HomeMy WebLinkAbout20072563.tiff 568 •
RESOLUTION
RE: APPROVE CANCELLATION AND RELEASE OF COLLATERAL FOR MINOR
SUBDIVISION FINAL PLAN, MF #1060, FAITH ESTATES - GARY AND JUDY
HARKLESS
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 14,2005,the Board approved the application
of Gary and Judy Harkless, 33439 County Road 37,Eaton,Colorado 80615,for Minor Subdivision
Final Plan, MF #1060, on the following described real estate, to wit:
Lot B of Recorded Exemption #2461; being part of
the SE1/4 of Section 13, Township 6 North, Range
66 West of the 6th P.M.,Weld County,Colorado,and
WHEREAS, on December 5, 2005, the Board of County Commissioners of Weld County,
Colorado, approved an Improvements Agreement According to Policy Regarding Collateral for
Improvements (Private Road Maintenance)for Faith Estates, between the County of Weld, State
of Colorado, by and through the Board of County Commissioners of Weld County, and Gary and
Judy Harkless, with terms and conditions being as stated in said agreement, and accepted
Irrevocable Letter of Credit No.1,drawn on Advantage Bank, 1801 59th Avenue,Greeley,Colorado
80634, in the amount of$231,805.00, and
WHEREAS,on August 9,2006,the Board of County Commissioners approved replacement
collateral, in the form of a modified Irrevocable Letter of Credit No. 1, drawn on Advantage Bank,
1801 59th Avenue, Greeley, Colorado 80634, in the amount of$50,262.00, and has now received
a request for the full cancellation and release of said collateral, and
WHEREAS, staff from the Weld County Department of Public Works has conducted a
visual inspection and recommends release of said collateral.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld
County, Colorado, that the modified Irrevocable Letter of Credit#1, drawn on Advantage Bank, in
the amount of$50,262.00 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.
1111 11111 11111 Ell 1111 111111111111 111111111 VIII
3502568 09/07/2007 01:598 Weld County, CO
1 of 2 R 0.00 D 0.00 Steve Moreno Clerk& Recorder
2007-2563
PL1766
(;(1 : PL, 4qe-�ft..) O 9—aCo �7
•
CANCEL COLLATERAL - GARY AND JUDY HARKLESS
PAGE 2
The above and foregoing Resolution was,on motion duly made and seconded, adopted by
the following vote on the 13th day of August, A.D., 2007.
BOARD OF COUNTY COMMISSIONERS
/
i, q WEL UNTY, COLORADO
ATTEST: � �Q r� • R \ ,`
1161 = ;. bavid E. Long, Chair
Weld County Clerk to the •a
William H. Jerke, -Tem
BY:
De.+y Cle Ito the Boar.
William F. Garcia
RO D AS T •
REXCUSED
eV" ice_ Robert D. Masden
urits torney Ego
Douglas demacher
Date of signature: (g!7 `07
AIM 11111 MU NN IIII IIII 1111111 III VIII IIII IIII
3502568 09/07/2007 01:59P Weld County, CO
2 of 2 R 0.00 D 0.00 Steve Moreno Clerk& Recorder
2007-2563
PL1766
riceLe :
MEMORANDUM
CTO: Clerk to the Board DATE: August 9, 2007 COLORADO FROM:. Don Dunker, Senior Engineer
SUBJECT: Agenda Item
Please submit this enclosed item for the Board's next agenda:
Final collateral release for the Faith Estates Minor Subdivision (MF-1060) in the
amount of$50,262.00 requested by National Vision Development,Inc.,President Gary
M. Harkless.
The appropriate documentation is attached.
Enclosures
pc: Chris Gathman, Planning Services
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2007-2563
Chris Gathman,
Public Works completed the one year warranty final inspection August 3, 2007
for Faith Estates Minor Subdivision (MF-1060) . The 15 percent collateral in
the amount of $50,262 .00 for paving can be released. See the attached email
from Josh Holbrook.
