The URL can be used to link to this page

Browse Search

Home My WebLink About20091081.tiff5j RESOLUTION RE: APPROVE CANCELLATION AND RELEASE OF COLLATERAL FOR SITE PLAN REVIEW #401 - STAGECOACH PARTNERS, LLC, CIO FLOYD AND KATHARINE OLIVER 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 October 17, 2006, the Department of Planning Services approved a Site Plan Review, SPR #401, for Katharine H. Oliver, LLC, c/o Floyd Oliver, 2385 Homestead Place, Longmont, Colorado 80504, for an office building on the following described real estate, to wit: Lot 3, Block 1, Western Dairymen Cooperative, Inc.; being part of the NW1/4 of Section 10, Township 2 North, Range 68 West of the 6th P.M., Weld County, Colorado, and WHEREAS, on May 14, 2007, 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 Stagecoach Partners, LLC, c/o Floyd and Katharine Oliver, with terms and conditions being as stated in said agreement, and accepted Irrevocable Letter of Credit #6022, drawn on Centennial Bank of the West, 4650 Royal Vista Circle, Fort Collins, Colorado 80528, in the amount of $173,060.00, and WHEREAS, the Board, through Resolution 2008-1453, dated May 14, 2008, accepted Amendment No. 01 to Irrevocable Letter of Credit No. 6022, and released a portion of said collateral in the amount of $149,469.50, retaining 15 percent ($23,590.50) for a one-year warranty period, and WHEREAS, staff from the Weld County Departments of Planning Services and Public Works have conducted visual inspections and recommend release of remaining collateral in the amount of $23,590.50. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, Colorado, that Amendment No. 01 to Irrevocable Letter of Credit #6022, drawn on Centennial Bank of the West, in the amount of $23,590.50, be, and hereby is, cancelled and released. 1111111111111111111111111111111111111111111111111111111 3623519 05/18/2009 11:17A Weld County, CO 1 of 2 R 0.00 D 0.00 Steve Moreno Clerk & Recorder e f 1 G J. /}7 'j c_ 2009-1081 PL1898 6) f4 /v l CANCEL COLLATERAL - STAGECOACH PARTNERS, LLC, CIO FLOYD AND KATHARINE OLIVER PAGE 2 The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 6th day of May, A.D., 2009. BOARD OF COUNTY COMMISSIONERS ATTEST: Weld County Clerk to the BY: Deputy Cler o the Boa APPf /ETAS. ORM: C-OuntyAttorney EXCUSED Date of signature.—J,A,nn? 1110 11111 11111 1111 I I111111111 I I 111111 I I I I I I I I 3623519 05/18/2009 11:17A Weld County, CO 2 of 2 R 0.00 D 0.00 Steve Moreno Clerk & Recorder W EID,cOOLORADO Sen P. Conway bf rbara Kirkmeyer David E. Long 2009-1081 PL1898 COLORADO MEMORANDUM TO: Clerk to the Board DATE: 4/30/2009 FROM: Richard Hastings, Public Works Department SUBJECT: Agenda Item — Final Release of Collateral Stagecoach Partners(Spitfire Office Bld.) — (SPR-401) Request for Final Release of Collateral: The Department of Planning Services received a request from the applicant, Floyd Oliver, requesting a final inspection of the property in order to obtain the final release of collateral, at the conclusion of the one-year warranty period. Weld County Public Works Department performed a site inspection on 4/13/09, at the above mentioned site, and observed the following: • All Public Works related items on Exhibit A, of the Improvements Agreement According To Policy Regarding Collateral For Improvements (Private Road Maintenance) Document # 2007-1369, have been completed and are found to be acceptable. Weld County Collateral List: Oliver, Floyd and Katharine, (PL1898, 2007-1369) SPR #401 Imps. Agrmt. Private Road Maintenance; Irrevocable Letter of Credit #6022, Centennial Bank of the West, STAGECOACH PARTNERS Expires 03/28/08, auto extension unless 60 days notice Partial Release 05/14/08 (2008-1453) Amended Letter of Credit - new balance $173,060.00 -149,469.50 $23,590.50 Recommendation: The Departments' of Public Works and Planning Services are recommending final release of collateral, as shown above from the Weld County Collateral List, in the amount of $23,590.50. 