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Home My WebLink About20081718.tiff 725 RESOLUTION RE: APPROVE CANCELLATION AND RELEASE OF COLLATERAL FOR WATERFORD HILL PLANNED UNIT DEVELOPMENT FINAL PLAN, PF #1095 - WHITE WOLF, 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 August 9, 2006, the Board of County Commissioners approved a Planned Unit Development Final Plan, PF #1095, for White Wolf, LLC, 1719 East Mulberry, Fort Collins, Colorado 80524, for Waterford Hill Planned Unit Development for nine (9) lots with E (Estate) Zone uses on the following described real estate, to wit: Part of the SE1/4 of Section 31, Township 8 North, Range 67 West of the 6th P.M., Weld County, Colorado, and WHEREAS, on September 6, 2006, the Board of County Commissioners of Weld County, Colorado, approved an Improvements Agreement According to Policy Regarding Collateral for Improvements(Private Road Maintenance)for Waterford Hill Planned Unit Development, between the County of Weld, State of Colorado, by and through the Board of County Commissioners of Weld County, and White Wolf, LLC, with terms and conditions being as stated in said agreement, and accepted Irrevocable Standby Letter of Credit, CTCS-277311, drawn on JPMorgan Chase Bank, N.A.,c/o JPMorgan Treasury Services Global Trade Services, 10420 Highland Manor Drive, Tampa, Florida 33610, in the amount of $666,050.00, and WHEREAS, on January 22, 2007, the Board approved Resolution #2007-0205, partially releasing collateral, in the amount of$388,962.00, retaining $277,088.00 to cover the remaining improvements, and WHEREAS,on May 7,2007,the Board approved Resolution#2007-1297, partially releasing collateral, in the amount of $182,712.00, retaining $94,376.00 to cover the remaining improvements, 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 Standby Letter of Credit, CTCS-277311, drawn on JPMorgan Chase Bank, N.A.,c/o JPMorgan Treasury Services Global Trade Services, 10420 Highland Manor Drive, Tampa, Florida 33610, in the amount of $94,376.00 be, and hereby is, cancelled and released. BE IT FURTHER RESOLVED by the Board that the Clerk to the Board be, and hereby is, directed to reduce said collateral. 1111111111111111111111111111111111 3567725 07/22/2008 03:53P Weld County, CO 1 of 2 R 0.00 0 0.00 Steve Moreno Clerk& Recorder 2008-1718 PL1821 de 2,. ft, Pm) CANCEL COLLATERAL - WHITE WOLF, LLC PAGE 2 The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 16th day of June, A.D., 2008. BOARD OF COUNTY COMMISSIONERS WELD COUNTY, COLORADO ATTEST: �� '��i ,1s It'$a � �t il 'a H. Jerke, Chair :rt:; CountyClerkthe ' .. � �, � De ClBoard RO �77 i F. GIcia 7AFD A �1f0/FPIRM: Cx F ��' Daw E. Long County Attorney ougl Rademache Date of signature: (011Colog 111111111111111111111111 III 111111 11111 III 11111 III III I 3567725 07/22/2008 03:53P Weld County, CO 2 of 2 R 0.00 D 0.00 Steve Moreno Clerk& Recorder 2008-1718 PL1821 MEMORANDUM TO: Board of County Commissioners