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Home My WebLink About20091515.tiff535 RESOLUTION RE: APPROVE CANCELLATION AND RELEASE OF COLLATERAL FOR PLANNED UNIT DEVELOPMENT FINAL PLAN, PF #1020 - WAKE, LLLP, C/O CLIFFORD CLIFT AND PAUL CLIFT 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 30, 2005, the Board approved the application of Wake, LLLP, c/o Clifford Clift and Paul Cliff, 2001 Fern Avenue, Greeley, Colorado 80631, for 22 residential lots and 32 acres of common open space on the following described real estate, to wit: Lot 15C, Fourth Replat of Gilbaugh's Appaloosa Acres; being part of the W1/2 of the SW1/4 of Section 33, Township 7 North, Range 65 West of the 6th P.M., Weld County, Colorado, and WHEREAS, on July 27, 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 Wake, LLLP, c/o Clifford Cliff and Paul Clift, with terms and conditions being as stated in said agreement, and accepted Irrevocable Letter of Credit #305, drawn on the Centennial Bank of the West, 2700 47th Avenue, Greeley, Colorado 80634, in the amount of $260,076.45, and WHEREAS, on February 8, 2006, the Board was presented with a letter from Centennial Bank of the West modifying Letter of Credit #305, reducing the amount of credit available for draw by Weld County to $15,368.00, 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), 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 Modified Letter of Credit #305, drawn on the Centennial Bank of the West, in the amount of $15,368.00 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. 1111111 11111111111 III 111111111111111111 III 11111 II1I IIII 3636535 07/15/2009 12:11P Weld County, CO 1 of 2 R 0.00 D 0.00 Steve Moreno Clerk & Recorder 2009-1515 PL1245 6)74y�e CANCEL COLLATERAL - WAKE, LLLP, C/O CLIFFORD CLIFT AND PAUL CLIFT 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:/Dr'[ Weld County Clerk to the BY APP De u Clerk o the Board ounty Attorney Date of signature I Iv�i David E. Long 1 11 1111 11111 111111 III 1111111111111111till 1 1111 ill 11 11 3636535 07/15/2009 12:11P Weld County, CO 2 of 2 R 0.00 0 0.00 Steve Moreno Clerk & Recorder BOARD OF WELD C OUNTY COMMISSIONERS Y, COLORADO illiam F. Garcia. Chair cG „4v1 " ougla . ' adema, her, Pro -Tern arba irkmey: r 2009-1515 PL1245 s4ice; 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 # 305 Centennial Bank of the West for Appaloosa Acres Estates PUD Case number PF-1020 Clifford and Paul Clift, 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 Weld County Attorney, the Department of Public Works and the Department of Planning Services, have determined that the improvements required for Appaloosa Acres Estates, PUD pf-1020 for a residential subdivision and guaranteed via Letter of Credit #305, from the Centennial Bank of the West, in the amount of for fifteen thousand three hundred and sixty-eight and no/100s (15,368.00) dollars and no/100s for Clifford and Paul Clift, Applicants, be released in full. PC: R. Hastings, PW D. Carroll, PW S. Arries, CA File: PF-1020 2009-1515 COLORADO MEMORANDUM TO: Kim Ogle, Planning Services DATE: 6/25/2009 FROM: Richard Hastings, Public Works Department SUBJECT: Collateral List Update: Wake, LLLP Appaloosa Acres Estates PUD PL1245 #2006-0422. Release of Collateral Status • All Public Works related items have been completed and are found to be acceptable. Weld County Collateral List: Wake, LLLP (Clifford Cliff) Appaloosa Acres Estates PUD PL1245 #2006-0422. Imps Agrmt. Letter of Credit #305, Centennial Bank of the West EXPIRES 1/26/07, WITH 60 DAYS NOTICE $15,368.00 Recommendation: The Department of Public Works is recommending final release of collateral, as shown above from the Weld County Collateral List. C:ADocuments and Settings\kogleALocal Settings\Temporary Internet Files\OLK5\Collateral List update (WakeLLLP-Appaloosa)-MEMO.doc 111k. COLORADO July 1, 2009 GUARANTY BANK AND TRUST COMPANY (CENTENNIAL BANK OF THE WEST) 2700 47th 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 — Wake, LLLP, c/o Clifford Clift and Paul Clift (Appaloosa Acres Estates Subdivision) Ladies and Gentlemen: Attached hereto please find the Board of County Commissioners Resolution releasing the collateral for Wake, LLLP, do Clifford Clift and Paul Clift (Appaloosa Acres Estates Subdivision), in the amount of $15,368.00, the original Irrevocable Standby Letter of Credit issued by Centennial Bank of the West, in the amount of $260,076.45, and the modified Letter of Credit for $15,368.00. 