2009-1081 C:\Documents and Settings \jvanegdom\Local Settings \Temporary Internet Files\OLK 164\SPR-401 Stagecoach -Spitfire Bld Final Collateral Release MEMO.doc MAY -05-2009 TUE 11 16 AM WELD COUNTY PUBLIC WORKS FAX NO. 970 304 6497 P. 01/01 FLOYD OLIVER 2385 HOMESTEAD PL. L0NGM0NT, CO 80604 April 6, 2009 Michelle Martin, Planner Weld County 4209 WCR 24.5 Longmont, CO 80504 Dear Michelle, I am writing in regard to the letter of credit on our property local By resolution the amount was reduced to $23,590.50 on May amount to be held for one year. I understand that I must request an inspection of the property h the letter of credit Please have the final Inspection performed, of this final inspection. The legal description of the property is Lot 3, Block 1, Westen Inc Sincr7e�re, �/ Floydtharin�e H. Oliver Stagecoach Partners LLC 3 d at 3801 Stagecoach Rd I 2008. The reduced t btaln the IS releese of it cl advise me of the results I }airymen Cooperative, Wine COLORADO CLERK TO THE BOARD PHONE (970) 336-7215, Ext. 4225 FAX: (970) 352-0242 P. O. BOX 758 GREELEY, COLORADO 80632 May 6, 2009 ATTN: FLOYD AND KATHARINE OLIVER STAGECOACH PARTNERS, LLC 2385 HOMESTEAD PLACE LONGMONT, COLORADO 80504 RE: Cancellation and release of Collateral for Stagecoach Partners, LLC, do Floyd and Katharine Oliver Mr. and Mrs. Oliver: On May 6, 2009, the Board of County Commissioners approved the cancellation and release of collateral for Stagecoach Partners, LLC, do Floyd and Katharine Oliver, in the amount of $23,590.50, 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 $173,060.00 from Centennial Bank of the West, and the Amendment to the Letter of Credit for $23,590,50, have been returned to Guaranty Bank and Trust Company. 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 /L Donna J. Baffler Deputy Clerk to the Board By; CLERK TO THE BOARD PHONE (970) 336-7215, Ext. 4225 FAX: (970) 352-0242 P. O. BOX 758 GREELEY, COLORADO 80632 COLORADO May 6, 2009 ATTN; LOAN OPERATIONS GUARANTY BANK AND TRUST COMPANY 1331 17TH STREET DENVER, COLORADO 80202 RE: Cancellation and release of Collateral - Stagecoach Partners, LLC, c/o Floyd Oliver To Whom it May Concern: Attached hereto please find the Board of County Commissioners Resolution releasing the collateral for Stagecoach Parners, LLC, c/o Floyd and Katharine Oliver, in the amount of $23,590.50, and the original Irrevocable Letter of Credit issued by Centennial Bank of the West for $173,060.00, and the Amendment issued by Guaranty Bank and Trust Company, in the amount of $23,590.50. 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: /.l�(Wild-�y/ eta Donna J. Bedhler, Deputy Clerk to the Board c os6°arvPO 'e cPe GUARANTY BANK dsy��o�9�crr Prat AND TRUST COMPANY'" °4e, • °44, PP 41 AMENDMENT NO. 01 CSo1P , Sr , -,0 TO IRREVOCABLE LETTER OF CREDIT NO. 6022 rk to ` ors 6sr Dated May 1, 2007 ° tAQ?' .4 This page shall be attached to and become an integral part of the above referenced Letter of Credit. May 1, 2008 Beneficiary: BOARD OF COUNTY COMMISSIONERS WELD COUNTY P.O. Box 758 Greeley, CO 80632 Applicant: STAGECOACH PARTNERS LLC 2385 Homestead P1 Longmont, CO 80504 Dear Sir or Madam: 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 $173,060.00 is amended as follows: ******** 1. The amount is DECREASED by $149,469.50 for a new total amount of $23,590.50. ********* All other terms and conditions of the original Letter of Credit shall remain unchanged and in full force and effect. Indicate your acceptance or rejection ofthis amendment by signing the enclosed copy, and returning it in the envelope provided. Accepted