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Home My WebLink About20093009.tiff802 RESOLUTION RE: APPROVE CANCELLATION AND RELEASE OF COLLATERAL FOR SITE PLAN REVIEW, SPR #390 - WYNJA VISTA, LLLP, CIO JERRY MILLER WITH J. W. MILLER ARCHITECTS, 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 29, 2005, the Department of Planning Services staff approved the application of Wynja Vista, LLLP, c/o Jerry Miller with J. W. Miller Architects, Inc., 203 South Main Street, Suite D, Longmont, Colorado 80501, for an Office Building, to be known as Wynja Building #3, on the following described real estate, to wit: Lot 7, Block 2, Vista Commercial Center PUD, being located in part of Section 8, Township 2 North, Range 68 West of the 6th P.M., Weld County, Colorado, and WHEREAS, on December 5, 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 Wynja Vista, LLLP, do Jerry Miller with J. W. Miller Architects, Inc., with terms and conditions being as stated in said agreement, and accepted Irrevocable Letter of Credit #02-0028A, drawn on Horizon Banks N. A., 601 South Main Street, Longmont, Colorado 80501, in the amount of $110,811.00, 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 Letter of Credit #02-0028A, drawn on Horizon Banks N. A., in the amount of $110,811.00 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. 111111111111111111111111 II 1111111111111 III 11111 II11 IIII 3661802 11/25/2009 11:10A Weld County, CO 1 of 2 R 0.00 D 0.00 Steve Moreno Clerk & Recorder 2009-3009 PL1809 CANCEL COLLATERAL - WYNJA VISTA, LLLP, CIO JERRY MILLER WITH J. W. MILLER ARCHITECTS, INC. PAGE 2 The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 16th day of November, A.D., 2009. ATTEST: Weld County Clerk to th BY: Date of signature Deputy Clerk to the Board I \II\\\ lllll \\\\%I \9\III\ ll !111111 \l\ll\ III 111\1 \\I\ U\ 2661802 2 of 2 R 0. 0.00 D 0.00 Steve Moreno Clerk & Recorder BOARD OF COUNTY COMMISSIONERS WELD l l . COLORADO William F. Garcia, Chair Douglas�Rademacer, Pro -Tern c-' Sean P. Conway EXCUSED Barbara Kirkmeyer EXCUSED David E. Long c 2009-3009 PL1809 MEMORANDUM WI`Dc. COLORADO TO: Board of County Commissioners DATE: November 9, 2009 FROM: Kim Ogle, Planning Services SUBJECT: Wynja Vista, LLLP SPR-390 Letter of Credit #02-0028A Horizon Banks Staff from the Department of Public Works conducted a field inspection in October 2009 and determined that the property was in compliance with all transportation elements as stated in their referral dated November 4, 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 Weld County Attorney, the Department of Public Works and the Department of Planning Services, have determined that Letter of Credit #02-0028A from Horizon Bank, for Wynja Vista, LLLP, be released in full. Wynja Vista, LLLP, c/o Jerry Miller (PL1809 #2005-3548) SPR #390 Private Road Maintenance Agreement. Letter of Credit #02-0028A, Horizon Banks Expires 10/27/06 without renewal, but with 60 days Notice of pending expiration Per phone call to Horizon Banks 7/10/09. Anthony Comstack stated this collateral was released in 2006. tT G $110,811.00 t Cl) O cn G � 1 2009-3009 a"; 1 WUDc. COLORADO MEMORANDUM TO: Kim Ogle, Planning Services DATE: 11/04/2009 FROM: Richard Hastings, Public Works Department SUBJECT: Collateral List Update: Wynja Vista, LLLP, c/o Jerry Miller (PL1809 #2005-3548) SPR #390 Release of Collateral Status • All Public Works related items have been completed and are found to be acceptable. Weld County Collateral List: Wynja Vista, LLLP, c/o Jerry Miller (PL1809 #2005-3548) SPR #390 Private Road Maintenance Agreement. Letter of Credit #02-0028A, Horizon Banks Expires 10/27/06 without renewal, but with 60 days Notice of pending expiration $110,811.00 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. M:\Rich Hastings\BOCC Agenda\Memo\Collateral List update (Wynja Vista SPR-390)- MEMO.docx WIDc. COLORADO November 17, 2009 ATTN; ANTHONY COMSTOCK MILE HIGH BANKS 601 SOUTH MAIN STREET LONGMONT, COLORADO 80501 RE: Cancellation and release of Collateral — Wynja Vista, LLLP Dear Mr. Comstock: CLERK TO THE BOARD PHONE (970) 336-7215, Ext. 4225 FAX: (970) 352-0242 P. O. BOX 758 GREELEY, COLORADO 80632 Attached hereto please find the Board of County Commissioners Resolution releasing the collateral for Wynja Vista, LLLP, in the amount of $110,811.00, and the original Irrevocable Letter of Credit No. 02-0028A, issued by Horizon Banks, N.A., in the amount of $110,811.00. 