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Home My WebLink About20071920.tiff 606 RESOLUTION RE: APPROVE PARTIAL CANCELLATION AND RELEASE OF COLLATERAL AND ACCEPTANCE OF REPLACEMENT 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 a 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 WHEREAS, staff from the Weld County Departments of Public Works and Planning Services have conducted a visual inspection and recommend a partial release of said collateral, and WHEREAS, 15 percent of the paving costs have been submitted as replacement collateral, in the form of Irrevocable Letter of Credit No. 025, drawn on Colorado Community Bank of Loveland, in the amount of $12,953.22 NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, Colorado, that Irrevocable Letter of Credit No. 022, drawn on Colorado Community Bank of Loveland, in the amount of$87,048.50 be, and hereby is, canceled and released. 111111 11111111111111111 11111 III 1111111111111 3495606 08/0712007 01:17P Weld County, CO 2007-1920 1 of 2 R 0.00 D 0.00 Steve Moreno Clerk& Recorder PL1782 /40,0z_ cda /c' 7 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. BE IT FURTHER RESOLVED by the Board 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, accepted as replacement collateral. The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 9th day of July, A.D., 2007. BOARD OF COUNTY COMMISSIONERS � �'�+` WE COUNTY, CO ORADO ATTEST: &o -_D,�/ /I/1 E11 4,6 Cuomo `avid E. Long, Chair Weld County Clerk to the ico'v illiam H. Je rpefem Dep a Cler o the Boar. vV Wi F. Garcia APPRO D A RM: `� _ Robert D. Masde o Attorneyf; �?,.A,K-nin Qtr Douglas'Rademach r Date of signature: I 1111111111111111111111111111 Ill 11111III 111111III111 3495606 08/07/2007 01:17P Weld County, 2007-1920 CO 2 of 2 R 0.00 D 0.00 Steve Moreno Clerk& Recorder pL120 MEMORANDUM W . To: Board of County Commissioners COLORADO Date: July 2, 2007 From: Kim Ogle, Planning Manager, Subject: Partial Release of Irrevocable Letter of Credit Colorado Community Bank of Loveland for Las Haciendas PUD Case number PF-1058 Francisco Garcia, Applicant The Department of Planning Services received a request from Fran Garcia to release the Irrevocable Letter of Credit# 022 from the Colorado Community Bank of Loveland, for Las Haciendas PUD, case number PF-1058 in the amount of eighty-seven thousand forty-eight (87,048.50) dollars and 50/100s. Mr. Garcia has 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 Items covered under this Letter of Credit include the fifteen percent retention for the pavement 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 Las Haciendas PUD, and the Department of Planning Services recommends acceptance of this Letter of Credit. M:\wpfiles\ogle\kim\collateral\PF 1058_Partial wpd SERVICE,TEAMWORK,INTEGRITY,QUALITY FsG Lands LLC. F&G Lands LLC. Phone: 970-461-2977 FAX: 970-663-5598 email: hbhie1004@qwestmet Tuesday,June 19,2007 Att.Don Stang Public Works 1111 H. Street Greeley, CO 80632 Dear Mr. Stang, Per section 9.7 of the Improvements agreement for Las Haciendas PUD,I am formally requesting release of collateral. The collateral provided was of a letter of credit number 022 dated December 1,2006 for the agreed amount of$87,048.50. I have provided Statement of Substantial Compliance from Messner Engineering as well as"as built" plans for completion of improvements including all testing required by you. I pledge to exchange letter of credit for new letter of credit in the amount of$12,953.22 to cover 15% of road improvement costs for"Warranty Collateral"as per section 9.8. Please accept my request and take through the process as soon as possible and contact me with any questions. Thank You. My cell phone number is 970-566-4958. Sincerely, Francisco Garcia Jr. President Kim Ogle From: Donald Stang Sent: