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Home My WebLink About20080212.tiff RESOLUTION 129 RE: APPROVE PARTIAL CANCELLATION AND RELEASE OF COLLATERAL FOR MINOR SUBDIVISION FINAL PLAN, MF #1081 - GOLD STONE CENTER, LLC, CIO WALTER HUANG 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 20, 2006, the Board approved the application of Minor Subdivision Final Plan, MF #1081, for Gold Stone Center, LLC, do Walter Huang,1714 Topaz Drive, Suite 240, Loveland, Colorado 80537, for nine (9) residential lots and two (2) open space tracts in the E (Estate) Zone District on the following described real estate, to wit: Ni/2 NW 1/4/4 of Section 16,Township 8 North, Range 66 West of the 6th P.M.,Weld County, Colorado, and WHEREAS, on April 11, 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 Gold Stone Center, LLC, c/o Walter Huang, with terms and conditions being as stated in said agreement, and accepted Irrevocable Letter of Credit No. 86465, drawn on Advantage Bank, 1475 North Denver Avenue, Loveland, Colorado 80538, in the amount of$157,517.15, and WHEREAS, staff from the Weld County Departments of Public Works and Planning Services have conducted a visual inspection and recommend partial release of said collateral, in the amount of$110,257.75, retaining $47,259.43, and WHEREAS, the Board has been presented with a replacement Irrevocable Letter of Credit No. 86465, drawn on Advantage Bank, 4532 McMurry Avenue, Suite 100, Fort Collins, Colorado 80525, in the amount of $47,259.43, thereupon reducing the amount of credit available for draw by Weld County to $47,259.43. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, Colorado, that the original Irrevocable Letter of Credit No. 86465, drawn on Advantage Bank, in the amount of $157,517.15 be, and hereby is, canceled and released. BE IT FURTHER RESOLVED by the Board that the replacement Irrevocable Letter of Credit from Advantage Bank, in the amount of $47,259.43, be, and hereby is accepted, and 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. 111111111111111111111111IIII11111111111III11111IIII IIII 2008-0212 3530129 01/21/2008 03:50P Weld County, CO PL1810 1 of 2 R 0.00 D 0.00 Steve Moreno Clerk& Recorder (•( Pt_, Pk),, rzros') twit 0i -3/—n8 CANCEL COLLATERAL - GOLD STONE CENTER, LLC, C/O WALTER HUANG PAGE 2 The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 14th day of January, A.D., 2008. BOARD OF COUNTY COMMISSIONERS WELD COUNTY, COLORADO ATTEST: Midel. 1 , : t M r ! /—✓ . ...r r ` ` ' .% Iliam H. Jerke, Chair Weld County Clerk to the Board `_ / .:. obert eriWro-Tem BY:A . 141i Def ty Cle o the Board \� am F. QGarcia David E. Long County Attorney r (2,4 Douglas Rademach Date of signature: I I5/-/) 111111111111 Hatt 111111111111111 III BEM 1111 2008-0212 3530129 01/21/2008 03:50P Weld County, CO PL1810 2 of 2 R 0.00 D 0.00 Steve Moreno Clerk& Recorder December 3,2007 Weld County Department of Planning Services 918 10th Street Greeley,CO 80631 Attn:1'homas Honn,Director Dear Mr.Honn: According the.Improvemments Agreement between the Board of County Commissioners, Weld County,'Colorado and Gold Stone Center,LLC,the improvements and work have been done and approved by Public Works/Engineering Dept.except for seeding for the Gold Stone Creek Minor Subdivision Project because of the winter season. I am requesting the partial release the fund of the Letter of Credit from the Board to the Gold Stone Center LLC. Sincerely yours, Walter Huang,Managi. *Partner Gold Stone Centex,L 3324 fierrywood Roan Fort Collins,CO 80524 970-231-0479 2008-0212 Memorandum TO: Clerk to the Board Office Board of County Commissioners DATE: January 10, 2008 COLORADO FROM: Brad Mueller Department of Planning Services RE: Partial release of Collateral MF-1081 (Gold Stone Creek) The Department of Planning Services has received a request from Walter Huang for partial release of collateral for Gold Stone Creek PUD (File No. MF-1081) in the amount of $110,257.72. This request is being made after completion of most of the on-site improvements for the subdivision. Please see the attached. Planning Services and Public Works