HomeMy WebLinkAbout20071021.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 #1081 - GOLD STONE CENTER, 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 September 20,2006,the Weld County Board of Commissioners approved
a Minor Subdivision Final Plan, MF #1081, for Gold Stone Center, LLC, do Walter Huang,
1714 Topaz Drive, Suite 240, Loveland, Colorado 80537, for nine (9) residential lots and two (2)
open space tracts in the E (Estate) Zone District on the following described real estate, to-wit:
N1/2 NW1/4 of Section 16,Township 8 North, Range
66 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)between the County of Weld, State of Colorado, by and through the Board of
County Commissioners of Weld County, and Gold Stone Center, LLC, c/o Walter Huang, with
terms and conditions being as stated in said agreement, and
WHEREAS,the Board has been presented with Irrevocable Letter of Credit No.86465 from
Advantage Bank, 1475 North Denver Avenue, Loveland, Colorado 80538, in the amount of
$157,517.15, and
WHEREAS, after review, the Board deems it advisable to approve said agreement and
accept said Irrevocable 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 Gold Stone Center, LLC, c/o
Walter Huang, be, and hereby is, approved.
BE IT FURTHER RESOLVED that Irrevocable Letter of Credit No. 86465 from Advantage
Bank, 1475 North Denver Avenue, Loveland, Colorado 80538, in the amount of$157,517.15, be
and hereby is, accepted.
/ 2007-1021
(leis On Az / { PL1810
IMPROVEMENTS AGREEMENT - GOLD STONE CENTER, LLC
PAGE 2
The above and foregoing Resolution was,on motion duly made and seconded,adopted by
the following vote on the 11th day of April, A.D., 2007.
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
ATTEST: geld /7rj ` XCUSED
ft
s..�, �,-vid E. Long, Chair
Weld County Clerk to the
erDe, Pro-T n
BY: 'll Q %�fL _f[►1 i /
De y Cler To the Board
William F. Garcia
APP ED AS T • EXCUSED
Robert D. Masden
ounty Attorney itQatsCEz .
inn
Douglas R demacher\
Date of signature: 41171°7
2007-1021
PL1810
2
IMPROVEMENTS AGREEMENT ACCORDING TO
POLICY REGARDING COLLATERAL FOR IMPROVEMENTS
(PRIVATE ROAD MAINTENANCE)
THIS AGREEMENT,made and entered into this /I day of rlpri ,20 ,by and between
the County of old, ate £Colorado,acting through its Board of County C ommissioners,hereinafter c ailed"County,"
and :9o/ � T G hereinafter called"Applicant."
WITNESSETH:
WHEREAS,Applicant is the owner of,or has a controlling interest in the following described property in the
County of Weld, Colorado: `1.Z� /'�"{'7q� s I ` Tg� n `6 � Fitz / O
/V�• YV/ /aGI�jTZGrbov1J / ) /C-(te
•
14/-t,
l avgiEAS, i�nal Subdiv ion in°ped Unit Development (PUD) plat of said property, to be known as
` !'.GtG 4 hasbeensubmittedtothe Countyforapproval.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 improvements 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 schedule for completion,are listed in Exhibits "A"and "B"of this Agreement.
NOW,THEREFORE,IN CONSIDERATIONOF 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 shall 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 bya 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 ro ads within the Subdivision o r Planned Unit
Development to the County for approval prior to the letting of any construction contract. Applicant
shall furnish one set of reproducible"as-built"drawings and a final statement of construction cost to
the County.
2.0 Rights-of-Way and Ease ments: 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 ks 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 strictconformance to the plans and drawings approved by the County and
the specifications adopted by the County for such public improvement. 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 requirement 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 County; 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 b 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 Exhi»t "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 improvements,and pay any and all judgments
rendered againstthe County on account of any such suit,action 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
improvements 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 the construction of streets within a Subdivision 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 ofCounty Commissioners partially
approve them. Not sooner than nine months after partial approval,the County Engineer shall,upon
request by the applicant, inspect the subject greets,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 stan dards,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 County 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
improvements subject to final approval by the Board of County Commissioners and the execution of
this Agreement. Acceptable collateral shall be submitted and the plat re corded within six(6)months
of the Final Plat approval. If acceptab le 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 Platapproval 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 be completed within one(1)year after the FinalPlat 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 o f 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 covered 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 accordance with Exhibits"A" and"B."
8.0 Improvements 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 County. The Letter of Credit shall gate 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 Letterof 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 with 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
estimated costs 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 perc ent (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 Creditshall specify that the date of proposed expiration of the Letter of Credit
shall be either the d ate of release by We Id 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 Commissioners.
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 proposed 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.1.) 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 speci fed
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 will not release any portion of such
funds without prior approval of the Weld C ounty Board of Commissioners.
