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Home My WebLink About20090041.tiffsgs RESOLUTION RE: APPROVE CANCELLATION AND RELEASE OF COLLATERAL FOR MINOR SUBDIVISION FINAL PLAN, MF #547 (OWL CREEK ESTATES SUBDIVISION) - OLANDO, LLC, C/O ED ORR AND TAMMY ELLERMAN 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 7, 2005, the Board approved the application of Olando, LLC, do Ed Orr and Tammy Ellerman, 826 9th Street, Greeley, Colorado 80631, for nine (9) residential lots on the following described real estate, to wit: Lot B of Recorded Exemption #2016; being part of the SE1/4 of Section 16, Township 6 North, Range 64 West of the 6th P.M., Weld County, Colorado, and WHEREAS, on October 26, 2005, the Board of County Commissioners of Weld County, Colorado, approved an Improvements Agreement According to Policy Regarding Collateral for Improvements (Public Road Maintenance) for Owl Creek Estates Subdivision, between the County of Weld, State of Colorado, by and through the Board of County Commissioners of Weld County, and Olando, LLC, do Ed Orr and Tammy Ellerman, with terms and conditions being as stated in said agreement, and accepted Irrevocable Letter of Credit #00315, drawn on Centennial Bank of the West, 2700 47th Avenue, Greeley, Colorado 80634, in the amount of $214,387.00, and WHEREAS, on January 23, 2008, the Board accepted an Amended Letter of Credit from Centennial Bank of the West, 2700 47th Avenue, Greeley, Colorado 80634, amending Irrevocable Letter of Credit #00315, effective January 15, 2008, thereupon reducing the amount of credit available for draw by Weld County to $32,158.05, and releasing partial collateral in the amount of $182,228.95. WHEREAS, staff from the Weld County Departments of Planning Services and Public Works 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 Amended Irrevocable Letter of Credit #00315, drawn on Centennial Bank of the West, in the amount of $32,158.05 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 release said partial collateral to the appropriate issuing party. 11111 INI 111111 �� 11111111 �� 1111111111111 3599998 01/16/2009 12:32P Weld County, CO 1 of 2 R 0.00 D 0.00 Steve Moreno Clerk & Recorder 2009-0041 PL1508 0 0 PG, /11").‘2_ 0 t -09 CANCEL COLLATERAL - OLANDO, LLC, C/O ED ORR AND TAMMY ELLERMAN PAGE 2 The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 7th day of January, A.D., 2009. BOARD OF COUNTY COMMISSIONERS WELD _ OCOLORADO 4, ATTEST: Weld County Clerk to Deputy Clerk to the APPROVED?",--T-Ot1 aunty Attorney > Date of signature. lit/o9 Se P. Conway bara Kirkmeyer David E. Long 1 111111 11111 111111 11111 IIII III 11111111 III 11111 III III 2009-0041 3599998 01/16/2009 12:32P Weld County, CO PL1508 2 of 2 R 0.00 D 0.00 Steve Moreno Clerk & Recorder 460tr. igh1g MEMORANDUM TO: Board of County Commissioners DATE: December 30, 2008 FROM: Kim Ogle, Planning Service41). r.� SUBJECT: Request for Release of Collateral for Improvements (Private Road Maintenance) and the associated Irrevocable Letter of Credit MF-547, Owl Creek Estates Olando LLC, do Tammy Ellerman, applicant On January 23, 2008, the Board of County Commissioners released Irrevocable Letter of Credit # 00315 from the Centennial Bank of the West, for Owl Creek Estates Minor Subdivision, case number MF-547 in the amount of two hundred fourteen thousand, three hundred eighty-seven (214,387.00) dollars and no/100s. Ms. Tammy Ellerman representative for Olando, LLC submitted replacement collateral in the amount of thirty-two thousand one hundred fifty-eight (32,158.05) dollars and 05/100s to cover the one-year warranty period for improvements associated with this development. The Department of Planning Services was notified by the Public Works Department that all transportation items have been verified as being complete. The Department of Planning Services completed a field inspection on Wednesday August 20, 2008 and determined that the (non -transportation) landscape portion of the improvements agreement had been completed. Therefore, the Departments of Public Works and Planning Services recommend that the replacement Irrevocable Letter of Credit # 00315 from the Centennial Bank of the West, for Owl Creek Estates Minor Subdivision, case number MF-547 in the amount of thirty-two thousand one hundred fifty-eight (32,158.05) dollars and 05/100s be released. Notes: Olando, LLC, do Ed Orr and Tammy Ellerman (PL1508 #2005-3135) MF #547, Owl Creek Estates. Public Road Imps Agrmt. Letter of Credit, Centennial Bank of the West, Expires 