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Home My WebLink About20091514.tiffs6 RESOLUTION RE: APPROVE CANCELLATION AND RELEASE OF COLLATERAL FOR SITE PLAN REVIEW #348 - SOLID ROCK PROPERTIES LLC, C/O RON MORROW 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 August 27, 2001, the Department of Planning Services approved the application of Solid Rock Properties, LLC, 1030 Coffman Street, Longmont, Colorado 80501, for an office/warehouse facility in the Commercial/Industrial Zone District on the following described real estate, to wit: Lot 7, Block 1, Western Dairyman Co -Op PUD, being part of the W1/2, NE1/4 and E1/2, NW1/4 of Section 10, Township 2 North, Range 68 West of the 6th P.M., Weld County, Colorado, and WHEREAS, on March 11, 2002, the Board of County Commissioners of Weld County, Colorado, approved an Improvements Agreement According to Policy Regarding Collateral for Improvements (Private Road Maintenance), between the County of Weld, State of Colorado, by and through the Board of County Commissioners of Weld County, and Solid Rock Properties, LLC, with terms and conditions being as stated in said agreement, and accepted Irrevocable Letter of Credit #1000091648, drawn on the Centennial Bank of the West, 4650 Royal Vista Circle, Fort Collins, Colorado 80528, in the amount of $85,000.00, and WHEREAS, it has been determined by the Board that the collateral being held by Weld County is no longer necessary to secure said Improvements Agreement According to Policy Regarding Collateral for Improvements (Private Road Maintenance), and WHEREAS, staff from the Weld County Departments of Public Works and Planning Services have conducted a visual inspection and recommend release of said collateral. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, Colorado, that Irrevocable Letter of Credit #1000091648, drawn on the Centennial Bank of the West, in the amount of $85,000.00 be, and hereby is, canceled and released. BE IT FURTHER RESOLVED by the Board that the Clerk to the Board be, and hereby is, directed to return said collateral to the appropriate issuing party. I 11111111111111111 I I 11111 1111 I I 1111I 1111 3636536 07/15/20(19 12:11P Weld County, CO PL1588 c'(/,rL/G!/l/)-L 1 of 2 R 0.00 D 0.00 Steve Moreno Clerk & Recorder 2009-1514 CANCEL COLLATERAL - SOLID ROCK PROPERTIES, LLC, C/O RON MORROW PAGE 2 The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 29th day of June, A.D., 2009. ATTEST: LW Weld County Clerk to the BY' D y Clerk -to the Board APPROY.I=D'A my Attorney Date of signature t i 111111111111HMI ��111111111111111111��11111��Jill 3636536 07/15/2009 12:11P Weld County, CO 2 of 2 R 0.00 D 0.00 Steve Moreno Clerk & Recorder BOARD OF CO NTY COMMISSIONERS WELD-COLORADO Dougs Radem- Sea; P. Conway arbcKirkmeyer a\.. David E. Long 2009-1514 PL1588 •t**J COLORADO MEMORANDUM TO: Board of County Commissioners DATE: June 25, 2009 FROM: Kim Ogle, Planning Services APPROVED BY: Thomas E. Honn, AICP, Director of Planning Services SUBJECT: Site Plan Review # 348 Full Release of Collateral c/o Ron Morrow, Owner Solid Rock Properties, LLC Staff from the Department of Public Works conducted a field inspection in June 2009 and determined that the property was in compliance with all transportation elements as stated in their referral dated June 24, 2009. Planning Services inspected the site on May 8, 2009 and determined that all non -transportation related items had been completed and were acceptable. The Weld County Attorney, the Department of Public Works and the Department of Planning Services, have determined that the improvements required for Solid Rock Properties, LLC, for an office and warehouse facility located on Lot 7, Block 9 Western Dairyman Cooperative PUD, case number SPR-348 and guaranteed via an Irrevocable Letter of Credit, from the Centennial Bank of the West, in the amount of eighty-five thousand (85,000.00) dollars and no/100s for Ron Morrow, Solid Rock Properties, LLC, 810 Hays Circle, Longmont, CO, be released in full. PC: R. Hastings, PW D. Carroll, PW S. Arries, CA File: SPR-348 2009-1514 COLORADO MEMORANDUM TO: Kim Ogle, Planning Services DATE: 6/25/2009 FROM: Richard Hastings, Public Works Department SUBJECT: Collateral List Update: Solid Rock Properties Ile, (2002-0591 PL1588) Release of Collateral Status • All Public Works related items have been completed and are found to be acceptable. Weld County Collateral List: Solid Rock Properties Ilc, c/o Ron Morrow (2002-0591 PL1588) Improvements Agreement (Private Road Maintenance) Centennial Bank of the West, Irrevocable Letter of Credit #1000091648 EXPIRES 03/27/04 w/Auto Renewal or 60 