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Home My WebLink About20080149.tiff 455 RESOLUTION RE: APPROVE CANCELLATION AND RELEASE OF COLLATERAL FOR SUBDIVISION, S #431- DAIRY FARMERS OF AMERICA, 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, by Resolution dated November 24, 1997, the Board approved the application of Western Dairymen Cooperative, Inc., 12450 North Washington Street,Thornton, CO 80241, for a Site Specific Development Plan and Planned Unit Development Final Plan, S #431, for a 19-lot Subdivision in a PUD C-3 and I-1 Zone District on the following described real estate, to wit: Part of the N1/2 of Section 10, Township 2 North, Range 68 West of the 6th P.M., Weld County, Colorado, and WHEREAS, on January 12, 1998, the Board of County Commissioners of Weld County, Colorado, approved an Improvements Agreement According to Policy Regarding Collateral for Improvements(Public Road Maintenance)and a Road Maintenance and Improvement Agreement (Off-Site)for Subdivision, S#431, between the County of Weld, State of Colorado, by and through the Board of County Commissioners of Weld County, and Western Dairymen Cooperative, Inc., with terms and conditions being as stated in said agreement, and accepted Standby Letter of Credit #SPL36245, drawn on the Harris Trust and Savings Bank, in the amount of $850,520.20, and WHEREAS, on December 7, 1998, the Board of County Commissioners approved a partial release of said collateral in the amount of $700,383.25, and accepted a reduced amount of collateral in the amount of$150,136.95, and WHEREAS, on May 24, 1999, the Board deemed it advisable to exchange said Standby Letter of Credit for Irrevocable Standby Letter of Credit #SM408639C, drawn on First Union National Bank, 301 South Tyron Street, M7, Charlotte, North Carolina 28288-0742, in the amount of$150,136.00, and released Standby Letter of Credit#SPL36245, drawn on the Harris Trust and Savings Bank, in the amount of$150,136.95, and WHEREAS, on April 1, 2002, First Union National Bank and Wachovia Bank N.A. merged, therefore, correspondence concerning Irrevocable Standby Letter of Credit#SM408639C, is to be sent to Wachovia Bank, N.A., International Trade Operations -NC6034, 401 Linden Street, 1st Floor, Winston-Salem, North Carolina 27101-0045, and WHEREAS, staff from the Weld County Departments of Public Works and Planning Services have conducted a visual inspection and recommend release of said collateral. WHEREAS, upon recommendation of staff, the Board deems it advisable to release said collateral. 1111111111111111111111111 11111111111 III 11111 IIII IIII 2008-0149 3534455 02/11/2008 11:51A Weld County, CO 1 of 2 R 0.00 D 0.00 Steve Moreno Clerk& Recorder PL1071 44: �� 4,t) C s/off' CANCEL COLLATERAL - DAIRY FARMERS OF AMERICA, INC PAGE 2 NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, Colorado, that the Standby Letter of Credit, drawn on the Wachovia Bank, N.A., in the amount of $150,136.95 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. 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., 2008. /....--C71., BOARD OF COUNTY COMMISSIONERS 1 7,.t WELD COUNTY, COLORADO ATTEST: 712 lit/ f. /w .i°' `, -1- <--i 2_7-k_." ' ��.-��tA a' Iiam H. Jerke, Chair Weld County Clerk to the B ,tr¢� l:r"t\'obe D asden, Pro Tem CZ:to D p ty C the Board1," LL W m F. Garcia �9 APPROVED *T,O-FORM: : David E. Long ,. 