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 Deputy Clerk to the Board Mile High Banks - Colorado - Longmont - (303) 485-5444 > 41 !.info Page 2 of 3 Mile High Banks 601 S Main St Longmont, CO 80501-6427 (303) 485-5444 Categories: Banks. Banks Commercial Languages Spoken: English Map & Directions QR Code l .. ] Hotels 7 Restaurants [ Bars El Parking Please, enter your address... 601 S Main St, Longmont, CO, 80501 I Get Directions! I More Banks in Longmont I Guaranty Bank and Trust Co I 1050 S Hover St. Longmont, CO 80501-7900 IGuaranty Bank and Trust Co 3561 Stagecoach Rd. Longmont. CO 80504-6300 IWells Fargo Bank Na 1050 Ken Pratt Blvd t.ongmont, CO 80501-6378 IWells Fargo Bank Na 635 Coffman St, Longmont, CO 80501-4905 First Community Bank 2100 Main St. Longmont. CO 80501-1407 http://www.411.info/business/Colorado/Longmont/Mi1e-High-Banks/7230631-11066861.... 11/17/2009 CLERK TO THE BOARD PHONE (970) 336-7215, Ext. 4225 FAX: (970) 352-0242 P. O. BOX 758 GREELEY, COLORADO 80632 COLORADO November 17, 2009 WYNJA VISTA, LLLP C/O JERRY MILLER / J.W. MILLER ARCHITECTS, INC. 203 SOUTH MAIN STREET SUITE D LONGMONT, COLORADO 80501 RE: Cancellation and release of Collateral for Wynja Vista, LLLP To Whom it may Concern: On November 16, 2009, the Board of County Commissioners approved the cancellation and release of collateral for Wynja Vista, LLLP, in the amount of $110,811.00, 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. 02-0028A for $110,811.000 has been returned to Horizon Banks,N.A.. 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: :cc/'il/ 1%'Ir.eLl: Donna J. Be ler Deputy Clerk to the Board 7 Horizon Banks. "LENDER" HORIZON BANKS, N.A. 601 SOUTH MAIN STREET LONGMONT, CO 80501 303-485-5444 BENEFICIARY: Board of County Commissioners County of Weld ADDRESS & TELEPHONE NO: P. O. Box 758 Greeley, CO 80632 970-356-4000 IDENTIFICATION NO: riy Q er C1. IRREVOCABLE LETTER OF CREDIT NO. 02-0028A CUSTOMER: 41O Wynja Vista, LLLP A Colorado Limited Liability Limited Partnership ADDRESS & TELEPHONE NO: 1531 Skyway Drive, Suite A Erie, CO 80516 303-772-2123 IDENTIFICATION NO: 84-1452600 EXPIRIATION DATE This Letter of Credit shall expire upon the earlier of: 1. the close of business on October 27, 2006 and all drafts and accompanying statements or documents must be presented to Lender on or before that time; or 2. the day that Lender honors a draw under which the full amount of this Letter of Credit has been drawn. Lender hereby establishes at the request and fur the account of Customer, an Irrevocable Letter of Credit in favor of Beneficiary for a sum of One Hundred Ten Thousand Eight Hundred Eleven and 00/100 Dollars ($110,811.00). These funds shall be made available to Beneficiary upon Lender's receipt from Beneficiary of sight drafts drawn on Lender at Lender's address indicated above (or such other address that Lender may provide Beneficiary in writing) during regular business hours and accompanied by the signed written statements or documents indicated below. WARNING TO BENEFICIARY: PLEASE EXAMINE THIS LETTER OF CREDIT AT ONCE. IF YOU FEEL UNABLE TO MEET ANY OF ITS REQUIREMENTS, EITHER SINGLY OR TOGETHER, YOU SHOULD CONTACT THE CUSTOMER IMMEDIATELY TO SEE IF THE LETTER OF CREDIT CAN BE AMENDED. OTHERWISE YOU WILL RISK LOSING PAYMENT UNDER THIS LETTER OF CREDIT FOR FAILURE TO COMPLY STRICTLY WITH ITS TERMS AS WRITTEN. 1. DRAFT TERMS AND CONDITIONS Lender shall honor drafts submitted by Beneficiary under the following terms and conditions: Your drafts must specify the amount to he drawn, which may be any amount up to and including the aggregate amount specified above, and must be accompanied by your signed statement that the Applicant/Customer has failed to complete the required improvements in accordance with the Agreement between you and the Applicant/Customer Wynja Vista LLLP a Colorado Limited Liability Limited Partnership. All drafts drawn under this credit are to be endorsed hereon and shall bear the clause "Drawn under Irrevocable Letter of Credit #02-0028, Horizon Banks, N.A." Fifteen percent (15%) of the total Letter of Credit amount cannot be drawn upon and will remain available to Weld County until released by Weld County. The date of proposed expiration of the Letter o Credit shall