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Home My WebLink About20073842.tiff 5.14 RESOLUTION RE: APPROVE CANCELLATION AND RELEASE OF COLLATERAL FOR PLANNED UNIT DEVELOPMENT FINAL PLAN,PF#1093,SAGE HILL,INC-TERRA FIRMA VENTURES, 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, on December 14, 2005, the Board of County Commissioners approved the request of Terra Firma Ventures, LLC, P.O. Box 1245, Fort Collins, Colorado 80522-1245, for Change of Zone, PZ #1093, from the A (Agricultural) Zone District to a PUD (Planned Unit Development) Zone District, for nine (9) lots with E (Estate)Zone uses, and WHEREAS, on, April 17, 2006, the Department of Planning Services approved a Planned Unit Development Final Plan, PF #1093, for Terra Firma Ventures, LLC, P.O. Box 1245, Fort Collins, Colorado 80522-1245, for nine (9) lots with E (Estate) Zone uses (Sage Hill), on the following described real estate, to-wit: Lot A of Recorded Exemption #3840; being part of the NW 1/4 of Section 5,Township 7 North, Range 67 West of the 6th P.M., Weld County, Colorado, and WHEREAS, on July 17, 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 Sage Hill PUD, between the County of Weld, State of Colorado, by and through the Board of County Commissioners of Weld County,and Terra Firma Ventures, LLC, with terms and conditions being as stated in said agreement, and accepted Irrevocable Letter of Credit #1322925, drawn on the Adams Bank and Trust, P.O. Box 270670, 7700 South College Avenue, Fort Collins, CO 80527-0670 in the amount of $311,200.00, and WHEREAS, on December 18, 2006, the Board of County Commissioners of Weld County, Colorado, approved replacement collateral, in the form of modified Letter of Credit #1322925, drawn on Adams Bank and Trust, in the amount of$40,610.15, and has now received a request for full cancellation and release of said collateral, and WHEREAS, staff from the Weld County Departments of Public Works and Planning Services have conducted visual inspections and recommend release of said collateral. WHEREAS, upon recommendation of staff, the Board deems it advisable to release said collateral. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, Colorado,that the modified Irrevocable Letter of Credit#1322925, drawn on Adams Bank and Trust, PO Box 270670, 7700 South College Avenue, Fort Collins, CO 80527-0670, in the amount of$40,610.15 be, and hereby is, canceled and released. 1111111111111111111111111111��1111111 III 11111 It III 2007-3842 3528514 01/11/2008 01:47P Weld County, CO PL1794 1 of 2 R 0.00 0 0.00 Steve Moreno Clerk& Recorder 0(1 1 PL, Pa;//P!% ©/ as oS CANCEL COLLATERAL - TERRA FIRMA VENTURES, LLC 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. The above and foregoing Resolution was,on motion duly made and seconded, adopted by the following vote on the 26th day of December, A.D., 2007. BOARD OF COUNTY COMMISSIONERS WELD COUNTY, COLORADO / A / ATTEST: -3/4,21 (/ o�:� � �, �► ED • . Long, Chair Weld County Clerk to the Board TS• I; �•;�� _ ' r. pipe- a Ih.N"H. Jerke, Pro-Tem BY: a°7M ` / • `1 Deputy Clerk to the Board /�� S+ USED • iam F. Garci APPRO AS M: &%k Robert D. Masden Att ney Douglas ademacF Date of signature: 1/Val& 11111111111111111111111111111 III 1111111 I I 111111 !III 1 I I I 3528514 01/11/2008 01:47P Weld County, CO 2007-3842 2 of 2 R 0.00 D 0.00 Steve Moreno Clerk& Recorder PL1842 1)A cr, ��y PQ,ePjd 1 Bank of Choice �ryc1 ,o , e o ' s1.o°0, , Og THE CHOICE YOU CAN MANX ON. <`o 'Pr 6y1 IRREVOCABLE LETTER OF CREDIT NO. 87 ees s , ,t CD ,(3)O May 3.2007 Ala Board of County Commissioners ATTN: Clerk to the Board P.O. Box 758 Greeley, CO 80632 RE: Sage Hill, Inc. Fr- (Cl 3' Dear Weld County Board of County Commissioners: We hereby open our Irrevocable Letter of Credit in your favor for the account of Bank of Choice, 