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Home My WebLink About20082095.tiff 174 RESOLUTION RE: APPROVE CANCELLATION AND RELEASE OF COLLATERAL FOR PLANNED UNIT DEVELOPMENT FINAL PLAN, PF #1058 - FRANCISCO GARCIA 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 February 1, 2006, the Department of Planning Services staff approved Planned Unit Development Final Plan, PF #1058, for Francisco Garcia, 1959 Blanco Court, Loveland, Colorado 80538, for Las Haciendas Planned Unit Development for eight(8) Estate lots and one Agricultural lot, with 11.2 acres of open space on the following described real estate, to-wit: Lot B of Recorded Exemption #3300, being part of the W1/2NE1/4 of Section 5, Township 4 North, Range 68 West of 6th P.M., Weld County, Colorado WHEREAS, on March 8, 2006, the Board of County Commissioners of Weld County, Colorado, approved an Improvements Agreement According to Policy Regarding Collateral for Improvements(Public Road Maintenance)for Las Haciendas Planned Unit Development, between the County of Weld, State of Colorado, by and through the Board of County Commissioners of Weld County, and with terms and conditions being as stated in said agreement, and accepted Irrevocable Letter of Credit No. 18, drawn on the Colorado Community Bank of Loveland, in the amount of$240,290.36, and WHEAREAS, on December 20, 2006, the Board of County Commissioners released Irrevocable Letter of Credit No. 18, in the amount of $240,290.36, and approved replacement collateral, in the form of Irrevocable Letter of Credit No. 022, drawn on Colorado Community Bank of Loveland, 1050 Eagle Drive, Loveland, Colorado 80537, in the amount of$87,048.50, and WHEAREAS, on July 9, 2007, the Board of County Commissioners released Irrevocable Letter of Credit No. 022, in the amount of $87,048.50, drawn on Colorado Community Bank of Loveland, and accepted replacement collateral in the form of Irrevocable Letter of Credit No. 025, drawn on Colorado Community Bank of Loveland, 1050 Eagle Drive, Loveland Colorado 80537, in the amount of$12,953.22, 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, and NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, Colorado, that Irrevocable Letter of Credit No. 025, drawn on Colorado Community Bank of Loveland, in the amount of $12,953.22 be, and hereby is, canceled and released. 111111111111111111 IIII 11111111111111111 III 11111 IIII IIII 3572174 08/14/2008 01:56P Weld County, CO 2008-2095 1 of 2 R 0.00 0 0.00 Steve Moreno Clerk& Recorder PL1782 c'e '. PL- , I t PLt ©f4-2-06b- CANCEL COLLATERAL - FRANCISCO GARCIA PAGE 2 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 30th day of July, A.D., 2008. BOARD OF COUNTY COMMISSIONERS L4 )\ WELD COUNTY, COLORADO I py ' ATTEST: LIM 1 "'T I !Wil • m H. Jerke, Chair Weld County Clerk to th � , Mr�. � �7 /�. Robe rgdpn, Pro-Tem BY: Deputy Clerk t the :oard William F. Garcia APP1 M: EXCUSED David E. Long County Attorney ea ca,a dia(dar Douglas ema er Date of signature: "e///0�7 1111111 11111 111111 1111 111111 11111 11111 111 11111 IIII IIII 3572174 08/14/2008 01:56P Weld County, CO 2 of 2 R 0.00 0 0.00 Steve Moreno Clerk & Recorder 2008-2095 PL1782 MEMORANDUM To: Board of County Commissioners COLORADO Date: July 30, OOg From: Kim Ogle, Planning Manager tit' Subject: Full Release of Irrevocable Letter of Credit Colorado Community Bank of Loveland for Las Haciendas PUD Case number PF-1058 Francisco Garcia, Applicant Fran Garcia submitted a new Irrevocable Letter of Credit# 025 from the Colorado Community Bank of Loveland, for