The URL can be used to link to this page

Browse Search

Home My WebLink About20081769.tiff 090RESOLUTION RE: APPROVE CANCELLATION AND RELEASE OF COLLATERAL FOR PLANNED UNIT DEVELOPMENT FINAL PLAN, PF #1089 - MBM ENTERPRISES, LLC/BRAVO INTERESTS, LLLP 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 December 7, 2005, the Board of County Commissioners approved the application of MBM Enterprises, LLC, 6425 Clearwater Drive, Loveland, Colorado 80538, for Change of Zone, PZ #1089, from the A (Agricultural) Zone District to a PUD (Planned Unit Development) Zone District for nine (9) residential lots with E (Estate) Zone uses, along with two agricultural outlots and common open space, and WHEREAS, on May 5, 2006, the Department of Planning Services staff approved a Planned Unit Development Final Plan, PF#1089,for MBM Enterprises, LLC/Bravo Interests, LLLP, 6425 Clearwater Drive, Loveland, Colorado 80538,for nine(9)residential lots with E(Estate)Zone uses, along with two agricultural outlots and common open space, on the following described real estate, to-wit Lot B of Recorded Exemption #3006; being part of the NE14 of Section 19,Township 6 North, Range 66 West of the 6th P.M., Weld County, Colorado, and WHEREAS, on July 12, 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 Sierra Acres Subdivision between the County of Weld, State of Colorado, by and through the Board of County Commissioners of Weld County, and MBM Enterprises, LLC/Bravo Interests, LLLP, with terms and conditions being as stated in said agreement,and accepted Irrevocable Standby Letter of Credit No.670,drawn on the Union Colony Bank, P.O. Box 961, Greeley, Colorado 80632, in the amount of$85,400.00, and WHEREAS, on December 10, 2007, the Board of County Commissioners of Weld County, Colorado, approved the partial cancellation and release of collateral, in the amount of$38,913.00; retaining $46,487.00, and WHEREAS, at the request of the applicant, staff from the Weld County Department of Public Works conducted a visual inspection and recommends release of said remaining collateral. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, Colorado,that the Amendment to Irrevocable Letter of Credit No. 670, drawn on the Union Colony Bank, in the amount of $46,487.00 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. 11111 12111111 TI 11111111111 III 11111IIII Ill 2008-1769 3568090 07/23/2008 04:45P Weld County, CO PL1803 1 of 2 R 0.00 D 0.00 Steve Moreno Clerk:Recorder CANCELLATION AND RELEASE OF COLLATERAL - MBM ENTERPRISES, LLC / BRAVO INTERESTS, LLLP PAGE 2 The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 23rd day of June, A.D., 2008. BOARD OF COUNTY COMMISSIONERS WELD COUNTY, COLORADO ATTEST: 111,441 I� �� j" � �L i� �✓ isFi t "Ham H. Jerke, Chair Weld County Clerk to the =r. � -� CUSED By. 6-4>Zet ( 2 ��' � , 1 {'ob rt p M en,Pro-Tem beputy CI to the Board— Willi . Gar 'a Ejc APPROVED-AS TO FO: c David E. Long Counic Attorney Dougla Rademach r Date of signature: 424/4 OCT 111111 IIIII tilt 11111111111 III y1,11 IIII lilt 2008-1769 3568090 0012312 P1.1803 2 of 2 R 0.00 D 0.00 Steve Moreno Clerk& Recorder er 44:ttit MEMORANDUM WI`P�. To: Board of County Commissioners COLORADO Date: June 18, 2008 From: Kim Ogle, Planning Manager Subject: Release of Irrevocable Standby Letter of Credit#670 Union Colony Bank Case number PF-1089 MBM Enterprises, Applicant Bravo Interests, LLLP, Applicant The Department of Planning Services received a letter from Anthony Brigham dated June 18, 2008, representative for Bravo Interests, LLLP requesting release of the Irrevocable Standby Letter of Credit# 670 from the Union Colony Bank, Greeley, Colorado office, for Sierra Acres PUD, case number PF-1089 in the amount of forty-six thousand four hundred eighty-seven (46,487.00) dollars and 48/100s. The Department of Public Works in a memorandum from Don Stang to Don Dunker dated June 17, 2008 indicates that Mr. Brigham has fulfilled the on and off-site obligations to the satisfaction of the Department of Public Works and therefore