have reviewed this request and support this partial release. A replacement Letter of Credit from Advantage Bank, dated January 8, 2008, has been submitted and is attached. rn o o c O1_4 v 1 MEMORANDUM ' TO: Don Dunker, Public Works Department DATE: 12-December-2007 W� O FROM: Richard Hastings, Engineering Compliance Specialist,Public Works • Department COLORADO SUBJECT: MF-1081 Gold Stone Creek PUD(Final Plat)Partial Collateral Release Weld County Public Works Department has reviewed final plan materials submitted to our office and has the following development referral comments. Comments ❑ The Public Works Department has received a request from the applicant, Mr. Walter Huang, Gold Stone Center, LLC, requesting a release of partial collateral for on-site improvements pertaining to MF-1081 Gold Stone Creek Planned Unit Development in a letter dated December 3r°, 2007. I have observed and noted this project; with the assistance of the inspection staff and feel the work completed to date is acceptable. ❑ Public Works has reviewed the letter of request and feels that the request is in line with the work completed. Weld County has obtained an Irrevocable Letter of Credit #86465 from Advantage Bank, for the above mentioned development, in the amount of$157,517.15. The amount of money to be released, as of this date, comes to a total of $110,257.72. A collateral balance of$47,259.43 will be due upon acceptance for the remaining improvements to be completed, less 15%retainage to be held for the one year warranty period. ❑ The applicant has entered into Private Road Maintenance agreement with Weld County. Recommendation ❑ Public Works agrees with this request and all relevant supporting documentation has been received and is on file in Public Works. The above comments are Resolution requirements relevant to the development. Alt -tam FatinSiZiiiassetSFInimiaPil •PC: MI-1031 Gold Stone Creek PUD(Final Plat) Email&Original: Engineer:Don Dunker C:\Documents and Settings\bmueller\Local Settings\Temporary Internet Files\OLKDE\MF-1081 Gold Stone Creek Partial Release Memo.doc Page I of l Brad Mueller From: Don Dunker Sent: Tuesday, December 18, 2007 8:04 AM To: Brad Mueller Cc: Richard Hastings; David Bauer; Don Dunker Subject: FW: Memo Version 2 Attachments: Memo Version 2 Memo Version 2 Hi Brad, Public Works has received a letter from Gold Stone Center, LLC to release part of its collateral being held by Weld County in the form of an Irrevocable Letter of Credit #86465 at Advantage Bank, for $157,517.15. It is acceptable to Public Works to release $110,257.72 of the $157,517.15. A collateral balance of $47,259.43 will need to be held until the project is completed and then the remainder of the collateral can be released less the 15% per the Resolution to be retained for the 1-year warranty period. See the forwarded email from Rich Hastings for more information. Let me know if you have any questions. Thanks, Don Dunker, P.E. Weld County Public Works 1 Page 1 of 1 Brad Mueller From: Brad Mueller Sent: Monday, January 07, 2008 1:13 PM To: 'bguest@advantagebanks.com' Cc: Brad Mueller Subject: Gold Stone Creek--revised Letter of Credit Mr. Guest, Consistent with Walter Huang's request in conjunction with development of the Gold Stone Creek PUD subdivision, the Letter of Credit#86465 can be released with proper receipt of a replacement Letter of Credit. The replacement Letter of Credit should be for$47,259.43 and will provide collateral for the 1-year warranty period required for improvements. Thank you for your assistance. Brad Mueller Weld County Planning Services 970-353-6100 x3572 01/07/2008 4q• /milLee�J • 'L X> T4 Advantage Bank January 8,2008 Board of County Commissioners Attn: Clerk of the Board P. O. Box 758 Greeley,CO 80632 RE: Walter Huang Gold Stone Creek Minor Subdivision Dear Board of County Commissioners: We hereby open our Irrevocable Letter of Credit in your favor for the account of Walter Huang, 3324 Terrywood Dr., Fort Collins, CO 80524, for a sum not to exceed the aggregate of $47,259.43. (Forty Seven Thousand Two Hundred Fifty Nine Dollars and 43/100). Each