c 6/11/2008 FROM: Chris Gathman - Planner II . COLORADO SUBJECT: Release of Collateral for PF-1095 (Waterford Hills PUD) On September 6, 2006 the Board of County Commissioners approved collateral in the form of an Irrevocable Standby Letter of Credit the amount of Six-Hundred Sixty-Six Thousand and Fifty Dollars ($666,050.00)for PF-1095 (Waterford Hills PUD). Collateral was then partially reduced to Two-Hundred Seventy-Seven Thousand and Eight-Eight Dollars ($277,088.00) and later reduced to Ninety-Four Thousand and Eight-Hundred Seventy-Six Dollars ($94,376.00). The applicant is requesting the remaining Ninety-Four Thousand and Eight-Hundred Seventy- Six Dollars ($94.376.00) be released. The Departments of Planning Services and Public Works recommend that this collateral be released. • 0 c:- :ri - O SERV ICIL l EAM WORK INTEGRITY.QUALITY 2008-1718 April 25, 2008 Weld County Planning Department Attn: Chris Gathman 918 10th St. Greeley, Co. 80631 Dear Chris, This letter is requesting release of the remaining collateral (warranty collateral) for Waterford Hill PUD in the amount of$94,376.00 . All improvements were completed in April, 2007 and all collateral under the SIA except "warranty collateral" was released per a resolution of the Weld County Board of County Commissioners dated May 7, 2007. A year has passed since completion of improvements and we are therefore requesting release of the balance of our collateral. Please request that the Engineering Department inspect the improvements. I believe Rich Hastings is handling it. Thank you. Sincerely, Mary Barstow Manager White Wolf LLC 970-227-2725 ,. t MEMORANDUM TO: Don Dunker,Public Works Department DATE: 28-May-2008 FROM: Richard Hastings, Public Works Department COLORADO SUBJECT: MF#1095 Waterford Hills Planned Unit Development(Final Plat)Final Collateral Request/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. Mary Barstow, White Wolf LLC, requesting a final release of warranty collateral for on-site improvements pertaining to MF-1095 Waterford Hills Planned Unit Development in a letter dated April 25th, 2008. I performed a final inspection of the site on May 15th, 2008 with Mr. Mary Barstow present. The work completed is found to be acceptable. ❑ Public Works has reviewed the letter of request and feels that the request is in line with the work completed. The letter requests' that $94,376.00 from the remaining warranty collateral be released. ❑ 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. t ; P(': All-1050 N'amr(ord Hi1k Pt'D I Final Plar! C:ADocuments and Settings\cgathmanVLocal Settings\Temporary Internet Files VOLKE\MF-1095 Waterford Hills Final Release Memo(5-28-08).doc cie( CLERK TO THE BOARD PHONE (970) 336-7215, Ext. 4225 C ' FAX: (970)352-0242 P. O. BOX 758 GREELEY, COLORADO 80632 COLORADO June 17, 2008 ATTN: MARV BARSTOW WHITE WOLF, LLC 1719 EAST MULBERRY STREET FORT COLLINS, COLORADO 80524 RE: Cancellation and release of Collateral for White Wolf, LLC Mr. Barstow: On June 16, 2008, the Board of County Commissioners approved the cancellation and release of collateral for PF#1095, in the amount of$94,376.00, 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 Letters of Credit have been returned to JPMorgan Chase Bank (c/o Rita Glaser, Chase Small Business Financial Services, Fort Collins, Colorado). 