Las Haciendas PUD, case number PF-1058 in the amount of twelve thousand nine hundred fifty-three (12,953.22) dollars and 22/100s for the fifteen percent (15%) retention for the pavement warranty period in July 2007. In a Memorandum dated July 25, 2008, Don Stang with the Department of Public Works states "Las Haciendas subdivision has completed all of the improvements in its agreement with Weld County and its one year warranty period is complete. I inspected it today and it meets the requirements of the County for release." Celeste Lane is going to be a Weld County maintained road. The Department of Public Works and the Department of Planning Services, have determined that the warranty work has been completed and is ready for County maintenance. We recommend release of all monies held via Irrevocable Letter of Credit # 025 from the Colorado Community Bank of Loveland. M:\wpfles\ogle\kim\collateral\PF 1058_Full.wpd 2008-2095 SERVICE,TEAMWORK,INTEGRITY,QUALITY MEMORANDUM TO: Don Dunker DATE: 7/25/08 WIIDC FROM: Don Stang COLORADO SUBJECT: Las Haciendas Subdivision PF-1058 Don, Las Haciendas subdivision has completed all of the improvements in its agreement with Weld County and its one year warranty period is complete. I inspected it today and it meets the requirements of the County for release. Celeste Lane is going to be a Weld County maintained road. Mr. Garcia's is requesting his warranty collateral release of $12,953.22. If you have any questions please let me know. (75 % of Paving was completed on 7-7-2006) (100% of paving was completed on 5-8-2007) Thank you. Don Stang Don Stang Construction Inspector II Weld County Public Works 970.301.2623 cell 970.304.6496 office dstang@co.weld.co.us C'Documents and Settings\kogle\Local Settings\Temporary Internet F➢es\OLK5Clashasciendasly_doc Page 1 of 1 JUL-28-2008 MON 03:47 PM SOUTHWEST WELD PLANNING FAX NO. 720 652 4211 P. 03 JUL-28-2008 MON 03;07 EN WELD COUNTY PUBLIC WORKS FAX NO. 910 304 6497 P. 03 FsIG Lands tit I tax 170461•WIT rea�aeuc time evosmne malt n inc1000weetnet II Monday,July 21,2008 AU.Don Stang public works 1111 H.Street Greeley,CO 80632 Dear Mr.Stang, Per section 9.7 of the Improvements agreement for Las Hat I t adaa PUD,lam formally requesting release of collateral. The collateral provided w as of a letter of credit number 026 dated July 9,2001 for the agreed amount of 812,960.22 tt t e held as warranty collateral for one year as per section 9.8. Please accept my request and come to inspect the project a i t 4lecuaeed and take through the process as soon as possible and contact me with any in c loons or problems. Thank You. My cell phone number la 970.666-4968. Sincerely, flLr. president a Xi o�$i, ,,s ti Colora • do T JUN �O�c�o Boa` Community Bank RECD z a 2007 ,ce. Go p\ ere tiecaro��\� I 1c° IRREVOCABLE LETTER OF CREDIT NO 025 y Go eye e Replacement of Letter of Credit No 022 tie i O- --e c9 4)". " S.' • 4 July 9, 2007 Board of County Commissioners ATTN: Clerk to the Board Po Box 758 Greeley, CO 80632 Re: Hacienda Builders, Inc We hereby open our Irrevocable Letter of Credit in your favor for the account of Hacienda Builders, Inc. for a sum not to exceed the aggregate of(Twelve thousand nine hundred fifty three dollars and twenty two cents)$12,953.22 Each draft so drawn must be marked "Drawn under COLORADO COMMUNITY BANK LETTER OF CREDIT NO 025, 1050 EAGLE DRIVE, LOVELAND CO 80537" and be accompanied by a signed statement from the Board of County Commissioners of Weld County, Colorado stating the builder has committed a material