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Home My WebLink About20092474.tiff858 RESOLUTION RE: APPROVE PARTIAL CANCELLATION AND RELEASE OF COLLATERAL FOR MINOR SUBDIVISION FINAL PLAN, MF #1081 - GOLD STONE CENTER, LLC, C/O WALTER HUANG 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 September 20, 2006, the Board approved the application of Gold Stone Center, LLC, do Walter Huang, 1714 Topaz Drive, Suite 240, Loveland, Colorado 80537, for nine (9) residential lots and two (2) open space tracts in the E (Estate) Zone District on the following described real estate, to wit: N1/2 NW1/4 of Section 16, Township 8 North, Range 66 West of the 6th P.M., Weld County, Colorado, and WHEREAS, on April 11, 2007, 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 Gold Stone Center, LLC, c/o Walter Huang, with terms and conditions being as stated in said agreement, and accepted Irrevocable Letter of Credit No. 86465, drawn on Advantage Bank, 1475 North Denver Avenue, Loveland, Colorado 80538, in the amount of $157,517.15, and WHEREAS, on January 14, 2008, the Board partially released said collateral, in the amount of $110,257.75, retaining $47,259.43, and approved replacement collateral in the form of Irrevocable Letter of Credit No. 86465, drawn on Advantage Bank, 4532 McMurry Avenue, Suite 100, Fort Collins, Colorado 80525, in the amount of $47,259.43, which was replaced on August 11, 2008, with Irrevocable Letter of Credit No. 2540316/300, drawn on Larimer Bank of Commerce, 1432 East Mulberry, Unit B, Fort Collins, Colorado 80524, and WHEREAS, staff from the Weld County Departments of Planning Services and Public Works have conducted a visual inspection and recommend partial release of said collateral, in the amount of $40,170.52. WHEREAS, the Board has been presented with replacement Letter of Credit No. 3002540301, drawn on Larimer Bank of Commerce, 1432 East Mulberry, Unit B, Fort Collins, Colorado 80524, the amount of $7,089.00, which shall be retained for 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 No. 2540316/300, drawn on Larimer Bank of Commerce, in the amount of $47,259.43 be, and hereby is, canceled and released, and the replacement Irrevocable Letter of Credit, in the amount of $7,089.00 be accepted. 111111111111111111111111111111111111111 I I 111111 I I I I I B 3653858 10/13/2009 12:18P Weld County, Co 1 of 2 R 0.00 0 0.00 Steve Moreno Clerk & Recorder 2009-2474 PL1810 CANCEL COLLATERAL - GOLD STONE CENTER, LLC, CIO WALTER HUANG PAGE 2 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. The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 16th day of September, A.D., 2009. ATTEST: .4erkg Weld County Clerk to the B Depute•,Clerk t the Board APPROVED'S TO FORM' my Atto ney Date of signature Ci II -7/o' 111111111111111111 11111 IIII 111111111111 III 11111 IIII IIII 3653858 10/13/2009 12:18P Weld County, CO 2 of 2 R 0.00 D 0.00 Steve Moreno Clerk & Recorder BOARD OF WUNTY COMMISSIONERS WELD Old . COLORADO Sean P. Conway EXCUSED BacaKirkmpyer Davidt. Long 2009-2474 PL1810 ars, WilC. COLORADO Memorandum TO: Clerk to the Board Office Board of County Commissioners DATE: September 10, 2009 FROM: Brad Mueller Department of Planning Services RE: Partial release of Collateral MF-1081 (Gold Stone Creek) The Department of Planning Services has received a request from Walter Huang for partial release of collateral for Gold Stone Creek PUD (File No. MF-1081) in the amount of $40,170.52. This request is being made after completion of all of the on -site improvements for the subdivision. A remaining amount equal to 15% will be held as one-year warranty collateral. Please see the attached. Planning Services and Public Works have reviewed this request and support this partial release. A replacement Letter of Credit from the Larimer Bank of Commerce, dated September 9, 2009, in the amount of $7,089.00 has been submitted and is attached. Please schedule this release and replacement with the Board of County Commissioners for consideration at their earliest convenience. 