be either the date of release by Weld County of the final fifteen percent (15%L or one year from the date of Final Plat approval, whichever occurs first. Said letter shall stipulated that, in any event, the Letter of Credit shall remain in full force and effect until after the Board has received sixty (60) days written notice from the issuer of the Letter of Credit of the pending expiration. Said notice shall be sent by certified mail to the Clerk to the Board of County Commissioners. Upon Lender's honor of such drafts, Lender shall be fully discharged of its obligations under this Letter of Credit and shall not be obligated to make any further payments under this Letter of Credit once the full amount of credit available under this Letter of Credit has been drawn. If a non -conforming demand in made, Lender shall notify Beneficiary of its dishonor on or before the time specified in Paragraph 5 below. Beneficiary shall have no recourse against Lender for any amount paid under this Letter of Credit once Lender has honored any draft or other document which complies strictly with this Letter of Credit, and which on its face appears otherwise in order but which is signed, issued, or presented by a party or under the name of a party purporting to act for Beneficiary, purporting to claim through Beneficiary, or posing as Beneficiary without Beneficiary's authorization. By paying an amount demanded in accordance with this Letter of Credit, Lender makes no representation as to the correctness of the amount demanded and lender shall not be liable to Beneficiary, or any other person, for any amount paid or disbursed for any reason whatsoever, including, without limitation, any non -application or misapplication by Beneficiary of the proceeds of such payment. By presenting upon Lender or a confirming bank, Beneficiary certifies that Beneficiary has not and will not present upon the other, unless and until Beneficiary meets with dishonor. Beneficiary promises to retum to Lender any funds received by Beneficiary in excess of the Letter of Credit's maximum drawing amount. 2. USE RESTRICTIONS All drafts must be marked "DRAWN UNDER WYNJA VISTA, LLLP, A COLORADO LIMITED LIABILITY LIMITED PARTNERSHIP IRREVOCABLE LETTER OF CREDIT NO. 02-0028" and the amount of each draft shall be marked on the draft. Only Beneficiary or Beneficiary's Transferee (if this Letter of Credit is transferable) may complete a draft and accompanying statements or documents required by this Letter of Credit and make a draw under this Letter of Credit. This original Letter of Credit must accompany any draft drawn hereunder. Partial draws XX are permitted are not permitted under this Letter of Credit. Lender's honor of a partial draw shall correspondingly reduce the amount of credit available under this Letter of Credit. Following a partial draw, Lender shall return this original Letter of Credit to Beneficiary with the partial draw noted hereon; in the alternative, and in its sole discretion, lender may issue a substitute Letter of Credit to Beneficiary in the amount shown above, less any partial draw(s). 3. PERMITTED TRANSFEREES If checked, this Letter of Credit may be transferred by Beneficiary upon prior written notice to Lender of the transfer. The Transferee shall be deemed the new Beneficiary of this letter of Credit and the documents of the Transferee, including drafts Required under this Letter of Credit, will be processed by Lender (or any intermediary) without the original Beneficiary's intervention and without any further obligation of Lender to the original Beneficiary. X If checked, the right to draw under this letter of Credit shall be nontransferable, except for: A. A transfer (in its entirety, but not in part) by direct operation of law to the original Beneficiary's administrator, executor. bankruptcy trustee, receiver, liquidator, successor, or other representative at law; and B. The first immediate transfer (in its entirety, but not in part) by such legal representative to a third party after express approval of a governmental body (judicial, administrative, or executive). 