Sincerely,
Don Dunker, P.E.
Weld County Public Works
1111 H Street
Greeley, CO 80631
phone: 970.304.6496 ext. 3749
fax: 970.304.6497
ddunker@co.weld.co.us
Don Dunker
From: Josh Holbrook
Sent: Monday, August 06, 2007 11:18 AM
To: Don Dunker
Cc: David Bauer
Subject: Faith Estates Minor Sub. (MF-1060 (
Good Afternoon Don:
The 15% retainage ($50,262.00) that is being held during the one year warranty can
be released after a final inspection ,was done on August 3rd, 2007.
I placed the written request from Mr. Harkless in your mail box. If you have any
questions please let me know. Thanks
Joshua Holbrook
Engineer Tech II
Office: 970.304.6496 Ext 3734
Cell: 970.301.2622
1
August 3, 2007
Weld County Public Works Dept.
Public Works Director
Re: Request for Release of Remaining Letter of Credit for Faith Estates Minor
Subdivision
In consideration and final inspection of public improvements in Faith Estates Minor
Subdivision, National Vision Development, Inc. is requesting Weld County Public Works
Dept. in lieu of final inspection and in consideration of all proper and full installation of
all public improvements, to recommend to Weld County Planning Dept.the release of
remaining collateral for Faith Estates Minor Subdivision.
Sing
Harkless,
Pre DI'
�y.
1PasPa oL1°'t rPet
Pr
bt ei o
P 8O o F
cz
.> rd o Lod 'jet?,
WA Advantage Bank P to °e!� gPr�P
t� �. 2O.L 9047
IRREVOCABLE LETTER OF CREDIT NO. 1 P da °> co'db ey
or rssr
August 2,2006 o�
Board of County Commissioners
ATTN:Clerk to the Board
P.O. Box 758
Greeley,CO 80632
RE:National Vision Development,Inc.
Dear: Board of County Commissioners
We hereby modify our Irrevocable Letter of Credit in your favor for the account of National Vision Development,Inc.,
33439 Weld County Road 37,Eaton,CO 80615,for a sum not to exceed the aggregate of$50,262.00. (Fifty Thousand
Two Hundred and Sixty-Two Dollars). This amount is reduced from the modified amount of$117,805.00(One Hundred
Sev enteen Thousand Eight Hundred and Five Dollars)dated March 21,2006. The original amount of this letter of credit
was$231,805.00(Two Hundred Thirty One Thousand Eight Hundred Five Dollars)dated November 18,2005.
Each draft so drawn must be marked"Drawn under ADVANTAGE BANK, 1801 59TH Avenue,Greeley,CO 80634.,
Letter of Credit No. 1 and be accompanied by a"signed statement from the Board of County Commissioners of Weld
County,Colorado stating the National Vision Development,Inc.has committed a material breach of the Improvements
Agreement According to Policy Regarding collateral for Improvements regarding Faith Estates dated the le day of
November,2005 by and between National Vision Development 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 main office,ADVANTAGE BANK, 1801 59th Avenue,Greeley,CO 80634. This
letter of credit will expire on November 20,2006 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 ADVANTAGE 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 ADVANTAGE 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 ADVANTAGE BANK the Letter of Credit No. 1 will not be renewed and that National Vision Development,
Inc.has failed to provide proof of adequate collateral and substitution of this Letter of Credit No._1_;(c)copy of letter
from ADVANTAGE BANK stating non-renewal of Letter of Credit No._I_and the original letter of credit.
Yours truly,
Paul C. Edens,III
Senior Vice President
Ad vT0 C
Green 970.353.0047
Gree e , O Fax 970.353.0433
advantagebanks.com
g2le7-a563
Irrevocable Letter of Credit No. 1 for National Vision
Developm A, I ., w p. ed up in person by
gas .
on SI- J- 7 ;20 7.
Witnessed by .
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