HomeMy WebLinkAbout20083335.tiff 267
RESOLUTION
RE: APPROVE RETURN OF COLLATERAL FOR AMENDED PLANNED UNIT
DEVELOPMENT ZONE DISTRICT, AMPZ#1004, APPROVE FIRST AMENDMENT TO
IMPROVEMENTS AGREEMENT ACCORDING TO POLICY REGARDING COLLATERAL
FOR IMPROVEMENTS(PUBLIC ROAD MAINTENANCE),AND AUTHORIZE CHAIR TO
SIGN - LIFEBRIDGE CHRISTIAN CHURCH
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 July 9, 2003, the Board of County Commissioners approved Change of
Zone, PZ#1004, and
WHEREAS, on November 9, 2005, the Board of County Commissioners approved the
request of LifeBridge Christian Church, 10345 Ute Highway, Longmont, Colorado 80504, for a
Change of Designated Zone Districts, AMPZ #1004, for LifeBridge PUD with E (Estate),
R-1 (Low-Density Residential), R-2 (Duplex Residential), R-3 (Medium-Density Residential),
R-4(High-Density Residential), C-1 (Neighborhood Commercial)and C-2 (General Commercial)
uses, and continued oil and gas production on the following described real estate, to-wit:
Lot B of Recorded Exemption #1389, and part of
Section 5, Township 2 North, Range 68 West of 6th
P.M., Weld County, Colorado
WHEREAS, on January 29, 2007, pursuant to certain Conditions of Approval, the Board
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 Lifebridge Christian Church,with terms and
conditions being as stated in said agreement, and accepted Irrevocable Standby Letter of
Credit#6012 from Centennial Bank of the West, 4650 Royal Vista Circle, Fort Collins, Colorado
80528, in the amount of$2,058,119.22, and
WHEREAS, on November 25, 2008, it was determined by Bruce T. Barker, Weld County
Attorney, that such collateral was scheduled to expire on or before November 30, 2008, and that
such collateral would only be necessary to reestablish at the time construction is set to proceed,
and
WHEREAS, Mr. Barker allowed representatives of the LifeBridge Christian Church to
acquire Irrevocable Standby Letter of Credit#6012 from the Clerk to the Board so as to return it
to Centennial Bank of the West, and
WHEREAS, on December 17, 2008, the Board was presented with a First Amendment to
the 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 LifeBridge Christian Church, commencing upon full
execution, with further terms and conditions being as stated in said amendment, and
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CANCEL COLLATERAL- LIFEBRIDGE CHRISTIAN CHURCH
PAGE 2
WHEREAS, after review, the Board deemed it advisable to continue said amendment to
December 22, 2008, at 9:00 a.m., to allow additional time to draft specific language regarding the
terms of collateral for the development, and
WHEREAS,on December 22, 2008, after review,the Board deems it advisable to approve
said amendment, a copy of which is attached hereto and incorporated herein by reference.
NOW,THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld
County, Colorado, that Irrevocable Standby Letter of Credit#6012 from Centennial Bank of the
West, 4650 Royal Vista Circle, Fort Collins, Colorado 80528, in the amount of$2,058,119.22, has
expired and has been acquired by representatives of the LifeBridge Christian Church for return to
Centennial Bank of the West, as authorized by Mr. Barker.
BE IT FURTHER RESOLVED by the Board of County Commissioners of Weld County,
Colorado, that the First Amendment to the 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
LifeBridge Christian Church be, and hereby is, approved.
BE IT FURTHER RESOLVED by the Board that the Chair be,and hereby is, authorized to
sign said amendment.
The above and foregoing Resolution was,on motion duly made and seconded,adopted by
the following vote on the 22nd day of December, A.D., 2008.
