HomeMy WebLinkAbout20080910.tiff 6j
RESOLUTION
RE: APPROVE CANCELLATION AND RELEASE OF COLLATERAL FOR MAJOR
SUBDIVISION FINAL PLAN, MJF #1062 FOR HILL-N- PARK THIRD FILING - JER, A
PARTNERSHIP
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 8, 2004, the Board approved a Major
Subdivision Final Plan, MJF #1062, for JER, a partnership, P.O. Box 632, Greeley, Colorado
80632, for Hill-n-Park Third Filing, for thirteen (13) residential lots in the R-5 (Mobile Home
Residential) Zone District on the following described real estate, to wit:
Lot B Hill-n-Park Subdivision; being part of the
SW1/4 of Section 26, Township 5 North, Range 66
West of the 6th P.M., Weld County, Colorado, and
WHEREAS, on January 17, 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 JER, a partnership, with terms
and conditions being as stated in said agreement, and accepted Irrevocable Letter of
Credit#000298, from Centennial Bank of the West, 2700 47th Avenue, Greeley, Colorado 80634,
in the amount of$102,566.00, and
WHEREAS, on January 10, 2007, the Board released a portion of the collateral in the
amount of$87,181.10, retaining 15 percent($15,384.90)for a one-year period,and was presented
with Irrevocable Letter of Credit #361, from New Frontier Bank, 2425 35th Avenue, Greeley,
Colorado 80634, as replacement collateral in the amount of$15,384.90, and has now received a
request for full cancellation and release of said collateral, 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.
NOW THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld
County, Colorado, that Irrevocable Letter of Credit #361, drawn on New Frontier Bank,
2425 35th Avenue, Greeley, Colorado 80634, in the amount of $15,384.90 be, and hereby is,
cancelled 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.
1111111111111111111 11111111111111111III 111111111 IIII 2008-0910
3545621 04104/2006 12:52P Weld County, CO PL0278
1 of 2 R 0.00 0 0.00 Steve Moreno Clerk & Recorder
CANCEL COLLATERAL - JER, A PARTNERSHIP
PAGE 2
The above and foregoing Resolution was, on motion duly made and seconded, adopted by
the following vote on the 24th day of March, A.D., 2008.11 a BOARD OF E ICJ/ WELD COUNTO//Y, COLORADO UNTY COMMISSIONERS
r ri d nr�. � 't-t, (,' (_,
ATTEST: �I a� (c,.' a ., ';���' dliam H. Jerke, Chair
Weld ounty Clerk to the 1,l
U
�� ,� Rob s n, Pro Tem
BY.
Deg, ty Cler . the Board
William F. Garcia
APPRO 'i e - FORM: EXCUSED
David E. Long
nty •°`°
Douglas(Rademacher
Date of signature: SIos
111111111111111111 /III 11111111111111111III 111111111 /III 2008-0910
3545621 04/04/2008 12.52P Weld County, CO PL0278
2 of 2 R 0.00 0 0.00 Steve Moreno Clerk & Recorder
itaMEMORANDUA/ '- '''' y'�`
TO: Board of County Commissioners ' 13 P F IUInge
COLORADO DATE: March 10, 2008
FROM: Kim Ogle, Planning Manager41
SUBJECT: MJF-1062, Lot B Hill-n-Park Subdivision
do Elmer Lundvall, applicant
The Department of Planning Services has been notified by the Department of Public Works that
the one year warranty period is complete for Lot B of the HiHn-Park Major Subdivision. A final
inspection was conducted on March 7, 2008 for all items identified from the punch list dated
February 1, 2008.
The Department of Public Works in their memorandum dated March 10, 2008 determined that
all transportation improvements have been completed to their satisfaction Therefore, it is the
determination of the Departments of Public Works and Planning Services that theLetter of
Credit#361 for Lot B of the Hill-n-Park Major Subdivision, case number MJF-1062 in the
amount of fifteen thousand three hundred eighty-four and 90/100 [$15,384.90] dollars may be
released in full.
Kim Ogle
From: Don Dunker
Sent: Monday, March 10, 2008 1:16 PM
To: Kim Ogle
Cc: Richard Hastings; Josh Holbrook; Donald Stang; Donald Carroll; David Bauer
Subject: FW: MJF-1062 Hill-n-Park
Attachments: FW: MJF-1062 Hill-n-Park
FW: MJF-1062
Hill-n-Park
Kim,
The collateral being held (15% retainage) $15,384.90 can be released. See the attached for more information.
Thanks,
Don Dunker, P.E.
Weld County Public Works
1
MEMORANDUM
tSr. Engineer DATE: 3-10-2008
TO: Don Dunker, PW S g
IIVDCFROM: Josh Holbrook, PW Construction Inspector Supervisor
COLORADO SUBJECT: MJF-1062 Lot B, Hill-n-park
Don,
A finial inspection on done on 3-7-2008 and all items from the punch list dated 2-
1-2008 have been completed in the Hill-n-park subdivision Lot B to Weld County Pubic
Works satisfaction.
