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Home My WebLink About20080310.tiff 938 RESOLUTION RE: APPROVE CANCELLATION AND RELEASE OF COLLATERAL FOR HIGHVIEW RANCH PLANNED UNIT DEVELOPMENT FINAL PLAN, PF #1074 - FRANK AND LORETTA WRIGHT 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 November 23, 2005, the Board approved the application of Frank and Loretta Wright, 22 Seven Hills Drive, Boulder, Colorado 80302, for Change of Zone, PZ #1074, from the A (Agricultural) Zone District to a Planned Unit Development (PUD) Zone District, for nine (9) lots with E (Estate) zone uses, and WHEREAS, by Resolution dated June 9, 2006, the Department of Planning Services approved a Planned Unit Development Final Plan, PF#1074, for nine(9)lots with E(Estate)Zone uses (Highview Ranch), on the following described real estate, to wit: Lot B of Amended Recorded Exemption#3381; being part of the S1/2NW1/4 of Section 5, Township 1 North, Range 68 West of the 6th P.M., Weld County, Colorado, and WHEREAS, on August 30, 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 County Road 3, between the County of Weld, State of Colorado, by and through the Board of County Commissioners of Weld County, and Frank and Loretta Wright(Highview Ranch),with terms and conditions being as stated in said agreement,and accepted Irrevocable Letter of Credit No. 100429586, drawn on the Peak National Bank, 770 Heritage Road, Second Floor, Golden, Colorado 80401, in the amount of $400,000.00, and WHEREAS, staff from the Weld County Departments of Planning Services and Public Works 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 No. 100429586, drawn on the Peak National Bank, in the amount of $400,000.00 be, and hereby is, canceled 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. 111111111111111111111111III111111111111III 1111111111111 2008-0310 3532938 02/01/2008 04:08P Weld County, CO PL1798 1 of 2 R 0.00 D 0.00 Steve Moreno Clerk& Recorder 00 : r'L pre kin_ 9,)-48-76< CANCEL COLLATERAL - FRANK AND LORETTA WRIGHT PAGE 2 The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 28th day of January, A.D., 2008. BOARD OF COUNTY COMMISSIONERS WELD COUNTY, COLORADO ATTEST: � 2 1� - 14 e H. Jerke, Chair Weld County Clerk to the Board � Iasi k! �C:; . F�' E den, ro-Tem BY: (�( — � Deputy'Clerk to the Board ;S y.. �'� F. Garci APPROVED A ORM: David . Long o my Attorney Douglas Rademac er Date of signature: U?e/Ge 111111111111111111111111 �� 111111111111 �� 1111111111111 3532938 02/01/2008 04:08P Weld County, CO 2 of 2 R 0.00 0 0.00 Steve Moreno Clerk& Recorder 2008-0310 PL1798 Page 1 of 1 Donna Bechler From: Kim Ogle Sent: Monday, January 28, 2008 7:42 AM To: Donna Bechler Cc: Kim Ogle Subject: FW: Highview Ranch Kim Ogle < From: flwright@live.com To: kogle@co.weld.co.us Subject: Highview Ranch Date: Tue, 22 Jan 2008 14:40:39 -0700 Weld County Planning Department Kim Ogle I am requesting a full release of the $400,000.00 letter of credit used as collateral for Highview Ranch PF-1074. Thank You, Frank Wright Highview Development, LLC Shed those extra pounds with MSN and The Biggest Loser! Learn more. 1/28/2008 4*:*j% MEMORANDUM I IInge TO: Board of County Commissioners COLORADO DATE: January 7, 2008 FROM: Kim Ogle, Planning Manager SUBJECT: PF-1074, Highview Ranch PUD do Frank Wright, applicant At the request of Frank Wright, applicant, the Department of Planning Services performed a field investigation to ascertain if the improvements have been completed for the 9-Lot PUD as delineated on the recorded plats for this case. It is the determination of this office that all site improvements have been completed and that the non-transportation monies held for this development may be released in full. The Department of Public Works in their memorandum dated January 7, 2008 determined that all onsite and off-site transportation improvements have been completed to their satisfaction. Therefore, it is the determination of the Departments of Public Works and Planning Services that the Irrevocable Letter of Credit# 100429586 for Highview Ranch PUD, case number PF-1074 in the amount of four hundred thousand (400,000.00)dollars and no/100s may be released in full to the applicant. 