1044 West Drake Road, Fort Collins,Colorado 80526,for a sum not to exceed the aggregate of$40,610.16. (forty thousand six hundred ten dollars and 16/100) Each draft so drawn must be marked"Drawn under BANK OF CHOICE, 1044 West Drake Road,Fort Collins, Colorado 80526, Letter of Credit No. 87 and be accompanied by a"signed statement from the Board of County Commissioners of Weld County,Colorado stating the Sage Hill Subdivision has committed a material breach of the Improvements Agreement According to Policy Regarding collateral for Improvements regarding Sage Hill Subdivision dated the 3rd day of May,2007 by and between Bank of Choice 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, BANK OF CHOICE, 1044 West Drake Road,Fort Collins, Colorado 80526. This letter of credit will expire on 6/21/07 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 BANK OF CHOICE 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 BANK OF CHOICE,(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 BANK OF CHOICE the Letter of Credit No. 87 will not be renewed and that Sage Hill has failed to provide proof of adequate collateral and substitution of this Letter of Credit No. 87; (c) copy of letter from BANK OF CHOICE stating non-renewal of Letter of Credit No. 87 and the original letter of credit. Yours truly, a3A1303d O_,\Q..., 9E4) V HANwiz ally Gates Executive Vice President,Issuer S83NOISSIWWO3 AlNtioo 013M 3635 23rd Avenue,Evans,Colorado 80620-19701 506-10001 1044 West Drake,Fort Collins,Colorado 80526—(970)224-5100 7251 West 20th Street,Greeley,Colorado 80634—(9701 339-5600 13780 West 10th Street,Greeley;Colorado 80634—(970)352-6400 370 Justin Avenue,Platteville,Colorado 80651—(970)785-20001 1270 Automation Drive,Windsor,Colorado 80550—(970)674-3434 Page 1 of I Donna Bechler From: Patty Gates [patty.gates@bankofchoice.net] Sent: Tuesday, January 08, 2008 12:02 PM To: Donna Bechler Subject: Letter of Credit Dear Ms. Bechler- Please accept this email as confirmation that the correct face amount of our letter of credit #87 issued for Sage Hill, Inc. should be $40,610.15. I apologize for the error. Please don't hesitate to contact me if you need further information. Thank you - Patty L. Gate Patty Gates EVP -Operating Officer Bank of Choice 3780 W. 10th Street Greeley, CO 80634 970-392-5822 ext 10103 970-336-8461 Fax patty.gates@bankofchoice.net www.bankofchoiceonline.com Bank of Choice Privileged and Confidential The information contained in this electronic communication and any document attached hereto or transmitted herewith is legally privileged and confidential information intended for the exclusive use of the individual or entity named above. If the reader of this message is not the intended recipient or the employee or agent responsible for delivering it to the intended recipient, you are hereby notified that any examination, use, dissemination, distribution, or copying of this communication or any part thereof is strictly prohibited. If you have received this communication in error, please immediately notify the sender by telephone or reply email and destroy this communication. 1/8/2008 ADAMS BANK&TRUST P.O. Box 270670 Phone No. (970) 667-4308 7700 South College Avenue Fax No. (970) 667-4398 Fort Collins, CO 80527-0670 www.abtbank.com .