HomeMy WebLinkAbout20091513.tiff537
RESOLUTION
RE: APPROVE CANCELLATION AND RELEASE OF COLLATERAL FOR SITE PLAN
REVIEW, SPR #372 - BDH & R INVESTMENT COMPANY
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 June 3, 2004, the Department of Planning Services staff approved the
application of BDH & R Investment Company, do William Meiers, Jr., 7590 South Broadway,
Littleton, Colorado 80122, for two (2) retail automotive dealerships on the following described real
estate, to wit:
Lot 1, Block 4, of the Corrected Plat for Vista
Commercial Center Filing I; Lots 2 and 3, Block 4 of
the Second Corrected Plat for Vista Commercial
Center Filing II, being part of the N1/2 of Section 8,
Township 2 North, Range 68 West of the 6th P.M.,
Weld County, Colorado, and
WHEREAS, on August 9, 2004, the Board of County Commissioners of Weld County,
Colorado, approved an Improvements Agreement According to Policy Regarding Collateral for
Improvements (Private Road Maintenance) for BDH & R Investment Company, do William Meiers,
Jr., between the County of Weld, State of Colorado, by and through the Board of County
Commissioners of Weld County, with terms and conditions being as stated in said agreement, and
accepted Irrevocable Standby Letter of Credit#00410485, drawn on Bank One, NA, One Bank One
Plaza, Mail Code IL 1-0236, Chicago, Illinois 60670, in the amount of $550,000.00, 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) for BDH & R Investment
Company, do William Meiers, Jr., 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 the Irrevocable Standby Letter of Credit #00410485, drawn on Bank One,
NA, in the amount of $550,000.00 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.
111111111111111111 III IIIIII 111111111111 III 11111 IIII 1111
3636537 07/15/2009 12:11P Weld County, CO 2009-1513
1 of 2 R 0.00 D 0.00 Steve Moreno Clerk & Recorder PL1737
6''T .ZC' (Cel
CANCEL COLLATERAL - BDH & R INVESTMENT COMPANY
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: l 4/4
Weld County Clerk to the B
County Attorney
Date of signature'
111111111111111111 III 11111 11111 11111 III 11111 31 II111
3636537 07/15/2009 12:11P Weld County, CO
2 of 2 R 0.00 D 0.00 Steve Moreno Clerk & Recorder
BOARD OF COUNTY COMMISSIONERS
WEL@ tULORADO
2009-1513
PL1737
(tom
COLORADO
MEMORANDUM
TO:
DATE: June 24, 2009
FROM: Kim Ogle, Planning Services
APPROVED BY: Thomas E. Honn, AICP, Director of Planning Services
Board of County Commissioners
SUBJECT: Site Plan Review # 372
Full Release of Collateral
do William Meier, Owner
t
WELD COUNTY
COMMISSIONERS
1OTI JUN 24 P 2: 48
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 also inspected the site on May 5, 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 BDH&R dba Saturn Suzuki Auto
Dealership, located on Lots 8 through 12, Block 4 of the 2nd Corrected Plat for Vista Commercial
Center Filing II; Part of the N2 Section 8, Township 2 North, Range 68 West of the 6th P.M. Weld
County, CO with a situs address of 1415 Vista view Drive, Longmont, CO 80504 guaranteed by
Letter of Credit #00410485 from Bank One be released.
PC: R. Hastings, PW
D. Carroll, PW
S. Arries, CA
File: SPR-372
2009-1513
WEiMrni
wc
COLORADO
MEMORANDUM
TO: Kim Ogle, Planning Services
DATE: 6/24/2009
FROM: Richard Hastings, Public Works Department
SUBJECT: Collateral List Update:
B, D, H & R Investment Company
(PL1737 #2004-2326)
Release of Collateral Status
• All Public Works related items have been completed and are found to be acceptable.
Weld County Collateral List:
B, D, H & R Investment Company (PL1737 #2004-2326)
Imps. Agrmt (Private) Letter of Credit
#00410485. Bank One.
Expiration 7/15/05; no renewal clause
$550,000.00
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 (BD H R)-MEMO.doc
;17:
COLORADO
July 1, 2009
BDH & R INVESTMENT COMPANY
CIO WILLIAM MEIERS, JR.
7590 SOUTH BROADWAY
LITTLETON, COLORADO 80122
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 for BDH & R Investment Company
Mr. Meiers:
On June 29, 2009, the Board of County Commissioners approved the cancellation and release
of collateral for BDH & R Investment Company, in the amount of $550,000.00, 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 Standby Letter of Credit for $550,000.00, has been returned
to Bank One, NA.
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: A/MX , (�/ ��/[�' /
onna J. Be er
Deputy Clerk to the Board
a°,47
COLORADO
July 1, 2009
BANK ONE, NA
GLOBAL TRADE SERVICES
ONE BANK ONE PLAZA
MAIL CODE IL1-0236
CHICAGO, ILLINOIS 60670
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 — BDH & R Investment Company
To Whom It May Concern:
Attached hereto please find the Board of County Commissioners Resolution releasing the
collateral for BDH & R Investment Company, in the amount of $550,000.00, and the original
Irrevocable Standby Letter of Credit #00410485 issued by Bank One, NA, in the amount of
$550,000.00.