Rejected _ Sincerely, GUARANTY BANK AND TRUST COMPANY 61117Th s O. Sletvold Thomas V. Hombacher Lami Letter of Credit Administration Officer Senior Vice President tietet Denver Metro 303-293-5500 • Northern Colorado 970-454-4220 • www.guarantybankco.com CENTENNIAL" Bank of the West Cze�, rk IRREVOCABLE STANDBY LETTER OF CREDIT NO. 6022 DATE OF ISSUE: AMOUNT: May 1, 2007 $173,060.00 March 28, 2008 at our counters 3:00PM of Ie 0 Pe 8y o°� rredRe, d.eor rya ye1e 0 es'Ydseo' Lod et. 4 eer o 8 rise ► psi ar v �6 drQ. QO We hereby ' Irrevocable Standby Letter of Credit for the account of STAGECOACH PARTNERS LLC, ("Customer") 2385 Homestead Pl, Longmont, CO 80504 in your favor in the aggregate amount not exceeding ONE HUNDRED SEVENTY THREE THOUSAND AND SIXTY AND 00/100THS US Dollars (USD$173,060.00 Funds under this crest are available with CENTNNIAL BANK OF THE WEST by payment against presentation of your sight draft(s) drawn on us, at our office, on or before the expiry date when accompanied by the following: 1. This Letter of Credit. 2. Statement, purportedly signed by an authorized representative of the Board of County Commissioners of Weld County, Colorado stating that:"Stagecoach Partners LLC has failed to complete their obligations as specified in that certain Agreement between Stagecoach Partners LLC and the Board of County Commissioners of Weld County and that Weld County is entitled to draw on this Letter of Credit". This statement, signed by the beneficiary pursuant to the preceding paragraph, shall be conclusive to such matters. This Letter of Credit is automatically extended without amendment, for additional one year periods from the current expiration or any future expiration date at least sixty (60) days prior to such current expiration date CENTENNIAL BANK OF THE WEST notifies the 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: (a) a draft a sight on CENTENNIAL BANK OF THE WEST; (b) a statement purportedly signed by an official of the Board of County Commissioners Page 2 IRREVOCABLE LETTER OF CREDIT NO. «Numbea This page shall be attached to and become an integral part of the above referenced Letter of Credit of Weld County, Colorado stating that we have received notice from CENTENNIAL BANK OF THE WEST the Letter of Credit No.6022 will not be renewed and that STAGECOACH PARTNERS LLC has failed to provide proof of adequate collateral and substitution of this Letter of Credit No.6022; (c) copy of letter from CENTENNIAL BANK OF THE WEST stating non -renewal of Letter of Credit No.6022 with the original Letter of Credit. Except as otherwise expressly stated herein this credit is subject to the Uniform Customs and Practice of Documentary Credits (1993 Revision) International Chamber of Commerce, Publication 500, or any current revision. Any draft presented must bear the words "Drawn under CENTENNIAL BANK OF THE WEST Irrevocable Letter of Credit No. 6022 dated May 1, 2007". In case of cancellation of this Letter of Credit prior to expiration, the original of this Letter of Credit must be returned to us for cancellation with a statement purportedly signed by the beneficiary stating that: "This Letter of Credit is no longer required by us and is hereby returned to the issuing bank for cancellation". Please address all communications regarding this Letter of Credit to the attention of Centennial Bank of the West, 4650 Royal Vista Circle, Fort Collins, CO 80528, mentioning specifically our Irrevocable Letter of Credit No. 6022, issued for the account of STAGECOACH PARTNERS LLC. We hereby agree with drawers and endorsers, and bona fide holders of drafts negotiated under this Letter of Credit that the same shall be duly honored upon presentation and delivery of the documents as specified above. Sincerely, Mel Green Branch President Hello