BOARD OF COUNTY COMMISSIONERS
n 4 I to;1 f�A' 7,,4a
4- WELD COUNTY, COLORADO
ATTEST: 1,10ymtle/ At •"If' ditiZ. �� i
1,55!. (. M Iliam H. Jerke, Chair
Weld County Clerk to the y=r. % ij�F �1
�-,� = CUSED
`, 1`�`obert D. Masden, Pro-Tern
BY: d'�tiLt�1� i [7(2
ii �ty�I�� ��
Depu y Clerk'to the Board EXCUSED
/� r
Willi . Garcia
APP�2O D /i�� _ � ot
David E. Long
ounty Attorney
ugla Rademacher
Date of signature: 17131 k'
IN Illll lllllI1II IIIIIIII III Illllll III II t!IIII IIII
III 2008 3335
3603267 02f0412009 03Ste IN County, CO PL1655
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FIRST AMENDMENT
IMPROVEMENT AGREEMENTACCORDING TO
POLICY REGARDING COLLATERAL FOR IMPROVEMENTS
(PUBLIC ROAD MAINTENACE)
This FIRST AMENDMENT TO IMPROVEMENT AGREEMENT ("First
Amendment") is made and entered into this /7zf day of L)ee ember , 2008, by and
between the County of Weld, State of Colorado, acting through its Board of County
Commissioners, hereinafter called "County", and LifeBridge Christian Church, a non-
profit Colorado corporation,hereinafter called"LifeBridge".
WITNESSETH:
WHEREAS, County and LifeBridge previously entered into the Improvements
Agreement According to Policy Regarding Collateral for Improvements (Public Road
Improvements)dated January 29,2007,hereinafter called"Agreement,"and
WHEREAS, the Agreement was approved by the Weld County Board of
Commissioners pursuant to Resolution number 2007-0266 dated January 29,2007,and
WHEREAS, both County and LifeBridge desire to amend certain terms of the
Agreement,as more fully set forth below.
AGREEMENT
NOW, THEREFORE, for good and valuable consideration, including the mutual
benefits to be derived herefrom, the receipt and adequacy of which are hereby confessed
and acknowledged,the parties agree as follows:
The Agreement shall be amended to include a new Paragraph 3.5,to read as follows:
3.5 Said improvements shall be completed regardless of whether or not the properties
upon which the improvements are to be constructed have been annexed into a
municipality.
Paragraph 7.1 of Agreement shall be amended,in its entirety,to read as follows:
7.1 The value of all collateral submitted to Weld County must be equivalent to One-
Hundred percent(100%)of the value of the Public Improvements. Prior to Weld
County issuing a grading and/or construction permit for any portion of the subject
property in unincorporated Weld County, Weld County will require Applicant to
submit acceptable collateral to Weld County. The Public Improvements shall be
completed according to the schedule within section 3.4. Notwithstanding the
foregoing, the Applicant may request that this Agreement be renewed at least
thirty (30) days prior to its expiration provided that cost estimates for the
remaining Public Improvements are updated and collateral is provided in the
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CO
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amount of One-Hundred percent(100%)of the value of the Public Improvements
to be constructed. If said improvements are not completed and if this Agreement
is not renewed within these time frames, the County, at its discretion, may make
demand on all or a portion of the collateral and take steps to see that the
improvements are made. If the County chooses to make demands upon all or a
portion of the collateral, the County shall notify the Applicant in writing at least
thirty (30) days in advance of making such demands. Without such written
notification, the County may not make any demands upon any portion of the
collateral.
All remaining paragraphs set forth in said Agreement shall remain the same.
IN WITNESS WHEREOF, the parties hereto have executed this First
Amendment to Improvements Agreement According to Policy Regarding Collateral for
Improvements(Public Road Improvements)as of the day and year first above written.
LIFE - CHRISTIAN CHURCH
By:
Name: tcf v
Its: :rkt,kz,; ��.
STATE OF COLORADO )
)ss.
COUNTY OF i--L •
The foregoing instrument was acknowledged before me this _ day of . . • '. ,
2008, by _ as an authorized signatory of LifeBridge Christian
Church,a non-profit Colorado corporation.