\\ 0-07 Clerk to the Board of unty Commissioners Weld County 925 10th Street Greeley, Colorado 80631 RE: Letter of Credit#1322925 Sage Hill LLC Development Dear Sir or Madam: This letter is notification to you that Adams Bank and Trust has ceived payoff on Sage Hill LLC Development from Bank of Choice. Adams Bank is can ing our letter of credit effective 5-10-07. Brandon Tompkins with Bank of Choice has - dicated that they will replace this letter of credit. Please call me at 970-667-4308 with any questions. Sincerely, 0161 D Kirk Holwell Commercial Banker ADAMS BANK&TRUST 47 P.O.Box 270670 Phone No. (970) 667-4308 7700 South College Avenue Fax No. (970)667-4398 Fort Collins, CO 80527-0670 wwwabtbank.corn November 30, 2006 Clerk to The Board of County Commissioners Id County 915 th Street Greeley olorado 80631 RE: Letter o redit #1322925 Sage Hill L Development Dear Sir or Madam: This letter is notification to you th Adams Bank and Trust has modified Letter Of Credit#1322925, effective as of Nov ber 30, 2006. The amount of credit available for draw by the Beneficiary (Weld County) been reduced from $311,200.00 to $40,610.15. All other terms and conditions Letter of Credit#1322925 remain intact. Please contact me if you have any questions. Sincerely, oc 'at & tor— Dale Tanaka Vice President Page 1 of 1 Donna Bechler From: Brad Mueller Sent: Friday, December 21, 2007 9:59 AM To: Donna Bechler Subject: FW: Sage Hill collateral release From: Halopoff, Timothy [mailto:THalopoff@JREngineering.com] Sent: Friday, December 21, 2007 8:49 AM To: Brad Mueller Cc: brandon.tompkins@bankofchoice.net; sjoy@fcgov.com Subject: RE: Sage Hill collateral release Brad, Please, let this serve as my request to have all collateral held by Weld County released from Bank of Choice (Brandon Tompkins) per the E-mail (12/5/07) by Josh Holbrook that verified that he had inspected the site and found that Sage Hill was accepted and Sage Hill Road should now become the responsibility of the County. Thank you.. Warm regards, Timothy J. Halopoff, P.E. Eand Development Manager ARF;\fEINIERINE 2620 E. Prospect Road, Suite 190 Ft. Collins,CO 80525 W:970.491.9888 C:970.980.8329 F:970.491.9984 mailtolhalopoff(a2jren�c ineering com> Original Message From: Brad Mueller [mailto:bmueller@co.weld.co.us] Sent: Friday, December 21, 2007 7:47 AM To: Halopoff, Timothy Cc: Brad Mueller Subject: Sage Hill collateral release Tim, I know that you have been working with Josh on final inspections, but for our records, can you please respond, clarifying your request that all final collateral be released for PF-1093 (Sage Hill PUD, Terra Firma Ventures, LLC). Thank you, Brad Mueller Weld County Planning Services 970-353-6100 x3572 2007-3842 12/21/2007 Memorandum TO: Clerk to the Board Office ' Board of County Commissioners CDATE: December 19, 2007 • COLORADO FROM: Brad Mueller Department of Planning Services RE: Final release of Collateral PF-1093 (Sage Hill subdivision, Terra Firma Ventures, LLC) The Department of Planning Services has received a request for final release of collateral for the development listed above. A Letter of Credit in the amount of$40,610.16 is being held by Bank of Choice (formally with the Adams Bank and Trust). Planning Services and Public Works support this request. Please see the attached, and please schedule this item for consideration by the Board of County Commissioners. ci .._ 1 Brad Mueller From: Don Dunker Sent: Wednesday, December 05, 2007 3:02 PM To: Brad Mueller Cc: David Bauer; Don Dunker; Josh Holbrook Subject: FW: Sage Hill (Terra Firma Ventures, LLC) PF#-1093 Attachments: Sage Hill (Terra Firma Ventures, LLC) PF#-1093; Partial Release Collateral.DOC r\-/ Sage Hill (Terra Partial Release Firma Venture... Collateral.DOC... Brad, Public works has recently inspected Sage Hill (PF-1093) Subdivision for the 1-year warranty period (see Josh Holbrook's attached email) ; it was found to be acceptable. Please see the other attached documents for further information. Release of the remaining collateral for $40,610.15 is acceptable to Public Works. Let me know if there are any other questions. Thanks, Don Dunker, P.E. Weld County Public Works 1 MEMORANDUM �� TO: Don Dunker DATE: 12-5-2007 WIDC FROM: Josh Holbrook, PW Lead Construction Inspector COLORADO SUBJECT: PF-1011, Sage Hill (Terra Firma ventures, LLC) Don, On