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;
Donna J. Be
Deputy Clerk to the Board
BANK=ONE® orC
ot4 b� el,
o ea Off°
tai e'?c'' ` S �9
G°o; ick G sARREVOCABLL STANDBY LETTER OF CREDIT NO. 00410485
�ecti9
Co°
BENEFICIARY:
COUNTY OF WELD
STATE OF COLORADO
1555 N. 17TH AVENUE
GREELEY, CO 80631
GENTLEMEN:
BY THE ORDER OF:
APPLICANT:
BDH&R INVESTMENT COMPANY
7590 S. BROADWAY
LITTLETON, CO 80122
Bank One, NA
Global Trade Services
One Bank One Plaza
Mail Code IL1-0236
Chicago, IL 60670
Tel: (800) 634-1969 Fax: (312) 954-0203
SWIFT: FNBCUS44
Telex: ITT4330253 FNBCUI
DATE: JULY 23, 2004
DRAFTS DRAWN MUST BE MARKED
WITH OUR LETTER OF CREDIT NO. 00410485
OPENER'S REFERENCE NO. 00410485
WE HEREBY ISSUE IN YOUR FAVOR OUR IRREVOCABLE STANDBY LETTER OF CREDIT NO:
00410485 FOR THE ACCOUNT OF BDH&R INVESTMENT COMPANY FOR AN AMOUNT OR AMOUNTS
NOT TO EXCEED IN THE AGGREGATE U.S. $550,000.00 (FIVE HUNDRED FIFTY THOUSAND AND
00/100 U.S. DOLLARS) AVAILABLE BY YOUR DRAFT AT SIGHT ON BANK ONE, NA, CHICAGO, IL
EFFECTIVE JULY 23, 2004 AND EXPIRING AT OUR OFFICE ON JULY 15, 2005.
FUNDS UNDER THIS CREDIT ARE AVAILABLE AGAINST YOUR DRAFT AS HEREIN ABOVE SET
FORTH MARKED "DRAWN UNDER BANK ONE, NA LETTER OF CREDIT NO. 00410485" AND
ACCOMPANIED BY THE FOLLOWING:
BENEFICIARY'S SIGNED AND DATED STATEMENT STATING THAT: "DEVELOPER HAS NOT
PERFORMED THE OBLIGATIONS SPECIFIED IN THE IMPROVEMENTS AGREEMENT BETWEEN THE
COUNTY OF WELD AND BDH&R INVESTMENT COMPANY, AND THE ISSUER HAS BEEN NOTIFIED."
PARTIAL AND MULTIPLE DRAWINGS ARE NOT PERMITTED.
DEMANDS PRESENTED BY TELEFACSIMILE ("FAX") TO FAX NUMBER 312-954-0203, OR
ALTERNATELY TO FAX NUMBER 312-954-2457 ARE ACCEPTABLE, UNDER TELEPHONE PRE -ADVICE
TO 312-954-1910, OR ALTERNATELY TO 312-954-5603; PROVIDED THAT THE ORIGINAL DRAFT,
STATEMENT AND LETTER OF CREDIT SHALL BE SIMULTANEOUSLY FORWARDED BY OVERNIGHT
COURIER SERVICE TO OUR OFFICE AT 300 S. RIVERSIDE PLAZA, 7TH FLOOR, MAIL CODE IL1-0236,
STANDBY LETTER OF CREDIT UNIT, CHICAGO, IL 60606-0236; PROVIDED FURTHER THAT THE
FAILURE OF THE COURIER SERVICE TO TIMELY DELIVER SHALL NOT AFFECT THE EFFICACY OF
THE DEMAND.
THE DOCUMENT(S) REQUIRED MUST BE RECEIVED BY FAX ON OR BEFORE THE EXPIRY DATE ON
THIS INSTRUMENT IN ACCORDANCE WITH THE TERMS AND CONDITIONS OF THIS LETTER OF
CREDIT.
ALL BANKING CHARGES OTHER THAN THE ISSUER'S ARE FOR THE BENEFICIARY.
Page 1 of 2
BANK -ONE.
Bank One, NA
Global Trade Services
One Bank One Plaza
Mail Code IL1-0236
Chicago, IL 60670
Tel: (800) 634-1969 Fax: (312) 954-0203
SWIFT: FNBCUS44
Telex: 1TT4330253 FNBCUI.
OUR LETTER OF CREDIT NO. 00410485 DATE: JULY 23, 2004
WE ENGAGE WITH YOU THAT DRAFTS DRAWN UNDER AND IN CONFORMITY WITH THE TERMS
AND CONDITIONS OF THIS CREDIT WILL BE DULY HONORED ON PRESENTATION IF PRESENTED
ON OR BEFORE THE EXPIRATION AT OUR COUNTERS AT 300 SOUTH RIVERSIDE PLAZA, 7TH FLOOR,
MAIL CODE IL1-0236, ATTN: STANDBY LETTER OF CREDIT UNIT, CHICAGO, IL 60606-0236. THE
ORIGINAL LETTER OF CREDIT MUST ACCOMPANY THE DOCUMENTS REQUIRED UNDER THIS
CREDIT FOR ENDORSEMENT.
THIS CREDIT IS SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY
CREDITS (1993 REVISION), INTERNATIONAL CHAMBER OF COMMERCE - PUBLICATION 500.
PLEASE ADDRESS ALL CORRESPONDENCE REGARDING THIS LETTER OF CREDIT TO THE
ATTENTION OF OUR STANDBY LETTER OF CREDIT UNIT, TRADE SERVICE GROUP, MENTIONING
OUR LETTER OF CREDIT NUMBER AS IT APPEARS ABOVE.
VERY TRULY YOURS,
BANK ONE, NA
1
P PARE
12Q-RIZED SIGR
AUTHORIZED SIGN 3
Page 2 of 2
Hello