recommend release of the Irrevocable Standby Letter of Credit#670. The Department of Public Works and the Department of Planning Services, support this request and recommend to the Board of County Commissioners to release all monies held for collateral for Sierra Acres PUD. 2008-1769 M:\wpfiles\ogle\kim\collateral FULL RELEASE\PF 1089.wpd SERVICE,TEAMWORK,INTEGRITY,QUALITY �� I7(D3 MEMORANDUM TO: Don Dunker DATE: 6/17/2008 ��Re• FROM: Don Stang W COLORADO SUBJECT: Sierra Acres PF1089. Don, Anthony Brigham has fulfilled his on site and off site obligations to the Public Works satisfaction. Bravo Point will be maintained by Weld County. Mr. Brigham is requesting the rest of his letter of credit to be released by the County Commissioners. Original Amount of Letter of Credit #670, Union Colony Bank, $85,400. Amount from first collateral release (11-27-07) to Mr. Brigham $38,913.00 Amount being held for 1-yr warranty period $46,487.00. Final amount to be released $46,487.00. Mr. Bingham has submitted a letter. If you have any questions let me know. 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\kogle\Local Settings\I emporary Internet Files\OLKSC\Sien afinal MEMO.doc Page 1 of 1 June 18, 2008 Kim Ogle, Planner Weld County Planning Department 918 10°i Street Greeley, CO 80631 Project: Case Number PE-1089 Sierra Acres PUD- Bravo Interests, LLLP Dear Mr. Ogle: We would like to request a release of collateral for this project. All improvements have been completed and the warranty time will expire June 9, 2008. If you have any further questions please contact Anthony Brigham at 970-227-0712 or J.R. McEntee at 970-227-3412. Sincerely, Anthony Brigham Bravo Interests, LLLP 6425 Clearwater Drive Loveland, CO 80538 'd LTLO-699 OL6 wey2tug ut3Jew euzge)j dST :EO BO BT unr CLERK TO THE BOARD C I PHONE (970) 336-7215, Ext. 4225 FAX: (970) 352-0242 P. O. BOX 758 GREELEY, COLORADO 80632 COLORADO June 26, 2008 MBM ENTERPRISES, LLC BRAVO INTERESTS, LLLP 6425 CLEARWATER DRIVE LOVELAND COLORADO 80538 RE: Cancellation and release of Collateral for MBM Enterprises, LLC/Bravo Interests, LLLP Mr. Brigham: On June 23, 2008, the Board of County Commissioners approved the cancellation and release of collateral for PF#1089, in the amount of$46,487.00, 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 Union Colony 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 By:4e;11114— Donna J. Bet-filer Deputy Clerk to the Board fej:: T-L- D CLERK TO THE BOARD PHONE (970) 336-7215, Ext. 4225 FAX: (970) 352-0242 P. O. BOX 758 C. GREELEY, COLORADO 80632 COLORADO June 26, 2008 ATTN MIKE NICHOLS EXECUTIVE VICE PRESIDENT UNION COLONY BANK PO BOX 961 GREELEY CO 80632 RE: Cancellation and release of Collateral - MBM Enterprises, LLC/Bravo Interests, LLLP Mr. Nichols: Attached hereto please find the Board of County Commissioners Resolution releasing the collateral for MBM Enterprises, LLC,/Bravo Interests, LLLP, and the original Irrevocable Letter of Credit issued by Union Colony Bank issuing collateral, in the original amount of$85,400.00, and the amended Irrevocable Letter of Credit, in the amount of$46,487.00. 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: 4121 f Li.%&t Dbbbonna J. Beahler, Deputy Clerk to the Board aid C.• 1e O p 0Union Colony Bank ecq 6 �°a 0„ Post Office Box 961 �� /-O�tD P�'Pip O Greeley,CO 80632 ZP pO`41 970-346-5050 866-241-2673 o s P 4p cy ar IRREVOCABLE LETTER OF CREDIT NO. 670 AMENDMENT December 3, 2007 Weld County (Hereinafter called "Beneficiary") Gentlemen: At the request of and for the account of our client, Bravo Interests, LLLP, Union Colony Bank establishes one amendment to its Commercial Irrevocable Letter of Credit No. 670 in your favor. All of the terms and conditions of our Commercial Irrevocable Letter of Credit remain the same with the following exception: 1. Union Colony Bank Commercial Irrevocable Letter of Credit No. 670 is amended to be decreased to the amount of$46,487 to become due July 7, 2008. I hereby certify that all other terms and conditions of Union Colony Bank