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Home My WebLink About20093346.tiffRESOLUTION RE: APPROVE PARTIAL CANCELLATION AND RELEASE OF COLLATERAL FOR PLANNED UNIT DEVELOPMENT FINAL PLAN, PF #1077 - HARVEY AND OLGA MARKHAM WHEREAS, the Board of County Commissioners of Weld County, Colorado, pursuant to Colorado statute and the Weld County Home Rule Charter, is vested with the authority of administering the affairs of Weld County, Colorado, and WHEREAS, on October 1, 2005, the Department of Planning Services staff approved the application of Harvey and Olga Markham, 650 Highway 56, Berthoud, Colorado 80513, for Markham View Estates Planned Unit Development for six (6) residential lots with E (Estate) uses on the following described real estate, to wit: Lot B of Recorded Exemption #3667; being part of the N1/2 NE1/4 of Section 19, Township 4 North, Range 68 West of the 6th P.M., Weld County, Colorado, and WHEREAS, on July 5, 2006, the Board of County Commissioners of Weld County, Colorado, approved an Improvements Agreement According to Policy Regarding Collateral for Improvements (Public Road Maintenance) between the County of Weld, State of Colorado, by and through the Board of County Commissioners of Weld County, and Harvey and Olga Markham, with terms and conditions being as stated in said agreement, and accepted Irrevocable Letter of Credit #00348, drawn on Centennial Bank of the West, 1401 South Taft Avenue, Loveland, Colorado 80537, in the amount of $118,474.00, and WHEREAS, staff from the Weld County Departments of Public Works and Planning Services have conducted a visual inspection, and along with the Weld County Attorney, recommend release of a portion of said collateral in the amount of $104,540.00. WHEREAS, the Board has been presented with replacement Irrevocable Letter of Credit #1785, drawn on Guaranty Bank and Trust Company, Letter of Credit Department,1331 17th Street, P.O. Box 5847, Denver, Colorado 80217, in the amount of $13,933.00, which shall be retained for a period of one year as warranty collateral. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, Colorado, that Irrevocable Letter of Credit #00348, drawn on Centennial Bank of the West, in the amount of $118,474.00 be, and hereby is, canceled and released, and the replacement Irrevocable Letter of Credit, drawn on Guaranty Bank and Trust Company, in the amount of $13,933.00 be accepted. BE IT FURTHER RESOLVED by the Board that the Clerk to the Board be, and hereby is, directed to return said collateral to the appropriate issuing party. 11111111111111 VI PL, /z CANCEL COLLATERAL - HARVEY AND OLGA MARKHAM PAGE 2 The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 23rd day of December, A.D., 2009. ATTEST: Weld County Clerk to the Boar BY. / Ui1(-L1 (At in o the Board Cler APPFPVED AS T47 County Attorney Date of signature _ Sean P. Conway OARD OF COUNTY COMMISSIONERS D COUNTY, COLORADO an 62.5 b �' / ouglai Radema er, Pro-Tem EXCUSED Ba[bNara Kirkmeyer David E. Long Hie I 11111111111111111IIII11111111111111111 III11111IIII Iill 2009-3346 3671636 01/22/2010 11:21A Weld County, CO PL1776 2 of 2 R 0.00 D 0.00 Steve Moreno Clerk & Recorder Atir COLORADO MEMORANDUM TO: Board of County Commissioners DATE: December 21, 2009 FROM: Kim Ogle, Planning Services i, SUBJECT: Partial Release of Collateral Irrevocable Letter of Credit # 00348 Centennial Bank of the West Case number PF-1077 Harvey Markham, Applicant The Department of Public Works received a request from Harvey Markham for the partial release of collateral for the site improvements associated with the Markham View estates PUD. The Department of Planning Services inspected the property in early October 2009 and determined the non -transportation items (mailbox kiosk and bus shelter) were not installed. The Department of Public Works conducted an inspection in late September 2009 and determined that the transportation related items have been completed to their satisfaction and recommend that a partial release of monies of collateral held for this development be returned to the applicant. Therefore, the Departments of Public Works and Planning Services recommend that one hundred four five hundred forty and no/100s ($ 104,540.00) dollars be released, retaining replacement collateral for the one-year warranty period of thirteen thousand nine hundred thirty- three and no/100s ($ 13,933.00) dollars. The applicant has submitted replacement collateral from Guaranty Bank and Trust Company to cover the one-year warranty period. The Weld County Attorney, the Department of Public Works and the Department of Planning Services, have determined that the Irrevocable Letter of Credit # 00348 from the Centennial Bank of the West for Case number PF-1077be released, accepting an Irrevocable Standby Letter of Credit No. 1785 on behalf of Harvey and Olga Markham for Markham View Estates PUD in the amount of thirteen thousand nine hundred thirty-three ($13,933.00) and no/100s dollars from Guaranty Bank and Trust Company located at 1331 17th Street, Post Office Box 5847, Denver, Colorado 80217. The replacement collateral is sufficient to complete the warranty work required for Markham View Estates PUD, and the Departments of Planning Services and Public Works recommend acceptance of this Irrevocable Standby Letter of Credit No. 1785. 