2008-0310 MEMORANDUM TO: Kim Ogle. DATE: 1/7/2008 FROM: Don Stang COLORADO SUBJECT: Highview Ranch PF1074. Kim, Frank Wright has fulfilled his on site and off site obligations to the Public Works satisfaction. Highveiw and Parent Street will be maintained by Weld County. His warranty period ended December 16,2007 and can receive a full release. Mr. Wright is requesting his letter$400,000 letter of credit too be returned to his bank as well. Thank you. Don Don Stang Construction Inspector II Weld County Public Works 970.301.2623 cell 970.304.6496 office dstang@co.weld.co.us C:Documents and Settings dbechler Local Settings Temporary Internet Files GI K54 kimfinai MEMO.doc Page 1 of 1 Donna Bechler From: Kim Ogle Sent: Tuesday, January 22, 2008 11:31 AM To: Donna Bechler Cc: flwright@live.com Subject: RE: Highview release Donna No, he telephoned in his request. He has been working with PW up to that point. Frank, please provide a short letter/ email request for return of collateral. Thanks Kim Ogle I Planning Manager Original Message From: Donna Bechler Sent: Tuesday, January 22, 2008 8:10 AM To: Kim Ogle Subject: RE: Highview release Kim, Do we have an e-mail or letter from Frank Wright requesting the release? Donna Original Message From: Kim Ogle Sent: Monday, January 21, 2008 10:18 PM To: Donna Bechler Cc: David Bauer; Donald Stang; flwright@live.com Subject: FW: Highview release Donna Please schedule for the Board. Full release of collateral for Highview Ranch, PF-1074 Contact me with questions. Thank you Kim Ogle I Planning Manager Original Message From: Donald Stang Sent: Monday, January 07, 2008 9:22 AM To: Kim Ogle Subject: Highview release Kim, Here is the memo for Highview Ranch. It states that Mr. Wrights warranty period is complete and he is due a full release. Thanks! If you need anything else let me know. Don Don Stang Construction Inspector II Weld County Public Works 970-304-6496 EXT-3746 1 "\ea5 ° 4e °$ Mutualof0mahaBank titiatiey��4\L° �oca a � °� ,Oe 770 Heritage Road GO t, O 0 '� Golden CO 80401 O �e OdSa• °.�eS ; T 303.216.9999 F 303.216.9998 ') y'" S mutualofomahabank.com a� G1 God ��9 g9 e4 IRREVOCABLE LETTER OF CREDIT TO: The Board of County Commissioners NO: 0100429586 of the County of Weld DATE: November 1, 2007 Attn: Clerk to the Board EXPIRY: December 19, 2007 P.O.Box 758 AMOUNT: $400,000.00 Greeley,CO 80632 Re: Highview Development, LLC,a Colorado limited liability company;Developing Highview Ranch To Whom It May Concern: We hereby open our Irrevocable Letter of Credit in your favor for the account of Highview Development, LLC, a Colorado limited liability company, whose address is 22 Seven Hills Drive,Boulder, CO 80302, for a sum not to exceed the aggregate of Four Hundred Thousand and No/100 dollars($400,000.00). Each draft so drawn under this credit are to be endorsed hereon and shall bear the clause DRAWN UNDER MUTUAL OF OMAHA BANK (FKA PEAK NATIONAL BANK), 26 South Highway 119, Nederland, CO 80466-Letter of Credit No. 0100429586 dated July 19, 2006 and be accompanied by a "signed statement from the Board of County Commissioners of Weld County, Colorado stating the Developer has committed a material breach of the Improvements Agreement According to Policy Regarding collateral for Improvements regarding See Exhibit A attached hereto and made a part hereof dated the 1st day of November 2007 by and between Highview Development, LLC, a Colorado limited liability company 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 office, MUTUAL OF OMAHA BANK (FKA PEAK NATIONAL BANK), 26 South Highway 119, Nederland,CO 80466. This Letter of Credit shall expire at 5:00 p.m.on December 19,2007. 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 MUTUAL OF OMAHA BANK (FICA PEAK NATIONAL 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) draft at sight on MUTUAL OF OMAHA BANK(FICA PEAK NATIONAL 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 MUTUAL OF OMAHA BANK (FKA PEAK NATIONAL BANK) the Letter of Credit No. 0100429586 will not be renewed and that we Highview Development, LLC has failed to provide proof of adequate collateral and substitution of this Letter of Credit No. 0100429586; (c) copy of letter from MUTUAL OF OMAHA BANK (FKA PEAK NATIONAL BANK) stating non-renewal of Letter of Credit No.0100429586 and the original letter of credit. Yours very truly, MUTAUL OF OMAHA BANK (FICA PEAK NATIONAL BANK) By: ECj`c John Benedetti,Branch President Cr EQUAL NOM LENDER Member I dy �o dy dr +p NationalP1PQ Bank °P" Fo IRREVOCABLE LETTER OF CREDIT �¢ ocp• 2 Co SS O The Board of County Commissioners NO: 100429586 CP r�P Zr)a of the County of Weld DATE: July 19, 2007 °a e Attn: Clerk to the Board EXPIRY: October 19, 2007 o' P.O. Box 758 AMOUNT: $400,000.00 Greeley, CO 80632 Re: Highview Development, LLC, a Colorado