Witness my hand and official seal.
My commission expires:
ntnT�,Rv f'ilBLiC Notary Public
,i ATE.OFCOLORADO
ATTE T: -� 7� ARD OF COUNTY COMMISSIONERS
" -o 'ssissi-a Expires 07/17/20T0
t -:oard WELD COUNTY,COLORADO
4 ^r. i -; • By:
Deputy a •.jerk o the Board William H.Jerke. Chair
DEC 2 2 Z008
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4 of 4 R 0.00 0.00 Steve MorenoWeld ClerCounty.k&C Recorder
DEC !,11
5 2008
December 12, 2008
-- v111111
Bruce Barker
Weld County UNION
P.O. Box 758
915 10th St.
Greeley, CO 80634
RE: UNION-1st Amendment to Improvement Agreement
Dear Bruce,
Attached please find two signed copies of the First Amendment to the Improvement
Agreement. If you have any questions or need anything else please don't hesitate to contact
us. Our office will be moving on January 15C, 2009 so if you mail our copy to us after that will
you please mail it to our new office at:
4C Corporation
105 5.Sunset St, Ste H
Longmont, CO 80501
Sincerely,
Tara Garcia
ic
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2008-3335
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"0 41 c�� ° CENTENNIAL
o15Q�o.0 .4 0 Bank of the West
G G o o
4 o ��� k � IRREVOCABLE STANDBY LETTER OF CREDIT
.?' 4 c NO. 6012
4;-\ e4 DATE OF ISSUE: January 10,2007
AMOUNT: $2,058,119.22
EXPIRY DATE: November 21,2007 at our counters 3:00PM
Beneficiary:
WELD COUNTY
Board of County Commissioners
P.O. Box 758
Greeley,CO 80632
Gentlemen:
We hereby issue this Irrevocable Standby Letter of Credit for the account of
LIFEBRIDGE CHRISTIAN CHURCH, ("Customer") 10345 Ute Highway,
Longmont,'`CO 80504 in your favor in the aggregate amount not exceeding TWO
MILLION FIFTY EIGHT THOUSAND ONE HUNDRED NINETEEN AND
22I100THS US Dollars(USD$2,058,119.22).
Funds under this credit are available with CENTENNIAL 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 Original Letter of Credit.
2. A written statement purportedly signed by an authorized official of the
Beneficiary stating that the "amount is required to be paid to the Beneficiary on
the account the Beneficiary has declared a default under the Improvements
Agreement by and between the Beneficiary and Lifebridge Christian Church".
This credit will be automatically extended without written amendment for an
additional period of one year from the present or any future expiration date hereof,
unless, at least sixty (60) days prior to the then relevant expiration date, Issuer
notifies you the Beneficiary, in writing by U.S. certified mail, return receipt
requested or by overnight courier that the Issuer elects not to extend this Letter of
Credit for any additional period. Upon Beneficiary's receipt of such notification,
Beneficiary may draw a sight draft on Issuer prior to the then relevant expiration date
for the unused balance of this Letter of Credit, which shall be accompanied by a
statement purportedly signed by an authorized official of the Beneficiary stating that
a "Receipt of notification by the Issuer has been submitted for non renewal of Letter
of Credit No.6012".
Page 2
IRREVOCABLE LETTER OF CREDIT
NO. 6012
This page shall be attached to and become an integral part of the above referenced
Letter of Credit
3. Any draft presented must bear the words "Drawn under CENTENNIAL BANK
OF THE WEST Irrevocable Letter of Credit No. 6012 dated January 10,2007".
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".
Issuer hereby agrees to honor each draft for payment made in compliance with the
terms this Letter of Credit if duly presented by person, registered mail, or overnight
courier, together with any documents as specified herein, to the attention of
CENTENNIAL BANK OF THE WEST, 4650 Royal Vista Cr. Fort Collins, CO
80528, on or before the close of business on the expiration date of this Letter of
Credit, mentioning specifically our Irrevocable Letter of Credit No. 6012, issued for
the account of LIFEBRIDGE CHRISTIAN CHURCH.
