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Home My WebLink About20092094.tiff049 RESOLUTION RE: APPROVE CANCELLATION AND RELEASE OF COLLATERAL FOR PLANNED UNIT DEVELOPMENT FINAL PLAN, PF #1129 - THE HOME RANCH, LLC WHEREAS, the Board of County Commissioners of Weld County, Colorado, pursuant to Colorado statute and the Weld County Home Rule Charter, is vested with the authority of administering the affairs of Weld County, Colorado, and WHEREAS, by Resolution dated May 14, 2008, the Board approved the application of The Home Ranch, LLC, do Christopher Serbousek, 7471 County Road 74, Windsor, Colorado 80550, for eight (8) residential lots with E (Estate) Zone uses, along with 7.071 acres of open space, for a parcel of land located on the following described real estate, to wit: Lots A and B of Recorded Exemption #4545; being part of the E1/2 SW1/4 of Section 32, Township 7 North, Range 67 West of the 6th P.M., Weld County, Colorado, and WHEREAS, on July 16, 2008, 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 The Home Ranch, LLC, do Christopher Serbousek, with terms and conditions being as stated in said agreement, and accepted Irrevocable Letter of Credit #07-0020, drawn on Mile High Banks, 2950 North Garfield Avenue, Loveland, Colorado 80538, in the amount of $332,651.52, and WHEREAS, on September 15, 2008, the Board released the original Irrevocable Letter of Credit No. 07-0020, in the amount of $332,651.52, and accepted replacement Irrevocable Letter of Credit No. 07-0020A, drawn on Mile High Banks, in the amount of $69,807.15, and WHEREAS, staff from the Weld County Departments of Planning Services and Public Works 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 Letter of Credit #07-0020A, drawn on Mile High Banks, in the amount of $69,807.15 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. III HIRE III 1111111111111 3645049 08/26/2009 02:21P Weld County, CO 1 of 2 R 0.00 0 0.00 Steve Moreno Clerk & Recorder 2009-2094 CC : /'Z, /`7A.: 4' PL1920 ,(O-„, '/ CANCEL COLLATERAL - THE HOME RANCH, LLC PAGE 2 The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 17th day of August, A.D., 2009. ARD OF COUNTY COMMISSIONERS Y, COLORADO ATTEST: Weld County Clerk to the Board BY: _ Dep Sear, P. Conway / AP-PROVE6 AS ra Kirkmeye ounty Attorney David E. Long Date of signature. 1111111 11111 IIIIII IIII 11111111111111111 III 11111 1111IIII 3645049 08/26/2009 02:21P Weld County, CO 2 of 2 R 0.00 0 0.00 Steve Moreno Clerk & Recorder 2009-2094 PL1920 MEMORANDUM COLORADO TO: Board of County Commissioners 8/10/2009 FROM: Chris Gathman - Planner III C • SUBJECT: Partial Release of Collateral for PF-1129 (Home Ranch PUD) On July 16, 2008 the Board of County Commissioners accepted collateral in the form of a Irrevocable Letter of Credit (07-0020) in the amount of ($332,651.52) for PF-1129 (Home Ranch PUD). On September 15, 2008, the Board of County Commissioners accepted partial release of this collateral in the amount of ($262,844.37). The applicant submitted a replacement letter of credit (07-0020A) in the amount of ($69,807.15) to cover remaining road and drainage improvements along with landscaping. The Department of Public Works and Planning Services have verified that remaining improvements have been completed and recommends that remaining collateral in the amount of $69,807.15 be released. SERVICE, TEAMWORK, INTEGRITY, QUALITY 2009-2094 Chris Gathman From: Sent: To: CHRIS KRISTIN SERBOUSEK [serbousekhomes@msn.com] Tuesday, July 21, 2009 4:18 PM Chris Gathman Chris, I am requesting the release of collateral for The Home Ranch LLC. The reference number is PF1129, the Letter of Credit number is 07-0020A in the amount of $69,807.15. I am requesting the release be considered as soon as possible as all of the work has been completed to county standards and remains in excellent