7 County Attorney a, Dougl ademac er Date of signature: I (too 11111111111111111111111111 11111111111 III 11111 IIII IIII 2008-0149 3534455 02/11/2008 11:51A Weld County, CO PL1071 2 of 2 R 0.00 D 0.00 Steve Moreno Clerk & Recorder A 4*t MEMORANDUM VileTO: Board of County Commissioners December 21, 2007 COLORADO FROM: Jacqueline Hatch SUBJECT: Western Dairyman Cooperative Inc S-431 Marvin Dyer with Dyer Realty Inc has submitted the attached letter dated November 19, 2007. Mr. Dyer is requesting a full release of collateral for the Western Dairyman Cooperative Inc. The Department of Planning Services and the Public Works Department conducted a site visit for compliance and finds that the site is in compliance with the recorded plat S-431. The S-431 approved by the Board of County Commissioners on November 24, 1997 for a 19 lot PUD with C-3 and I-1 zoning. Staff is recommending that the request for full release of collateral for one hundred and fifty thousand and one hundred and thirty six dollars and ninety five cents ($150,136.95) be approved at this time. 2008-0149 • A/n 2 '5 ring Department L)ILDING d V 2 J 2007 DYERT Marvin dj tan REALTY, INC. 520 Main Street, Suite A (303) 772-3200 Office Longmont, Colorado 80501 (303) 776-2311 dyerrealty@wcox.com (303) 776-9282 Home (303) 651-1320 Fax November 19, 2007 Jacqueline Hatch Weld County Department of Planning Services 4209 County Road 24.5 Longmont, CO. 80504 Dear Jacqueline: Regarding the Letter of Credit being held as collateral for the Western Dairymen, this is to inform you that we have completed the landscaping as required, and would like to have you do the final inspection on it. It is our understanding that this should then allow you to present this request to the Board of County Commissioners for a full release of the collateral being held. We would appreciate it if you could inform us of the approximate time that the collateral will be released. Thank you for your help in completing this project for the Western Dairymen. Kindest regards / Mervin L.Dyer cc: Ron Helms, Western Dairymen Jacqueline Hatch From: Donald Carroll Sent: Tuesday, November 27, 2007 1:37 PM To: Jacqueline Hatch Subject: RE: western dairymen Hwy 119 & 1-25 In checking my file, it looks like PW is retention (15%) =$27, 810 . 45 of the $150 , 136 . 95 from my memo dated (10-6-98) . Original Message From: Jacqueline Hatch Sent : Monday, November 26 , 2007 9 :49 AM To : Donald Carroll Subject : western dairymen Hwy 119 & I-25 Don, I am in receipt of a letter from Marvin Dyer requesting full release of the collateral for the Western Dairymen subdivision (S-431) . I have gone out to the site and they are in compliance for Planning. How does the site look for Public Works? Are you in support of the release of collateral? THANKS ! Let me know if you need anything Jacqueline Jacqueline Hatch Weld County Department of Planning Services 4209 County Road 24 . 5 Longmont CO 80504 Phone : 720-652-4210 ext 8730 Fax: 720-652-4211 1 MEMORANDUM 4§to "pi tTO: Jacqueline Hatch,Planning Services DATE: 21-December-2007 FROM: Richard A. Hastings, Engineering Compliance Specialist, Weld County iglige Public Works COLORADO SUBJECT: (S-431) -Western Dairyman Cooperative, Inc.Final Collateral Release Weld County Public Works Department has performed a site survey, at the above mentioned site, and has observed the following: • Asphalt pavement, curb, gutter, sidewalk, and handicap ramps in acceptable condition, with no apparent areas in a state of disrepair. • Sidewalk in place,next to WCR 7.5. Recommendation Public Works agrees with the request for the final release of collateral. pc: Don Carroll, Weld County Public Works S-431 C:\Documents and Settings\jhatch\Local Settings\Temporary Internet Files\OLKA\S-431 collateral release request memo.doc Page 1 of I c4(3 )1\1� � !/,/ rdeo �oO Z :"e ` FIRST UNION NATIONAL BANK F Gov era1 IRREVOCABLE STANDBY LETTER OF CREDIT By 4 y 1e *e zo O ae to OUR IRREVOCABLE STANDBY LETTER OF DATE OF ISSUE : MAY 5, 1999 o . eV lee CREDIT NUMBER SM408639C IjeA c. ree .> 0 Uty ae BENEFICIARY APPLICANT C1 s CLERK TO THE BOARD OF COUNTY DAIRY FARMERS OF AMERICA, INCer¢ COMMISSIONERS F.K.A. MID-AMERICA DAIRYMEN, INCto 915 10TH ST - PO BOX C 10220 NW EXECUTIVE HILLS BLVD. , the GREELEY, CO 80632 NO. POINTE TWR ATTN: MS . CAROL HARDING KANSAS CITY, MO 64190 EXPIRY DATE : JUNE 22, 2000 AVAILABLE AMOUNT: USD 150, 136 . 