10/18/06, auto extension unless 60 days notice PARTIAL RELEASE 01/23/07 (2008-0286) Amend Letter of Credit reducing amount available to $214,387.00 -182,228.95 $32,158.05 2009-0041 WIDc. COLORADO January 9, 2009 ATTN: ED ORR AND TAMMY ELLERMAN OLANDO LTD LIABILITY CO 826 9TH STREET, SUITE 200 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 Olando, LLC, do Ed Orr and Tammy Ellerman Mr. Orr and Ms. Ellerman: On January 7, 2009, the Board of County Commissioners approved the cancellation and release of collateral for Olando, LLC, Go Ed Orr and Tammy Ellerman, in the amount of $32,158.05, 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 $32,158.05 has been returned to 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 By: 111/Lett--1,1:>C1 {{Vie( L Donna J. Be2hler Deputy Clerk to the Board `4?: COLORADO January 9, 2009 ATTN; DENNIS HOLMAN 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 - Olando, LLC, do Ed Orr and Tammy Ellerman Mr. Holman: Attached hereto please find the Board of County Commissioners Resolution releasing the collateral for Olando, LLC, do Ed Or and Tammy Ellerman, in the amount of $32,158.05, and the Irrevocable Letter of Credit issued by Centennial Bank of the West, in the amount of $32,158.05. 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 :� lhli /LIL-(9. C: , F' (11/722 y Donna J. Bechler, Deputy Clerk to the Board CENTENNIAL Bank of the West'" AMENDMENT NO. 01 0 TO IRREVOCABLE LETTER OF CREDIT NO. 00315 Dated October 18, 2005 This page shall be attached to and become an integral part of the above referenced Letter of Credit. January 15, 2008 Beneficiary: WELD COUNTY 918 10th Street Greeley, CO 80631 Applicant: OLANDO LTD LIABILITY CO 826 9th St., Suite 200 Greeley, CO 80631 Gentlemen: At the request of and for the account of our customer, the above referenced Letter of Credit issued in your favor in the amount of $214,387.00 is amended as follows: 1. The amount is DECREASED by $182,228.95 for a new amount of $32,158.05. 2. Funds under this Credit are available with CENTENNIAL BANK OF THE WEST by payment at 1331 17`h Street, Denver, CO 80202, Attn: Letter of Credit Department. ********* All other terms and conditions of the original Letter of Credit shall remain unchanged and in full force and effect. Please acknowledge your receipt and acceptance of this amendment by signing the enclosed cry, wlyere indicated and returning it in the envelope provided. Dennis Holman Branch President dO ..9 CENTENNIAL Bank of the West IRREVOCABLE LETTER OF CREDIT #00315 October 18, 2005 Weld County 918 10th Street Greeley, CO 80631 Re: Owl Creek Estates Subdivision / Olando Ltd. Liability Co., a limited liability company Dear Sirs: 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 a total of TWO HUNDRED FOURTEEN THOUSAND, THREE HUNDRED EIGHT SEVEN AND 00/100 DOLLARS ($214,387.00), such amount not available except by your drafts at sight, accompanied by written certification from the Board of County Commissioners of Weld County, Colorado stating that the above referenced Applicant has failed to perform as required under the Improvements Agreement executed by the Applicants on May 12, 2005, covering the Owl Creek Estates Subdivision. 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 October 18, 2006, upon which date this Letter of Credit shall expire. The Letter of Credit will be automatically extended without amendment, for additional one year periods from the current expiration date unless, 60 days prior to such expiration date, Centennial Bank of the West notifies Beneficiary that the Letter will not be renewed. (b) Funds available under this Irrevocable Letter of Credit may be drawn in such amounts, and at such times, as determined by the Beneficiary, in its sole discretion, provided that the amount drawn shall not exceed the aggregate amount specified herein. (c) The amount of any draft drawn hereunder must be endorsed on the reverse side hereof. All drafts must be marked "Drawn under Irrevocable Letter of Credit #00315, "Olando Ltd. Liability Co., a limited liability company" and be accompanied by this original Letter of Credit. Unless otherwise expressly stated, this Letter of Credit is subject to the International Chamber of Commerce, Uniform Customs and Practice for Commercial Documentary Credits; 1993 Revision-Internationd Charlber : Commerce Publication No. 500. Dated this 18th C ST By: Dennis Holman President — West Greeley Bank Centennial Bank of the West — 2700 47th Ave., Greeley, CO 80634 — Phone 970-054-4165 Fax 970-454-4159 Hello