2009-3346 r DEPARTMENT OF PLANNING SERVICES Greeley Planning Office 918 Tenth Street Greeley, Colorado 80631 WEBSITE: www.co.weld.co.us E-MAIL: kogle@co.weld.co.us PHONE (970) 353-6100, EXT. 3549 FAX (970) 304-6498 December 1, 2009 Debbie Carter Guaranty Bank and Trust Post Office Box 5847 Denver, Colorado 80217 Subject: Warranty Collateral, Markham View Estates PUD Dear Ms. Carter: In response to your inquiry concerning the replacement collateral for the Markham View Estates PUD, the County is currently holding an Irrevocable Letter of Credit #00348 from Centennial Bank of the West in the amount of one hundred eighteen thousand, four hundred seventy-four and no 100s ($118,474.00) dollars. This collateral is for Harvey and Olga Markham for the public improvements for their residential development. The collateral held for the existing Improvements Agreement will be released in accordance with the provisions of Weld County Code Section 2-3-30.C. For improvements to public rights -of -way, the request for release of collateral shall be accompanied by replacement "Warranty Collateral" in the amount of fifteen percent (15%) of the value of the improvements. Replacement collateral for the one year warranty period is requested in the form of an Irrevocable Letter of Credit, Surety Bond or in the form of a cash deposit. The Departments of Planning Services and Public Works have determined the amount of the "Warranty Collateral" to be thirteen thousand nine hundred thirty-three and 60/100 ($13,933.00) dollars. With receipt of the warranty collateral from Guaranty Bank and Trust, and associated acceptance of collateral by the Board of County Commissioners, the Irrevocable Letter of Credit #00348 from Centennial Bank of the West in the amount of one hundred eighteen thousand, four hundred seventy-four and no 100s ($118,474.00) dollars will be released. Should you have additional questions or require clarification on any of the points presented herein, please contact this office. Thank you for your inquiry. Sincerely, Kim Planning Services Enclosures pc: S. Arries, Attorney's Office R. Hastings, Public Works File: PF-1077 File: 2006-1777, PL 1776 6 GUARANTY BANK AND TRUST COMPANY'" �Z IRREVOCABLE STANDBY LETTER OF CREDIT NO. 1785 DATE OF ISSUE: December 11, 2009 AMOUNT: $13,933.00 EXPIRY DATE: December 31, 2010 with automatic renewal provision. Beneficiary: BOARD OF COUNTY COMMISSIONERS OF WELD COUNTY, COLORADO Attn.: Clerk to the Board 918 Tenth Street Greeley, CO 80631 Gentlemen: We hereby issue this Irrevocable Standby Letter of Credit for the account of HARVEY R. AND OLGA J. MARKHAM, ("Customer") 650 East Highway 56, Berthoud, CO 80513 (Markham View Estates PUD #PF 1077) in your favor in the aggregate amount not exceeding THIRTEEN THOUSAND NINE HUNDRED THIRTY-THREE AND 00/100THS USDollars (USD$13,933.00). Funds under this credit are available with GUARANTY BANK AND TRUST COMPANY by payment against presentation of your sight draft(s) drawn on us, at our office, on or before the Expiry Date when accompanied by the following: 1. This Original Letter of Credit. 2. Original of Beneficiary's statement purportedly manually signed by a member of the Board of County Commissioners of Weld County, Colorado stating one or more of the following: a. "The Board of County Commissioners of Weld County, Colorado hereby certifies that it is entitled to draw a total of, but not exceeding Thirteen Thousand Nine Hundred Thirty -Three and 00/100 US Dollars ($13,933.00) under Guaranty Bank & Trust Company, Letter of Credit Number 1785 dated December 11, 2009 because Harvey R. and Olga J. Markham have defaulted on its obligations under the "Improvements Agreement According to Policy Regarding Collateral for Improvements" (Public Road Maintenance) dated May 22, 2006, by (state nature of default). b. "The Board of County Commissioners of Weld County, Colorado hereby certifies that it is entitled to draw a total of, but not exceeding Thirteen Thousand Nine Hundred Thirty -Three and 00/100 US Dollars ($13,933.00) under Guaranty Bank & Trust Company, Letter of Credit Number 