draft so drawn must be marked"Drawn under ADVANTAGE BANK, 4532 McMurry Avenue, Ste 100, Ft Collins, CO 80525, Letter of Credit No. 86465 and be accompanied by a "signed statement from the Board of County Commissioners of Weld County, Colorado stating that Walter Huang has committed a material breach of the Improvements Agreement According to Policy Regarding collateral for Improvements regarding Gold Stone Creek Minor Subdivision, dated the 27` day of March, 2007 by and between Walter Huang and the Board of County Commissioners of the County of Weld." This credit is subject,to Except as otherwise expressly stated,this Credit is subject to the "Uniform Customs and Practice for Documentary Credit(2007 Revision), International Chamber of Commerce, Publication No. 600." 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,ADVANTAGE BANK, 4532 McMurry Avenue, Ste 100, Ft Collins, CO 80525. This letter of credit will expire on November 17, 2008 at 5:00 P.M. 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 ADVANTAGE 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 ADVANTAGE 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 ADVANTAGE BANK the Letter of Credit NO. 86465 will not be renewed and that Walter Huang has failed to provide proof of adequate collateral and substitution of this Letter of Credit No. 86465; (c)copy of letter from ADVANTAGE BANK, stating non-renewal of Letter of Credit No. and the original letter of Credit. You .trnlr V 47 Virg Parsons Vice President Advantage Bank—Ft Collins 4532 McMurry Avenue,Suite 100 970.204.0450 Fort Collins,CO 80525 Fax 970.204.0648 advantagebanks.com .& Co go o)j °1 0 lea ger a `r' s1 ea re ater A� neje erdy p �, a1 C7e 0 1 jry a% Advantage Bank ° rh °e IRREVOCABLE LETTER OF CREDIT NO. 86465 e g oa ra. March 27,2007 Board of County Commissioners ATTN: Clerk to the Board P.O.Box 758 Greeley,CO 80632 RE: Walter Huang Gold Stone Creek Minor Subdivision Dear Board of County Commissioners: We hereby open our Irrevocable Letter of Credit in your favor for the account of Walter Huang, 3324 Terrywood Dr., Fort Collins, CO 80524, for a sum not to exceed the aggregate of $157,517.15. (One Hundred Fifty Seven Thousand Five Hundred Seventeen and.15/100) Each draft so drawn must be marked"Drawn under ADVANTAGE BANK, 1475 North Denver Avenue, Loveland, CO 80538, Letter of Credit No. 86465 and be accompanied by a "signed statement from the Board of County Commissioners of Weld County, Colorado stating that Walter Huang has committed a material breach of the Improvements Agreement According to Policy Regarding collateral for Improvements regarding Gold Stone Creek Minor Subdivision, dated the 27th day of March, 2007 by and between Walter Huang 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, ADVANTAGE BANK, 1475 North Denver Ave., Loveland, CO 80538. This letter of credit will expire on March 27,2008 at 5:00 P.M. 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 ADVANTAGE 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 ADVANTAGE 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 ADVANTAGE BANK the Letter of Credit No. 86465 will not be renewed and that Walter Huang has failed to provide proof of adequate collateral and substitution of this Letter of Credit No. 86465 ; (c) copy of letter from ADVANTAGE BANK, stating non-renewal of Letter of Credit No. and the original letter of credit. Yours truly, n Bryan est Vice President Advantage Bank 1475 North Denver Avenue 970.613.1982 Loveland,CO 80538 Fax 970.613.1853 advantagebanks.com (e) • (‘H-1- CLERK TO THE BOARD PHONE (970) 336-7215, Ext. 4225 FAX: (970) 352-0242 P. O. BOX 758 O GREELEY, COLORADO 80632 COLORADO January 15, 2008 ADVANTAGE BANK 1475 NORTH DENVER AVENUE LOVELAND CO 80538 RE: Partial cancellation and release of Collateral - Gold Stone Creek Minor Subdivision, do Walter Huang To Whom it may concern: Attached hereto please find the Board of County Commissioners Resolution releasing the collateral for Gold Stone Creek Minor Subdivision, do Walter Huang, and the original Irrevocable Letter of Credit, No. 86465, issued by Advantage Bank issuing collateral, in the amount of$157,517.15. We have received a replacement Irrevocable Letter of Credit from you for $47,259.43. 