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8.3.3 The escrow agent will be a Federal or state-licensed bank or financial institution.
8.3.4 If Weld County determines them is a default of the Improvements Agreement, the escrow
agent,upon request by the Co unty,shall release any remaining escrowed funds to the C ounty.
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 ora 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 T ransporta tion(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 ale in place
in accordance with the approved plans. The letter shall indicate ifthe 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 projector
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
improvements fully accepted for maintenance by the responsible governmental 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,Subdivi son
or Planned Unit Development,requires the dedication,development and/or reservation of areas or sites 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
reserved through 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 time of Final Plat submission of the required acreage as determined according to Chapter
24 of the We Id 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 at a later date.
11.0 Successors and Assigns: This Agreement shall be binding upon the heirs,executors,personal 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 binding 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: /,�L1' „5-1-ens: Cr `r(-f.A.., L L. c
O k e, C\_, it«
APPLICANT:
�����TITLE: -Yl/tc &&
Subscribed and sworn to before me thisa 7 day ofeS/Je{ ,20M . ,"
•C .°7-:: : •.1;\
My Com fission expires:72/91 -r/ /...'-0 otary Public_ _ {._ 5'
54• . NFr .tJ
ATTEST: )0j/ BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
f
Weld County Clerk to the rd 1 r t -4 — _i F
t _k w --4. William H. Jerke ,Chair Pro—Tem
BY; /,�) /' 04/11/2007
Deputy Clerk to the Board -, i'
u
APPROVED AS TO FORM: /
I
County Attorney
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Exhibit"A"
improvements Opinion of Costs
Project Name: Gold Stone Creek Minor Sub.
Location: Gold Stone Creek Court&WCR 29
Erit
Public Improvement Item Units Unit Cost item Cost
Erosion Control
9"Diameter Wattles LF $4.01 220 $882.20
Silt Fence LF $1.85 2217 $4,101.45
Vehicle Tracking Control Pad EA $640.00 1 $640.00
Riprap(8'x8'x1.50')Type L D50 0.75' CY $52.00 3.5 $182.00
Rip Rap Bedding Material 12"Type 2 LS $150.00 1 $150.00
$5,955.65
Street Improvements/Grading(inc.Lot grading)
Scarify,Recempact&Rough Grade SF $0.13 31532 $4,099.16
14"Class 6 ABC w/12"Fly Ash Stabalized S SY $24.00 3504 $84,096.00
GradeFill(Complete in place) CY $3.50 359 $1,256.50
Grade Cut(Complete in place) CY $3.00 254 $762.00
Mobilizations LS $500.00 1 $500.00
$90,713.66
Traffic Signals,Signing and Striping
'Standard Street With Stop Sign w/Post f EA 1 $300.001 11 $300.00'
$300.00
Work Zone Traffic Control
Traffic Control LS $200.00 1 $200.00
$200.00
Storm Drainage Facilities
24"CMP Storm Drain LF $35.00 62 $2,170.00
24"CMP Flared End Section EA $200.00 4 $800.00
15"CMP Storm Drain LF $20.00 215 $4,300.00
15"CMP Flared End Section EA $110.00 14 $1,540.00
18"RCP Storm Drain LF $30.00 60 $1,800.00
18"RCP Flared End Section EA $416.00 2 $832.00
Import RCP Bedding Material TONS $21.82 12 $261.84
$11,703.84
Construction Surveying/Staking LS $2,000.00 1 $2,000.00
$2,000.00
Material Testing LS $2,500.00 1 $2,500.00
$2,500.00
Record Drawings LS $2,000.00 1 $2,000.00
$2,000.00
Construction Management by Owner LS $250.00 1 $250.00
$250.00
Water Line Construction
8"PVC LF $23.00 1154 $26,542.00
8"Gate Valve w/Box LS $465.00 2 $930.00
10"Gate Valve w/Box EA $622.00 1 $622.00
45 degree bend EA $200.00 1 $200.00
1-1/2"Water Service,Fire Service/Stops/F EA $1,250.00 9 $11,250.00
2"Blowoff w/Thrust Block EA $2,350.00 1 52,350.00
$41,894.00
GRAND TOTAL OF PUBLIC IMPROVEMENTS: $157,517.15
IIIIIIIVIIIVIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII III III'
Opinion or ton,
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conformance with this provision shall be determined solely by Weld County,or its duly authorized agent.
Said improvements shall be completed according to the construction schedule set out in Exhibit"B."
By: 1 -e. l ••�,�-ems, C
CT6i c S L L
Applicant
,ti: Cam) ( .-.—
Applicant
t,ann a-f/L, Date: I /� z7 , 20 626
Title
(If corporation,to be signed by President and attested to by Secretary,together with corporate seal.)