2009-2474 Kim Ogle From: Don Dunker Sent: Tuesday, September 01, 2009 10:27 AM To: Brad Mueller Cc: Kim Ogle; Donald Carroll; David Bauer; Don Dunker Subject: FW: Gold Stone Creek MF-1081 Partial Release/ 1 -Year Warranty Attachments: Gold Stone Creek MF-1081 Partial Release/ 1 -Year Warranty Brad, Public Works will recommend to the Board of County Commissioners to released 85% of the collateral being held for Gold Stone Creek PUD PF-1081 and replacement collateral of 15% be held for the 1 -year warranty period. Please see the attached memo from Rich Hastings for more information. The Planning Department will need to determine if enough collateral is being required for the 1 -year warranty period for their items. Let me know if you have any questions. Gold Stone Center, LLC c/o Walter Huang(PL1810, #2007-1021) MF #1081, Private Road Maintenance and Imps. Agrmt. Irrevocable Letter of Credit #86465 - Advantage Bank Expires 03/27/08, with auto renewal unless 60 days notice Received Replacement Letter of Credit 01/14/08 (2008-0212) Expires Nov 17, 2008 w/Auto Renewal Letter of Credit from Advantage Bank replaced by Letter Of Credit from Larimer Bank of Commerce 08/20/08 Expires 8/11/09 Letter of Credit - $47,259.43 Released amount (85%) - $40,170.52 Replacement one year warranty collateral (15%) - $7,088.91 Thanks, Don Dunker, PE Weld County Public Works $157,517.15 $47,259.43 1 clit;„ WE�'Yc. COLOR I➢O MEMORANDUM TO: Don Dunker, Public Works Department DATE: 31 -August -2009 FROM: Richard Hastings, Public Works Department SUBJECT: MF-1081 Gold Stone Creek PUD (Final Plat) Partial Collateral Release Weld County Public Works Department has reviewed final plan materials submitted to our office and has the following development referral comments. Comments ❑ The Public Works Department has received a request from the applicant, Mr. Walter Huang, Gold Stone Center, LLC, requesting a release of partial collateral for improvements pertaining to MF-1081 Gold Stone Creek Planned Unit Development in a letter dated August 24th, 2009. I have observed and noted this project; with the assistance of the inspection staff and feel the work completed to date is acceptable. ❑ Public Works has reviewed the letter of request and feels that the request is in line with the work completed. Weld County has obtained an Irrevocable Letter of Credit from Larimer Bank of Commerce, for the above mentioned development, in the amount of $47,259.43. The amount of money to be released, as of this date, comes to a total of $40,170.52. A collateral balance of $7,088.91 will be due and held for the one year warranty period. ❑ The applicant has entered into Private Road Maintenance agreement with Weld County. Recommendation ❑ Public Works agrees with this request and all relevant supporting documentation has been received and is on file in Public Works. The above comments are Resolution requirements relevant to the development. ❑ Any non -Public Works -related items should be verified by Planning Services prior to collateral release. ' PC: MF-108 I Gold Stone Creek Pt JD (Final Plat) Email & Original: Engineer: Don Dunker C:\Documents and Settings\kogle\Local Settings\Temporary Internet Files\Content.Outlook\NUIE6KGO\MF-1081 Gold Stone Creek I -year Warranty Memo.docxPage I of I C LARIMER BANK OF COMMERCE 1432 E. Mulberry, Unit B • FORT COLLINS, COLORADO 80524 • PHONE: 970.224.7200 • FAX: 970.224.7219 September 9, 2009 Board of County Commissioners ATTN: Clerk to the Board P.O. Box 758 Greeley, CO 80632 RE: Walter Huang Gold Stone Creek Minor Subdivision Dear Board of County Commissioners, We hereby open our Irrevocable Letter of Credit in your favor for the account of Walter Huang, 3324 Terrywood Drive, Fort Collins, CO 80524, for a sum not to exceed the aggregate of $7,089.00 (Seven Thousand Eighty Nine dollars and no/100). Each draft so drawn must be marked "Drawn under Larimer Bank of Commerce, 1432 E. Mulberry Street, Fort Collins, CO 80524, Letter of Credit No. 3002540301" and be accompanied by a signed statement from the Board of County Commissioners of Weld County, Colorado stating that Walter Huang has committed a material breach of the Improvements Agreement According to Policy Regarding collateral for Improvements regarding Gold Stone Creek Minor Subdivision, Dated August 11, 