condition. I need to refinance the project by August 28th 2009. The one year anniversary is on September 15th 2009. We have an 18 day overlap. I hope that everyone understands the current state of financing and I would greatly appreciate any cooperation that I could receive from the county in trying to make these two dates match up. Please feel free to call me with any questions or if I can help this process along in any way. Thank you, Chris Serbousek Owner / Managing Member The Home Ranch LLC 7471 WCR 74 Windsor, Co 80550 303-419-66781 1 Chris Gathman From: Sent: To: Cc: Subject: Attachments: a RE: The Home Ranch-PF-1129 Chris, Don Dunker Thursday, August 06, 2009 4:21 PM Chris Gathman Don Dunker; David Bauer; Richard Hastings; Nick Marquez FW: The Home Ranch-PF-1129 RE: The Home Ranch-PF-1129 Public Works will recommend to the Board of County Commissioners to have the final 1-yr warranty collateral released in the amount of $69,807.15 for The Home Ranch PF-1129. See the attached email from Nick indicating the Subdivision was inspected and is in satisfactory condition. (the) Home Ranch, LLC, c/o Christopher Serbousek (PL1920 #2008-1986) Imps Agrmt (Public Road) PF #1129 - Irrevocable Letter of Credit #07-0020 from Mile High Banks. $332,651.52 Expires 07/11/09 w/ Auto Renewal unless 60 days notice Received Replacement Letter of Credit 09/15/08 (2008-2496) Expires 07/11/09 w/Auto Renewal $69,807.15 Thanks, Don Dunker, P.E. Weld County Public Works Chris Gathman From: Sent: To: Subject: Nick Marquez Tuesday, July 28, 2009 6:04 AM Don Dunker RE: The Home Ranch-PF-1129 Don, I inspected the site on Friday and everything appears to be in satisfactory condition. Nick Original Message From: Don Dunker Sent: Friday, July 24, 2009 2:03 PM To: Chris Gathman Cc: Nick Marquez; Donald Carroll; David Bauer; Don Dunker Subject: RE: The Home Ranch-PF-1129 Chris, Public Works is okay with the release of this 1-yr warranty collateral a bit early, provided the site inspection indicates no issues. Thanks, Don Dunker, P.E. Weld County Public Works Original Message From: Chris Gathman Sent: Tuesday, July 21, 2009 4:37 PM To: Don Dunker Cc: Richard Hastings Subject: FW: Don, I am running this by you because you were involved with this case (see e-mail below). I spoke with Chris on this earlier this afternoon. I did mention to him that the last collateral acceptance was September 15th, 2008 (the beginning of the 1 -year warranty period). He did not mention his 8/28 refinancing request on the phone. Sincerely, Chris Gathman Planner III Weld County Department of Planning Services 918 10th Street, Greeley, CO. 80634 Ph: (970)353-6100 ext. 3537 Fax: (970)304-6498 Original Message From: CHRIS KRISTIN SERBOUSEK [mailto:serbousekhomes@msn.com] Sent: Tuesday, July 21, 2009 4:18 PM To: Chris Gathman Subject: Chris, I am requesting the release of collateral for The Home Ranch LLC. The reference number is PF1129, the Letter of Credit number is 07-0020A in the amount of $69,807.15. I am 1 CLERK TO THE BOARD PHONE (970) 336-7215, Ext. 4225 FAX: (970) 352-0242 P. O. BOX 758 GREELEY, COLORADO 80632 COLORADO August 18, 2009 THE HOME RANCH, LLC C/O CHRISTOPHER SERBOUSEK 7471 COUNTY ROAD 74 WINDSOR, COLORADO 80550 RE: Cancellation and release of Collateral for The Home Ranch, LLC, do Christopher Serbousek Mr. Serbousek: On August 17, 2009, the Board of County Commissioners approved the cancellation and release of collateral for The Home Ranch, LLC, in the amount of $69,807.15, 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 No. 07-0020A for $69,807.15 has been returned to Mile High Banks. 