The URL can be used to link to this page

Browse Search

Home My WebLink About20082496.tiff 025 RESOLUTION RE: APPROVE PARTIAL CANCELLATION AND RELEASE OF COLLATERAL FOR PLANNED UNIT DEVELOPMENT FINAL PLAN, PF #1129 - THE HOME RANCH, LLC 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 May 14, 2008, the Board approved the application of The Home Ranch, LLC, do Christopher Serbousek, 7471 County Road 74, Windsor, Colorado 80550, for eight (8) residential lots with E (Estate) Zone uses, along with 7.071 acres of open space, for a parcel of land located on the following described real estate, to wit: Lots A and B of Recorded Exemption #4545; being part of the E1/2 SW1/4 of Section 32, Township 7 North, Range 67 West of the 6th P.M., Weld County, Colorado, and WHEREAS, on July 16, 2008, the Board of County Commissioner 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 The Home Ranch, LLC, do Christopher Serbousek,with terms and conditions being as stated in said agreement,and accepted Irrevocable Letter of Credit No. 07-0020, drawn on Mile High Banks, 2950 North Garfield Avenue, Loveland, Colorado 80538, in the amount of$332,651.52, and WHEREAS, staff from the Weld County Departments of Planning Services and Public Works have conducted a visual inspection and recommend partial release of said collateral, in the amount of$262,844.37, retaining $69,807.15, and WHEREAS, the Board has been presented with a replacement Irrevocable Letter of Credit No. 07-0020A,drawn on Mile High Banks,2950 North Garfield Avenue, Loveland,Colorado 80538, in the amount of$69,807.15, thereupon reducing the amount of credit available for draw by Weld County to $69,807.15. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, Colorado, that the original Irrevocable Letter of Credit No. 07-0020, drawn on Mile High Banks, in the amount of$332,651.52 be, and hereby is, canceled and released. BE IT FURTHER RESOLVED by the Board that the replacement Irrevocable Letter of Credit from Mile High Banks, in the amount of$69,807.15, 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. 111111 111111 1111 IIII ill IJ) JI1!J II HI �� 2008 249631d 8-1496 1 of 2 R 0.00 D 0.00 Steve Moreno Clerk& Recorder Cc PL (J rn PL CANCEL COLLATERAL -THE HOME RANCH, LLC PAGE 2 The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 15th day of September, A.D., 2008. BOARD OF COUNTY COMMISSIONERS WELD COUNTY, COLORADO ATTEST: Willia Jerke, Chair , l� Weld County Clerk to gi ..: 1G%r .s h �•�1�� c�' Robert D. asdpr, Pro-Tem BY: Deputy Cler to the Bo 's W lia F. Garcia • David`E. Long ty Attorney • Dougla Rademac er Date of signature: 9/ fie 111111111111111111 MI 111 03:33111e111111 III IIIII��II IIII 3583025 P 2008-2496 2 of 2 R 0.00 D 0.00 Steve Moreno Clerk& Recorder PL1 920 MEMORANDUM TO: Board of County FROM: Chris Gathman Planner II CommissionersC etzt 9/11/2008 COLORADO SUBJECT: Partial Release of Collateral for PF-1129 (Home Ranch PUD) On July 16, 2008 the Department of Planning Services accepted collateral in the form of a Irrevocable Letter of Credit (07-0020) in the amount of($332,651.52)for PF-1129 (Home Ranch PUD). The applicant is requesting partial release of this collateral in the amount of($262,844.37). The applicant has submitted a replacement letter of credit (07-0020A) in the amount of($69,807.15) to cover 15% of road and drainage improvements along with landscaping. The Departments of Planning Services and Public Works recommend partial release of this collateral. SERVICE.TEAMWORK.INTEGRITY.QUALITY 2008-2496 Pagel of l Donna Bechler From: Chris Gathman Sent: Thursday, September 11, 2008 4:00 PM To: Donna Bechler Subject: FW: Here is the e-mail request from Chris Serbousek re: release of collateral. Chris Gathman,AICP,Planner II Weld County Department of Planning Services 918 10th