Weld County is holding a replacement letter of credit (#361) in the amount of
$15,384.90 under JER, a Partnership (PL 0278 #2007-0132). The remaining amount of
$15,384.90 can be released.
$102,566.00 (letter of credit#000298 Centennial Bank of The West)
-$87,181.10 was released on 1-10-2007
$15,384.90 one year Warranty retainage (Letter of credit#361 New Frontier Bank)
Hill-n-park is a public road and will become the responsibility of Weld County to
maintain.
M\PLANNING-DEVELOPMENTNEVIEW\J-Final Plat(PP,MF,MJF)N1)F-1062 Hill-n-Park Sub.Lot BVnspection DocsVtelease of collateral\release of collateral memo 1-I0-2008.doc
Page I of I
01)1
PUBLIC WORKS DEPARTMENT
1111 H STREET, P.O. BOX 758
GREELEY, COLORADO 80632
wink WEBSITE: WWW.CO.WELD.CO.US
PHONE: (970) 356-4000, EXT. 3750
COLORADO FAX: (970)304-6497
February 1, 2008
RE: Hill-n-Park(MJF-1062
Punch List for 1 year warranty
1) Drainage outlet erosion control blank et for pond needs to be fix and re-seeding.
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G° � c ¢t� ` NEW FRONTIER BANK
4e e4
IRREVOCABLE LETTER OF CREDIT NO. 361
November 13, 2006
Board of County Commissioners
Attention: Clerk to the Board
P.O. Box 758
Greeley, CO 80632
To Whom It May Concern:
We hereby open our Irrevocable Letter of Credit in your favor for the account of Elmer E.
Lundvall, P.O. Box 632, Greeley, CO 80632, for a sum not to exceed the aggregate of
$15,384.90 (Fifteen Thousand Three Hundred Eighty Four and 90/100ths).
Each draft so drawn must be marked "Drawn under NEW FRONTIER BANK, 2425 35th
Avenue, Greeley, CO, Letter of Credit No. 361 and be accompanied by a "signed statement from
the Board of County Commissioners of Weld County, Colorado stating that Elmer Lundvall has
committed a material breach of the Improvements Agreement According to Policy Regarding
collateral for Improvements regarding Lot B Hill & Park Subdivision dated the 27`h day of
October, 2004 by and between JER, A Partnership and the Board of County Commissioners of
the County of Weld."
This credit is subject, so far as applicable, to "The Uniform Customs and Practice for Documentary
Credits, 1993 Revision, The 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 our main office, NEW FRONTIER
BANK, 2425 35th Avenue, Greeley, CO. This letter of credit will expire on November 13, 2007
at 4:00 P.M.
2425 35th Avenue • Greeley, Colorado 80634 • 970-339-5100 • Fax 970-339-5200
This letter of credit is automatically extended without amendment, for additional one year periods
from the current expiration or any future expiration date unless 60 days prior to such current
expiration date NEW FRONTIER BANK notifies 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 at sight on NEW FRONTIER 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 NEW FRONTIER BANK the Letter of Credit No. 361 will not
be renewed and that Elmer E. Lundvall has failed to provide proof of adequate collateral and
substitution of this Letter of Credit No. 361 and the original letter of credit.
Yours truly,
-/
Y-� uZ�?(T'
Rod Johns dn
Assistant Vice President
Lending
rt (fe;
CLERK TO THE BOARD
PHONE (970) 336-7215, Ext. 4225
FAX: (970) 352-0242
P. O. BOX 758
C. GREELEY, COLORADO 80632
COLORADO
March 25, 2008
ATTN: ELMER LUNDVALL
JER, A PARTNERSHIP
P.O. BOX 632
GREELEY CO 80632
RE: Cancellation and release of Collateral for Hill-N-Park, 3rd Filing, JER, a Partnership
Mr. Lundvall:
On March 24, 2008, the Board of County Commissioners approved the cancellation and release
of collateral for MJF#1062, in the amount of$15,384.90, 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 New Frontier 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
1
By://i/i/f( ? 76,7
Donna J. Begfrter
Deputy Clerk to the Board
(itQ
CLERK TO THE BOARD
PHONE (970) 336-7215, Ext. 4225
I FAX: (970) 352-0242
P. O. BOX 758
C. GREELEY, COLORADO 80632
COLORADO
March 25, 2008
NEW FRONTIER BANK
2425 35TH AVENUE
GREELEY CO 80634
RE: Cancellation and release of Collateral - Hill-N-Park, 3rd Filing, JER, a Partnership
To Whom it may concern:
Attached hereto please find the Board of County Commissioners Resolution releasing the
collateral for Hill-N-Park, 3rd Filing, JER, a Partnership, and the original Letter of Credit issued
by New Frontier Bank issuing collateral, in the amount of$15,384.90.
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
1/7lll/C_- LI; 1J 'C'-f L '- /
bbnna J. Bechter,
Deputy Clerk to the Board
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