2008 by and between Walter Huang 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, Larimer Bank of Commerce, 1432 G Mulberry Street, Fort Collins, CO 80524. This letter of Credit will expire on September 9, 2010. This letter of credit is automatically extended without amendment for additional one year period(s) from the current expiration of any future expiration date unless 60 days prior to such current expiration date Larimer Bank of Commerce notifies beneficiaries in writing that the letter of credit will not be renewed. In the case you received such a notification, you may draw by presentation of the following: (a) a draft at sight on Larimer Bank of Commerce; (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 Larimer Bank of Commerce the Letter of Credit No. 3002540301 will not be renewed and the Walter Huang has failed to provide proof of adequate collateral and substitution of this Letter of Credit no, 3002540301; (c) copy of letter from Larimer Bank of Commerce, stating non -renewal of Letter of Credit No. 3002540301 and the original letter of credit. Sincerely, An. ew'nj3 Assistant Vice P Id Larimer Bank Commerce FDIC WWW.LARIMERBANK.COM W. LARIMERBANK.COM EQUAL Cr HOUSING LENDER Donna Bechler From: Sent: To: Cc: Subject: Jeff, Brad Mueller Friday, September 11, 2009 10:07 AM Jeff Schoonover Donna Bechler; Brad Mueller RE: Gold Stone subdivision replacement Letter of Credit I received the new LOC in my box today. The replacement one does not become "official" until accepted by the Board in a meeting, which I'm hoping can be on the agenda next Wed. It will be after that that we can release the old LOC. Thanks, Brad From: Jeff Schoonover [mailto:Jeff.Schoonover@lovelandbankofcommerce.com] Sent: Friday, September 11, 2009 8:14 AM To: Brad Mueller Subject: RE: Gold Stone subdivision replacement Letter of Credit 9-11-09 Brad: We have completed the transaction and reissued the new letter of credit in the amount $7,088.91. My understanding is that you currently have the new Letter of Credit in your possession. The bank needs the old letter of credit returned ASAP. The old letter of credit is no longer in force. If you have any questions, please feel free to give me a call. Jeff Schoonover Senior Vice President Larimer Bank of Commerce 1432 East Mulberry Unit B Fort Collins, Co 80524 970-224-7202 Jeff.schoonover(a�larimerbank.com From: Brad Mueller [mailto:bmueller@co.weld.co.us] Sent: Tuesday, September 08, 2009 8:14 AM To: Jeff Schoonover Cc: Brad Mueller Subject: Gold Stone subdivision replacement Letter of Credit Mr. Schoonover: Thank you for speaking with me last week concerning collateral held in conjunction with the Gold Stone PUD subdivision, c/o Walter Huang. Mr. Huang has requested partial release of the collateral, following successful completion of improvements on the site. A replacement warranty collateral is required equal to 15% of the total, to be held for one year by the County. Please provide a replacement Letter of Credit in the amount of $7,088.91. 1 Please send the replacement LOC to my attention. If you have questions or concerns, please do not hesitate to contact me. Brad Mueller, Planner Weld County Planning Services 918 10th Street Greeley, CO 80634 970-353-6100 x3572 This email message and any attachments are intended only for the use of the addressee(s) named above. This message may contain privileged and confidential information. If you are not the intended recipient, any review, dissemination, distribution, or copying is strictly prohibited. If you received this email message in error, please immediately delete it and notify the sender by replying to this email message or by telephone. 2 �1*1 COLORADO September 18, 2009 CLERK TO THE BOARD PHONE (970) 336-7215, Ext. 4225 FAX: (970) 352-0242 P. 0. BOX 758 GREELEY, COLORADO 80632 Attn: Jeff Schoonover Larimer Bank of Commerce 1432 East Mulberry, Unit B Fort Collins, Colorado 80524 RE: Partial Cancellation and release of Collateral — Gold Stone Creek Minor Subdivision, c/o Walter Huang Mr. Schoonover: Attached hereto please find the Board of County Commissioners Resolution partially releasing the collateral for Gold Stone Center, LLC, c/o Walter Huang, in the amount of $40,170.52, and the original Irrevocable Letter of Credit No.2540316/300 issued by Larimer Bank of Commerce, in the amount of $47,259.43 We have received a new Letter of Credit No. 3002540301 from you for the remaining $7,089.00. 