Street,Greeley,Colorado 80631 ph(970)353-6100 ext. 3540 fax(970)304-6498 • From: Serbousek [mailto:serbousekhomes@msn.com] Sent: Thursday, September 04, 2008 7:05 AM To: Chris Gathman Subject: RE: Chris Gathman Weld County Planning Department I am requesting the release of collateral for The Home Ranch LLC. The project has been significantly completed and has been approved /accepted by the appropriate Weld county agents. We will replace the existing Letter of Credit with a new Letter of Credit to insure the completion of a portion of the landscaping ($19,909.22)and to cover the 15% ($49,897.93) necessary for the warrantee period for a total of.169807.15. Thank you, Christopher Serbousek The Home Ranch LLC 7471 Weld CR 74 Windsor, Colorado 80550 Information from ESET NOD32 Antivirus, version of virus signature database 3414 (20080904) The message was checked by ESET NOD32 Antivirus. http./ www.eset.com 9/11/2008 << MILE III ( 111 I ) ' N I S f tt,<`, IRREVOCABLE LETTER OF CREDIT NO.07-0020A Date: September 10,2008 Board of County Commissioners ATTN: Clerk to the Board P.O.Box 758 Greeley,CO 80632 RE: The Home Ranch,LLC Dear: We hereby open our Irrevocable Letter of Credit in your favor for the accountof The Home Ranch,LLC, 7471 Weld County Road 74,Windsor,CO 80550,for a sum not to exceed the aggregate of$69,807.15(Sixty-nine Thousand Eight Hundred Seven Dollars and fifteen cents). Each draft so drawn must be marked"Drawn underMILE HIGH BANKS,2950 North Garfield Avenue, Loveland,CO 80538,Letter of Credit No.07-0020A"and be accompanied by a signed statement from the Board of County Commissioners of Weld County, Colorado statingthat"The Home Ranch,LLC has committed a material breach of the Improvements Agreement According to Policy RegardingCollateral for Improvements regarding Public Road Maintenance and Private Road Maintenance dated the 28th day of May,2008,by and between The Home Ranch,LLC 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,MILE HIGH BANKS,(Address). This letter of credit will expire on July 11,2009 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 dateMILE HIGH BANKS 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 onMILE HIGH BANKS; (b)a statement purportedly signed by an official of the Board of CountyCommissioners of Weld County,Colorado stating that we have received notice from MILE HIGH BANKS the Letter of Credit No.07-0020A will not be renewed and that The Home Ranch, LLC has failed to provide proof of adequate collateral and substitution of this Letter of Credit No. 07-0020k(c)copy of letter from MILE HIGH BANKS stating non-renewal of Letter of Credit No.07-0020A andthe original letter of credit. Yours:truly, Titi'Merkle Branch President Mile High Banks -Loveland Branch M:\W PFI LES\FORM\LTRCRED IT.DB LoveL! d "DSO Nor Lh earltcfr;/Avenue • Loveland,L 010 ado 80;38 • 9/0.6h9.692d • 9/0669.814d fax • wwwinlehiahbinh;.cam BENEFICIARY ACCEPTANCE OF LETTER OF CREDIT --_:Principal Loan Data Maturity:: Loan N4 Call ICa .. Account Officer initials $69.807.15 09-70-2008 07700118-15A 071 References in the boxes above are for Lender's use only and do not limit the applicability of this document to any particular loan or item. Any item above containing "***" has been omitted due to text length limitations. Borrower: The Home Ranch, LLC, a Colorado limited liability Lender MILE HIGH BANKS company LOVELAND BRANCH 7471 Weld County Road 74 2950 N. GARFIELD AVE. Windsor, CO 80550 LOVELAND, CO 80538 (9701669-6424 ACKNOWLEDGMENT OF ACCEPTANCE Beneficiary, being a party to this Letter of Credit issued by Lender, hereby acknowledges acceptance of the Letter of Credit and further agrees that any alteration or amendment of the Letter of Credit will not be effective unless and until approved in writing by Lender, Borrower, and Beneficiary. BENEFICIARY: Authorized Signer for Beneficiary William H. Jerke, Chair 09/15/2008 LASER PRO Lending,Ve,.5.4000.003 Cop,.Harland Financial Sdu,mne,Inc.1997 1000 All Rivet.Reserved. CO C'.ILOCALICFIILPL\G60.FC rR-556 PP 40 042046-7'.