15333 WCR 5
Longmont, CO 80504
Ladies and Gentlemen:
Effective immediately, at the request of and on behalf of Mile High Dairy, L.L.C, we hereby issue this
Letter of Credit #NZS642139 for Twenty Thousand U.S. Dollars (US$20,000.00) in favor of the Board of
County Commissioners of Weld County, Colorado, (Board of County Commissioners of Weld County,
Colorado and its transferee, if any hereinafter "Beneficiary"). We have been informed that this Letter of
Credit is issued to permit Mile High Dairy, L.L.C. to meet the requirements of the Improvements
Agreement According to Policy Regarding Collateral for Improvements (Private) (hereinafter
"Improvements Agreement"'). This amount may be drawn on at our office located at Wells Fargo Bank,
N.A., Trade Services Division, Northern California, One Front Street, 21st Floor, San Francisco, CA 94111.
We hereby undertake to honor your sight draft drawn on us bearing upon its face the clause: "Drawn
under the Wells Fargo Bank, N.A. Letter of Credit Number NZ5642139, dated June 12, 2009", when
accompanied by the following:
1. The original of this Letter of Credit and any subsequent amendments, if any; and
Page 1 of 4
2. Original of Beneficiary's statement purportedly manually signed by a member of the Board of
County Commissioners of Weld County, Colorado or if this Letter of Credit is transferred, an authorized
representative of the transfer beneficiary stating one or both of the following:
a. "The beneficiary ("Beneficiary") of Wells Fargo Bank, N.A. Letter of Credit No.
NZS642139 (the "Letter of Credit") hereby certifies that it is entitled to draw US Dollars (Written
Amount of Withdrawal) ($_) under the Letter of Credit because Mile High Dairy, L.L.C. has defaulted
on its obligations under the Improvements Agreement According to Policy Regarding Collateral for
Improvements (Private)."
b. "The beneficiary ("Beneficiary") of Wells Fargo Bank, N.A.No.NZS642139 (the "Letter of
Credit") hereby certifies that it is entitled to draw US Dollars (Written Amount of Withdrawal)
($_) under the Letter of Credit Number because Mile High Dairy, L.L.C. has not, to the satisfaction of
the Beneficiary, within sixty (60) days of the expiration date of this Letter of Credit replaced or renewed
this Letter of Credit."
Unless this Letter of Credit has been transferred, the above statements are acceptable if presented in the
form of a purported formally adopted Resolution of the Board of Commissioners of Weld County,
Colorado as long as the wording includes the quoted wording of one or both of the above statements.
It is a condition of this Irrevocable Letter of Credit that it be considered automatically extended without
amendment for additional periods of one year from the present or any future expiration date unless we
notify you, the Beneficiary, in writing, not less than ninety (90) days before such date that we elect not to
extend this Letter of Credit for such additional term. This notice will be set to the address herein sent by
certified mail, return receipt requested or receipted express courier. Upon your receipt of said notice, you
may draw on us at sight for the balance remaining under this Letter of Credit within the then applicable
expiration date by presentation to us of your sight draft drawn on us bearing upon its face the clause:
"Drawn under Wells Fargo Bank, N.A. Letter of Credit Number NZS642139, dated June 12, 2009", when
accompanied by "1." And "2" above .
Partial and multiple drawings under this Letter of Credit are permitted. Drawings may be submitted to us
at our above office by hand delivery or delivered to us by U.S. Postal Service mail, registered mail or
certified mail or by express courier or overnight courier. Drawings may also be presented to us via
facsimile to facsimile number 415-296-8905 (each such drawing by facsimile, a "Fax Drawing") provided
however that a Fax Drawing will not be effectively presented until you confirm by telephone our receipt
of such Fax Drawing by calling us at telephone number 1-800-798-2815. Drawings may also be presented
by electronic mail presentation via portable document format (PDF') attachment to electronic mail
address sftrade@wellsfaroo.co,(each such drawing by electronic mail an "E -Mail Drawing") provided
however that an E -Mail drawing will not be effectively presented until you confirm by telephone our
receipt of such E -Mail Drawing by calling us at telephone number 1-800-798-2815. A copy of document 1
above is acceptable in the event of a Fax Drawing or E -Mail Drawing.
