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Home My WebLink About20092416.tiffRESOLUTION RE: APPROVE CANCELLATION AND RELEASE OF COLLATERAL FOR PLANNED UNIT DEVELOPMENT FINAL PLAN, PF #613 - CATTAIL CREEK GROUP, 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 August 18, 2004, the Board approved the application of Cattail Creek Group, LLC, c/o George DuBard, 304 Immigrant Trail, Windsor, Colorado 80550, for eight (8) lots with E (Estate) Zone Uses and one (1) lot with A (Agricultural) Zone Uses, along with approximately 7.1 acres of Open Space on the following described real estate, to wit: Lot C of Recorded Exemption #2637; being part of the SW1/4 /4 of Section 9, Township 6 North, Range 66 West of the 6th P.M., Weld County, Colorado, and WHEREAS, on January 12, 2005, the Board of County Commissioners of Weld County, Colorado, approved an Improvements Agreement According to Policy Regarding Collateral for Improvements (Public Road Maintenance) between the County of Weld, State of Colorado, by and through the Board of County Commissioners of Weld County, and Cattail Creek Group, LLC, with terms and conditions being as stated in said agreement, and accepted Irrevocable Letter of Credit CCG-04-1, drawn on the Unisyn Capital Corporation, 1204 West Ash Street, Suite A, Windsor, Colorado 80550, in the amount of $264,100.00, and 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 Irrevocable Letter of Credit CCG-04-1, drawn on the Unisyn Capital Corporation, in the amount of $264,100.00 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. ARUM 111111 11111 IIIILIMB III 11111111111 3651787 10/01/2009 11:48A Weld County, CO 1 of 2 R 0.00 D 0.00 Steve Moreno Clerk & Recorder CO P/,At> t 2009-2416 PL1628 /D/Ot/'7 CANCEL COLLATERAL - CATTAIL CREEK GROUP, LLC PAGE 2 The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 9th day of September, A.D., 2009. BOARD O OUNTY COMMISSIONERS WELD Y, COLORADO ATTEST: William F. Garcia hair Weld County Clerk to t Dougla BY Deputy Clerk to the ademac Sean P. Conway APPRO D - , O FORM: fpara Kirkmeye ty Attorney David E. Long Date of signature 944.9_ MID 1111111111111111lIII 11111111111111111111IIII IIII 3651787 10/01/2009 11:48A Weld County, CO 2 of 2 R 0.00 D 0.00 Steve Moreno Clerk & Recorder r. Pro -Tern 2009-2416 PL1628 11cstr. `k COLORADO MEMORANDUM TO: Board of County Commissioners DATE: September 4, 2009 FROM: Kim Ogle, Planning Services . SUBJECT: Cattail Creek Group, LLC Release of Letter of Credit CCG-04-1 Unisyn Capital Corporation 1 rc La! Staff from the Department of Public Works conducted a field inspection in August 2009 and determined that the property was in compliance with all transportation elements as stated in their referral dated August 31, 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 Letter of Credit CCG-04-1, from the Unisyn Capital Corporation for Cattail Creek PUD, be released in full. 2009-2416 I - COLORADO MEMORANDUM TO: Kim Ogle, Planning Services DATE: 8/31/2009 FROM: Richard Hastings, Public Works Department SUBJECT: Collateral List Update: Cattail Creek Group, LLC (#2005-0163; PL1628) PUD PF#613 Release of Collateral Status • All Public Works related items have been completed and are found to be acceptable. Weld County Collateral List: Cattail Creek Group, LLC (PL1628 - #2005-0163) PF#613 Improvements Agreement (Public Road Maintenance) Letter of Credit CCG-04-1 from Unisyn Capital Corporation Expires 12/15/05 w/1 add'I year, unless 60 days notice $264,100.00 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:\Documents and Settings\kogle\Local Settings\Temporary Internet Files\Content.Outlook\NUIE6KGO\Collateral List update (Cattail Creek PF-613)-MEMO (3).docx 4st, COLORADO September 14, 2009 Unisyn Capital Corporation 1204 West Ash Street, Suite A Windsor, Colorado 80550 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 — Cattail Creek Group, LLC, c/o George DuBard To Whom it may Concern: Attached hereto please find the Board of County Commissioners Resolution releasing the collateral for Cattail Creek Group, LLC, c/o George DuBard, in the amount of $264,100.00, and the original Irrevocable Letter of Credit No. CCG-04-1, issued by Unisyn Capital Corporation, in the amount of $264,100.00. 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: / A 45Let. dela Donna J. Bechl Deputy Clerk to the Board ‘etti*: Wine COLORADO September 14, 2009 Cattail Creek Group, LLC c/o George DuBard 304 Immigrant Trail Windsor, Colorado 80550 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 Cattail Creek Group, LLC, do George DuBard Mr. DuBard: On September 9, 2009, the Board of County Commissioners approved the cancellation and release of collateral for Cattail Creek Group, LLC, in the amount of $264,100.00, 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. CCG-04-1 for $264,100.00 has been returned to Unisyn Capital Corporation. 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. BedtIler Deputy Clerk to the Board �z, IRREVOCABLE LETTER OF CREDIT NO.CCG-04-1 "S) � SSUE DATE: December 16, 2004 APPLICANT: Cattail Creek Group, LLC BENEFICIARY: Board of County Commissioners Weld County, Colorado PO Box 758 Greeley, Colorado 80632 CAPITAL CORPORATION AMOUNT:USD Two Hundred Sixty Four Thousand One Hundred and No/100 Dollars Dear Weld County Board of County Commissioners: We hereby establish our irrevocable Letter of Credit in your favor in the amount of $264,100.00. The purpose of this Letter of Credit is to secure performance of a Development Agreement for Cattail Creek Planned Unit Development dated between the County of Weld and Cattail Creek Group, LLC. You are hereby authorized to draw on sight at Unisyn Capital Corporation, 1204 West Ash Street, Suite A, Windsor, CO 80550, by drafts, up to the aggregate amount of $264,100.00, drawn on LOC No. CCG-04-1. The sole condition for payment of any draft drawn against this Letter of Credit is that the draft be accompanied by a letter, on the County's Letterhead, signed by the Board of County Commissioners, to the effect that Cattail Creek Group, LLC is in default of Developer's obligations pursuant to the Development Agreement. This Letter of Credit shall expire on December 15, 2005, at 5:00 PM This Letter of Credit shall not expire prior to the County's inspection and acceptance of public improvements as provided for in the Development Agreement, at which time the County shall release 100% of the collateral for public improvements. This Letter of Credit is automatically extended without amendment, for an additional one year period from the current expiration date unless 60 days prior to such current expiration date Unisyn Capital Corporation notifies Beneficiary in writing that the Letter of Credit will not be renewed. In the case that you receive such a notification, you may draw by presentation of the following: (a) a draft at sight of UNISYN CAPITAL CORPORATION; (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 UNISYN CAPITAL CORPORATION that the Letter No. 1204 West Ash Street, Suite A A Windsor, Colorado 80550 A (970) 686-7800 Fax (970) 686-7001 CCG-04-1 will not be renewed and that Cattail Creek Group, LLC has failed to provide of adequate and substitution of this Letter of Credit No. CCG-04-1; (c) copy of letter from UNISYN CAPITAL CORPORATION stating nonrenewal of Letter of Credit CCG-04-1 and the Original Letter of Credit. Yours Truly, etiV Jori y Rta, Vice President Ug syn Capital Corporation Hello