limited liability company; Developing Highview Ranch Dear: Board of County Commissioners, Clerk of the Board, We hereby open our Irrevocable Letter of Credit in your favor for the account of Highview Development, LLC, a Colorado limited liability company, whose address is 22 Seven Hills Drive, Boulder, CO 80302, for a sum not to exceed the aggregate of Four Hundred Thousand and No/100 dollars ($400,000.00). Each draft so drawn must be marked " DRAWN UNDER PEAK NATIONAL BANK, 26 South Highway 119, Nederland, CO 80466-Letter of Credit No. 100429586 and be accompanied by a "signed statement from the Board of County Commissioners of Weld County, Colorado stating the Developer has committed a material breach of the Improvements Agreement According to Policy Regarding collateral for Improvements regarding See Exhibit A attached dated the 28th day of March 2006 by and between Highview Development, LLC, a Colorado limited liability company 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 office, PEAK NATIONAL BANK, 26 South Highway 119,Nederland, CO 80466. This Letter of Credit will expire on October 19, 2007 at 5:00 P.M. This letter of credit is automatically extended with amendment, for additional one year periods from the current expieration or any future expiration date unless 60 days prior to such current expiration date PEAK NATIONAL 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 PEAK NATIONAL 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 PEAK NATIONAL BANK the Letter of Credit No.100429586 will not be renewed and that Highview Development, LLC, a Colorado limited liability company has failed to provide proof of adequate collateral and substitution of this letter of Credit No.100429586; (c) copy of letter from PEAK NATIONAL BANK stating non-renewal of Letter of Credit No.100429586 and the original letter of credit. Yours Truly, PEAK NATIONAL BANK By: CJ `^-- er— 4A John Benedetti, Branch President 770 Heritage Road, Second Floor • Golden, CO 80401 • (303) 216-9530 • FAX (303) 271-0695 by .6)0_ 41) 4h4ta-- C Eye National SPA °°'ire° Bank 1 0 IRREVOCABLE LETTER OF CREDIT Prk r° 'kr �0 9 e 64 TO: The Board of County Commissioners NO: 100429586 rd of the County of Weld DATE:July 19, 2006 Attn: Clerk to the Board EXPIRY: April 19, 2007 P.O. Box 758 AMOUNT: $400,000.00 Greeley, CO 80632 Re: Highview Development, LLC, a Colorado limited liability company; Developing Highview Ranch To Whom It May Concern: We hereby open our Irrevocable Letter of Credit in your favor for the account of Highview Development, LLC, a Colorado limited liability company, whose address is 22 Seven Hills Drive, Boulder, CO 80302, for a sum not to exceed the aggregate of Four Hundred Thousand and No/100 dollars($400,000.00). Each draft so drawn under this credit are to be endorsed hereon and shall bear the clause DRAWN UNDER PEAK NATIONAL BANK, 26 South Highway 119, Nederland, CO 80466-Letter of Credit No. 100429586 dated June 19, 2006 and be accompanied by a "signed statement from the Board of County Commissioners of Weld County, Colorado stating the Developer has committed a material breach of the Improvements Agreement According to Policy Regarding collateral for Improvements regarding See Exhibit A attached hereto and made a part hereof dated the 28th day of March 2006 by and between Highview Development, LLC, a Colorado limited liability company 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 office, PEAK NATIONAL BANK, 26 South Highway 119,Nederland, CO 80466. This Letter of Credit shall expire at 5:00 p.m. on April 19, 2007. 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 PEAK NATIONAL 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 PEAK NATIONAL 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 PEAK NATIONAL BANK the Letter of Credit No. 100429586 will not be renewed and that we Highview Development, LLC has failed to provide proof of adequate collateral and substitution of this Letter of Credit No. 100429586; (c) copy of letter from PEAK NATIONAL BANK stating non-renewal of Letter of Credit No. 100429586 and the original letter of credit. Yours very truly, PBE. K I AL BANK/ Rod ey K. Turr er,l��BBrrranch President 770 Heritage Road, Second Floor • Golden, CO 80401 • (303) 216-9530 • FAX (303) 271-0695 0y r P a National dPA�<ct. � c C° =c I%8, Bank P a 200 IRREVOCABLE LETTER OF CREDIT tJ 551. a'0a PrS rd TO: The Board of County Commissioners NO: 100429586 of the County of Weld DATE: April 19, 2007 Attn: Clerk to the Board