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RESOLUTION
RE: APPROVE CANCELLATION AND RELEASE OF COLLATERAL FOR PLANNED UNIT
DEVELOPMENT FINAL PLAN, PF #622 - SHULTZ FARMS, INC.
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 September 2, 2003, the Department of Planning Services staff approved
the application for Shultz Farms, Inc., do Steve Shultz, 21475 County Road 19, Milliken, Colorado
80543, for Nine (9) Lots with E (Estate) Zone Uses, along with 9.4 acres of Open Space on the
following described real estate, to wit:
Lot B of Recorded Exemption #2828; being part of
the NW1/4 of Section 31, Township 4 North,
Range 67 West of the 6th P.M., Weld County,
Colorado, and
WHEREAS, on October 15, 2003, the Board of County Commissioners of Weld County,
Colorado, approved an Improvements Agreement According to Policy Regarding Collateral for
Improvements (Public Road Maintenance) for The Estates at Hill Lake, between the County of
Weld, State of Colorado, by and through the Board of County Commissioners of Weld County, and
Shultz Farms, Inc., do Steve Shultz, with terms and conditions being as stated in said agreement,
and accepted Irrevocable Letter of Credit #253, drawn on the New Frontier Bank, in the amount
of $54,562.83, 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 Irrevocable Letter of Credit #253, drawn on the New Frontier Bank, in the
amount of $54,562.83 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 "FDCI as Receiver for New Frontier Bank" at 2425 35th Avenue,
Greeley, Colorado 80634.
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3638599 07/27/2009 02:22P Weld County, CO
1 of 2 R 0.00 0 0.00 Steve Moreno Clerk & Recorder
C e > PL, pre ; 4 -7 -)Pc
2009-1530
PL1630
o1/3/ /07
CANCEL COLLATERAL - SHULTZ FARMS, INC.
PAGE 2
The above and foregoing Resolution was, on motion duly made and seconded, adopted by
the following vote on the 1st day of July, A.D., 2009.
ATTEST:
Weld County Clerk to th
BY
Deputy Cler
APPR
to the Board
AS TO F
ounty Attorney
Date of signature
David E. Long
glifrey
BOARD OF CO
TY COMMISSIONERS
UNnTYCOLORADO
William F. Garcia, Chair
Dougla
adema er, Pro-Tem
Sean P. Conway
111111111111 111111 IIII 111111 IIII 1111111 III 11111 IIII 1H1
3638599 07/27/2009 02:22P Weld County, CO
2 of 2 R 0.00 D 0.00 Steve Moreno Clerk & Recorder
2009-1530
PL1630
Aaz;
COLORADO
MEMORANDUM
TO: Board of County Commissioners
DATE: June 25, 2009
FROM: Kim Ogle, Planning Services
APPROVED BY: Thomas E. Honn, AICP, Director of Planning Services
SUBJECT: Release of Letter of Credit #253
New Frontier Bank
for Shultz Farms, Inc.
Case number PF-622
Steven Shultz, Applicant
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 25, 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 Weld County Attorney, the Department of Public Works and the Department of Planning
Services, have determined that the on site road improvements required for the Estates at Hill
Lake and guaranteed via Letter of Credit #253, from New Frontier Bank, in the amount of for
fifty-four thousand five hundred and sixty-two and 83/100s (54,562.83) dollars, be released in
full.
PC: R. Hastings, PW
D. Carroll, PW
S. Arries, CA
File: PF-622
2009-1530
istr,
lURe.
COLORADO
MEMORANDUM
TO: Kim Ogle, Planning Services
DATE: 6/25/2009
FROM: Richard Hastings, Public Works Department
SUBJECT: Collateral List Update:
Shultz Farms, Inc.
(PF #622 2003-2889 PL1630)
Release of Collateral Status
• All Public Works related items have been completed and are found to be acceptable.
Weld County Collateral List:
Shultz Farms, Inc. (PF #622 2003-2889 PL1630)
Imps Agrmt (public road) Letter of Credit #253 from New
Frontier Bank, 2425 35th Avenue, Greeley.
Expires 9/6/04; without auto renewal
$54,562.83
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 (Schultz Farms)-MEMO.doc
CLERK TO THE BOARD
PHONE (970) 336-7215, Ext. 4225
FAX: (970) 352-0242
P. O. BOX 758
GREELEY, COLORADO 80632
COLORADO
July 8, 2009
SHULTZ FARMS, INC
C/O STEVE SHULTZ
21475 COUNTY ROAD 19
MILLIKEN, COLORADO 80543
RE: Cancellation and release of Collateral for Shultz Farms, Inc., do Steve Shultz
Mr. Shultz:
On July 1, 2009, the Board of County Commissioners approved the cancellation and release of
collateral for Shultz Farms, Inc., in the amount of $54,562.83, 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 for $54,562.83, 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
/Z//4 C K� /Vet/
By:
onna J. Bec er
Deputy Clerk to the Board
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Mae
COLORADO
July 8, 2009
FDCI AS RECEIVER FOR NEW FRONTIER BANK
2425 351" AVENUE
GREELEY, COLORADO 80634
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 — Shultz Farms, Inc., do Steve Shultz
To Whom It May Concern:
Attached hereto please find the Board of County Commissioners Resolution releasing the
collateral for Shultz Farms, Inc., do Steve Shultz, in the amount of $54,562.83, and the original
Irrevocable Letter of Credit issued by New Frontier Bank, in the amount of $54,562.83.
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
EyItAn
Donna J. Becffler,
Deputy Clerk to the Board
By:
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IRREVOCABLE LETTER OF CREDIT
NAME: WELD COUNTY PLANNING COMMISSION
DATE: OCTOBER 1. 2003
NUMBER: 253
EXPIRES: SEPTEMBER 6, 2004
PROPERTY LOCATED AT HILL LAKE
AMOUNT: $54,562.83
Please be advised that New Frontier Bank, A State Chartered Bank (hereinafter called the
"Issuer"), establishes an irrevocable Letter of Credit in favor of the Beneficiary for the
account of Shultz Farm (hereinafter called " Customer") up to the aggregate sum of Fifty
Four Thousand Five Hundred Sixty Two and Eighty Three Cents ($54,562.83) available
by Beneficiary's drafts at sight drawn on Issuer.
All drafts drawn under this Letter of Credit must bear the clause:
Drawn under "New Frontier Bank" Letter of Credit No. 253 dated October 1,
2003.
Issuer hereby agrees with Beneficiary that drafts drawn strictly in compliance with the
terms of the credit will. be duly honored upon due presentation to Issuer.
Other terms and conditions:
1. This instrument shall expire at Issuer's counter on or before 4:00 p.m. on
September 6, 2004.
2. This instrument shall not be transferable;
3. This instrument shall be governed by the laws of the State of Colorado,
including Article Five of the Uniform Commercial Code;
2425 35th Avenue • Greeley, Colorado 80634 • 970-339-5100 • Fax 970-339-5200
4. This instrument shall be subject to the Uniform Customs and Practice for
Documentary Credits; International Chamber of Commerce Publication
Number 400.
5. A photocopy of invoice(s) for goods, dated at least 30 days prior of draft shall
be received by the issuer.
6. Statement by Weld County that Customer has failed to pay said invoice(s)
discnnccPd in statement Number 5.
We hereby agree with you that all drafts under and in compliance with the terms of this
letter of credit will be duly honored within 15 days of drawn and presented for payment
at our office.
Sincerely,
Greg Bell
Vice President
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