days notice $85,000.00 Recommendation: The Department of Public Works is recommending final release of collateral, as shown above from the Weld County Collateral List. C:\Documents and Settings\kogle\Local Settings\Temporary Internet Files\OLK5\Collateral List update (Solid Rock Properties)-MEMO.doc fs vin Wi�Yc COLORADO July 2, 2009 GUARANTY BANK AND TRUST COMPANY (CENTENNIAL BANK OF THE WEST) 4650 ROYAL VISTA CIRCLE 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: Cancellation and release of Collateral — Solid Rock Properties, LLC, do Ron Morrow Ladies and Gentlemen: Attached hereto please find the Board of County Commissioners Resolution releasing the collateral for Solid Rock Properties, in the amount of $85,000.00, and the original Irrevocable Letter of Credit issued by Centennial Bank of the West, in the amount of $85,000.00 If you have questions or need additional information, please do not hesitate to contact me at (970) 356-4000, Extension 4227. Very truly yours, BOARD OF COUNTY COMMISSIONERS By t Donna J. Bethler, Deputy Clerk to the Board et (\r‘ COLORADO July 2, 2009 SOLID ROCK PROPERTIES, LLC 1030 COFFMAN STREET LONGMONT COLORADO 80501 CLERK TO THE BOARD PHONE (970) 336-7215, Ext. 4225 FAX: (970) 352-0242 P. 0. BOX 758 GREELEY, COLORADO 80632 RE: Cancellation and release of Collateral for Solid Rock Properties, LLC, do Ron Morrow. Mr Morrow: On June 29, 2009, the Board of County Commissioners approved the cancellation and release of collateral for Solid Rock Properties, in the amount of $85,000.00, as referenced above. Enclosed is a copy of the Resolution signed by the Board of County Commissioners. I will forward a copy of the signed and recorded Resolution to you as soon as it has been recorded. The original Irrevocable Letter of Credit for $85,000.00 has been returned to Centennial Bank of the West. If you have questions or need additional information, please do not hesitate to contact me at (970) 356-4000, Extension 4227. Very truly yours, BOARD OF COUNTY COMMISSIONERS Y/LLB?Z/L�(.?;NI( °rl/l.��Ii Donna J. Bechler' Deputy Clerk to the Board CENTENNIAL BANK of the West c 4' c oesedgy Pdror By r0�0.e 1� 0 0 05Q o 9 Lo ' 9 O Q CDe , 60 c IRREVOCABLE LETTER OF CREDIT Letter of Credit Number 1000091648 Date: 3/27/02 Beneficiary: Weld County Board of Commissioners 915 Tenth Street PO Box 758 Greeley, CO 80632 To Whom It May Concern: tk For the account of Solid Rock Properties, LLC we hereby authorize you to draw on us at sight up to an aggregate amount of $85,000.00 Dollars. Drafts drawn under this Letter of Credit must specify the date and the number of the Letter of Credit and must be presented at the office identified below not later than March 27, 2004. This Letter of Credit sets forth in full the terms of our obligations to you, and such undertaking shall not in any way be modified or amplified by any agreement in which this Letter of Credit relates, and any such reference shall not be deemed to incorporate here in by reference any agreement. This Letter of Credit is irrevocable, unconditional, nontransferable and non -assignable. We hereby agree with you that sight drafts drawn under, and in compliance with, the terms of this Letter of Credit will be duly honored at: Centennial Bank of the West, its Successors and / or Assigns 4650 Royal Vista Circle Fort Collins, CO 80528 This Letter of Credit is automatically extended without amendment, for additional one year periods from the current expiration or any future expiration date unless sixty days prior to such current expiration date CENTENNIAL BANK OF THE WEST notifies beneficiary in writing that the letter of credit will not be renewed. In the case you receive such a notification. you may draw by presentation of the following: (a) a draft at sight on CENTENNIAL BANK OF THE WEST; (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 CENTENNIAL BANK OF THE WEST the Letter of Credit No. 1000091648 will not be renewed and that Solid Rock Properties, LLC has failed to provide proof of adequate collateral and substitution of this Letter of Credit No. 1000091648; (c) copy of letter from CENTENNIAL BANK OF THE WEST stating non -renewal of Letter of Credit No. 1000091648 and the original letter of credit. Unless otherwise expressly stated, this Letter of Credit is subject to the International Chamber of commerce, Uniform Customs and Practice for Commercial Documentary Credits; 1993 Revision — International Chamber of Commerce Publication No. 500. l Sincerely, - By: Authorized Signer Title: Manager Solid Rock Properties, LLC By: Title: Assistant Vice President Centennial Bank of the West Authorized Signer 0 Hello