The URL can be used to link to this page

Browse Search

Home My WebLink About20091553.tiff597 RESOLUTION RE: APPROVE PARTIAL CANCELLATION AND RELEASE OF COLLATERAL FOR FINAL PLAN, MF #1053 - MARY F. CARLSON REVOCABLE LIVING TRUST AND GEORGE B. CARLSON REVOCABLE LIVING 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, by Resolution dated March 9, 2005, the Board approved the application of Mary F. Carlson Revocable Living Trust and George B. Carlson Revocable Living Trust, 7561 Kelty Trail, Franktown, Colorado 80116, for a nine (9) lot Minor Subdivision on the following described real estate, to wit: Lot B of Second Amended Recorded Exemption #1873; being part of the NE1/4 of Section 8, Township 7 North, Range 67 West of the 6th P.M., Weld County, Colorado, and WHEREAS, on June 1, 2005, 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 Mary F. Carlson Revocable Living Trust and George B. Carlson Revocable Living Trust, with terms and conditions being as stated in said agreement, and accepted Irrevocable Letter of Credit No. 299, drawn on the New Frontier Bank, in the amount of $137,730.75, and WHEREAS, staff from the Weld County Departments of Public Works and Planning Services have conducted a visual inspection and recommend partial release of said collateral in the amount of $110,316.75, and retaining $27,414.00. WHEREAS, the Board has been presented with replacement collateral in the form of a personal check, #1021, from George B. Carlson Revocable Trust, for $27,414.00. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, Colorado, that the Irrevocable Letter of Credit No. 299, drawn on the New Frontier Bank, in the amount of $137,730.75 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 notify "FDIC as Receiver for New Frontier Bank" at 2425 35th Avenue, Greeley, Colorado 80634, of said cancellation and release. 11111111111111111 IIII 111111 O Unpin 11111 IIII till 3638597 07/27/2009 02:22P Weld County, CO 1 of 2 R 0.00 D 0.00 Steve Moreno Clerk & Recorder 2009-1553 PL1724 LC FL 1 ', Ape 07131 ec 1 CANCEL COLLATERAL - MARY F. CARLSON REVOCABLE LIVING TRUST AND GEORGE B. CARLSON REVOCABLE LIVING TRUST PAGE 2 The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 6th day of July, A.D., 2009. BOARD OF COUNTY COMMISSIONERS WELD COAINTYci OLORADO ATTEST: 467) Weld County Clerk to the Boa BY. De puty - erk to the Board ASTs ounty Attorney APP Date of signature m F. Garcia, la "a.emac EXCUSED David E. Long 1 11111111111 111111 1111 111111 1111 1111111 III 11111 1111 Pill 3638597 07/27/2009 02:22P Weld County, CO 2 of 2 R 0.00 D 0.00 Steve Moreno Clerk & Recorder hair er, Pro-Tem 2009-1553 PL1724 WU‘eer. Dc COLORADO MEMORANDU ;E jscS FRS TO: Board of County Commissioners DATE: June 29, 2009 FROM: Kim Ogle, Planning Services APPROVED BY: Thomas E. Honn, AICP, Director of Planning Services NV JUN 2S A 10 10 fiV ED SUBJECT: Release of Irrevocable Letter of Credit #299 New Frontier Bank Case number MF-1053 Mary F and George B Carlson Irrevocable Living Trust, Applicants 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 Department of Public Works is recommending partial release of collateral, in the amount of $110,316.75 from the $137,730.75. New collateral in the amount of $27,414.00 has been posted by Bert Carlson via a personal check. Items covered include the fifteen percent retention of monies for the one-year warranty period. The Weld County Attorney, the Department of Public Works and the Department of Planning Services, have determined that the cash amount will be sufficient to complete the warranty work required for Prairie Ridge Estates PUD, and the Departments of Planning Services and Public Works recommend acceptance of this cash deposit. PC: R. Hastings, PW D. Carroll, PW S. Arries, CA File: MF-1053 2009-1553 iett wIDc. COLORADO MEMORANDUM TO: Kim Ogle, Planning Services DATE: 6/24/2009 FROM: Richard Hastings, Public Works Department SUBJECT: Collateral List Update: Carlson, Mary F and George B (PL1724 #2005-1612) MF#1053-Prairie Ridge Estates Release of Collateral Status • On -site Public Works related items have been completed and are found to be acceptable. • Off -site proportional share collateral for road stabilization of WCR 84 from WCR's 15 to 17 to be retained till 3/22/2010 as per requirements of Doc. # 2008-1319. Weld County Collateral List: Carlson, Mary F and George B Irrevocable Living Trust (PL1724 #2005-1612) MF#1053. Private Road Imps Agrmt. Irrevocable Letter of Credit #299, New Frontier Bank, Expires 4/14/06, with 60 days notice required $137,730.75 Recommendation: The Department of Public Works is recommending partial release of collateral, in the amount of $110,316.75 from the $137,730.75, as shown above from the Weld County Collateral List. New collateral