December 4th, 2007 I did a follow up inspection on the above mentioned subdivision to verify that all the items listed in the email dated November 21st, 2007 have been completed. All items have been completed per the improvements agreement dated July 17th, 2006. Weld County is holding a letter of credit(#1322925) from Adams Bank and Trust in the amount of$40,610.15. This amount can be released, ending their one year warranty period. Sage Hill is a pubic road and will become the responsibly of Weld County Pubic Works to maintain. Mi Josh\Sub.Inspection\Sage Hill\Fi,al release of collateral memo.doc Page 1 of 1 Josh Holbrook From: Brad Mueller Sent: Monday, December 03, 2007 1:52 PM To: Josh Holbrook Subject: RE: Sage Hill PF1093(1 year warranty) Good deal -- thanks! Original Message From: Josh Holbrook Sent: Monday, December 03, 2007 11:59 AM To: Brad Mueller Cc: David Bauer; Don Dunker Subject: FW: Sage Hill PF1093 (1 year warranty) Brad, I talk to Tim this morning and he stated that he has completed all the items listed below. I'm going to do a follow up inspection tomorrow. Original Message From: Halopoff, Timothy [mailto:THalopoff@JREngineering.com] Sent: Wednesday, November 21, 2007 10:39 AM To: Josh Holbrook; Don Dunker; David Bauer Cc: Brad Mueller Subject: RE: Sage Hill PF1093 (1 year warranty) Josh, Thanks for the E-mail follow-up. All of these minor items will be addressed in November and I will call to reschedule final walkthrough. Have a great Thanksgiving! Warm regards, Timothy J. Halopoff, P.E. Land Development Manager JR ENGINEERING A WESTRIAN COMPANY 2620 E. Prospect Road, Suite 190 Ft. Collins, CO 80525 W:970.491.9888 O:970.980.8329 F:970.491.9984 <mailto:thalopoff@jrengineering.com> Original Message From: Josh Holbrook (mailto:Jholbrook@co.weld.co.us] Sent: Wednesday, November 21, 2007 10:23 AM To: Don Dunker; David Bauer; Halopoff, Timothy Cc: Brad Mueller Subject: Sage Hill PF1093 (1 year warranty) Gentlemen: On Thursday Nov. 14th I met with Tim Halopoff at Sage Hill to do a final walk through. The items listed below need to be address before the remaining collateral is released. 1) Asphalt patch adjacent to the Lot #1 Drive way 1 2) Erosion Control a. South Borrow ditch STA 11+50 to 12+35 b. Outlet of 30" CMP If there are any question please let me know. Thanks Joshua Holbrook Lead Construction Inspector Office: 970.304.6496 Ext 3734 Cell: 970.301.2622 jholbrook@co.weld.co.us 2 rs CLERK TO THE BOARD PHONE (970) 336-7215, Ext. 4225 FAX: (970) 352-0242 P. O. BOX 758 O GREELEY, COLORADO 80632 COLORADO January 8, 2008 Attn: Patty Gates Bank of Choice 3780 West 10th Street Greeley CO 80634 RE: Cancellation and release of Collateral - Sage Hill, Inc - Terra Firma Ventures, LLC Patty: Attached hereto please find the Board of County Commissioners Resolution releasing the collateral for Sage Hill, Inc., Terra Firma Ventures, LLC, and the original Letter of Credit issued by Bank of Choice issuing collateral, in the amount of $40,610.15. 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: C/1/CC '14 Donna J. Becker, Deputy Clerk to the Board CLERK TO THE BOARD PHONE (970) 336-7215, Ext. 4225 FAX: (970) 352-0242 CP. O. BOX 758 GREELEY, COLORADO 80632 COLORADO January 8, 2008 ATTN; TIMOTHY HALOPOFF, PE JR ENGINEERING 2620 E PROSPECT ROAD STE 190 FORT COLLINS CO 80525 RE: Cancellation and release of Collateral for Sage Hill, Inc., - Terra Firma Ventures, LLC Mr. Halopoff: Attached hereto please find a copy of the Board of County Commissioner's Resolution approving the cancellation and release of collateral, as referenced above. The original Irrevocable Letter of Credit was returned to Bank of Choice, 3780 West 10th Street, Greeley, CO 80634. 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 Donna Bechler' Deputy Clerk to the Board Hello