We have been further informed that for purposes of the Letter of Credit, Mile High Dairy, L.L.C. shall be
deemed in default if one or more of its obligations under the Improvements Agreement According to
Policy Regarding Collateral for Improvements (Private) is/are not met within the time frame(s) set forth in
said Improvements Agreement.
This Credit shall be transferable, as directed by an authorized representative of the Board of County
Commissioners of Weld County, Colorado, in compliance with Article 48 of UCP 500 and only in the full
amount available to be drawn under the Letter of Credit at the time of such transfer. The transfer may be
affected only through ourselves and only upon payment of our usual transfer fee and upon presentation
to us at our above -specified office of a duly executed instrument of transfer in the format attached hereto
as Exhibit A together with the original of this Letter of Credit. The transfer of this Letter of Credit may not
change the place of expiration of this Letter of Credit from our above -specified office. The transfer shall
be evidenced by our endorsement on the reverse of the original of this Letter of Credit, and we shall
deliver the original of this Letter of Credit so endorsed to the transferee.
Page 2 of 4
C
We hereby promise you that a draft drawn under and in compliance with the terms and conditions of this
Letter of Credit will be duly honored by us if presented at this office on or before the current expiration
date, currently June 1, 2010, or any future applicable expiration date as described herein.
Presentation of drawings in compliance with the terms of this Letter of Credit before 9:00 a.m. Pacific
time on any Business Day shall be honored before 2:00 p.m. on the same Business Day by wire transfer
in immediately available funds to any account designated in the payment instructions which accompany
such drawing (or any other reasonable means specified in the payment instructions which accompany
such drawing) Presentation of drawings in compliance with the terms of this Letter of Credit after 9:00
a.m. Pacific time on any Business Day shall be honored before 2:00 p.m. on the following Business Day
by wire transfer in immediately available funds to any account designated in the payment instructions
which accompany such drawing (or any other reasonable means specified in the payment instructions
which accompany such drawing) . As used herein the term "Business Day" shall mean a day of the year
on which our San Francisco Trade Services Division, Northern California office is open for business.
This Letter of Credit sets forth in full the terms of our undertaking, and such undertaking shall not in any
way be modified, amended, amplified or limited by reference to any document, instrument or agreement
referred to herein or to which this Letter of Credit relates. The informational statements above are
understood to be for information only and not made terms of this Letter of Credit.
Except to the extent terms hereof are inconsistent with its provisions, in which case this Letter of Credit
shall govern, this Letter of Credit is subject to the Uniform Customs and Practice for Documentary Credits
(1993 Revision), the International Chamber of Commerce Publication No. 500.
Yours truly,
AUREA C. BALENBIN
Name ASSISTANT VICE PRESIDENT
Authorized Officer
Wells Fargo Bank, N.A.
Trade Services Division, Northern California
One Front Street, 21st Floor
San Francisco, CA 94111.Tel No.: 1-800-798-2815
Fax No.: (415) 296-8905
E -Mail: sftrade@wellsfargo.com
Page 3 of 4
Exhibit A
Wells Fargo Bank, N.A.
Letter of Credit No. NZS642139
Date:
Wells Fargo Bank, N.A.
Trade Services Division, Northern California
One Front Street, 21st Floor
San Francisco, California 94111
Subject: Your Letter of Credit No. NZS642139
Ladies and Gentlemen:
For value received, we hereby irrevocably assign and transfer all our rights under the above -
captioned Letter of Credit, as heretofore and hereafter amended, extended or increased, to:
[insert name of transferee]
[insert address]
By this transfer, all of our rights in the Letter of Credit are transferred to the transferee, and the
transferee shall have sole rights as beneficiary under the Letter of Credit, including sole rights relating to
any amendments, whether increases or extensions or other amendments, and whether now existing or
hereafter made. You are hereby irrevocably instructed to advise future amendment(s) of the Letter of
Credit to the transferee without our consent or notice to us.
Enclosed are the original Letter of Credit and the original of all amendments to this date. Also
enclosed is $ in payment of your transfer commission (1/4% of the amount
transferred, minimum $250.00). Please notify the transferee of this transfer and of the terms and
conditions of the Letter of Credit as transferred. This transfer will not become effective until the
transferee is so notified.