in the amount of $27,414.00 has been posted by Bert Carlson via a personal check. After approval by the Board of County Commissioners, this collateral will be kept till 3/22/2010, at which time obligations for Doc. # 2008-1319 terminate. C:\Documents and Settings\kogle\Local Settings\Temporary Internet Files \OLK5\Collateral List update (Carlson -Prairie Ridge-MF-1053)-MEMO.doc GEORGE B-CARLSON REVOCABLE TRUST MARY F CARLSON TTE GEORGE B CARLSON TTE 7561 KELTYTRL. FRANKTOWN, CO 80116-9544 Pay to the Order of Wells Fat oBank NA Colorado w<Bsfirgocmn Date 1021 23-7/10201684 rs 6834013788 L'J 6 For �%aGGrC-/7 / 9/ N'ICC% �/ � 2: %; MOTES 0 <n O- ` L.; CV U=; CO J rU c_O Uf_inC) U LA OS Yy±0o I- CO U ZO . Dr -O co co U C• c Cr: :0 �J C7 L4J 3 RECEIPT /y DATE QQ Na 190761 RECEIVED FROM �'�- i'(y I&kfl �4J ADDRESS Satn ati Sif,4 n4 , 247 Cida,,,t.* 7 `air $ a7,'1i4 Kt twaint esAgte,Ae /niF-io53J FOR ACCOUNT HOW PAID AMT. OF ACCOUNT CASH AMT. PAID CHECK k?? qty - BALANCE DUE MONEY ORDER #1Oa/ BY :x';2001 wear : BLB0R CLERK TO THE BOARD PHONE (970) 336-7215, Ext. 4225 FAX: (970) 352-0242 P. O. BOX 758 GREELEY, COLORADO 80632 COLORADO July 16, 2009 Mary F. Carlson Revocable Living Trust and George B. Carlson Revocable Living Trust 7561 Kelty Trail Franktown, Colorado 80116 RE: Cancellation and release of Collateral for Mary F. Carlson Revocable Living Trust and George B. Carlson Revocable Living Trust To Whom it May Concern: On July 6, 2009, the Board of County Commissioners approved the cancellation and release of Collateral, in the amount of $137,730.75 as referenced above, and accepted replacement collateral in the form of a personal check for $27,414.00. 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. 299 has been returned to FDIC as Receiver for New Frontier Bank. 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: %/II et. /";.1,F_ed/et Donna J. Beefiler Deputy Clerk to the Board f‘&t COLORADO July 16, 2009 CLERK TO THE BOARD PHONE (970) 336-7215, Ext. 4225 FAX: (970) 352-0242 P. O. BOX 758 GREELEY, COLORADO 80632 FDCI as Receiver For New Frontier Bank 2425 35TH Avenue Greeley, Colorado 80634 RE: Cancellation and release of Collateral — Mary F. Carlson Revocable Living Trust and George B. Carlson Revocable Living Trust To Whom It May Concern: Attached hereto please find the Board of County Commissioners Resolution releasing the Collateral for Mary F. Carlson Revocable Living Trust and George B. Carlson Revocable Living Trust, in the amount of $137,730.75, and the original Irrevocable Letter of Credit No. 299, issued by New Frontier Bank, in the amount of $137,730.75. 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 Donna J. Bedhler, Deputy Clerk to the Board a tia `°\1 eti o t tiye �0 ea yo, e' y9 iced 4 ` ea. 0 �o ,ce 0 April 14, 2005 NEW FRONTIER BANK IRREVOCBLE LETTER OF CREDIT NO. 299 Board of County Commissioners ATTN: Clerk to the Board P.O. Box 758 Greeley, Co. 80634 RE: GEORGE B. CARLSON AND MARY F. CARLSON PRAIRIE RIDGE ESTATES To Whom it May Concern: We hereby open our In -evocable Letter of Credit in your favor for the account of George B. Carlson and Mary F. Carlson, 7561 Kelty Trail, Franktown, Co. 80116, for a sum not to exceed the aggregate of One Hundred Thirty Seven Thousand, Seven Hundred Thirty Dollars and 75/100's ($137,730.75) Each draft so drawn must be marked "Drawn under NEW FRONTIER BANK, 2425 35 r" Avenue, Greeley, Co. 80634, Letter of Credit No. 299 and be accompanied by a "signed statement from the Board of County Commissioners of Weld County, Colorado stating the Developer has committed a material breach of the Improvements Agreement According to Policy Regarding collateral for Improvements regarding PRAIRIE RIDGE ESTATES dated the 2l" day of March, 2005 by and between George B. Carlson and Mary F. Carlson 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, 1983 Revision, The International Chamber of Commerce Publication No. 400. 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, NEW FRONTIER BANK, 2425 35th Avenue, Greeley, Co. This letter of credit will expire on April 14, 2006 at 4:00 P.M. 2425 35th Avenue • Greeley, Colorado 80634 • 970-339-5100 • Fax 970-339-5200 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 date NEW FRONTIER BANK 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 NEW FRONTIER BANK, (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 NEW FRONTIER BANK the Letter of Credit No. 299 will not be renewed and that George B. Carlson and Mary F. Carlson has failed to provide proof of adequate collateral and substitution of this Letter of Credit No. 299; (c) copy of letter from NEW FRONTIER BANK stating non -renewal of Letter of Credit No. 299 and the original letter of credit. Yours truly, Greg Bell Sr. Vice President Hello