EXPIRY: July 19, 2007 P.O. Box 758 AMOUNT: $400,000.00 Greeley, CO 80632 Re: Highview Development, LLC,a Colorado limited liability company; Developing Highview Ranch To Whom It May Concern: We hereby open our irrevocable Letter of Credit in your favor for the account of Highview Development, LLC, a Colorado limited liability company, whose address is 22 Seven Hills Drive, Boulder, CO 80302, for a sum not to exceed the aggregate of Four Hundred Thousand and No/100 dollars ($400,000.00). Each draft so drawn under this credit are to be endorsed hereon and shall bear the clause DRAWN UNDER PEAK NATIONAL BANK, 26 South Highway 119, Nederland, CO 80466-Letter of Credit No. 100429586 dated April 19, 2006 and be accompanied by a "signed statement from the Board of County Commissioners of Weld County, Colorado stating the Developer has committed a material breach of the Improvements Agreement According to Policy Regarding collateral for Improvements regarding See Exhibit A attached hereto and made a part hereof dated the 28th day of March 2006 by and between Highview Development, LLC, a Colorado limited liability company 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 office, PEAK NATIONAL BANK, 26 South Highway 119, Nederland, CO 80466. This Letter of Credit shall expire at 5:00 p.m. on July 19, 2007. We hereby agree with the drawers, endorsers and bona fide holders of drafts drawn under and in accordance with the terms of this credit that the same shall be duly honored and paid upon presentation at our office by presentation of the following: (a) a draft at sight on PEAK NATIONAL BANK; (b) a statement purportedly signed by an official of the Board of County Commissioners of Weld County, Colorado on or before expiry date of July 19, 2007. Yours very truly, PEAK NATIONAL BA By: Ro ney K. urner, Branch President 770 Heritage Road, Second Floor • Golden, CO 80401 • (303) 216-9530 • FAX (303) 271-0695 National Bank - ! - n , February 15, 2007 Attn: clerk to ,1,e Bonrrl The Board of County Commissioners of the County of Weld P.O. Box 758 Greeley, CO 80632 Re: Irrevocable Letter of Credit#0100429586 Highview Development, LLC., a Colorado limited liability company Amount: $400,000.00 Expiration: April 19, 2007 To Whom It May Concern: Please accept this letter as notification that the above referenced Letter of Credit will not be automatically extended upon maturity. As stated in the original letter (copy enclosed), it is automatically extended without amendments for additional one year periods unless notified in writing by the bank 60 days prior to the expiration date. Peak National Bank is not currently working on an extension, but may decide to extend prior to expiration. The Board will need to contact Frank E. Wright, Manager of Highview Development, LLC. regarding further requirements for the development at Highview Ranch. Feel free to contact myself or John Benedetti, Branch President if you have any quesiions. Sincerely, Niki Zo ter Assistant Vice-President (303) 258-7071 Fax (303) 258-7875 26 Hwy 119 South • P.O. Box 69 • Nederland, Colorado 80466 ce (scit; CLERK TO THE BOARD PHONE (970) 336-7215, Ext. 4225ip C FAX: (970) 352-0242 P. O. BOX 758 GREELEY, COLORADO 80632 COLORADO January 29, 2008 FRANK AND LORETTA WRIGHT 22 SEVEN HILLS DRIVE BOULDER CO 80302 RE: Cancellation and release of Collateral for Highview Development, LLC/Highview Ranch Mr. Wright: On January 28, 2008, the Board of County Commissioners approved the cancellation and release of collateral for PF#1074, in the amount of$400,000.00, 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 Mutual of Omaha Bank (FKA Peak National 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 n By: tt-ILILCP_ ' dekeef Donna J. Beotler Deputy Clerk to the Board CLERK TO THE BOARD PHONE (970) 336-7215, Ext. 4225 C. FAX (970) 352-0242 P. O. BOX 758 GREELEY, COLORADO 80632 COLORADO January 29, 2008 ATTN: JOHN BENEDETTI MUTUAL OF OMAHA BANK 770 HERITAGE ROAD GOLDEN CO 80401 RE: Cancellation and release of Collateral - Frank Wright/Highview Development LLC To Whom it may concern: Attached hereto please find the Board of County Commissioners Resolution releasing the collateral for Frank Wright/Highview Development, LLC., and the original Letters of Credit issued by Peak National Bank and Mutual of Omaha Bank issuing collateral, in the amount of $400,000.00. 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 T By.,1 1l/ /1,!L /2I. ./t./L7l� D nna J. Bethfer, Deputy Clerk to the Board Hello