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Home My WebLink About20093311.tiff140 RESOLUTION RE: APPROVE CANCELLATION AND RELEASE OF COLLATERAL FOR USE BY SPECIAL REVIEW #1583 - MARGARET DEHAAN / L AND M FARMS, 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 April 4, 2007, the Board approved the application of Margaret DeHaan, P.O. Box 40, Mead, Colorado 80542, for an Agricultural Service Establishment, including a Livestock Confinement Operation (dairy operation with a total of 8,000 head), in the A (Agricultural) Zone District on the following described real estate, to wit: Lot D of Recorded Exemption #4098 W1/2; Lot B of Recorded Exemption #965 W1/2NE1/4 and NW1/4; and Lot B of Recorded Exemption #1729 E1/2NE1/4; all in Section 17, Township 7 North, Range 65 West of the 6th P.M., Weld County, Colorado, and WHEREAS, on March 17, 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 Margaret DeHaan / L and M Farms, LLC, with terms and conditions being as stated in said agreement, and accepted Irrevocable Standby Letter of Credit BOK08SDF04655, drawn on the Bank of Oklahoma, International Banking Center, One Williams Center, 15th Floor, Tulsa, Oklahoma 74172, in the amount of $51,000.00, and WHEREAS, staff from the Weld County Departments of Public Works and Planning Services have conducted a visual inspection and, along with the Weld County Attorney, recommend release of said collateral. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, Colorado, that Irrevocable Standby Letter of Credit BOK08SDF04655, drawn on the Bank of Oklahoma, in the amount of $51,000.00 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 111111 131 3111111111III111113I I I! (I I I 1 6 of 140 2 02/01/2010 11:24A County, CO R 0.00 D 0.00 Steve Moreno Cle& Recorder 60 .. /�L ��C1] 4-7°/-k. 2009-3311 PL1878 off'//0 3/i 0 CANCEL COLLATERAL - MARGARET DEHAAN / L AND M FARMS, LLC PAGE 2 The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 16th day of December, A.D., 2009. ATTEST: Weld County Clerk to the B BY\. APPRO i Date of signature: I dI N/Vj tu 1(2 Cler to the Board BOARD OF COUNTY COMMISSIONERS WE D C1TY, COLORADO F �� liam F. Garcia, Chair ouglas Itademacher, ro-Tem Sean •. Conway AS TO Pe EXCUSED ounty Attorney 111111111111111111111111111111111111111III1111111111111 3673140 02/01/2010 11:24A Weld County, CO 2 of 2 R 0.00 0 0.00 Steve Moreno Clerk & Recorder Barr ara Kirkmeyer David. Long 2009-3311 PL1878 ‘str. COLORADO MEMORANDUM TO: Board of County Commissioners DATE: December 16, 2009 FROM: Kim Ogle, Planning Servicest,,,. SUBJECT: Margaret DeHaan/ L & M Farms, LLC USR #1583 Irrevocable Letter of Credit #BOL08SDF04655 Bank of Oklahoma Staff from the Department of Public Works determined that the property was in compliance with all transportation elements as stated in their referral dated December 11, 2009. Planning Services inspected the site on May 5, 2009 and determined that all non -transportation related items had been completed and were acceptable. The applicant, Larry DeHaan of L&M Farms LLC has provided supporting photographic evidence of compliance with the non -transportation elements. The Weld County Attorney, the Department of Public Works and the Department of Planning Services, have determined that Irrevocable Letter of Credit #BOL08SDF04655 from