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:�t li1t� //it/ / Donna J. Beehler Deputy Clerk to the Board CLERK TO THE BOARD PHONE (970) 336-7215, Ext. 4225 FAX: (970)352-0242 P. O. BOX 758 C_ GREELEY, COLORADO 80632 COLORADO June 17, 2008 RITA GLASER VP, CHASE SMALL BUSINESS FINANCIAL SERVICES 2000 SOUTH COLLEGE AVENUE FORT COLLINS, COLORADO 80525 RE: Cancellation and release of Collateral - Waterford Hill Planned Unit Development Plan - White Wolf, LLC Ms. Glaser: Attached hereto please find the Board of County Commissioners Resolution releasing the collateral for White Wolf, LLC, and the original Irrevocable Letters of Credit issued by JPMorgan Chase Bank issuing collateral, in the original amount of $666,050.00, and the decreased amount of$94,376.00. 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 By: Donna J. Becbler, Deputy Clerk to the Board JPMorganChase 0 J� .TPMorgan Chase Bank,N.A. F5 V do JPMorgan Treasury Services �' OQ 'V�" O Global Trade Services 2 a cp� �; K� 10420 Highland Manor[hive ,..1401 4 \, O Tampa,F1.33610 O O'b O K. ti t 4 o°O ct,gfr0l �� MAY 18, 2007 6. 0. a OUR L/C NO. : CTCS-277311 'Y� 4y ,Q AMENDMENT NO. : 2 TO: APPLICANT: BOARD OF COUNTY COMMISSIONERS WHITE WOLF, LLC OF WELD COUNTY, COLORADO 1719 E MULBERRY ST ATTN:CLERK OF THE BOARD FORT COLLINS, CO 80524 915 10TH STREET GREELY, CO 80631 IN ACCORDANCE WITH INSTRUCTIONS RECEIVED, THE ABOVE REFERENCED STANDBY LETTER OF CREDIT HAS BEEN AMENDED AS FOLLOWS: RECEIVER'S REFERENCE : NONREF L/C DECREASED BY: USD571,674 . 00 THIS LETTER OF CREDIT HAS BEEN DECREASED TO A NEW AGGREGATE AMOUNT OF U.S,$94 ,376.00 (NINETY FOUR THOUSAND THREE HUNDRED SEVENTY SIX AND 00/100 U.S. DOLLARS) . THIS IS DONE IN ACCORDANCE TO BENEFICIARY'S CONSENT DATED MAY 9, 2007 AND SIGNED BY DONNA J. BECHLER, DEPUTY CLERK TO THE BOARD. ALL OTHER TERMS AND CONDITIONS OF THE CREDIT REMAIN UNCHANGED. rgir (k;. Cir UTHORIIED SIGNATURE 171119 Andy l.iama a Page 1 of l JPMorganChase 0 .IPMorgan Chase Bank,N.A. c/o 7PMorgan Treasury Services Global Trade Services 10420 Highland Manor Drive Tampa,Fl.33610 SEP 11 , 2006 OUR L/C NO. : CTCS-277311 AMENDMENT NO. : 1 TO: APPLICANT: BOARD OF COUNTY COMMISSIONERS WHITE WOLF, LLC ATTN: CLERK OF THE BOARD 1719 E MULBERRY ST 915 10TH STREET FORT COLLINS, CO 80524 GREELY, CO 80631 IN ACCORDANCE WITH INSTRUCTIONS RECEIVED, THE ABOVE REFERENCED STANDBY LETTER OF CREDIT HAS BEEN AMENDED AS FOLLOWS: RECEIVER'S REFERENCE : NONREF PARAGRAPH SIX IS AMENDED IN IT'S ENTIRETY NOW TO READ AS FOLLOWS: THIS LETTER OF CREDIT MAY BE REDUCED FROM TIME TO TIME , AS IMPROVEMENTS ARE COMPLETED, UPON RECEIPT OF THE BENEFICIARY'S SIGNED, DATED, AND ATTESTED TO RESOLUTION READING AS FOLLOWS: "THE BOARD OF COUNTY COMMISSIONERS OF WELD COUNTY, COLORADO AS BENEFICIARY, AUTHORIZE REDUCTION OF THE LETTER OF CREDIT NO. CTCS-277311 BY THE AMOUNT OF U.S.