This Irrevocable Letter of Credit shall not be transferable and it shall be governed by
and construed in accordance with the laws of the State of Colorado.
Sincerely,
CENTENNIAL BANK OF THE WEST
Daniel R. Grant
Senior Vice President
Irrevocable Standby Letter of Credit ' 6,1 . issued by Centennial
Bank of the West was picked up by /.•.;ice.- ,
on November 25, 2008 to be hand delivered t the bank. The amount
of the Letter of Credit is $2,058,119.22. This collateral was
released by Bruce Barker, County Attorney, via phone conversation
11/25/2008. j/
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Donna Bechler
From: Bruce Barker
Sent: Thursday, December 11, 2008 1:43 PM
To: Donna Bechler
Subject: FW: Union Improvements Agreement
They will get 2 originals of the amendment to me next week and we can put on the agenda.
Original Message
From: Don Guerra [mailto:don.guerra@landassetstrategies.com]
Sent: Thursday, December 11, 2008 1:20 PM
To: Bruce Barker
Cc: 'Martin Dickey'
Subject: RE: Union Improvements Agreement
Bruce - Thanks for getting back to me. I'm comfortable with the additional
paragraph you included. We'll get the amendment executed and over to your
office.
Thank you for your help with this.
Don Guerra
Original Message
From: Bruce Barker [mailto:bbarker@co.weld.co.us]
Sent: Thursday, December 11, 2008 10:56 AM
To: Don Guerra
Cc: Martin Dickey
Subject: RE: Union Improvements Agreement
Don:
I apologize for not getting back to you sooner. Please see the
attached. I have added a new Paragraph 3.5 just to clarify that the
improvements shall be completed regardless of whether or not the
properties are annexed into a municipality. Paragraph 7.1 is as you
sent to me on November 19th_ As you know, although the collateral has
been returned to the bank, we still need to complete the Amendment.
Let me know if this works. If so, we will need to have Lifebridge
execute and then send to me for placement on the Board's agenda.
Thanks!
Bruce Barker.
Original Message
From: Don Guerra [mailto:don.guerra@landassetstrategies.com]
Sent: Wednesday, November 19, 2008 4:25 PM
To: Bruce Barker
Subject: RE: Union Improvements Agreement
Bruce,
I've attached a draft of the amendment for your review. Pursuant to
David's
request, I eliminated "constructed in unincorporated Weld County" when
referencing the Public Improvements. I believe this will address David's
concern. We recognize that if an area is annexed into Firestone, and the
Public Improvements are required by Firestone in addition to Weld
County, we
1
may be subject to surety requirements in both jurisdictions, however
we're
confident we can address that situation with Firestone and/or the County
if
and when it arises.
I am not sure if the format for the amendment is appropriate as it's
drafted. I am hopeful that this is an administrative amendment and
potentially the signature blocks as drafted are more than required.
Please
let me know if you need us to make any revisions and reseed it for
consideration.
Thank you for your help Bruce. Please feel free to e-mail or call
(303-905-3496) with any concerns.
Thanks,
Don Guerra
Original Message
From: Bruce Barker [mailto:bbarker@co.weld.co.us)
Sent: Tuesday, November 18, 2008 10:56 AM
To: Don Guerra
Subject: RE: Union Improvements Agreement
Don:
I just spoke with David Bauer of the Public Works Department. He asked
if the amendment could also address how this Improvements Agreement will
carry over to a situation where the property has been annexed, meaning
that these improvements will still be required even if annexation
occurs. Could you also address that issue in the amendment?
Thanks.
Bruce.