Bank of Oklahoma, for Margaret DeHaan/ L & M Farms, LLC, be released in full. DeHaan, Margaret/L. & M Farms, LLC (PL1878 - #2008-0828) USR #1583 Improvements Agreement (Private Road Maintenance) Irrevocable Letter of Credit #BOL08SDF04655 from Bank of Oklahoma Expires 02/28/09 w/1 add'I year, unless 60 days notice Received revalidated copy of Amendment 1 on 06/29/09 To extend expiration date to 02/28/2010 $51,000.00 2009-3311 tittrg '"DC.R MEMORANDUM TO: Kim Ogle, Planning Services DATE: 12/11/2009 FROM: Richard Hastings, Public Works Department SUBJECT: Collateral List Update: Margaret DeHann/L & M Farms, LLC (PL1878 - #2008-0828) USR #1583 Release of Collateral Status • All Public Works related items have been completed and are found to be acceptable. Weld County Collateral List: DeHaan, Margaret/L & M Farms, LLC (PL1878 - #2008-0828) USR #1583 Improvements Agreement (Private Road Maintenance) Irrevocable Letter of Credit #BOL08SDF04655 from Bank of Oklahoma Expires 02/28/09 w/1 add] year, unless 60 days notice Received revalidated copy of Amendment 1 on 06/29/09 To extend expiration date to 02/28/2010 $51,000.00 Recommendation: The Department of Public Works is recommending final release of collateral, as shown above from the Weld County Collateral List. Any non -Public Works -related items should be verified by Planning Services prior to collateral release. C:ADocuments and Settings \kogleALocal Settings \Temporary Internet Files VContent.Outlook\NUIE6KGOACollateral List update (Margaret DeHann- LM Farms LLC USR-I583)-MEMO.docx ti t J. W_ • • 'MA :11?‘ COLORADO December 29, 2009 Margaret DeHaan P.O. Box 40 Mead, Colorado 80542 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 Margaret DeHaan / L and M Farms, LLC Ms. DeHaan; On December 16, 2009, the Board of County Commissioners approved the cancellation and release of collateral for Margaret DeHaan / L and M Farms, LLC, in the amount of $51,000.00, 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 Letter of Credit No. BOK08SDF04655 for $51,000.00 has been returned to the Bank of Oklahoma. 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. Bedhler Deputy Clerk to the Board CLERK TO THE BOARD PHONE (970) 336-7215, Ext. 4225 FAX: (970) 352-0242 P. O. BOX 758 GREELEY, COLORADO 80632 COLORADO December 29, 2009 BANK OF OKLAHOMA INTERNATIONAL BANKING CENTER ONE WILLIAMS CENTER ,15T" FLOOR TULSA, OKLAHOMA 74172 RE: Cancellation and release of Collateral — Margaret DeHaan / L and M Farms, LLC To Whom It May Concern: Attached hereto please find the Board of County Commissioners Resolution releasing the collateral for Margaret DeHaan / L and M Farms, LLC, in the amount of $51,000.00, and the original and Amended Irrevocable Letter of Credit No. BOK08SDF04655, issued by the Bank of Oklahoma, in the amount of $51,000.00. 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, /Zed . Q Donna J. BeaSiler, Deputy Clerk to the Board i g c G Tj o o O o Q N O C Y p7 rn o O o m rc m2I.