1785 Denver Metro 303-293-55110 • Norther" Colorado 971)-454-4221) • www.Cnarancvbankco.com Page 2 IRREVOCABLE STANDBY LETTER OF CREDIT NO. 1785 This page shall be attached to and become an integral part of the above referenced Letter of Credit dated December 11, 2009 because Harvey R. and Olga J. Markham have not, to the satisfaction of the Board of County Commissioners of Weld County, Colorado, within sixty (60) days of the expiration date of this Letter of Credit replaced or renewed this Letter of Credit." This statement signed by the Beneficiary pursuant to the preceding paragraph shall be conclusive to such matters. Special Conditions 1. It is a condition of this Letter of Credit that it shall be deemed automatically extended without amendment for one year from the present or any future expiration date thereof unless at least ninety (90) days prior to any such date Guaranty Bank and Trust Company notifies the Beneficiary in writing by certified letter that it elects not to consider this Letter of Credit extended for such additional period. 2. Partial drawings under this Letter of Credit are permitted. 3. This Letter of Credit is transferable one or more times, but in each instance to a single transferee and only in the full amount available to be drawn under this Letter of Credit at the time such transfer. Any transfer may be effected only through ourselves and only upon payment of our usual transfer fee and upon presentation to us at our office of a duly executed instrument of transfer in the format attached hereto as Exhibit A together with the original of the Letter of Credit. Any transfer of this Letter of Credit may not change the place of expiration of this Letter of Credit from our above -specified office. Each transfer shall be evidenced by our endorsement on the reverse of the original of this Letter of Credit so endorsed to the transferee. 4. For purposes of the Letter of Credit, HARVEY R. AND OLGA J. MARKHAM, shall be deemed in default if one or more of its obligations under the "Improvements Agreement According to Policy Regarding Collateral for Improvements" (Public Road Maintenance) dated May 22, 2006 is/are not met within the time frame(s) set forth in said Improvements Agreement. Page 3 IRREVOCABLE STANDBY LETTER OF CREDIT NO. 1785 This page shall be attached to and become an integral part of the above referenced Letter of Credit Except as otherwise expressly stated herein this credit is subject to the Uniform Customs and Practice of Documentary Credits (2007 Revision) International Chamber of Commerce, Publication 600 (UCP 600). Any draft presented must bear the words "Drawn under GUARANTY BANK AND TRUST COMPANY Irrevocable Letter of Credit No. 1785 dated December 11, 2009." This Letter of Credit will expire at our counters, 3:00 p.m. Mountain Standard time on the Expiry Date or any future expiration date thereof. In case of cancellation of this Letter of Credit prior to Expiry Date, the original of this Letter of Credit must be returned to us for cancellation with a statement purportedly signed by the Beneficiary stating that: "This Letter of Credit is no longer required by us and is hereby returned to the issuing bank for cancellation." Please address all communications regarding this Letter of Credit to the attention of Guaranty Bank and Trust Company, Letter of Credit Department, 1331 17th St., Denver, CO 80202, mentioning specifically our Irrevocable Letter of Credit No. 1785, issued for the account of HARVEY R. AND OLGA J. MARKHAM. We hereby agree with drawers and endorsers, and bona fide holders of drafts negotiated under this Letter of Credit that the same shall be duly honored upon presentation and delivery of the documents as specified above. The Letter of Credit sets forth in full the terms of our undertaking and such undertaking shall not in any way be modified, amended, or amplified by reference to any documents or instrument referred to herein (except UCP 600), or in which this Letter of Credit is referred to, or to which this Letter of Credit relates, and any such reference shall not be deemed to incorporate herein by reference any document or instrument. Sincerely, GUARANTY BANK AND TRUST COMPANY A J mes iIC. sim Ekecutive Vice President Senior Vice President Thomas V. Hornbacher ("11115 FOR\I IS TO BE USED \yHERE. THE LETTER OF CREDIT AMOUNT IS TRANSFERRED IN rrs ENTIRETY) Exhibit A to Guaranty Bank and Trust Company Letter of Credit No__..