00 ONE HUNDRED FIFTY THOUSAND ONE HUNDRED THIRTY SIX AND 00/100 US DOLLARS DEAR SIR (S) OR MADAM(S): WE HEREBY OPEN OUR IRREVOCABLE LETTER OF CREDIT IN YOUR FAVOR FOR THE ACCOUNT OF WESTERN DAIRYMEN COOPERATIVE, INC. FOR A SUM NOT TO EXCEED THE AGGREGATE OF $150, 136 . 00 . THIS AMOUNT SHALL BE PAID AT SIGHT AND IS AVAILABLE BY BENEFICIARY' S DRAFT OR DRAFTS . EACH DRAFT SO DRAWN MUST BE MARKED "DRAWN UNDER FIRST UNION NATIONAL BANK LETTER OF CREDIT NO. SM408639C" AND BE ACCOMPANIED BY A SIGNED STATEMENT FROM THE BOARD OF COUNTY COMMISSIONERS OF WELD COUNTY, COLORADO STATING WESTERN DAIRYMEN COOPERATIVE, INC. HAS COMMITTED A MATERIAL BREACH OF THE IMPROVEMENTS AGREEMENT ACCORDING TO POLICY REGARDING COLLATERAL FOR IMPROVEMENTS (PUBLICLY MAINTAINED ROADS) OR THE ROAD MAINTENANCE AND IMPROVEMENTS AGREEMENT (OFF SITE) AT 3598 COLORADO STATE HIGHWAY 119 . SUCH AGREEMENTS DATED THE 12TH DAY OF JANUARY, 1998 BY AND BETWEEN THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF WELD" . THIS CREDIT IS SUBJECT, SO FAR AS APPLICABLE, TO THE UNIFORM CUSTOMS AND PRACTICES FOR DOCUMENTARY CREDITS 1993 REVISION, INTERNATIONAL CHAMBER OF COMMERCE PUBLICATION NO. 500" . WE HEREBY AGREE WITH YOU THAT ALL DRAFTS DRAWN UNDER AND IN COMPLIANCE WITH THE TERMS OF THIS CREDIT WILL BE DULY HONORED AND PRESENTED FOR PAYMENT TO US AT 301 SOUTH TRYON STREET, M7, CHARLOTTE, NC 28288-0742, ATTN: STANDBY LETTER OF CREDIT DEPARTMENT. THIS LETTER OF CREDIT WILL EXPIRE ON JUNE 22 , 2O00 . THIS LETTER OF CREDIT WILL BE DEEMED AUTOMATICALLY EXTENDED FOR AN ADDITIONAL ONE YEAR PERIOD FROM THE CURRENT EXPIRATION AND FUTURE EXPIRATION DATE UNLESS AT LEAST 60 DAYS PRIOR TO SUCH EXPIRATION DATE, WE, FIRST UNION NATIONAL BANK NOTIFY YOU (BENEFICIARY) IN WRITING THAT THE LETTER OF CREDIT WILL NOT BE RENEWED. IN THE CASE YOU RECEIVE SUCH NOTIFICATION, YOU MAY DRAW BY PRESENTATION OF THE FOLLOWING: (A) A DRAFT ON FIRST UNION NATIONAL BANK; (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 FIRST UNION NATIONAL BANK THAT LETTER OF CREDIT NO. SM408639C WILL NOT BE RENEWED AND THAT WESTERN DAIRYMEN COOPERATIVE, INC. HAS FAILED OT PROVIDE PROOF OF ADEQUATE COLLATERAL AND SUBSTITUTION OF THIS LETTER OF CREDIT NO. SM408639C; AND (C) COPY OF LETTER FROM FIRST UNION NATIONAL BANK STATING NON-RENEWAL OF LETTER OF CREDIT NO. SM408639C AND ACCOMPANIED BY THE ORIGINAL LETTER OF CREDIT. S II CERELY, A U U HSIG E / LMD FIRST UNION NATIONAL BANK 1pOa. 40�1,e WACHOVIA S er c &y ?o ae Pra1 DATE : dP o `1aa a 02/20/07 'bur Jac &ar i NOTICE OF NON-EXTENSION to TO BENEFICIARY: URGENT ATTENTION REQUIRED! F4 CLERK TO:THE BOARD OF COUNTY e COMM I S STONERS �oarc 915 ,.10TH ST, PO BOX C GREELEY, CO 80632 ATTN: MS . CAROL HARDING LETTER OF CREDIT AMOUNT: USD 150, 136 . 00 DEAR BENEFICIARY: IN REFERENCE TO OUR IRREVOCABLE STANDBY LETTER OF CREDIT NUMBER SM408639O ISSUED IN YOUR FAVOR ON O5/05/1999 FOR THE ACCOUNT OF THE BELOW REFERENCED APPLICANT PLEASE BE ADVISED OF THE FOLLOWING; THIS LETTk:R OF CREDIT IS PRESENTLY DUE TO EXPIRE ON 06/22/07, AND IN ACCORDANCE WITH THE TERMS AND CONDITIONS OF THE LETTER OF CREDIT WE HERESY NOTIFY -YOU THAT THIS LETTER OF CREDIT WILL "I ' 0 T BE EXTENDED FOR ANY ADDITIONAL PERIOD. THEREFORE THIS LETTER OF CREDIT WILL INDEED EXPIRE ON THIS DATE 06/22/07 . THANK YOU FOR TRUSTING YOUR BUSINESS TO WACHOVIA BANK, NA REGARDS, STANDBY LETTER OF CREDIT CENTER OF EXCELLENCE AUTHORIZED SIGNATURE JJR (EV09) OUR MAILING ADDRESS: WACHOVIA BANK, NA 401 LINDEN STREET 1ST FLOOR WINSTON-SALEM, NC 27101-0045 MAIL CODE NC6034 1ST FLOOR ATTN: STA1\IDBY L/C DEPT. AUTO SECTION ALL INQUIRIES REGARDING THIS NOTICE OF NON EXTENSION SHOULD BE DIRECTED TO OUR STANDBY CUSTOMER CARE PROFESSIONALS AT 800-776-3862 . APPLICANT : DAIRY FARMERS OF AMERICA, INC. F . R.A. MID-AMERICA DAIRYMEN, INC. 10220 NW EXECUTIVE HILLS BLVD NO. POINTE TWR KANSAS CITY, MO 64190 L D J 3 Wachovia Bank,National Association WACiHOVIA International Trade Operations-NC0742 8739 Research Drive Charlotte NC 28262 June 13, 2002 CLERK TO THE BOARD OF COUNTY COMMISSIONERS 915 10TH ST, PO BOX C GREELEY,CO 80632 RE: Standby Letter of Credit No. SM418311 Dear Valued Client: Wachovia Bank N. A. and First Union National Bank merged effective April I, 2002. The name of the newly merged entity is Wachovia Bank, National Association. During the months of June and July of this year,the existing Standby Letter of Credit processing sites currently located in Charlotte,North Carolina and in Philadelphia, Pennsylvania will consolidate into our Winston-Salem,North Carolina, Standby Letter of Credit Center of Excellence. On June 17,2002, our Philadelphia, Pennsylvania Standby Letter of Credit processing function will move to Winston Salem,N.C.. On July 1,2002, our Charlotte, N.C., Standby Letter of Credit processing function will move to Winston-Salem,N.C. Effective July 1,all correspondence pertaining to standby letters of credit should be directed to: Wachovia Bank, National Association International Trade Operations-NC6034 401 Linden Street Winston Salem, NC 27101 As the beneficiary for the above referenced letter of credit please note the following: Effective June 17, 2002, and thereafter presentations for drawings which are required by the terms of the Standby Letter of Credit to be presented to Wachovia Bank in Philadelphia,Pa., must be directed to the Winston Salem,N.C. address specified above. Effective July 1,2002 and thereafter,presentations for drawings which are required by the terms of the Standby Letter of Credit to be presented to Charlotte,N.C. must be directed to the Winston-Salem,N.C. address specified above. Please contact our Customer Care Specialist for any of your customer service needs including inquiries concerning your transactions or educational assistance or assistance in completing and obtaining forms. Customer inquiries, for all trade services, should be directed to our Customer Care number: 1-800-776-3862 or e-mail: Domestic.TradeCSU@Wachovia.com. Our dedicated Customer Care Team will provide you with a response within one business day. Regards, ��" tlaumt Donna MabryI Vice President International Trade Operations Manager, Customer Care 001,252 CLERK TO THE BOARD PHONE (970) 336-7215, Ext. 4225 I FAX: (970) 352-0242 P. O. BOX 758 C. GREELEY, COLORADO 80632 COLORADO January 14, 2008 MARVIN DYER 520 MAIN STREET LONGMONT CO 80501 RE: Cancellation and release of Collateral for Dairy Farmers of America, Inc. Mr. Dyer,: On January 7, 2008, the Board of County Commissioners approved the cancellation and release of collateral for S #431, in the amount of$150,136.00, 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 Letter of Credit has been returned to Wachovia Bank. 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: e../aCC- .r'�/1 rt2 D nna J. Bephrer Deputy Clerk to the Board • o CLERK TO THE BOARD PHONE (970) 336-7215, Ext. 4225 FAX: (970) 352-0242 P. O. BOX 758 C. GREELEY, COLORADO 80632 COLORADO January 14, 2008 WACHOVIA BANK N.A. INTERNATIONAL TRADE OPERATIONS-NC6034 401 LINDEN ST 1ST FLOOR WINSTON-SALEM NC 27101-0045 RE: Cancellation and release of Collateral - Dairy Farmers of America, Inc. To Whom it may concern: Attached hereto please find the Board of County Commissioners Resolution releasing the collateral for Dairy Farmers of America, Inc., and the original Letter of Credit issued by First Union National Bank issuing collateral, in the amount of $150,136.00. 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 BYZe/Lli/C 1 X 2F.- (/'a, Donna J. Bec1,ler, Deputy Clerk to the Board Hello