$ . THE NEW BALANCE OF THIS LETTER OF CREDIT WILL BE U.S . $ ALL AMENDMENT UNDER THIS LETTER OF CREDIT ARE SUBJECT TO THE BENEFICIARY'S AGREEMENT, AS PER ARTICLE 9D, UCP 500 . THIS AMENDMENT SHALL NOT BE CONSIDERED OPERATIVE UNLESS THE BENEFICIARY COMMUNICATES THEIR AGREEMENT TO THE AMENDED TERMS. PLEASE INDICATE YOUR ACCEPTANCE/REJECTION BY SIGNING AND RETURNING A COPY OF THIS AMENDMENT TO THE ATTENTION OF STANDBY LETTER OF CREDIT UNIT, 300 S. RIVERSIDE PLAZA, MAIL CODE IL1-0236, CHICAGO, ILLINOIS 60606-0236. TO BE SIGNED BY BOARD COUNTY COMMISSIONERS. ACCEPTED BY: 7:27';‘ � ITS: G11y Ira 1' tn DATE : (y/di>/;xr'ei '/,/�-'V REJECTED BY: 173519 Vittorio De Guzman Page 1 of 2 JPMorganChase 0 .lPMorgan Chase Bank,N.A. c%JPMorgan Treasury Services Global Trade Services 10420 Highland Manor Drive Tampa,FL 33610 SEP 11 , 2006 OUR L/C NO. : CTCS-277311 AMENDMENT NO. : 1 ITS: DATE : ALL OTHER TERMS AND CONDITIONS OF THE CREDIT REMAIN UNCHANGED. Y P lv�� AUTHORIZE IGNATURE 173519 Vittorio De Guzman Page 2 of 2 JPMorganChase 0 .1P\Inrean Chase Hank,N.A. 4�� J n IP\lorean I re-asun Seni�s GO 1 4,,b Glow' 1 rade Services OS �Oa 10420 Highland Mama Dime I nmpa. l F 33610 'SC c\%. cV%. �O LO e AUG 15, 2006 g„a O4 , A 6C OUR L/C NO. : CTCS-277311 ea yy S' .0yy• q��e4J) CP BENEFICIARY: BOARD OF COUNTY COMMISSIONERS ATTN: CLERK OF THE BOARD 915 10TH STREET GREELY, CO 80631 LADIES AND GENTLEMEN: BY THE ORDER OF: APPLICANT: WHITE WOLF, LLC 1719 E MULBERRY STREET FORT COLLINS, CO 80524 WE HEREBY ISSUE IN YOUR FAVOR OUR IRREVOCABLE STANDBY LETTER OF CREDIT NO: CTCS-277311 FOR THE ACCOUNT OF WHITE WOLF, LLC FOR AN AMOUNT OR AMOUNTS NOT TO EXCEED IN THE AGGREGATE U.S. $666, 050 . 00 (SIX HUNDRED SIXTY SIX THOUSAND FIFTY AND NO/100 U.S. DOLLARS) AVAILABLE BY YOUR DRAFTS AT SIGHT ON JPMORGAN CHASE BANK, N.A. , CHICAGO, IL EFFECTIVE IMMEDIATELY AND EXPIRING AT OUR OFFICE ON SEPTEMBER 1 , 2007 . FUNDS UNDER THIS CREDIT ARE AVAILABLE AGAINST YOUR DRAFT (S) AS HEREIN ABOVE SET FORTH MARKED "DRAWN UNDER JPMORGAN CHASE BANK, N.A. LETTER OF CREDIT NO. CTCS-277311" AND ACCOMPANIED BY THE FOLLOWING: BENEFICIARY'S DATED STATEMENT, SIGNED BY AN AUTHORIZED REPRESENTATIVE OF THE BOARD OF COUNTY COMMISSIONERS OF WELD COUNTY, COLORADO, SIGNING AS SUCH, READING AS FOLLOWS: "WHITE WOLF, LLC HAS COMMITTED A MATERIAL BREACH OF THE IMPROVEMENTS AGREEMENT ACCORDING TO POLICY REGARDING COLLATERAL FOR IMPROVEMENTS REGARDING PRIVATE ROAD MAINTENANCE DATED BY AND BETWEEN WHITE WOLF, LLC AND THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF WELD". IT IS A CONDITION OF THIS LETTER OF CREDIT THAT THE EXPIRATION DATE SHALL BE AUTOMATICALLY EXTENDED WITHOUT AMENDMENT FOR ONE (1) YEAR FROM THE EXPIRATION