HomeMy WebLinkAbout20073077.tiff RESOLUTION
RE: APPROVE IMPROVEMENTS AGREEMENT ACCORDING TO POLICY REGARDING
COLLATERAL FOR IMPROVEMENTS(PRIVATE ROAD MAINTENANCE),AUTHORIZE
CHAIR TO SIGN,AND ACCEPT COLLATERAL FOR MINOR SUBDIVISION FINAL PLAN
MF #1069 - DAVID AND SUSANNE SCHWIND
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 June 14,2006,the Weld County Board of Commissioners approved a Minor
Subdivision Final Plan, MF#1069, for David and Susanne Schwind, 17900 Weld County Road 5,
Berthoud, Colorado 80513, for four (4) residential lots with E (Estate) Zoning on the following
described real estate, to-wit:
Lot A of Recorded Exemption #2651; being part of
the NW 1/4 of Section 4,Township 3 North, Range 68
West of 6th P.M., Weld County, Colorado
WHEREAS, pursuant to certain Conditions of Approval,the Board has been presented with
an Improvements Agreement According to Policy Regarding Collateral for Improvements (Private
Road Maintenance) for The Highlands Minor Subdivision between the County of Weld, State of
Colorado, by and through the Board of County Commissioners of Weld County, and David and
Susanne Schwind, with terms and conditions being as stated in said agreement, and
WHEREAS,the Board has been presented with Irrevocable Standby Letter of Credit#6030
from Centennial Bank of the West, 4650 Royal Vista Circle, Fort Collins, Colorado 80528, in the
amount of$36,247.98, and
WHEREAS, after review, the Board deems it advisable to approve said agreement and
accept said Irrevocable Standby Letter of Credit as stated above, copies of which are attached
hereto and incorporated herein by reference.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld
County, Colorado, that the Improvements Agreement According to Policy Regarding Collateral for
Improvements(Private Road Maintenance)between the County of Weld,State of Colorado, by and
through the Board of County Commissioners of Weld County, and David and Susanne Schwind,
be, and hereby is, approved.
BE IT FURTHER RESOLVED that Irrevocable Standby Letter of Credit #6030 from
Centennial Bank of the West, 4650 Royal Vista Circle, Fort Collins, Colorado 80528, in the amount
of$36,247.98, be and hereby is, accepted.
2007-3077
p PL1770
IMPROVEMENTS AGREEMENT - DAVID AND SUSANNE SCHWIND
PAGE 2
The above and foregoing Resolution was, on motion duly made and seconded, adopted by
the following vote on the 1st day of October, A.D., 2007.
n,, BOARD OF COUNTY COMMISSIONERS
i 41. r"^ W D COUNTY,
COLORADO
0f� cv.A
ATTEST: 'tat; CC CV
1861 ,:ri ' �
vid E. Long, Chair
Weld County Clerk to the B r
1illiaT H. Jerke, Tem
De ty Cle to the BoardOf 1,L7 2
Wi m . Garcia
APROV FORM: ,,.Q ,V,-
Robert D. Masden
ounty Attorney �:ici
Dougl s Rademacher
Date of signature: IU
2007-3077
PL1770
•
IMPROVEMENTS AGREEMENT AC CORDING TO
POLICY REGARDING COLLATERAL FOR IMPROVEMENTS
(PRIVATE ROAD MAINTENANCE)
THIS AGREEMENT,made and entered into this__ _day of ,2(06_,by and between
the County of W eld,State of Colorado,acting through its Board of County C ommissioners,hereinafter called"County,"
and__DpVld R Stjcanne Schwind hereinafter ca lied"Ap plicant."
WITNESSETH:
WHEREAS,Applicant is the owner of,or has a controlling interest in the following described property in the
County of Weld,Colorado:
Lot A Recorded Exemption # 1207-4-2-RE 2651
WHEREAS, a Final Subdivision/Planned Unit Development (PUD) plat of said property, to be known as
The 11i9 hinds—____—____has been submitted to the County for approval,and
WHEREAS,relevant Sections of the Weld County Code provide that no Subdivision Final Plat,Planned Unit
Development Final Plat,or Site Plan shall be approved by the County until the Applicant has submitted a Subdivision
Improvement Agreement guaranteeing the construction of the public improve ments shown on plans,plats and supporting
documents of the Subdivision Final Plat,Planned Unit Development Final Plat,or Site Plan,which improvements,along
with a time sche dule for completion,are listed in Exhib its"A" and "B"of this Agreement.