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 7 " onna J. BecHfer, Deputy Clerk to the Board , Q 6 CLERK TO THE BOARD PHONE (970) 336-7215, Ext. 4225 Willi FAX: (970) 352-0242 P. O. BOX 758 C. GREELEY, COLORADO 80632 COLORADO January 15, 2008 GOLD STONE CENTER, LLC C/O WALTER HUANG 1714 TOPAZ DRIVE STE 240 LOVELAND CO 80537 RE: Partial cancellation and release of Collateral for Gold Stone Center, LLC,do Walter Huang. Mr. Huang: On January 14, 2008, the Board of County Commissioners approved the partial cancellation and release of collateral for MF #1081, in the amount of $157,517.15, as referenced above, and received replacement collateral from Advantage Bank in the amount of$47,259.43. 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 Letter of Credit was picked up in the Clerk to the Boards office on January 15, 2008, by Judy May, and she returned it to Advantage 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 1By: 6LCC. ` :C�CCL D5nna J. Bechlef Deputy Clerk to the Board Jl 7 NTE7isci Aei-2.� Lu11/ OEZ le. �L1, 114— t o ii4,0 C (Jo c) 7O 3O, — i LARIMER BANK OF COMMERCE ireeltr 1432 C. Mulberry, Unit B•Four COLLINS, COLORADO 80524•Pi IONr.: 970.224.7200•FAX: 970.224.7219 August 11,2008 Board of County Commissioners ATTN:Clerk to the Board P.O.Box 758 Greeley,CO 80632 RE: Walter Huang Gold Stone Creek Minor Subdivision Dear Board of County Commissioners: We hereby open our Irrevocable Leter of Credit in your favor for the account of Walter Huang,3324 Terrywood Dr.,Fort Collins,CO 80524,for a sum not to exceed the aggregate of$47,259.43.(Forty Seven Thousand Two Hundred Fifty Nine and.43/100) Each draft so drawn must be marked"Drawn under Larimer Bank of Commerce, 1432 E Mulberry Street, Fort Collins,CO 80524,Letter of Credit No.2540316/300 and be accompanied by a"signed statement from the Board of County Commissioners of Weld County,Colorado stating that Walter Huang has committed a material breach of the Improvements Agreement According to Policy Regarding collateral for Improvements regarding Gold Stone Creek Minor Subdivision,dated August 11,2008 by and between Walter Huang 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,Larimer Bank of Commerce, 1432 E Mulberry Street,Fort Collins,CO 80524.This letter of credit will expire on August 11,2009. 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 Larimer Bank of Commerce notifies beneficiaries in writing that the letter of credit will nm be renewed.In the case you received such a notification,you may draw by presentation of the following:(a)a draft at sight on Larimer Bank of Commerce;(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 Larimer Bank of Commerce the Letter of Credit No.2540316/300 will not be revewed and that Walter Huang has failed to provide proff of adequate collateral and substitution of this Letter of Credit No,2540316/300;(c)copy of letter from Larimer Bank of Commerce,stating non-renewal of Letter of Credit No.2540316/300 and the original letter of credit. Sincere Jeff Schoonover Senior Vice President Larimer Bank of Commerce FDIC WWW_(ARIMERBANK.COM „g ea,l ER "k ' LARIMER BANK OF COMMERCE 1432 E. Mulberry, Unit B • FORT COI LINS, COLORADO 80524 • PHONE: 970.224.7200 • FAX: 970.224.7219 August 11, 2008 Dear Board of County Commissioners The following irrevocable Letter of Credit is hereby replacing Advantage Bank Note No. 86465 for Walter Huang regarding Gold Stone Creek Minor Subdivision. If you have any question please contact Larimer Bank of Commerce. Sincerely, Kerry S�/hhmidt Loan Processor tbre WWW.LARIMERBANK.COM EQUAL /w`r MOUSING ' a ENDER JV-�_ ■ • a rs CLERK TO THE BOARD PHONE (970) 336-7215, Ext. 4225 1111 FAX: (970) 352-0242 P. O. BOX 758 O GREELEY, COLORADO 80632 COLORADO August 20, 2008 ATTN: VIRG PARSONS, VICE PRESIDENT ADVANTAGE BANK 4532 MCMURRY AVE STE 100 FORT COLLINS COLORADO 80525 RE: Return of Collateral - Walter Huang/Gold Stone Creek Minor Subdivision. Greetings: Attached hereto please find the Irrevocable Letter of Credit issued by Advantage Bank, issuing collateral in the amount of 47,259.43 to Walter Huang/Gold Stone Creek Minor Subdivision. This collateral has been replaced by Larimer Bank of Commerce as of 08/11/2008. 