-. BANK OF OKLAHOMA., IRREVOCABLE STANDBY LETTER OF CREDIT AMENDMENT DATE: LETTER OF CREDIT NO.: AMENDMENT NO.: LC ISSUE DATE: APPLICANT: BENEFICIARY: BENEFICIARY'S CONSENT: AMOUNT: BY: NEW EXPIRY DATE: 01/29/09 BOK0SSDF04655 1 02/28/08 dCO % eQo .110 V %0� r0o rPra Eli 4) 4S el e (,y 1?MI6 ril,-..y? e cer 1e po CL Nb. r0" �r ss LARRY AND MARGARET DEHAAN/L&M FARMS, LLC 3766 VALE VIEW LANE MEAD, CO 60542 r4 P 4O ar BOARD OF COUNTY COMMISSIONERS OF WELD COUNTY **SEE L/C FOR FULL BENEFICIARY NAME AND ADDRESS** Not Required NO CHANGE .00 02/28/10 THIS AMENDMENT IS TO BE CONSIDERED AS PART OF THE ABOVE MENTIONED CREDIT AND MUST Bo�i TAC D THERETO. ALL OTHER TERMS AND CONDITIONS REMAIN UNCHANGE'' AUTHORIZED SIGNATURE REVALIDATED COPY June 26, 2009 BANK OF OICLAHOMA, N.A.. By: Syed Ahmad, Senior Vice President By: der, Vice President BANK OF OKIAHOMA. June 26, 2009 Board of County Commissioner of Weld County Attn: Donna Bechler, Clerk to the Board 915 — 10th Street Greeley, CO 80631 Re: BOK08SDF04655 $51,000.00 for the account of Larry and Margaret DeHaan, JAM Farms, LLC Per our phone conversation earlier this week, attached is a revalidated copy of Amendment no. 1 to the above -referenced letter of credit. The original amendment was sent to Mr. DeHaan in February for delivery to yourselves, however it has apparently been lost or misplaced. In the event the letter of credit is ever drawn on, this `revalidated copy' must be presented to Bank of Oklahoma, N.A. along with the original letter of credit and any other subsequent amendments. Yours very truly, ill Flynn International Operations Specialist Bank of Oklahoma, N.A. One Williams Center, 15th Floor Tulsa, OK 74172 918-588-6297 cc: Larry DeHaan BANK OF OKLAHOMA. INTERNATIONAL BANKING CENTER ONE WILLIAMS CENTER, 15TH FLOOR TULSA, OK 74172 USA 02/28/08 BENEFICIARY: BOARD OF COUNTY COMMISSIONERS OF WELD COUNTY **SEE L/C FOR FULL BENEFICIARY NAME AND ADDRESS** LETTER OF CREDIT NUMBER: APPLICANT: AMOUNT: EXPIRATION: BOKOSSDF04655 LARRY AND MARGARET DEHAAN/L&M FARMS, LLC 51,000.00 USD 02/28/09 AT THE REQUEST OF THE APPLICANT WE HAVE ISSUED OUR IRREVOCABLE STANDBY LETTER OF CREDIT REFERENCED ABOVE; THE ORIGINAL IS HEREBY ATTACHED. IF THE TERMS OF THE LETTER OF CREDIT ARE UNSATISFACTORY, WE SUGGEST YOU IMMEDIATELY COMMUNICATE WITH THE APPLICANT AND REQUEST THE APPROPRIATE AMENDMENT. INQUIRIES DIRECTED TO OUR OFFICE MAY BE MADE TO TELEPHONE +1 (918) 588-6601 OR TO FAX +1 (918) 588-6026. PLEASE SEND ALL CORRESPONDENCE DIRECTED TO OUR OFFICE TO THE ABOVE MENTIONED ADDRESS. IF PRIOR TO THE EXPIRATION DATE, THE APPLICANT'S OBLIGATION WITH YOU HAS BEEN COMPLETED AND YOU NO LONGER AVAIL YOURSELF OF OUR LETTER OF CREDIT, WE KINDLY ASK YOU TO RETURN THE ORIGINAL LETTER OF CREDIT AND ALL AMENDMENTS ALONG WITH A LETTER GIVING US YOUR CONSENT TO CLOSE THE LETTER OF CREDIT SO THAT THE APPLICANT'S LIABILITY WITH THE BANK IS RELEASED. BANK OF OKLAHOMA.. IRREVOCABLE STANDBY LETTER OF CREDIT BOKOSSDF04655 ISSUED IN TULSA, OKLAHOMA ON 02/28/08 BENEFICIARY: BOARD OF COUNTY COMMISSIONERS OF WELD COUNTY **SEE L/C FOR FULL BENEFICIARY NAME AND ADDRESS** APPLICANT: LARRY AND MARGARET DEHAAN/L&M FARMS, LLC 3766 VALE VIEW LANE MEAD, CO 80542 DATE AND PLACE OF EXPIRY: 02/28/09 TULSA, OKLAHOMA AMOUNT: 51,000.00 USD USD fifty one thousand and no cents BENEFICIARY: BOARD OF COUNTY COMMISSIONERS OF WELD COUNTY ATTN: CLERK TO THE BOARD P.O. BOX 758 GREELY, CO 80632 WE HEREBY OPEN OUR IRREVOCABLE STANDBY LETTER OF CREDIT IN YOUR FAVOR FOR THE ACCOUNT OF LARRY AND MARGARET DEHAAN/L&M FARMS, LLC, 3766 VALE VIEW LANE, MEAD, CO 80542, FOR A SUM NOT TO EXCEED THE AGGREGATE OF FIFTY-ONE THOUSAND