NOW,THERE FORE,IN CONSIDERATION OF the foregoing and of the acceptance and approval of said
Final Plat,the parties hereto promise,covenant and agree as follows:
1.0 Engineering Services: Applicant sh all furnish,at its own expense,all engineering services in connection with
the design and construction of the Subdivision or Planned Unit Development improvements listed on Exhibit
"A,"which is attached hereto and incorporated herein by reference.
1.1 The required engineering services shall be performed by a Professional Engineer and Land Surveyor
registered in the State of Colorado,and shall conform to the standards and criteria established by the
County for public improvements.
1.2 The required engineering services shall consist of,but not be limited to,surveys,designs,plans and
profiles, estimates, construction supervision, and the submission of necessary documents to the
County.
1.3 Applicant shall furnish drawings and cost estimates for roads within the S ubdivision or Planned Unit
Development to the County for appro val prior to the letting of any construction contract. Applicant
shall furnish one set ofreproducible"as-built"drawings and a final statement of construction cost to
the County.
2.0 Rights-of-Way and Easements: Before commencing the construction of any improvements herein agreed upon,
Applicant shall acquire,at its own expense,good and sufficient rights-of-way and easements on all lands and
facilities traversed by the proposed improvements.
3.0 Construction: Applicant shall furnish and install, at its own expense, the Subdivision or Planned Unit
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Development improvements listed on Exhibit"A,"which is attached hereto and incorporated herein
by reference, according to the construction schedule set out in Exhibit "B" which is also attached
hereto and incorporated herein by reference.
3.1 Said construction shall be in strict conformance to the plans and drawings approved by the County and
the specifications adopted by the County for such public improvements. Whenever a Subdivision or
Planned Unit Development is proposed within three miles of an incorporated community located in
Weld County or located in any adjacent county, the Applicant shall be required to install
improvements in accordance with the requirements and standards that would exist if the plat were
developed within the corporate limits of that community. If the incorporated community has not
adopted such requirements and standards at the time the Subdivision or Planned Unit Development
is proposed, the requirements and standards of the County shall be adhered to. If both the
incorporated community and the County have requirements and standards, those requirements and
standards that are more restrictive shall apply.
3.2 Applicant shall employ,at its own expense,a qualified testing company previously approved by the
County to perform all testing of materials or construction that is required by the C ounty; and shall
furnish copies of test results to the County.
3.3 At all times during said construction,the County shall have the right to test and inspect,or to require
testing and inspection of material and work at Applicant's expense. Any material or work not
conforming to the approved plans and specifications shall be removed and replaced to the satisfaction
of the County at Applicant's expense.
3.4 Applicant shall furnish proof that proper arrangements have been made for the installation of sanitary
sewer or septic systems,water,gas,electric and telephone services.
3.5 Said Subdivision or Planned Unit Development improvements shall be completed,according to the
terms of this Agreement,within the construction schedule appearing in Exhibit"B." The Board of
County Commissioners, at its option, may grant an extension of the time of completion shown on
Exhibit"B"upon application by the Applicant subject to the terms of Section 6 herein.
4.0 Release of Liability: Applicant shall indemnify and hold harmless the County from any and all liability loss
and damage County may suffer as a result of all suits,actions or claims of every nature and description caused
by,arising from,or on account of said design and construction of improv ements,and pay any and all judgments
rendered against the County on accountof any such suit,actio n or claim,together with all reasonable expenses
and attorney fees incurred by County in defending such suit, action or claim whether the liability, loss or
damage is caused by,or arises out of the negligence of the County or its officers, agents, employees, or
otherwise except for the liability, loss, or damage arising from the intentional torts or the gross negligence of
the County or its employees while acting within the scope of their employment. All contractors and other
employees engaged in construction of the improvements shall maintain adequate worker's compensation
insurance and public liability insurance coverage, and shall operate in strict accordance with the laws and
regulations of the State of Colorado governing occupational safety and health.