Original Message
From: Don Guerra [mailto:don.guerra@landassetstrategies.com]
Sent: Tuesday, November 18, 2008 10:27 AM
To: Bruce Barker
Subject: RE: Union Improvements Agreement
Thank you Bruce. We'll get an amendment drafted and over for your
review.
Don Guerra
Original Message
From: Bruce Barker [mailto:bbarker@co.weld.co.us]
Sent: Tuesday, November 18, 2008 10:20 AM
To: Don Guerra
Subject: RE: Union Improvements Agreement
Don:
I think that language for 7.1 will work. Probably need to do an
amendment to the original improvement agreement and make it to that
modified 7.1 is the only change. Please draft such an amendment and
e-mail to me.
Thanks.
2
Bruce Barker
Weld County Attorney
Original Message
From: Don Guerra [mailto:don.guerra@landassetstrategies.com]
Sent: Monday, November 17, 2008 9:17 AM
To: Bruce Barker
Subject: RE: Union Improvements Agreement
Hello Bruce,
Just following up to find out the status of the Improvement Agreement
amendment from your perspective. If you're OK with the language, I will
go ahead and have it drafted into a simple amendment format (signature
blocks for you and LifeBridge rep - let me know if more are needed) and
distribute it for execution. Let me know if you have any questions or
concerns.
Thank you Bruce.
Don Guerra
(303) 905-3496
From: Bruce Barker [mailto:bbarker@co.weld.co.us]
Sent: Monday, November 10, 2008 8:35 AM
To: Don Guerra
Cc: Donald Carroll; Don Dunker; Kim Ogle; Chris Gathman
Subject: FW: Union Improvements Agreement
Don:
I think the changes you suggest for Section 7.1 will work, but I am
forwarding this e-mail to the Public Works and Planning staffs to get
their comments. Has application to the PUC happened yet?
Bruce Barker
Weld County Attorney
Original Message
From: Don Guerra [mailto:don.guerra@landassetstrategies.com]
Sent: Monday, November 10, 2008 8:10 AM
To: Bruce Barker
Subject: Union Improvements Agreement
Good Morning Bruce,
Per our conversation of a couple of weeks ago concerning the Union
(LifeBridge) Improvements Agreement, we'd like to propose the following
amendment:
3
7. GENERAL REQUIREMENTS FOR COLLATERAL_
7.1 The value of all collateral submitted to Weld County must be
equivalent to One-Hundred percent (100%) of the value of the Public
Improvements to be constructed in unincorporated Weld County. Prior to
Weld County issuing a grading and/or construction permit for any portion
of the subject property in unincorporated Weld County, Weld County will
require Applicant to submit acceptable collateral to Weld County. The
Public Improvements shall be completed according to the schedule within
section 3.4. Notwithstanding the foregoing, the Applicant may request
that this Agreement be renewed at least thirty (30) days prior to its
expiration provided that cost estimates for the remaining Public
Improvements are updated and collateral is provided in the amount of
One-Hundred percent (100%) of the value of the Public Improvements to be
constructed in unincorporated Weld County. If said improvements are not
completed in unincorporated Weld County and if this Agreement is not
renewed within these time frames, the County, at its discretion, may
make demand on all or a portion of the collateral and take steps to see
that the improvements are made. If the County chooses to make demands
upon all or a portion of the collateral, the County shall notify the
Applicant in writing at least thirty (30) days in advance of making such
demands. Without such written notification, the County may not make any
demands upon any portion of the collateral.
7.2 (same as current)
I've attached a copy of the original agreement. If this proposed
revision is acceptable, I'll have it drafted into amendment format and
forwarded to your office. Please give me a call or drop me an e-mail
with any questions or concerns.
Th «image001.jpg» ank you Bruce.
Don Guerra
Donald Guerra, Principal
Land Asset Strategies, LLC
15400 W. 64th Avenue, Unit E9-123
Arvada, Colorado 80007
don.guerra@landassetstrategies.com
303.905.3496
www.landassetstrategies.com
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