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RESOLUTION
RE: APPROVE PARTIAL 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, staff from the Weld County Departments of Public Works and Planning
Services have conducted a visual inspection and recommend release of a portion of said collateral,
in the amount of $38,913.00; retaining $46,487.00, and
WHEREAS,the Board has been presented with Amendment to Irrevocable Letter of Credit
No. 670, dated July 7, 2006, from Union Colony Bank, modifying Irrevocable Standby Letter of
Credit No. 670, reducing the amount of credit available for draw by Weld County to $46,487.00.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld
County, Colorado, that Irrevocable Letter of Credit No. 670, drawn on the Union Colony Bank, in
the amount of$85,400.00 be, and hereby is, partially canceled and released, with the remaining
balance being $46,487.00.
11111111111111111111111 III 111111111111 III 111111111 II 2007-3691
3532939 02/01/2008 04:08P Weld County, CO PL1803
1 of 2 R 0.00 0 0.00 Steve Moreno Clerk& Recorder
On • PI- ?IA/ 4 C 04 Gle)
PARTIAL RELEASE OF COLLATERAL - MBM ENTERPRISES, LLC/BRAVO INTERESTS,
LLLP
PAGE 2
BE IT FURTHER RESOLVED by the Board that the Clerk to the Board be, and hereby is,
directed to accept the Amendment to Irrevocable Standby Letter of Credit No. 670.
The above and foregoing Resolution was, on motion duly made and seconded, adopted by
the following vote on the 10th day of December, A.D., 2007.
BOARD OF COUNTY COMMISSIONERS
W COUNTY, COLORADO
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3532939 02/01/2008 04:08P Weld County, CO
2 of 2 R 0.00 D 0.00 Steve Moreno Clerk:Recorder
2007-3691
PL1803
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0 Union Colony Bank Post Office Box 961 uc
Greeley,CO 80632 J
970-346-5050
866-241-2673
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,
ike Nichols
Executive Vice President
MN:slw
2007-3691
LENDER
MEMORANDUM
TO: Don Dunker FROM: Don Stang DATE: 11/28/07
COLORADO SUBJECT: Sierra Acres warranty collateral.
The owner, Anthony Bingham, has requested release of Collateral for Sierra Acres Subdivision
(PF-1089). We have received as builds and the site has been recently seeded. The water line that
is patched and failing next to WCR 27 by North Weld Water District on Bravo Point has been
inspected and a letter from them promising to fix the patch if it continues to fail has been sent to
us and the developer and is in the file.
This spring Bravo Point was overlaid and the street now has the thickness of asphalt that was
specified in the plans.
Amount escrowed $85,400.
Amount for warranty$46,487.00.
Amount for release to Mr. Brigham $38,913.00.
Mr. Bingham has submitted a letter.
If you have any questions let me know.
(Overlay was completed on 8-8-2007)
Thank you.
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 Temporary Internet Files OLK5CSIerareleasewarramy MEMO(J)ddd doc
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MEMORANDUM
VICTo: Board of County Commissioners
COLORADO Date: December 3, 2007Amendment
From: Kim Ogle, Planning Manager
Subject: Acceptance of an Amendment
to the Irrevocable Letter of Credit#670
Union Colony Bank
Case number PF-1089
MBM Enterprises, Applicant
Bravo Interests, LLLP, Applicant
The Department of Planning Services received an Amendment to the existing Commercial
Irrevocable 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 no/100s.
Items covered under this Commercial Irrevocable Letter of Credit include the fifteen percent
one year warranty for site improvements. The Department of Public Works in their referral
dated November 28, 2007 has provided status comments on this development.
The Weld County Attorney, the Department of Public Works and the Department of Planning
Services, have determined that the amount of the amended agreement will be sufficient to
complete the one-year warranty work required for Sierra Acres PUD, and the Department of
Planning Services recommends acceptance of this Amendment to the Commercial Irrevocable
Letter of Credit.
M:\wpfiles\ogle\kim\collateral\PF 1089.wpd
SERVICE.TEAMWORK.INTEGRITY.QUALITY
Donna Bechler
From: Richard Hastings
Sent: Monday, November 26, 2007 9:00 AM
To: Donald Stang
Cc: Bruce Barker; Jennifer VanEgdom; Donna Bechler; Kim Ogle; Josh Holbrook; Donald Carroll;
David Bauer
Subject: FW: Letter of Credit-Sierra Acres(PF-1089)
Don Stang (Construction Inspector for Sierra Acres,
Is the amount to repair the asphalt patch job, by the entrance for the water line- not the
culvert patch further in, included in the $46,000 or should we retain more than $46, 000 in
order provide adequate funding incase we have to repair the patch ourselves?
Thanks,
Rich Hastings
Weld County Public Works/Engineering Dept.
Office: (970) 304-6496 EXT. 3727
Cell: (970) 381-3767
rhastings@co.weld.co.us
Original Message
From: Kim Ogle
Sent: Sunday, November 25, 2007 11:34 AM
To: Richard Hastings; Josh Holbrook
Cc: David Bauer
Subject: FW: Letter of Credit
F Y I
Kim Ogle I Planning Manager
Original Message
From: Bruce Barker
Sent: Monday, November 19, 2007 3:54 PM
To: akbrigham@comcast.net
Cc: Kim Ogle; Jennifer VanEgdom; Donna Bechler
Subject: Letter of Credit
Anthony:
You have represented to me the following:
You currently have at the Weld County Clerk to the Board a letter of credit ("LOC") in the
amount of $85, 000. All of the improvements covered by the original LOC have been
completed. Now, all that is left to collateralize is the 15e retainage amount to
guarantee the improvements for a 1 year period which will end in June, 2008. That 15t
comes to approximately $46, 000. You would like to substitute a new LOC for $46,000 and
have the Board of County Commissioners release about $39, 000 of the collateral by
accepting the new LOC in place of the old one.
Please be advised that the Board of County Commissioners can do what you would like, but
will need to have in its possession the new LOC in the amount of $46, 000 prior to
considering the release of collateral. The new LOC may say that it does not become
effective until and unless the Board releases the old LOC by resolution and thereby
reduces the amount of collateral held to $46,000.
Please let me know if you have any questions.
Bruce Barker
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Donna Bechler
From: Bruce Barker
Sent: Monday, November 19, 2007 3:54 PM
To: akbrigham@comcast.net
Cc: Kim Ogle; Jennifer VanEgdom; Donna Bechler
Subject: Letter of Credit
Anthony:
You have represented to me the following:
You currently have at the Weld County Clerk to the Board a letter -of credit ("LOC") in the
amount of $85, 000. All of the improvements covered by the original LOC have been
completed. Now, all that is left to collateralize is the 15% retainage amount to
guarantee the improvements for a 1 year period which will end in June, 2008. That 15%
comes to approximately $46, 000. You would like to substitute a new LOC for $46,000 and
have the Board of County Commissioners release about $39, 000 of the collateral by
accepting the new LOC in place of the old one.
Please be advised that the Board of County Commissioners can do what you would like, but
will need to have in its possession the new LOC in the amount of $46, 000 prior to
considering the release of collateral. The new LOC may say that it does not become
effective until and unless the Board releases the old LOC by resolution and thereby
reduces the amount of collateral held to $46, 000.
Please let me know if you have any questions.
Bruce Barker
Weld County Attorney
1
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