(THERE IS NO SECTION 5)
6.0 Approval of Streets by the County: Upon compliance with the following procedures by the Applicant,streets
within a Subdivision or Planned Unit Development may be approved by the County as public roads and will
be maintained and repaired by a Homeowners Association or, in its absence,the owners of lots within the
Subdivision or Planned Unit Development.
6.1 If desired by the County,portions of street improvements may be placed in service when completed
according to the schedule shown on Exhibit"B,"but such use and operation shall not constitute an
approval of said portions.
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6.2 County may, at its option, issue building permits for construction on lots for which street
improve ments detailed herein have been started but not completed as shown on Exhibit"B,"and may
continue to issue building permits so long as the progress o f work on the Subdivision or Planned Unit
Development improvements in that phase of the development is satisfactory to the County; and all
terms of this Agreement have been faithfully kept by Applicant.
6.3 Upon completion of theconstruction of streets within a S ubdivision or Planned Unit Development and
the filing of a Statement of Substantial Compliance,the applicant(s)may request in writing that the
County Engineer inspect its streets and recommend thatthe Board of County Commissioners partially
approve them. Not sooner than nine months after partial approval,the County Engineer shall,upon
request by the applicant, inspect the subject streets,and notify the applicant(s) of any deficiencies.
The County Engineer shall reinspect the streets after notification from the applicant(s) that any
deficiencies have been corrected. If the County Engineer finds that the streets are constructed
according to County standards,he o r she shall recommend full approval. Upon a receipt of a positive
unqualified recommendation from the County Engineer for approval of streets withinthe development,
the Board of Cou nty Commissioners shall fully approve said streets as public but with private pay.
7.0 General Requirements for Collateral:
7.1 The value of all collateral submitted to Weld County must be equivalent to One-Hundred percent
(100%)of the value of the improvements as shown in this Agreement. Prior to Final Plat approval,
the applicant shall indicate which of the five types of collateral preferred to be utilized to secure the
improve ments subject to final approval by the Board of County Commissioners and the execution of
this Agreement. Acceptable collateral shall be submitted and the plat recorded within six(6)months
of the Final Plat approval. If acceptable collateral has not been submitted within six(6)months then
the Final Plat approval and all preliminary approvals shall automatically expire. Applicant may
request that the County extend the Final Plat approval provided the cost estimates are updated and the
development plans are revised to comply with all current County standards,policies and regulations.
The improvements shall he completed within one(1)year after the Final Plat approval(not one year
after acceptable collateral is submitted) unless the applicant(s) requests that this Agreement be
renewed at least thirty(30) days prior to its expiration and further provides that cost estimates for
the remaining improvements are updated and collateral is provided in the amount of One-Hundred
percent(100%)of the value of the improvements remaining to be completed. If improvements are not
completed and the agreement not renewed within these time frames,the County,at its discretion,may
make demand on all or a portion of the collateral and take steps to see that the improvements are made.
7.2 The applicant may choose to provide for a phased development by means of designating filings of a
Planned Unit Development Final Plat or Subdivision Final Plat. The applicant would need only to
provide collateral for the improvements in each filing as approved. The County will place restrictions
on those portions of the property that are not coy ered by collateral which will prohibit the conveyance
of the property or the issuance of building permits until collateral is provided or until improvements
are in place and approved pursuant to the requirements for a Request for Release of Collateral.
7.3 The applicant intends to develop in accord ance with Exhibits"A" and"B."
8.0 Improve ments Guarantee: The five types of collateral listed below are acceptable to Weld County subject to
final approval by the Board of County Commissioners.
8.1 An irrevocable Letter of Credit from a Federal or State licensed financial institution on a form
approved by Weld C ounty. The Letter of Credit shall :late at least the following:
8.1.1 The Letter of Credit shall be in an amount equivalent of One-Hundred percent(100%)of the
total value of the improvements as set forth in Section 6.0 and Exhibits "A"and "B."