DATE HEREOF OR ANY FUTURE EXPIRATION DATE UNLESS AT LEAST SIXTY (60) DAYS PRIOR TO SUCH EXPIRATION DATE WE SEND NOTICE TO YOU BY HAND 164211 Andy Lmmaga Page I of 3 JPMorganChase 0 .IPMnrgan Chase Bank,V.A. mo IPMorgan Treasury Services Global"Trade Services 10420 Highland Manor Drive Tampa,FL 33610 AUG 15 , 2006 OUR L/C NO. : CTCS-277311 DELIVERED COURIER, AT THE ADDRESS STATED ABOVE, THAT WE ELECT NOT TO EXTEND THIS LETTER OF CREDIT FOR ANY SUCH ADDITIONAL PERIOD. IN THE EVENT YOU RECEIVE SUCH NOTIFICATION, YOU MAY DRAW ON US FOR THE AMOUNT AVAILABLE UNDER THE LETTER OF CREDIT, BY PRESENTATION OF (A) A SIGHT DRAFT DRAWN ON JPMORGAN CHASE BANK, N.A. AND (B) A DATED STATEMENT, SIGNED BY AN AUTHORIZED REPRESENTATIVE OF THE BOARD OF COUNTY COMMISSIONERS OF WELD COUNTY, COLORADO, SIGNING AS SUCH, READING AS FOLLOWS: "WE HAVE RECEIVED NOTIFICATION FROM JPMORGAN CHASE BANK, N.A. THAT LETTER OF CREDIT NO. CTCS-277311 WILL NOT BE EXTENDED FOR A FURTHER PERIOD AND THAT WHITE WOLF, LLC HAS FAILED TO REPLACE THIS LETTER OF CREDIT OR PROVIDE OTHER ACCEPTABLE SECURITY. " THIS LETTER OF CREDIT MAY BE REDUCED FROM TIME TO TIME , AS IMPROVEMENTS ARE COMPLETED, UPON RECEIPT OF THE BENEFICIARY'S SIGNED .AND DATED STATEMENT READING AS FOLLOWS: "THE BOARD OF COUNTY COMMISSIONERS OF WELD COUNTY, COLORADO, AS BENEFICIARY, AUTHORIZE REDUCTION OF LETTER OF CREDIT NO. CTCS-277311 BY THE AMOUNT OF U.U. $ THE NEW BALANCE OF THIS LETTER OF CREDIT WILL BE U.S . $ WE ENGAGE WITH YOU THAT DRAFTS DRAWN UNDER AND IN CONFORMITY WITH THE TERMS AND CONDITIONS OF THIS CREDIT WILL BE DULY HONORED ON PRESENTATION IF PRESENTED ON OR BEFORE THE EXPIRATION AT OUR COUNTERS AT 300 SOUTH RIVERSIDE PT.A7A, MAIL CODE IL1-0236, ATTN: STANDBY LETTER OF CREDIT UNIT, CHICAGO, IL 60606-0236. THE ORIGINAL LETTER OF CREDIT MUST ACCOMPANY THE DOCUMENTS REQUIRED UNDER THIS CREDIT FOR ENDORSEMENT. THIS LETTER OF CREDIT IS SUBJECT TO AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, AND, EXCEPT AS OTHERWISE EXPRESSLY STATED HEREIN, IS SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS (1993 REVISION) , INTERNATIONAL CHAMBER OF COMMERCE - PUBLICATION NO. 500, AND IN THE EVENT OF ANY CONFLICT, THE LAWS OF THE STATE OF NEW YORK WILL CONTROL, WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS. PLEASE ADDRESS ALL CORRESPONDENCE REGARDING THIS LETTER OF CREDIT TO THE ATTENTION OF THE STANDBY LETTER OF CREDIT UNIT, 300 S. RIVERSIDE PLAZA, MAIL CODE IL1-0236, CHICAGO, IL 60606-0236, INCLUDING THE LETTER OF CREDIT NUMBER MENTIONED ABOVE . FOR TELEPHONE ASSISTANCE , PLEASE CONTACT THE STANDBY CLIENT SERVICE UNIT AT 1-800-634-1969, SELECT OPTION 1 , AND HAVE 164211 Andy Ilamaga Page 2 of 3 JPMorganChase j .PM1lorgan('have Rank,V.A. co JP,S1orcan Trsasun Sorvitxti Global Trade Services 10420 If'Oland Manor Dri ye Tampa,FL 33610 AUG 15, 2006 OUR L/C NO. : CTCS-277311 THIS LETTER OF CREDIT NUMBER AVAILABLE . UTHOR ZED SIGNATURE 164211 Andy T.,amaga Pace 3 of 3 Hello