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 ByYWilet Donna J. Becher, Deputy Clerk to the Board f WIDc. COLORADO July 1, 2009 WAKE, LLLP 0/0 CLIFFORD CLIFT AND PAUL CLIFT 2001 FERN AVENUE GREELEY, COLORADO 80631 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 Wake, LLLP, c/o Clifford Clift and Paul Clift Clifford and Paul Clift: On June 29, 2009, the Board of County Commissioners approved the cancellation and release of collateral for Wake, LLLP, in the amount of $15,368.00, 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 $260,076.45, and the modified Letter of Credit for $15,368.00 have been returned to Guaranty Bank and Trust Company (formerly Centennial Bank of the West). 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. Beeliler Deputy Clerk to the Board CENTENNIAL Bank of the West r40 February 3, 2006 Clerk to The Board of Trustees Weld County 915 i0`h Sireet Greeley, CO 80631 Re: Letter of Credit #305 Appaloosa Acres Estates Subdivision Dear Sir: This letter is notification to you that Centennial Bank of the West has modified Letter of Credit #305, effective as of January 26, 2006. The amount of credit available for draw by the Beneficiary (Weld County) has been reduced from $260,076.45, to $15,368.00. The $15,368.00 includes $10,368.00 as warranty collateral for the street improvements and $5,000.00 earmarked to cover non -transportation items. The maturity of the Letter of Credit has been reset to January 26, 2007, which will conform to the expiration of the Warranty Period for the street improvements. All other terms and conditions of the Letter of credit remain intact. Please contact the undersigned if there are any questions. Thank you. Sincerely._≥ Christopher W. Jeavons Regional President CJ/ <o 2700.47'' Avenue • Greeley, CO 80634 • Bus: (970) 454-4151 • Fax: (970) 454-4159 • www.centennialbanks.com CENTENNIAL Bank of the West IRREVOCABLE LETTER OF CREDIT #305 June 30, 2005 Clerk to The Board of Trustees Weld County 415 10`h Street Greeley, CO 80631 Re: Lot 15C, 4th Replat of Gilbaugh's Appaloosa Acres Appaloosa Acres Estates Subdivision, County Roads 74 & 41, Eaton, CO Dear Sir: The Centennial Bank of the West, 2700 47th Avenue, Greeley, CO 80634, hereby authorizes Weld County (Beneficiary) to draw on us for the above referenced account, up to an aggregate total of TWO HUNDRED SIXTY THOUSAND, SEVENTY SIX AND 45/100 DOLLARS ($260,076.45), such amount not available except by your drafts at sight, accompanied by written certification by the Beneficiary that "Weld County has declared a default under the Improvements Agreement executed by, and between the developers; Palo Verde Center LLC, Clifford Clift, and Paul Clift, and Weld County". We hereby further agree that: (a) Drafts drawn under, and in compliance with the terms of this Irrevocable Letter of Credit will be duly honored if presented at our office at 2700 47th Avenue, Greeley, CO 80634, on or before the expiration hereof. This Letter of Credit shall expire either on the date the Beneficiary, Weld County, releases the final 15% requirement, or one (1) year after the date of final approval of the Subdivision by the Beneficiary, Weld County, whichever occurs first. In any event, this Letter of Credit shall not expire until after the Beneficiary has received sixty (60) days advance notice, sent by certified mail to the Clerk of the Board, of the pending expiration. (b) Funds available under this Irrevocable Letter of Credit may be drawn by the Developer, or by the Beneficiary, to meet costs for work specifically identified in the Improvements Agreement, provided that the amount drawn shall not exceed the aggregate amount specified herein. Centennial Bank of the West agrees that 15% of the total Letter of Credit amount cannot be drawn upon by the Developer and will remain available only to the Beneficiary, until released by the Beneficiary. 2700 47th Ave. • Greeley, CO 80634 • Bus: 970-454-4151 • Fax: 970-454-4159 • cjeavonsncentennialbanks.com IRREVOCABLE LETTER OF CREDIT #305 Weld County — June 30, 2005 Page 2. (c) The amount of any draft drawn hereunder must be endorsed on the reverse side hereof. (d) All drafts must be marked "Drawn under Irrevocable Letter of Credit #305, Appaloosa Acres Subdivision" and be accompanied by this original Letter of Credit. Dated this 30th day of June, 2005. CENTENNIAL BANK OF THE WEST By istopher W. Jeavons Regional President 2700 471! Ave. • Greeley, CO 80634 • Bus: 970-454-4151 • Fax: 970-454-4159 • cjeavons(a),centennialbanks.com Hello