8.1.2 The Letter of Credit shall provide for paymentupon demand to Weld County if the developer
has not performed the obligations specified in the Improvements Agreement and the issuer
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has been notified of such default.
8.1.3 The applicant may draw from the Letter of Credit in accordance wit the provisions of this
policy.
8.1.4 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
estimatedcosts 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 Improvements 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.
8.1.5 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.
8.1.6 The Letter of Credit shall specify that the date of proposed expiration of the Letter of Credit
shall be either the date of release by Weld County of the final fifteen percent(15%),or one
year from the date of Final Plat approval,whichever occurs first. Said letter shall stipulate
that, in any event, the Letter of Credit shall remain in full force and effect until after the
Board has received sixty(60)days written notice from the issuer of the Letter of Credit of
the pending expiration. Said notice shall be sent by certified mail to the Clerk to the Board
of County Comm issioners.
8.2 Trust Deed upon all or some of the proposed development or other property acceptable to the Board
of County Commissioners provided that the following are submitted:
8.2.1 In the event property within the propo sed development is used as collateral,an appraisal is
required of the property in the proposed development by a disinterested Member of the
American Institute of Real Estate Appraisers (M.A.I.) indicating that the value of the
property encumbered in its current degree of development is sufficient to cover One-Hundred
percent(100%)o f the cost of the improvements as set forth in the Improvements Agreement
plus all costs of sale of the property.
8.2.2 In the event property other than the property to be developed has been accepted as collateral
by Weld County,then an appraisal is required of the property by a Member of the Institute
of Real Estate Appraisers(M.A.I.) indicating that the value of the property encumbered in
its current state of development is sufficient to cover One-Hundred percent(100%)of the
cost of the improvements as set forth in the Improvements Agreement plus all costs of sale
of the property.
8.2.3 A title insurance policy insuring that the Trust Deed creates a valid encumbrance which is
senior to all other liens and encumbrances.
8.2.4 A building permit hold shall be placed on the encumbered property.
8.3 Escrow Agreement that provides at least the following:
8.3.1 The cash in escrow is at least equal to One-Hundred percent(100%)of the amount specified
in the Improvements Agreement.
8.3.2 The escrow agent guarantees that the escrowed funds will be used for improvements as
specified in the agreement and for no other purpose and w ill not release any portion of such
funds without prior approval of the Weld County Board of Commissioners.
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8.33 The escrow agent will be a Federal or state-licensed bank or fmancial institution.
8.3.4 If Weld County determines there is a default of the Improvements Agreement,the escrow
agent,upon req uest by the County,shall release any remaining es crowed funds to the County.
8.4 A surety bond given by a corporate surety authorized to do business in the State of Colorado in an
amount equivalent to One-Hundred percent(100%)of the value of the improvements as specified in
the Improvements Agreement.
8.5 A cash deposit made with the County equivalent to One-Hundred percent(100%)of the value of the
improvements.
9.0 Request for Release of Collateral: Prior to release of collateral for the entire project or for a portion of the
project by Weld County,the Applicant must present a Statement of Substantial Compliance from an Engineer
registered in Colorado that the project or a portion of the project has been completed in substantial compliance
with approved plans and specifications documenting the following:
9.1 The Engineer or his representative has made regular on-site inspections during the course of
construction and the construction plans utilized are the same as those approved by Weld County.
9.2 Test results must be submitted for all phases of this project as per Colorado Department of
Transportation Schedule for minimum materials sampling, testing and inspections found in the
Colorado Department of Transportation(CD OT)Materials Manual.
9.3 "As built"plans shall be submitted at the time the letter requesting release of collateral is submitted.
The Engineer shall certify that the project"as-built"is in substantial compliance with the plans and
specifications as approved, or that any material deviations have received prior approval from the
County Engineer.
9.4 The Statements of Substantial Compliance must be accompanied, if appropriate, by a letter of
acceptance of maintenance and responsibility by the appropriate utility company, special district or
town for any utilities.
