HomeMy WebLinkAbout20080286.tiff RESOLUTION
221
RE: APPROVE PARTIAL CANCELLATION AND RELEASE OF COLLATERAL FOR MINOR
SUBDIVISION FINAL PLAN, MF #547 (OWL CREEK ESTATES SUBDIVISION) -
OLANDO, LLC, C/O ED ORR AND TAMMY ELLERMAN
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 7, 2005, the Board approved the application
of Olando, LLC, do Ed Orr and Tammy Ellerman, 826 9th Street, Greeley, Colorado 80537, for
nine (9) residential lots on the following described real estate, to wit:
Lot B of Recorded Exemption #2016; being part of
the SE1/4 of Section 16, Township 6 North, Range
64 West of the 6th P.M.,Weld County,Colorado, and
WHEREAS, on October 26, 2005, the Board of County Commissioners of Weld County,
Colorado, approved an Improvements Agreement According to Policy Regarding Collateral for
Improvements(Public Road Maintenance)for Owl Creek Estates Subdivision, between the County
of Weld, State of Colorado, by and through the Board of County Commissioners of Weld County,
and Olando, LLC, do Ed Orr and Tammy Ellerman, with terms and conditions being as stated in
said agreement, and accepted Irrevocable Letter of Credit#00315, drawn on Centennial Bank of
the West, 2700 47th Avenue, Greeley, Colorado 80634, in the amount of $214,387.00, and
WHEREAS, staff from the Weld County Departments of Planning Services and Public
Works have conducted a visual inspection and recommend release of a portion of said collateral
in the amount of$182,228.95.
WHEREAS,the Board has been presented with a letter from Centennial Bank of the West,
1331 17th Street, Denver, Colorado 80202, Attn: Letter of Credit Department, amending
Irrevocable Letter of Credit #00315, effective January 15, 2008, thereupon reducing the amount
of credit available for draw by Weld County to $32,158.05.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld
County, Colorado,that Irrevocable Letter of Credit#00315, drawn on Centennial Bank of the West,
in the amount of$214,387.00 be,and hereby is, partially canceled and released,with the remaining
balance being $32,158.05.
BE IT FURTHER RESOLVED by the Board that the Clerk to the Board be, and hereby is,
directed to release said partial collateral to the appropriate issuing party.
111111 1111 111111111 1111 III 1111111 III 11 11 III 2008-0286
PL1508
3533221 02/04/2008 03:35P Weld County, CO P� �`34L
1 of ? R n nn n nnn Sfeue MnrAnn Clerk& Rennrder ,' e.2 C 4?
CANCEL COLLATERAL - OLANDO, LLC, C/O ED ORR AND TAMMY ELLERMAN
PAGE 2
The above and foregoing Resolution was, on motion duly made and seconded, adopted by
the following vote on the 23rd day of January, A.D., 2008.
BOARD OF COUNTY COMMISSIONERS
fir?._ WELD COUNTY, COLORADO
�� l /1-
ATTEST: �1
a i :� i H. Jerke, Chair
Weld County Clerk to the/ B u � (� , ` ,
BY. �� � , ��Z i oc t r ;` bert D. Masde ro-Tem
Deity Cl? to the Bo-r. --,--1--::::'
L " I
William F. Garcia
APP ED A . P M: EXCUSED
%� David E. Long n
ount Attorney cow .Nomac..tiC
Douglas Rademach r
Date of signature: i I3l k
111111111111 IIIIII 111111 11111111111111111111111111111 2008-0286
3533221 02/04/2008 03.35P Weld County, CO
PL1508
9M 9 R n nn n n nn Steue Moreno clerk& Recorder
a "" MEMORANDUM
WipeTO: Board of County Commissioners
COLORADO DATE: January 21, 2008
FROM: Kim Ogle, Planning Manager
SUBJECT: Request for Release of Collateral for Improvements (Private
Road Maintenance) and the associated Irrevocable Letter of
Credit
MF-547, Owl Creek Estates
Olando LLC, do Ed On and Tammy Ellerman, applicants
The Department of Planning Services received a telephone request from Tammy Ellerman to
release the Irrevocable Letter of Credit #00315 from the Centennial Bank of the West, for Owl
Creek Estates Minor Subdivision, case number MF-547 in the amount of two hundred fourteen
thousand, three hundred eighty-seven (214,387.00) dollars and no/100s.