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 % !41 ll-A r` /Mt, Donna J. Be ler Deputy Clerk to the Board VIIDe COLORADO August 18, 2009 MILE HIGH BANKS ATTN: TIM MERKLE 2950 NORTH GARFIELD AVENUE LOVELAND, COLORADO 80538 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 — The Home Ranch, LLC, c/o Christopher Serbousek Mr. Merkle: Attached hereto please find the Board of County Commissioners Resolution releasing the collateral for The Home Ranch, LLC, c/o Christopher Serbousek, in the amount of $69,807.15, and the original Replacement Irrevocable Letter of Credit No. 07-0020A, issued by Mile High Banks, in the amount of $69,807.15. 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 onna J. Bect*ier, Deputy Clerk to the Board MILE HIGH BANKS IRREVOCABLE LETTER OF CREDIT NO. 07-0020A Date: September 10, 2008 Board of County Commissioners ATTN: Clerk to the Board P.O. Box 758 Greeley, CO 80632 RE: The Home Ranch, LLC Dear: the 4)Q4. - We hereby open our Irrevocable Letter of Credit in your favor for the accountof The Home Ranch, LLC, 7471 Weld County Road 74, Windsor, CO 80550, for a sum not to exceed the aggregate of $69,807.15 (Sixty-nine Thousand Eight Hundred Seven Dollars and fifteen cents). Each draft so drawn must be marked "Drawn underMILE HIGH BANKS, 2950 North Garfield Avenue, Loveland, CO 80538, Letter of Credit No. 07-0020A" and be accompanied by a signed statement from the Board of County Commissioners of Weld County, Colorado statingthat "The Home Ranch, LLC has committed a material breach of the Improvements Agreement According to Policy RegardingCollateral for Improvements regarding Public Road Maintenance and Private Road Maintenance dated the 28th day of May, 2008, by and between The Home Ranch, LLC and the Board of County Commissioners of the County of Weld." This credit is subject, so far as applicable, to "The Uniform Customs and Practice for Documentary Credits, 1993 Revision, The International Chamber of Commerce Publication No. 500." We hereby agree with you that all drafts drawn under and in compliance with the terms of this credit will be duly honored and presented for payment to our main office,MILE HIGH BANKS, (Address). This letter of credit will expire on July 11, 2009 at 5:00 P.M. This letter of credit is automatically extended without amendment, for additional one year periods from the current expiration or any future expiration date unless 60 days prior to such current expiration dateMILE HIGH BANKS 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 onMILE HIGH BANKS; (b) a statement purportedly signed by an official of the Board of CountyCommissioners of Weld County, Colorado stating that we have received notice from MILE HIGH BANKS the Letter of Credit No. 07-0020A will not be renewed and that The Home Ranch, LLC has failed to provide proof of adequate collateral and substitution of this Letter of Credit No. 07-0020A; c) copy of letter from MILE HIGH BANKS stating non -renewal of Letter of Credit No. 07-0020A a • e or' etter of credit. You s , 4111 Merkle Branch President Mile High Banks - Loveland Branch M:\W PFILES\FORM\LTRCREDIT.DB Loveland • 2950 North Garfield Avenue • Loveland, Colorado 80538 • 970.669.6424 • 970.669,8144 fax • www.mllehighbanks.cc MILE HIGH BANKS September 10, 2008 Board of County Commissioners ATTN: Clerk to the Board P.O. Box 758 Greeley, CO 80632 RE: The Home Ranch, LLC Letter of Credit #07-0020A To Whom It May Concern: Please find enclosed the replacement Letter of Credit #07-0020A for the Home Ranch PUD. Upon receipt of this letter we would request that you sign the Beneficiary Acceptance form and return along with the previous Letter of Credit #07-0020 dated July 11, 2008 in the amount of $332,651.52. We will need the documents signed and returned no later than September 17, 2008. Should you have any questions please contact me at (970) 669-6424. Sincerely, Melissa Geddis Loan Administrator Mile High Banks Loveland • 2950 North Garfield Avenue • Loveland, Colorado 80538 • 970.669.6424 • 970.669.8144 fax • www.milehighbaniks.cc Hello