4. TRANSFEREE'S REQUIRED DOCUMENTS When the presenter is a permitted Transferee under paragraph 3 above, the documents required for a draw shall include: A. All documents required elsewhere in this Letter of Credit, except that such documents may be in the name of and executed by either the original Beneficiary or the presenter permitted by paragraph 3; and B. When the presenter is a permitted Transferee under paragraph 3.A. or a third party under paragraph 3.B., a certified copy of the one or more documents which show the presenter's authority to claim through or to act with authority for the original Beneficiary. 5. TIMING OF DISHONOR Lender may rely upon any reason for dishonor which it communicates to Beneficiary or the presenter within three (3) Banking Days after Lender has received the last document forming Beneficiary's presentment (the "Three -Day Period"). Lender shall be entitled to rely upon such reason without regard to either (i) the timing of any presentment made before the Expiration Date, or (ii) the timing inside the Three -Day Period of any preliminary communication (s) from Lender concerning the dishonor decision or any reason for dishonor. For any reason for dishonor given during the Three -Day Period, Lender shall be conclusively deemed to have net the "reasonable time", "without delay", and other timing requirements as the Uniform Customs and Practice for Documentary Credits, 1993 Revision, ICC Publication No 500, as most recently published by the International Chamber of Commerce (the "UCP") may impose. The Expiration Date shall not be extended to accommodate a presentment made less than three (3) Banking Days before the Expiration Date, and Beneficiary shall not be entitled to submit a draw request or provide Lender with any documents in support of a Draw after the Expiration Date. Lender shall not be required to communicate a dishonor decision or its reasons within a time less than the Three -Day Period. "Banking Day" means any day, except Saturday, on which commercial banks located in Colorado are open. 6. COMPLIANCE BURDEN Lender is not responsible for any impossibility or other difficulty in achieving strict compliance with the requirements of this Letter of Credit precisely as written. Beneficiary understands and acknowledges: (i) that unless and until the present wording of this Letter of Credit is amended with Lender's prior written consent, the burden of complying strictly with such wording remains solely upon Beneficiary; and (ii) that Lender is relying upon the lack of such amendment as constituting Beneficiary's initial and continued approval of such wording. 7. NON-SEVERABILITY If any aspect of this Letter of Credit is ever declared unenforceable for any reason by any court or governmental body having Jurisdiction, Lender's entire engagement under this Letter of Credit shall be deemed null and void ab initio, and both Lender and Beneficiary shall be restored to the position each would have occupied with all rights available as though this Letter of Credit had never occurred. This non-severability provision shall override all other provisions in this Letter of Credit, no matter where such provision appears within this Letter of Credit. S. CHOICE OF LAW/JURISDICTION This Letter of Credit is subject to the UCP. This Letter of Credit shall be governed by and construed in accordance with the laws of State of Colorado, United States of America, except to the extent such laws arc inconsistent with the UCP. Lender and Beneficiary Consent to the jurisdiction and venue of any court selected by Lender in its discretion located in the State of Colorado in the evcut of Any legal proceeding under this Letter of Credit. 9. EXPIRATION Ler . hereby agrees with Beneficiary that drafts drawn under and in compliance with the terms of this Letter of Credit will be duly hon rte. if presented to the Lender on or before the Expiration Date. Dated: Nove j.er 4, 2005 LEN Do .tr.h, Vice President Date ENDORSEMENT OF DRAFTS DRAWN: Negotiated by Amount in Words Amount in Figures COLORADO November 17, 2009 WYNJA VISTA, LLLP C/O JERRY MILLER / J.W. MILLER A 203 SOUTH MAIN STREET SUITE U LONGMONT, COLORADO 80501 RE: Cancellation and release of Co To Whom it may Concern: On November 16, 2009, the Board of D of collateral for Wynja Vista, LLLP, in th. a copy of the Resolution signed by the E signed and recorded Resolution to you Letter of Credit No. 02-0028A for $110, If you have questions or need additiona 356-4000, Extension 4227. Very truly yours, BOARD OF COUNTY COMMISSIONEI By:cAn7:2 Donna J. 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