9.5 A letter must be submitted from the appropriate Fire Authority indicating the fire hydrants are in place
in accordance with the ap proved plans. The letter shall indicate if the fire hydrants are operational and
state the results of fire flow tests.
9.6 The requirements in paragraphs 9.0 thru 9.5 shall be noted on the final construction plans.
9.7 Following the submittal of the Statement of Substantial Compliance and recommendation of approval
of the streets by the County,the applicant(s)may request release of the collateral for the project or
portion of the project by the Board. This action will be taken at a regularly scheduled public meeting
of the Board.
9.8 The request for release of collateral shall be accompanied by"Warranty Collateral"in the amount of
fifteen percent (15%) of the value of the improvements as shown in this Agreement excluding
improve ments fully accepted for maintenance by the responsible govemmental entity,special district
or utility company.
9.9 The warranty collateral shall be released to the applicant upon final approval by the B oard of C ounty
Commissioners.
10.0 Public Sites and Open Spaces: When the Board of County Commissioners,pursuant to a rezoning,Subdivision
or Planned Unit Development,requires the dedication,development and/or reservation of areas or sits other
than Subdivision or Planned Unit Development streets and utility easements of a character,extent and location
suitable for public use for parks,greenbelts or schools,said actions shall be secured in accordance with one of
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the following alternatives,or as specified in the Planned Unit Development(PUD)Plan,if any:
10.1 The required acreage as may be determined according to the Weld County Subdivision Regulations
shall be dedicated to the County or the appropriate school district,for one of the above purposes. Any
area so dedicated shall be maintained by the County or school district.
10.2 The required acreage as determined according to Chapter 24 of the Weld County Code, may be
reservedthrough deed restrictions as open area,the maintenance of which shall be a specific obligation
in the deed of each lot within the Subdivision or Planned Unit Development.
10.3 In lieu of land,the County may require a payment to the County in an amount equal to the market
value at the tine of Final Plat submission of the required acreage as determined according to Chapter
24 of the Weld County Code. Such value shall be determined by a competent land appraiser chosen
jointly by the Board and the Applicant. The cash collected shall be deposited in an escrow account
to be expended for parks ata later date.
11.0 Successors and Assigns: This Agreement shall be binding upon the heirs,executors,perso nal representatives,
successors and assigns of the Applicant,and upon recording by the County,shall be deemed a covenant running
with the land herein described,and shall be balding upon the successors in ownership of said land.
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IN WITNESS WHEREOF,the parties hereto have caused this Agreementto be executed on the day and year
first above written.
APPLICANT:__ ____ __
APPLICANT: __
itVjazsy,_
TITLE: _
Subscribed and sworn to before me this ay of l I d _ _, 20��a
My Commission expires: 4.--tdia.--k_a_-) ca4),(--j •
Notary Public
/� +�
ATTEST: J� *I El,. ti' RD OF COUNTY COMMISSIONERS
" 4 I COUNTY, COLORADO
Weld County Clerk to the Board ,1861 r O fir;
SIV
' Ab fltt• E. Long hair OCT 01 2007
tee-e BY: /)j /G '``1
Deputy Clerlrfo the Board -
ATTESTING TO BOARD OF COUN
COMMISSIONER SIGNATURES Y //�
APPROVED AS TO FORM: •
ouyAttorney---- —_
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EXHIBIT "A"
Name of Subdivision
or Planned Unit Development__ The Highlands
Filing:
Location: WCR 5 & WCR 38
Intending to be legally bound, the undersigned Applicant hereby agrees to provide throughout this Subdivision or
Planned Unit Dev elopment the following improvements. (Leave sp aces blank where they do not apply)
Improvements Quantity Units Unit Estimated Construction
Costs Cost
Site grading
Street grading & Preparation 2/5U sy L.uu $ 5,5u0.00
Street base 6" CL 6 ABC 2750 sy 9. /5 $ 28,81L.UU
Street paving
Curbs,gutters,and culverts
Sidewalk
Storm sewer facilities
Retention ponds
Ditch Improvements
Subsurface drainage
Sanitary sewers
Trunk and forced lines
Mains
Laterals (house connected)
On-site sewage facilities
On-site water supply and storage
Water Mains(includes bore)
Fire hydrants
Survey and street monuments and boxes
Street lighting
Street Names & Stop Sign 'L ea $ iuu $ 2U0.00
Fencing req uirements
Landscaping
Park improvements
Road culvert 15" 52 l f t S 11 71 S 610.48
Grass lined swale SCCd r,0 1 b $ 2 F 1 $ 125 on
Telephone
Gas
Electric
Water transfer
SUB-TOTAL: R 35.247.98
1000.00
Engineering and Supervision Costs $
(Testing,inspection,as-built plans and work in addition to preliminary and final plat;supervision of actual construction
by contractors)
TOTAL ESTIMATED COST OF IMPROVEMENTS AND SUPERVISION $ 36,247.98
The above improvements shall be constructed in accordance with all County requirements and specifications, and
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conformance with this provision shall be determined solely by Weld County,or its duly authorized agent.