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: s>,l€_ 4/1& Donna J. echler, Deputy Clerk to the Board September 18, 2009 CLERK TO THE BOARD PHONE (970)336-7215, Ext. 4225 FAX: (970) 352-0242 P. O. BOX 758 GREELEY, COLORADO 80632 Gold Stone Center, LLC c/o Walter Huang 1714 Topaz Drive, Suite 240 Loveland, Colorado 80537 RE: Partial Cancellation and release of Collateral for Gold Stone Center, LLC, c/o Walter Huang Mr. Huang: On September 16, 2009, the Board of County Commissioners approved the partial cancellation and release of collateral for Gold Stone Center, LLC, c/o Walter Huang, in the amount of $40,170.52 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 Letter of Credit for $47,259.43 has been returned to Larimer Bank of Commerce. 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. B€chler Deputy Clerk to the Board LARIMER BANK OF COMMERCE dc,AG By Doled col c� @mzs e� 6 e. dP s1• J. rd �? %t. �o�Z` k° l' cue o f , .i• 224.72f e9p . Oo fro OOH P. 9iI i.1, 6, �O Oy 1432 E. Mulberry, Unit B • FORT COLLINS, COLORADO 80524 • PHONE: 970.224.7200 • FA August 11, 2008 Board of County Commissioners ATTN: Clerk to the Board P.O. Box 758 Greeley, CO 80632 RE: Walter Huang Gold Stone Creek Minor Subdivision Dear Board of County Commissioners: We hereby open our Irrevocable Leter of Credit in your favor for the account of Walter Huang, 3324 Terrywood Dr., Fort Collins, CO 80524, for a sum not to exceed the aggregate of $47,259.43. (Forty Seven Thousand Two Hundred Fifty Nine and .43/100) Each draft so drawn must be marked "Drawn under Larimer Bank of Commerce, 1432 E Mulberry Street, Fort Collins, CO 80524, Letter of Credit No. 2540316/300 and be accompanied by a "signed statement from the Board of County Commissioners of Weld County, Colorado stating that Walter Huang has committed a material breach of the Improvements Agreement According to Policy Regarding collateral for Improvements regarding Gold Stone Creek Minor Subdivision, dated August 11, 2008 by and between Walter Huang 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, Larimer Bank of Commerce, 1432 E Mulberry Street, Fort Collins, CO 80524. This letter of credit will expire on August 11, 2009. 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 Larimer Bank of Commerce notifies beneficiaries in writing that the letter of credit will not be renewed. In the case you received such a notification, you may draw by presentation of the following: (a) a draft at sight on Larimer Bank of Commerce; (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 Larimer Bank of Commerce the Letter of Credit No. 2540316/300 will not be revewed and that Walter Huang has failed to provide proff of adequate collateral and substitution of this Letter of Credit No. 2540316/300; (c) copy of letter from Larimer Bank of Commerce, stating non -renewal of Letter of Credit No. 2540316/300 and the original letter of credit. Jeff Schoonover Senior Vice President Larimer Bank of Commerce FDIC WWW.LARIMERBANK.COM W. LARIMERBANK.COM EQUAL Cr HOUSING LENDER LARIMER BANK OF COMMERCE 1432 E. Mulberry, Unit B • FORT COLLINS, COLORADO 80524 • PHONE: 970.224.7200 • FAX: 970.224.7219 August 11, 2008 Dear Board of County Commissioners The following in evocable Letter of Credit is hereby replacing Advantage Bank Note No. 86465 for Walter Huang regarding Gold Stone Creek Minor Subdivision. If you have any question please contact Larimer Bank of Commerce. Sincerely, Kerry Schmidt Loan Processor FDIC WWW.LARIMERBANK.COM W. LARIMERBANK.COM EQUAL HOUSING LENDER R5c)iF 9pLiptc, Vfl tfl :m 1 t O-4O"I m_4a Z;oa 6;> 0 FS �ivmm - z H WHOM — a 2 rern oIi __1c w • c wmm> • O Crz J Z«i -4 U` or = D DC -;O n o OrIC 0 In raa a FIDz o c • -Ir-i n ono 0 • -ID in • r cv� F Z C Do 7. • a DOM ▪ 330 J3 0z3 0 • N ma 0 Ft! • ;n in 0 7.- w n W -- i O • • 0 0 Z- w w i 0 a 0 C) mm ebm m-4 CXW Dom o 0 O D w X "' v PRESORTED riRST CLASS Hello