breach of the Improvements Agreement According to Policy Regarding collateral for Improvements regarding PF-1058 Las Haciendas PUD dated the 26th day of January, 2006 by and between Hacienda Builders, Inc. and the Board of County Commissioners of the County of Weld. This credit is subject, so far as applicable, to The Uniform Customers and Practice for Documentary Credits, 1993 Revision, the International Chamber of Commerce Publication No. 500. We hereby agree with you that all drafts under and in compliance with the terms of this credit will be duly honored and presented for payment to our main office, COLORADO COMMUNITY BANK, 1050 EAGLE DRIVE, LOVELAND CO 80537. This letter of credit will expire on July 9, 2008. This letter of credit expires on the current expiration date July 9, 2008, unless 60 days prior to such current expiration date COLORADO COMMUNITY BANK notifies beneficiary in writing that the letter of credit is being cancelled. In the case you receive such a notification, you may draw by presentation of the following:(a) a draft at sight on COLORADO COMMUNITY BANK; (b) a statementvurportedly signed by an official of the Board of County Commissioners of Weld County, Colorado stating that we have received notice from COLORADO COMMUNITY BANK the Letter of Credit No. 022 will not be renewed that Hacienda Builders, Inc has failed to provide proof of adequate collateral and substitution of the Letter of Credit No. 022; (c) copy of letter from COLORADO COMMUNITY BANK stating non-renewal of Letter of Credit No. 022 and the original letter of credit. Your truly,earr y Morgan Branch President "Community Banking at its Best!" Akron.CO 807211 Crifle Rock,CO 80104 Centennial,CO 800)5 lavans.CO 8(1620 F5reslone.CO 8O504 (970) 345-2026 (303)688-4900 (303)693-7009 (970)77y-X430 (720)652-7255 (hvcicy.CO 80634 Hichlarals Ranch,CO 8013(1 Johnstown,CO 80534 Loveland CO 80537 (970)3)0-6090 (303)346-6300 1970)587-216(1 (970)278-0(140 Milliken.CO 80543 Ymna,CO 80759 Olin.CO 80743 Sevcrance,CO 81546 Sic dine.CO 8(1751 1970) 848-3838 (970)587-2880 (970) 246-3456 (9711)686-9090 22 U7(115.._S 151 (970)848-7500 www.coloradocommunitybank.com %di CLERK TO THE BOARD PHONE (970) 336-7215, Ext. 4225 FAX: (970) 352-0242 P. O. BOX 758 C. GREELEY, COLORADO 80632 COLORADO Aug 7, 2008 ATTN: FRANCISCO GARCIA LAS HACIENDAS PUD 1611 CELESTE LANE LOVELAND COLORADO 80537 RE: Cancellation and release of Collateral for Francisco Garcia/Las Haciendas PUD Mr. Garcia: On July 30, 2008, the Board of County Commissioners approved the cancellation and release of collateral for PF#1058, in the amount of$12,953.22, 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 Irrevocable Letter of Credit has been returned to Colorado Community 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 Y COMMISSIONERS BY: 1 Cn aA r/� Donna J. Be er Deputy Clerk to the Board ri • CLERK TO THE BOARD PHONE (970)336-7215, Ext. 4225 ' FAX: (970) 352-0242 P. O. BOX 758 O GREELEY, COLORADO 80632 COLORADO July 31, 2008 ATTN: HARRY MORGAN BRANCH PRESIDENT COLORADO COMMUNITY BANK 1050 EAGLE DRIVE LOVELAND COLORADO 80537 RE: Cancellation and release of Collateral - Francisco Garcia/Las Haciendas PUD Mr. Morgan: Attached hereto please find the Board of County Commissioners Resolution releasing the collateral for Francisco Garcia/Las Haciendas PUD, and the original Irrevocable Letter of Credit issued by Colorado Community Bank issuing collateral, in the amount of$12,953.22. 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. Be- ler; Deputy Clerk to the Board Hello