Wednesday, May 23, 2007 9:06 AM To: Kim Ogle Cc: Tracy Dyer Subject: Las Hasciendas Kim, Las Hasciendas is nearly done and they are doing as builts this week and I hope to get this sub into the finished category as well. I you have any questions please let me know. Don Don Stang Engineering Technician Weld County Public Works 970-304-6496 EXT-3746 Cell 970-301-2623 dstang@co.weld.co.us 1 Colorado RECD JUN 28 2 Community Bank �'₹t IRREVOCABLE LETTER OF CREDIT NO 025 Replacement of Letter of Credit No 022 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 statement purportedly 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, Pi/t— arry . Morgan Branch President "Community Banking at its Best!" Akron.CO 80720 Castle Rock.CO 80104 Centennial,CO 80015 Evans.CO 80620 Firestone.CO 80504 1970) 345-2026 (303)688-4900 (303)693-7009 (970)339-8430 (720)652-7255 Greeley,CO 80634 Highlands Ranch.CO80130 Johnstown.CO 80534 Loveland.CO 80537 (970)330-60911 (303)346-6300 (970)587-2160) (970)278-0040 Yuma,CO 80759 Milliken,CO 80543 Otis.CO 80743 Severance.CO 80546 Sterling.CO 80751 (970) 848-3838 (970)587-2880 (970) 246-3456 1970)686-9(190 (970)522-5151 (970)848-3500 www.coloradocommunitybank.com Core co L 8y % • l 7o 11 eere r d =ede sY°�ed b at °zc C1 ��ar 1oa�Z'r e k oy ° ° ger r° jog C° Colorado Community Bank of Lovela ry U� a 1050 Eagle Drive IRREVOCABLE LETTER OF CREDIT NO. 022 Loveland, CO 80537 Replacement of Letter of Credit No. 018 (970) 278-0040 December 11, 2006 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(Eighty Seven thousand forty eight dollars and fifty cents) $87,048.50 Each draft so drawn must be marked"Drawn under COLORADO COMMUNITY BANK LETTER OF CREDIT NO. 022, 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 March 27, 2007 at 5:00 p.m. 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 COLORADO COMMUNITY 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 COLORADO COMMUNITY 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 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, �4(( GU t1/c16o _ Harr M. Nfb Y rgan Branch President CLERK TO THE BOARD PHONE (970) 336-7215, Ext. 4225 FAX: (970) 352-0242 P. O. BOX 758 C. GREELEY, COLORADO 80632 COLORADO July 10, 2007 FRANCISCO GARCIA 1959 BLANCO COURT LOVELAND CO 80538 RE: Partial Cancellation and release of Collateral Mr. Garcia: Attached hereto please find an unsigned copy of the Board of County Commissioner's Resolution approving the partial cancellation and release of collateral, as referenced above. The Replacement Letter of Credit was accepted from Colorado Community Bank of Loveland, 1050 Eagle Drive, Loveland, Colorado 80537. A recorded copy of the Resolution will be sent to you after all the paperwork has been completed. If you have questions or need additional information, please do not hesitate to contact me at(970) 356-4000, Extension 4217. Very truly yours, ,9 /G t� � /G� Donna J. Bechler Deputy Clerk to the Board (‘D CLERK TO THE BOARD PHONE (970) 336-7215, Ext. 4225 FAX: (970) 352-0242 P. O. BOX 758 C. GREELEY, COLORADO 80632 COLORADO July 10, 2007 COLORADO COMMUNITY BANK OF LOVELAND 1050 EAGLE DRIVE LOVELAND CO 80537 RE: Partial cancellation and release of Collateral -Francisco Garcia/Hacienda Builders, Inc To Whom It May Concern: Attached hereto please find an unsigned copy of the Board of County Commissioner's Resolution approving the cancellation and release of collateral, in the amount of $87,048.50, and accepting a replacement Letter of Credit for $12,953.22 to cover the remaining improvements. If you have questions or need additional information, please do not hesitate to contact me at (970) 356-4000, Extension 4217. Very truly yours, BOARD OF COUNTY COMMISSIONERS By: 12X - itef o �C/ b nna J. Bec r, Deputy Clerk to the Board „ D a s J J1 r -7- /0- -2- Hello