DOLLARS ($51,000.00) TO SECURE THE IMPROVEMENT AGREEMENT OF LARRY AND MARGARET DEHAAN/L&M FARMS, LLC DATED FEBRUARY 26, 2008. EACH DRAFT MUST BE MARKED 'DRAWN UNDER BANK OF OKLAHOMA, N.A., LETTER OF CREDIT NO. BOK08SDF04655, AND BE ACCOMPANIED BY A SIGNED STATEMENT FROM THE BOARD OF COUNTY COMMISSIONERS OF WELD COUNTY, COLORADO STATING: "LARRY AND MARGARET DEHAAN/L&M FARMS, LLC HAS COMMITTED A MATERIAL BREACH OF THE IMPROVEMENTS AGREEMENT ACCORDING TO POLICY REGARDING COLLATERAL FOR IMPROVEMENTS REGARDING USR NO. 1583 DATED FEBRUARY 26, 2008 BY AND BETWEEN LARRY AND MARGARET DEHAAN/L&M FARMS, LLC/THE BOARD OF COUNTY COMMISSIONERS FOR THE COUNTY OF WELD." THIS CREDIT IS SUBJECT, SO FAR AS APPLICABLE, TO "THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS, 2007 REVISION, THE INTERNATIONAL CHAMBER OF COMMERCE PUBLICATION NO. 600." WE HEREBY AGREE WITH YOU THAT ALL DRAFTS DRAWN UNDER AND IN COMPLIANCE WITH THE TERMS OF THIS CREDIT WILL BE DULY HONORED WHEN PRESENTED FOR PAYMENT TO OUR MAIN OFFICE, BANK OF OKLAHOMA, N.A., INTERNATIONAL BANKING CENTER, LOCATED AT BANK OF OKLAHOMA, N.A., ONE WILLIAMS CENTER, 15TH FLOOR SOUTH, TULSA, OKLAHOMA, 74172. THIS LETTER OF CREDIT WILL EXPIRE ON FEBRUARY 28, 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 BANK OF OKLAHOMA, N.A. 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: BANK OF OKLAHOMA.. (A) A DRAFT AT SIGHT ON BANK OF OKLAHOMA, N.A.; AND (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 BANK OF OKLAHOMA N.A. THAT LETTER OF CREDIT NO. BOKOBSDF04655 WILL NOT BE RENEWED, AND THAT LARRY DEHAAN/L&M FARMS, LLC HAS FAILED TO PROVIDE PROOF OF ADEQUATE COLLATERAL AND SUBSTITUTION OF THIS LETTER OF CREDIT NO. BOKOSSDF04655;" AND (C) COPY OF LETTER OF CREDIT FROM BANK OF OKLAHOMA, N.A. STATING NON -RENEWAL OF LETTER OF CREDIT NO. BOK08SDF04655 AND THE ORIGINAL LETTER OF CREDIT. APPROVED AS ISS RIZED SINATURE O BANK OF OKLAHOMA", PH. 918-588-6030 / FX. 918-588-6026 INTERNATIONAL BANKING CENTER ONE WILLIAMS CENTER, 15TH FLOOR TULSA, OK 74192, USA 12/28/09 BOARD OF COUNTY COMMISSIONERS OF WELD COUNTY ATTN: CLERK TO THE BOARD P.O. BOX 758 GREELY, CO 80632 REFERENCE: Letter of Credit No. BOK08SDF04655 APPLICANT: LARRY AND MARGARET DEHAAN/L&M FARMS, LLC AMOUNT: USD51,000.00 This is to inform you that we elect not to renew the above referenced letter of credit for an additional 365 -day -period. Therefore, this letter of credit will expire on 02/28/10 and will not be renewed for another year, at which time our liability and obligation under this letter of credit will cease. This letter of credit will cease to be valid at the end of the above mentioned business day whether or not the original letter of credit is returned to us. If prior to the expiration date, our customer's obligation with you has been completed and you no longer avail yourself of our letter of credit, we kindly ask you to return the original letter of credit, all amendments (if any), and a letter of consent for cancellation in the enclosed self-addressed envelope so that our customer's liability with the bank is released. Your prompt attention and return of our letter of credit is greatly appreciated. Should you have any qu- ions concerning this matter, please feel free to contact this office -., 9 588 - cc: applicant AUTHORIZED SIGNATURE Hello