Very truly yours,
Board of County Commissioners of Weld County,
Colorado
By:
Name:
Title:
Signature of Transferor Guaranteed
[insert name of bank]
By:
Name:
Title:
Page 4 of 4
c
Donna Bechler
From: Richard Hastings
Sent: Tuesday, April 05, 2011 10:22 AM
To: Donna Bechler; Stephanie Arries
Cc: David Bauer; Donald Carroll; Kim Ogle
Subject: RE: collateral
Attachments: image003.png; image002.png
Donna,
I called AGPRO who is the engineering firm associated with Mile High Dairy (USR-686). They gave me a
phone number of 909-214-5345 for a Wes Bangma. I also found a home phone # of 970-535-4176 for a Wesley
R Bangma in Mead CO.
Let me know if this works for you and if not I'll search some more.
Thanks,
Richard Hastings
Compliance Analyst & Construction Inspector
Weld County Public Works
1111 H Street, P.O. Box 758
Greeley, CO 80632
(970)304-6496 Ext. 3727
I6{I.IllII
W El0_6CO ONir
u
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.
From: Donna Bechler
Sent: Tuesday, April 05, 2011 8:52 AM
To: Stephanie Arries; Richard Hastings
Cc: David Bauer; Donald Carroll; Kim Ogle
Subject: RE: collateral
I don't know how to get ahold of the guy who called me just before 5:00 yesterday afternoon regarding bringing in a
Cashier's check. I think he said his name was Wes, but I'm not sure. He is the one bringing in the check. The bank
hasn't contacted me about it — he must have talked to the bank and they said they wouldn't renew the Letter of Credit,
so he called me.
Donna Bechler
Deputy Clerk to the Board
915 10th Street
1
April 6, 2011
CLERK TO THE BOARD
PHONE (970) 336-7215, Ext. 4227
FAX: (970) 352-0242
P. O. BOX 758
GREELEY, COLORADO 80632
Attn: Aurea Balenbin, Asst VP
Wells Fargo Bank N.A.
Trade Services Division, Northern California
San Francisco, California 94111
RE: Cancellation and release of Collateral — Mile High Dairy, LLC
Ladies and Gentlemen:
Attached hereto please find the original Irrevocable Letter of Credit No. NZS642139, issued by
Wells Fargo, Trade Services Division, Northern California, in the amount of $20,000.00. It has
been replaced by cash collateral from Mile High Dairy, LLC, so we are returning the Letter of
Credit to you.
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
Deputy Clerk to the Board
rn
m
rU
nJ
to
m
0
U.S. Postal ServiceTM
CERTIFIED MAIL., RECEIPT
(Domestic Mail Only; No Insurance Coverage Provided)
Postage
Certified Fee
O Return Receipt Fee
(Endorsement Required)
Restricted Delivery Fee
nJ (Endorsement Required)
rl
u1
0
IM1
Total Postage & Fees
ere
0
1
Sent To
4pt�1 I I /J 1 ` Fes/
ory�P`'O Box MSJ�Q ee I,1Crei 1)W....!PA. ... 60571ae L
GA ZIr.CA 9z////
tnkf1 /.tArea.. u1.O ; i
• Complete Items 1, 2, and 3. Also complete
item 4 if Restricted Delivery is desired.
• Print your name and address on the reverse
so that we can return the card to you.
■ Attach this card to the back of the mailpiece,
or on the front if space permits.
1. Article Addressed to:
!()ells Ingo Sank
/1Pm/ /lured_ dalenbm )S51 k, P
trade Services -4'g) Northern LW
One Ciron/SI> /SF/oor
.2n F'ranciseo) C4 9vi//
2. Article Number
(Transfer from service label)
Date of Del
ls
D. Is delivery address ittoritefp1'0
If YES, enter delive addr.ili below:
r'Ws
Certified Mail 0 Express Mail
Registered 0 -Return Receipt for Merchandise
❑ Insured Mall O C.O.D.
7005 1820 0003 52214 8317
PS Form 3811, February 2004 Domestic Retum Receipt
102595-02-M.1540
Hello