Said i ,: ,Verne is shall o p et�acc ordin to t,e construction schedule set out in Exhibit"B."
By. __ ____ ____ ___
Appli ant
"ILA—
A plicant
94.4.7ne- 1A Date:____ ..� , 201)6.
Title
(If corporation,to be signed by Pre sident and attested to by S ecretary,together with corporate seal.)
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EXHIBIT "B"
Name of Subdivision The Highlands
or Planned Unit Development— —__—__--_-----—Filing:
Location: __--- WCR 5 & WCR 38--------------Intending to to be legally bound,the undersigned Applicant hereby agrees to provide throughout this Subdivision or
Planned Unit Development the following improvements.
All improvements shall be completed within_ 1,5 years from the date of approval of the final plat Construction
of the improvements listed in Exhibit"A" shall be completed as follows:
(Leave spaces blank where they do not apply.)
Improvements Time for Completion
Site grading 30 days from start of rnnctruction
Street base 40 days from [tar} rnne+r r+inn
Street paving
Curbs,gutters,and culverts
Sidewalk
Storm sewer facilities
Retention ponds
Ditch improvements
Subsurface drainage
Sanitary sewers
Trunk and forced lines
Mains
Laterals(house connected)
On-site sewage facilities
On-site water supply and storage
Water mains
Fire hydrants
Survey and street monuments and boxes
Street lighting
Street name signs 60 days from start of rnnctriiction_
Fencing requirements
Landscaping
Park improvem ents
Road culvert
Grass lined swale 6 months from start of construction
Telephone
Gas
Electric
Water Transfer
SUB-TOTAL:
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The County,at its option,and upon the request of the Applicant,may grant an extension of time for completion for any
particular im,rovements shown above,upon owing by the Applicant that the above schedule cannot be met.
B : —�.
Apiicant
L
�/J
pplicant
p', 2.-ej2 :_2L ___.,___, 20_O ea
Titl
(If corporation,to be signed by President and attested to by Secretary,together with corporate seal.)
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MEMORANDUM
TO: Board of County Commissioners September 24, 2007
COLORADO FROM: Jacqueline Hatch
SUBJECT: MF-1069, The Highlands
The Department of Planning Services received an irrevocable standby letter of credit for the
Private Improvements Agreement for MF-1069 (The Highlands).
The collateral for the Improvements Agreement is in the amount of thirty six thousand, two
hundred and forty seven dollars and ninety eight cents ($36,247.98)for on-site improvements.
After review of the collateral by the Department of Public Works and the Department of Planning
Services, it has been determined that the amount of the agreement will be sufficient to complete
the work required for MF-1069, and the Departments of Planning Services and Public Works
recommend acceptances of this collateral.
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Jacqueline Hatch
From: David Snyder
Sent: Monday, September 24, 2007 3:48 PM
To: Jacqueline Hatch
Subject: MF 1069 -The Highalnds Minor Subdv.
Jacqueline,
Public Works has reviewed the Private Road Maintenance Agreement w/collateral and it appears to be acceptable
to get the roadwork accomplished. The bond shall be in the amount of$36,247.98
If you have any further questions regarding this, please email or call me.