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 / ) Z4llL Donna J. Be ler, Deputy Clerk to the Board or. .cee re Co o B�4Pr ,°a elate o: re deA °a oa1�iz) V � Advantage Bank c1 c— c) i 1 Eger a O6 arz.et?,w January 8,2008 �o der 4eh r Board of County Commissioners he Attn: Clerk of the Board ar P. O. Box 758 Greeley,CO 80632 RE: Walter Huang Gold Stone Creek Minor Subdivision Dear Board of County Commissioners: We hereby open our Irrevocable Letter of Credit in your favor for the account of Walter Huang, 3324 Terrywood Dr.,Fort Collins, CO 80524, for a sum not to exceed the aggregate of $47,259.43. (Forty Seven Thousand Two Hundred Fifty Nine Dollars and 43/100). Each draft so drawn must be marked "Drawn under ADVANTAGE BANK, 4532 McMurry Avenue, Ste 100, Ft Collins, CO 80525, Letter of Credit No. 86465 and be accompanied by a "signed statement from the Board of County Commissioners of Weld County, Colorado stating that Walter Huang has committed a material breach of the Improvements Agreement According to Policy Regarding collateral for Improvements regarding Gold Stone Creek Minor Subdivision, dated the 27 day of March, 2007 by and between Walter Huang and the Board of County Commissioners of the County of Weld." This credit is subject,to Except as otherwise expressly stated,this Credit is subject to the "Uniform Customs and Practice for Documentary Credit(2007 Revision), International Chamber of Commerce, Publication No. 600." 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, ADVANTAGE BANK, 4532 McMurry Avenue, Ste 100, Ft Collins, CO 80525. This letter of credit will expire on November 17, 2008 at 5:00 P.M. 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 ADVANTAGE 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 ADVANTAGE 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 ADVANTAGE BANK the Letter of Credit NO. 86465 will not be renewed and that Walter Huang has failed to provide proof of adequate collateral and substitution of this Letter of Credit No. 86465; (c)copy of letter from ADVANTAGE BANK, stating non-renewal of Letter of Credit No. and the original letter of Credit. Yau 47 tru] Virg Parsons Vice President Advantage Bank—Ft Collins 4532 McMurry Avenue,Suite 100 970.204.0450 Fort Collins,CO 80525 Fax 970.204.0648 advantagebanks.com CLERK TO THE BOARD PHONE (970) 336-7215, Ext. 4225 FAX: (970) 352-0242 ' P. O. BOX 758 GREELEY, COLORADO 80632 C. COLORADO June 18, 2009 LARIMER BANK OF COMMERCE 1432 EAST MULBERRY STREET, UNIT B FORT COLLINS, COLORADO 80524 RE: Letter of Credit#2540316/300 for Walter Huang Ladies and Gentlemen: This letter shall act as a confirmation of your obligations to the Board of County Commissioners of Weld County under the above-referenced Letter of Credit. As you are aware, on the 11th day of August, 2008, Larimer Bank of Commerce, issued a Letter of Credit on behalf of Walter Huang naming the Board of County Commissioners of Weld County, Colorado as beneficiary. The dollar amount of the Letter of Credit was established at Forty-seven Thousand Two Hundred Fifty-nine and 43/100 ($47,259.43). The terms of the Letter of Credit require that it be maintained by your institution until the 11th day of August, 2009. In addition, if your institution intended to terminate its obligations under the Letter of Credit, you were required to provide notice to Weld County sixty(60)days prior to its anniversary date. As Weld County did not receive a notice of termination, the Letter of Credit remains in force. If you have any questions regarding this letter or your obligations under the Letter of Credit, or if you disagree with any of the statements contained herein, please call Donna Bechler, at 970-356-4000, ext. 4227, or e-mail me at dbechler@co.weld.co.us. Very tru�r�� Donald D. Warden Clerk to the Board BY/4-1272/2_ S?S� 'f 1 � Deputy Clerk o the Board pc Walter Huang/Gold Stone Center, LLC Hello