-C:7194 CLERK TO THE BOARD PHONE (970) 336-7215, Ext. 4225 FAX: (970) 352-0242 P. O. BOX 758 C GREELEY, COLORADO 80632 COLORADO September 16, 2008 ATTN; CHRISTOPHER SERBOUSEK THE HOME RANCH, LLC 7471 COUNTY ROAD 74 WINDSOR, COLORADO 80550 RE: Partial Cancellation and release of Collateral for The Home Ranch, LLC, do Christopher Serbousek Mr. Serbousek: On September 15,2008,the Board of County Commissioners approved the partial cancellation and release of collateral for PF#1129, in the amount of$262,844.37, 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 $332,651.52 has been returned to Mile High Banks. 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 ),--11 ALL _fi, eti/ Donna J. Bechl� Deputy Clerk to the Board CLERK TO THE BOARD PHONE (970) 336-7215, Ext. 4225 WI FAX: (970) 352-0242 P. O. BOX 758 C. GREELEY, COLORADO 80632 COLORADO September 16, 2008 ATTN: TIM MERKLE MILE HIGH BANKS LOVELAND BRANCH 2950 NORTH GARFIELD AVENUE LOVELAND COLORADO 80538 RE: Partial Cancellation and release of Collateral - The Home Ranch, LLC Mr. Merkle: Attached hereto please find the Board of County Commissioners Resolution partially releasing the collateral for The Home Ranch, LLC, in the amount of $262,844.37, and the original Irrevocable Letter of Credit issued by Mile High Banks, in the amount of$332,651.52. We have received a new Irrevocable Letter of Credit from you for the remaining $69,807.15. 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 Donna J. Becp1 er, Deputy Clerk to the Board O MILE HIGH BANKSP'3. O9 yr) d�° d s+ Zo s y a 1? IRREVOCABLE LETTER OF CREDIT NO.07-0020 °p� �"000 .D/ d' 1 OS o C1 ss1.el,�Pt/ Date: July 11,2008 • o ,t; o cis s Board of County Commissioners �o ATTN: Clerk to the Board drd P.O. Box 758 Greeley,CO 80632 RE: The Home Ranch, LLC Dear: We hereby open our Irrevocable Letter of Credit in your favor for the accountof The Home Ranch,LLC, 7471 Weld County Road 74,Windsor,CO 80550,for a sum not to exceed the aggregate of$332,651.52(Three Hundred Thirty-two Thousand six hundred fifty-one dollars and fifty-two cents). Each draft so drawn must be marked"Drawn underMILE HIGH BANKS,2950 North Garfield Avenue, Loveland,CO 80538,Letter of Credit No. 07-0020"and be accompanied by a signed statement from the Board of County Commissioners of Weld County,Colorado statingthat"The Home Ranch,LLC has committed a material breach of the Improvements Agreement According to Policy RegardingCollateral for Improvements regarding Public Road Maintenance and Private Road Maintenance dated the 28th day of May,2008, by and between The Home Ranch,LLC 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 O-edits, 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,MILE HIGH BANKS,(Address). This letter of credit will expire on July 11,2009 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 60days prior to such current expiration date MILE HIGH BANKS 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 onMILE HIGH BANKS; (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 MILE HIGH BANKS the Letter of Credit No.07-0020 will not be renewed and that The Home Ranch, LLC has failed to provide proof of adequate collateral and substitution of this Letter of Credit No. 07-0020;(c)cop, .f letter from MILE HIGH BANKS stating non-renewal of Letter of Credit No.07-0020 and the original lett : credit. Yustj , Tim erkle Branch President Mile High Banks - Loveland Branch M:\W PFILES\FORM\LTRCREDIT.DB Loveland • 2950 North Garfield Avenue • Loveland,Colorado 80538 • 970.669.6424 • 970 669.8144 fax • www.milehighbanksa Hello