Commercial Irrevocable Letter of Credit No. 670 remain unmodified. Sincerely, ikols Executive Vice President MN:slw QMember LENDER FDIC 0 Union Colony Bank Post Office Box 961 Greeley,CO 80632 970-346-5050 866-241-2673 IRREVOCABLE LETTER OF CREDIT NO. 670 AMENDMENT July 7, 2007 Weld County (Hereinafter called "Beneficiary") Gentlemen: At the request of and for the account of our client, Bravo Interests, LLLP, Union Colony Bank establishes one amendment to its Commercial Irrevocable Letter of Credit No. 670 in your favor. All of the terms and conditions of our Commercial Irrevocable Letter of Credit remain the same with the following exception: 1. Union Colony Bank Commercial Irrevocable Letter of Credit No. 670 in the amount of$85,400 is amended to be extended to become due July 7, 2008. I hereby certify that all other terms and conditions of Union Colony Bank Commercial Irrevocable Letter of Credit No. 670 remain unmodified. Sincerely, Mike Nic ols Executive Vice President MN:slw 7Th. Member LENDER FDIC or. rer dP Co al 0 Union Colony Bank t A`y gty.e• Post Office Box 961 • d Greeley,CO 80632 1�'r�, 4.01 c'ry 970-346-5050 (`o Ss . 866-241-2673 e4 c, �O ar a IRREVOCABLE STANDBY LETTER OF CREDIT NAME: Weld County DATE: July 7, 2006 (Hereinafter called "Beneficiary") NUMBER: 670 AMOUNT: $85,400.00 EXPIRES: July 7,2007 Gentlemen: Please be advised that Union Colony Bank, A State Chartered Bank (hereinafter called the "Issuer"), establishes an Irrevocable Letter of Credit No. 670 in favor of the Beneficiary for the account of Bravo Interests, LLLP (hereinafter called "Customer") up the aggregate sum of Eighty-Five Thousand Four Hundred and No/100 ($85,400.00) available by Beneficiary's drafts at sight drawn on Issuer. All drafts drawn under this Letter of Credit must bear the clause: "Drawn under Union Colony Bank Letter of Credit No. 670 dated July 7, 2006". Issuer hereby agrees with Beneficiary that drafts drawn strictly in compliance with the terms of the credit will be duly honored upon due presentation to Issuer. Other terms and conditions - this Letter of Credit shall: 1. Expires at Issuer's counter on or before 3:00 p.m. Mountain time July 7, 2007; 2. Not be transferable; Page 1 of 2 Cr Member LENDER FDIC 3. Be governed by the laws of the State of Colorado, including Article Five of the Uniform Commercial Code; and 4. Be subject to the Uniform Customs and Practice for Documentary Credits; International Chamber of Commerce Publication Number 500. 5. This letter of credit is issued to subject to Section XII of Franchise Agreement. 6. The Issuer of the Letter of Credit shall guarantee that, at all times the unreleased portion of the Letter of Credit shall be equal to a minimum of One-Hundred percent (100%) of the estimated costs of completing the uncompleted portions of the required improvements, based on inspections of the development by the Issuer. In no case shall disbursement for a general improvement item exceed the cost estimate in the Improvement Agreement (i.e., streets, sewers, water mains, and landscaping, etc.). The Issuer of the Letter of Credit will sign the Improvements Agreement acknowledging the agreement and its cost estimates. 7. The Letter of Credit shall specify that fifteen percent (15) of the total Letter of Credit amount cannot be drawn upon and will remain available to Weld County until released by Weld County. This Letter of Credit will be automatically renewed for a one year period upon the expiration date set forth above and upon each anniversary of such date, unless at least sixty(60) days prior to such expiration date, or prior to any anniversary of such date, we notify both you and your client in writing by registered mail that we elect not to so renew this Letter of Credit. Upon receipt by you of our notice of election not to renew this Letter of Credit, you may draw hereunder by your sight draft drawn on us and bearing the clause "Drawn under Credit No. 670". Sincerely, Mike Nichols Executive Vice President MN:ko PLEASE RETURN UPON EXPIRATION Page 2 of 2 Hello