Thanks.
David Snyder, E.I.
Engineer
Weld County Public Works Department
P. O. Box 758
Greeley, CO 80632
(970)304-6496, Extenstion 3745
dsnyder@co.weld.co.us
09/24/2007
Ocirla aiatri ER OF CREDIT
NO. 6030
DATE OF ISSUE: September 17, 2007
AMOUNT: 36,247.98
EXPIRY DATE: September 17, 2008 with automatic renewal provision.
Beneficiary:
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY
P.O Box 758
Greeley, CO $0632-
Gentlemen:
We hereby issue this Irrevocable Standby Letter of Credit for the account of
SCHWIND, DAVID & SUSANNE H., ("Customer") 17900 Weld County Rd 5,
Berthoud,CO 80513 in your favor in the aggregate amount not exceeding THIRTY
SIX THOUSAND TWO HUNDRED FORTY SEVEN AND 98/100THS
USDollars(USD36,247.98).
Funds under this credit are available with CENTENNIAL BANK OF THE WEST
by payment against presentation of your sight draft(s) drawn on us, at our office, on
or before the expiry date when accompanied by the following:
1. This Original Letter of Credit.
2. Statement, purportedly signed by an authorized representative of the Board of
County Commissioners of Weld County, Colorado stating that: "David and
Susanne H. Schwind have committed a material breach of the Improvement
Agreement According to Policy Regarding Collateral for Improvements regarding
The Highlands dated the 6th day of February 2006 between Schwind, David &
Susanne H. and the Board of County Commissioners of Weld County and that
Weld County is entitled to draw on this Letter of Credit".
Special Condition
This Letter of Credit is automatically extended without amendment, for additional
one year periods from the current expiration or any future expiration date unless at
least sixty (60) days prior to any such date CENTENNIAL BANK OF THE WEST
notifies the Beneficiary in writing by overnight courier that it elects not to consider
this Letter of Credit extended for such additional period. In the case you receive
such notification, you may draw by presentation of the following: (a) a draft at
sight on CENTENNIAL BANK OF THE WEST; (b) a statement purportedly
signed by an authorized official of the Board of County Commissioners of Weld
County, Colorado stating that "We have received notice from CENTENNIAL
BANK OF THE WEST that Letter of Credit No. 6030 will not be renewed and that
Page 2
IRREVOCABLE LETTER OF CREDIT
NO. «Numben>
This page shall be attached to and become an integral part of the above referenced
Letter of Credit
Schwind, David and Susanne H. have failed to provide proof of adequate collateral
and substitution of this Letter of Credit No.6030; (c) copy of letter from
CENTENNIAL BANK OF THE WEST stating no-renewal of Letter of Credit
No.6030 and the this Original Letter of Credit.
Except as otherwise expressly stated herein this credit is subject to the Uniform
Customs and Practice of Documentary Credits (2007 Revision) International
Chamber of Commerce, Publication 600 (UCP 600).
Any draft presented must bear the words "Drawn under CENTENNIAL BANK OF
THE WEST Irrevocable Letter of Credit No. 6030 dated September 17, 2007".
This Letter of Credit will expire at our counter, 3:00 p.m. Mountain Standard time
on the expiry date or any future expiration date thereof
In case of cancellation of this Letter of Credit prior to expiration, the original of this
Letter of Credit must be returned to us for cancellation with a statement purportedly
signed by the beneficiary stating that: "This Letter of Credit is no longer required
by us and is hereby returned to the issuing bank for cancellation".
Please address all communications regarding this Letter of Credit to the attention of
Centennial Bank of the West, 4650 Royal Vista Circle, Fort Collins, CO 80528,
mentioning specifically our Irrevocable Letter of Credit No. 6030, issued for the
account of SCHWIND, DAVID & SUSANNE H..
We hereby agree with drawers and endorsers, and bona fide holders of drafts
negotiated under this Letter of Credit that the same shall be duly honored upon
presentation and delivery of the documents as specified above.
Sincerely,
CE�AL B F THE WEST
Mel Green
President
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