Ms. Tammy Ellerman has submitted an amendment to the original Irrevocable Letter of Credit
# 00315 from the Centennial Bank of the West, for Owl Creek Estates Minor Subdivision, case
number MF-547 in the amount of thirty-two thousand one hundred fifty-eight (32,158.05) dollars
and 05/100s.
Items covered under this Irrevocable Letter of Credit include the fifteen percent retention for the
one-year warranty period.
The Weld County Attorney, the Department of Public Works and the Department of Planning
Services, have determined that the amount of the agreement will be sufficient to complete the
warranty work required for Owl Creek Estates Minor Subdivision, and the Departments of
Planning Services and Public Works recommend acceptance of this Irrevocable Letter of
Credit.
End memorandum
2008-0286
MEMORANDUM
•
TO: Board of County Commissioners
.
COLORADO DATE: October 24, 2005
FROM: Sheri Lockman, Planner II
SUBJECT: Acceptance of Improvements Agreement According to
Policy Regarding Collateral for Improvements (Private Road
Maintenance) and the associated Irrevocable Letter of Credit
MF-547, Owl Creek
Olando Ltd. Liability Co., applicant
The Departments of Planning Services and Public Works have reviewed the Improvements
Agreements for Owl Creek Minor Subdivision.
Items covered under the Improvements Agreement According to Policy Regarding Collateral for
Improvements (Private Road Maintenance) include:
Site grading $ 29,187.00
Street grading $ 3,125.00
Street base $ 49,500.00
Street paving $ 66,150.00
Curb, gutter and culverts $ 17,625.00
Storm sewer facilities $ 4,800.00
Water mains $ 40,000.00
Fire hydrants $ 4,000.00
Engineering and supervision $ 3,000.00
Total Estimated Cost of Improvements and Supervision $214,387.00
The applicant has submitted an irrevocable letter of credit to cover the total estimated cost of
improvements and supervision.
The Department of Public Works and the Department of Planning Services, have determined
that the amount of the agreement will be sufficient to complete the work required for Owl Creek.
The Department of Planning Services recommends acceptance of the Improvements
Agreement According to Policy Regarding Collateral for Improvements (Private Road
Maintenance) along with the associated Irrevocable letter of credit .
a MEMORANDUM
40)1( TO: Don Dunker DATE: 12-3-2007
IIIDC FROM: Josh Holbrook, PW Lead Construction Inspector
COLORADO SUBJECT: MF #547, Owl Creek Estates
Don,
All items from the punch list dated 9-20-2006 have been completed/submitted
except items # 1 and #7. Item number one, lowering of Qwest phone line along Hwy
392 has become the responsibility of Qwest and not the developer (Letter Dated
October 22"d, 2007). Item number 2, re-seeding and mulching will be done in the spring
of 2008.
Weld County is holding a letter of credit from Centennial Bank of the West for
$214,387.00 under Olando, LLC, c/o Ed Orr and Tammy Ellerman (PL 1508 #2005-
3135). Per the signed Resolution under section 9.8, 15% of the improvements shown in
the agreement will be held for Warranty Collateral.
$214,387.00 (letter of credit)
$182,228.95 to be released
$32,158.05 to retain for one year Warranty
Owl Creek Estates is a public road and will become the responsibility of Weld County to
maintain once the one year warranty has ended.
M'JoshSub.Inspecc,lon':Owl Creek'..releue ofcollamrnl memo.aoc
Page 1 of 1
cz
ifiENTENNIAL
Bank of the West"
'C
AMENDMENT NO. 01 C
TO IRREVOCABLE LETTER OF CREDIT NO. 00315
Dated October 18, 2005
This page shall be attached to and become an integral part of the above
referenced Letter of Credit.
January 15, 2008
Beneficiary:
WELD COUNTY
918 10th Street
Greeley, CO 80631
Applicant:
OLANDO LTD LIABILITY CO
826 9th St., Suite 200
Greeley, CO 80631
Gentlemen:
At the request of and for the account of our customer, the above referenced
Letter of Credit issued in your favor in the amount of$214,387.00 is amended
as follows:
1. The amount is DECREASED by$182,228.95 for a new amount of
$32,158.05.
2. Funds under this Credit are available with CENTENNIAL BANK OF
THE WEST by payment at 1331 17`" Street,Denver, CO 80202,Attn:
Letter of Credit Department.
*********
All other terms and conditions of the original Letter of Credit shall remain
unchanged and in full force and effect.
Please acknowledge your receipt and acceptance of this amendment by signing
the enclosed c , w ere indicated and returning it in the envelope provided.
Sincerely
CE TE , IA K HE WEST
Dennis Holman
Branch President
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