__ Date: To: Guaranty Bank and Trust Company 1331 17T" Street, P.O. Box 5847 Denver, CO 80217 II ?lilt ()I ( RI DO INIiOR]I V"PION' — (:u:u:nuv haul. Mill Trust Cumpan) Re: Letter of Credit No. For value received, the undersigned beneficiary of the above described Letter of Credit ("Transferor) hereby irrevocably assigns and transfers all its right under the Letter of Credit as hereafter amended, extended or increased (the "credit") to the following transferee (the "Transferee') (Name of the Transferee) (Address) By this transfer all of our rights in the Credit are transferred to the Transferee, and the Transferee shall have sole rights as beneficiary under the credit, including, but not limited to, sole rights relating to any amendments, whether increases or extensions or other amendments, and whether such amendments now exist or hereafter made. ADVICE OF FUTURE AMENDMENTS: You are hereby irrevocably instructed to advise future amendment(s) of the Credit to the Transferee without the Transferor's consent or notice to the Transferor. Enclosed are the original of the Credit and the original of all amendments to this date. Please notify the Transferee of this transfer and of the terms and conditions of the Credit as transferred. lit XV,FLROR'S .tiIGNA'IFRE G1 ,AIL\N"I'Flit Ifl (Name of Bank ) (Transferor's Name) Authorized Signature and Title Authorized Signature and Title lett wile COLORADO CLERK TO THE BOARD PHONE (970) 336-7215, Ext. 4225 FAX: (970) 352-0242 P. O. BOX 758 GREELEY, COLORADO 80632 January 6, 2010 Harvey and Olga Markham 650 Highway 56 Berthoud, Colorado 80513 RE: Cancellation and release of Collateral for Harvey and Olga Markham Mr. and Mrs. Markham; On December 23, 2009, the Board of County Commissioners approved the cancellation and release of collateral for Harvey and Olga Markham, in the amount of $118,474.00, as referenced above, and accepted replacement collateral from Guaranty Bank and Trust Company, in the amount of $13,933.00. Enclosed is a copy of the Resolution signed by the Board of County Commissioners. I will forward a copy of the signed and recorded Resolution to you as soon as it has been recorded. The original Irrevocable Letter of Credit No. 00348 for $118,474.00 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 By: Donna J. Beck"iler Deputy Clerk to the Board 6tari 1111111e. COLORADO January 6, 2010 Centennial Bank of the West 1401 South Taft Avenue Loveland, Colorado 80537 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 — Harvey and Olga Markham To Whom It May Concern: Attached hereto please find the Board of County Commissioners Resolution releasing the collateral for Harvey and Olga Markham, in the amount of $118,474.00, and the original Irrevocable Letter of Credit No. 00348, issued by Centennial Bank of the West, in the amount of $118,474.00. 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: Donna J. Bechler, Deputy Clerk to the Board CENTENNIAL Bank of the West IRREVOCABLE LETTER OF CREDIT #00348 June 19,2006 Weld County 918 10th Street Greeley, CO 80631 Re: Harvey R. Markham Dear Sirs: s1. c> i n� •00 Pj S e4e P Weld County Planning Depart GREELEY OFFICE JUN 2 4 2006 RECEIVED The Centennial Bank of the West, 1401 South Taft Avenue, Loveland, CO 80537, hereby authorizes Weld County (Beneficiary) to draw on us for the above referenced account, up to a total of ONE HUNDRED EIGHTEEN THOUSAND, FOUR HUNDRED SEVENTY FOUR DOLLARS AND NO/100 ($118,474.00) such amount not available except by your drafts at sight, accompanied by written certification from the Board of County Commissioners of Weld County, Colorado Stating that the above referenced Applicant had failed to perform as required under the Improvements Agreement executed by the Applicants on May 22, 2006, covering the Markham View Estates P.U.D. We hereby further agree that: (a) Drafts drawn under, and in compliance with the terms of this Irrevocable Letter of Credit will be duly honored if presented at our office at 1401 South Taft Avenue, Loveland, CO 80537, on or before June 19, 2007 upon which date this Letter of Credit shall expire. The Letter of Credit will be automatically extended without amendment, for additional one year periods from the current expiration date unless 60 days prior to such expiration date, Centennial Bank of the West notifies Beneficiary that the Letter will not be renewed. (b) Funds available under this Irrevocable Letter of Credit may be drawn in such amounts, and at such times, as determined by the Beneficiary, in its sole discretion, provided that the amount drawn shall not exceed the aggregate amount specified herein. (c) The amount of any draft drawn hereunder must be endorsed on the reverse side hereof. All drafts must be marked "Drawn under Irrevocable Letter of Credit #00348, Markham View Estates P.U.D. and be accompanied by this original Letter of Credit. Dated this 19th day June, 2006 Centennial Bank pf the West By, tie Tedesco Branch President, West Loveland Hello