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EXHIBIT "B"
Name of Subdivision j /r yam—
or Planned Unit Develo ment 4 c G �zti G(/
Filing:
�u,J ' __�' t(3,' 90
Location: NJ�N� ���1 r
Intending 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 I_years from the date of approval of the fmal 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
t Apt
Street base �r
Street paving .r
Curbs,gutters,and culverts
Sidewalk ,
Storm sewer facilities
Retention ponds �r
Ditch improvements
Subsurface drainage
Sanitary sewers
Trunk and forced lines t r
Mains
Laterals(house connected)
On-site sewage facilities •r
On-site water supply and storage
Water mains
Fire hydrants • r
Survey and street monuments and boxes -'
Street lighting r
Street name signs •r
Fencing requirements
Landscaping
Park improvements
Road culvert
Grass lined swale
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 improvements shown above,upon a showing by the Applicant that the above schedule cannot be met.
By: 6—(4c( 1'f n1L Cs,,ti, LL C
Applicant
Applicant
210 �.
Date: �'2 7 ,20
Title
(If corporation,to be signed by President and attested to by Secretary,together with corporate seal.)
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�j
VA\ Advantage Bank
IRREVOCABLE LE 11'ER OF CREDIT NO. 86465
March 27,2007
Board of County Commissioners
ATTN:Clerk to the Board
P.O.Box 758
Greeley,CO 80632
RE: Walter Huang
Gold Stone Creek Minor Subdivision
Dear Board of County Commissioners:
We hereby open our Irrevocable Letter of Credit in your favor for the account of Walter Huang, 3324 Terrywood
Dr., Fort Collins, CO 80524, for a sum not to exceed the aggregate of $157,517.15. (One Hundred Fifty Seven
Thousand Five Hundred Seventeen and.15/100)
Each draft so drawn must be marked"Drawn under ADVANTAGE BANK, 1475 North Denver Avenue,Loveland,
CO 80538, Letter of Credit No. 86465 and be accompanied by a"signed statement from the Board of County
Commissioners of Weld County, Colorado stating that Walter Huang has committed a material breach of the
Improvements Agreement According to Policy Regarding collateral for Improvements regarding Gold Stone Creek
Minor Subdivision, dated the 27th day of March, 2007 by and between Walter Huang 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, 1475 North Denver Ave.,Loveland,
CO 80538. This letter of credit will expire on March 27,2008 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. 86465 will not be
renewed and that Walter Huang has failed to provide proof of adequate collateral and substitution of this Letter of
Credit No. 86465 ; (c) copy of letter from ADVANTAGE BANK, stating non-renewal of Letter of Credit No.
and the original letter of credit.
Yours truly,
Bryan est
Vice President
Advantage Bank
1475 North Denver Avenue 970.613.1982
Loveland,CO 80538 Fax 970.613.1853
advantagebanks.corn
° Memorandum
TO: Board of County Commissioners
111 I DATE: April 6, 2007
e FROM: Brad Mueller
COLORADO Department of Planning Services
RE: Acceptance of Collateral and Improvements
Agreement for MF-1081 (Gold Stone Creek)
The Department of Planning Services has received evidence of collateral for the Gold Stone Creek
subdivision (Planning File MF-1081), Walter Huang / Gold Stone Center LLC, owners.
This collateral is in the form of a Letter of Credit from Advantage Bank in the amount of
$157,517.15, covering items outlined in Exhibit A of the attached executed Improvements
Agreement.
The Improvements Agreement and collateral have been reviewed by the Departments of Planning
Services and Public Works, and it has been determined that the amount of collateral is sufficient to
cover the proposed improvements.
The Departments of Planning Services and Public Works recommend acceptance of this collateral
and the attached Improvements Agreement.
1
I ttl eau*Nanning Department
611d1IEY OFFICE
a lib a
NCIV MEMORANDUM 14 zoos
' RECEIVED
TO: Brad Mueller,Planning Department DATE: 13-Nov-2006
W� �• FROM: Peter Schei, P.E.,Public Works Department
COLORADO SUBJECT: MF-1081 Gold Stone Creek Minor Subdivision(Final Plat) - sign off
Weld County Public Works Department has reviewed final plan materials and has the following development referral
comments.
Comments
❑ The revised cover sheet for Gold Stone Creek Minor Subdivision is acceptable to Public Works. The revision shows
the recommended internal gravel roadway cross-section proposed by the geotechnical engineer of record.
❑ The revised on-site improvements agreement Public Opinion of Costs submitted by the applicant is acceptable to
Public Works. A copy is attached to this memorandum.
o This agreement shall be approved by the Board of County Commissioners (BOCC) prior to recording the
final plat.
Recommendation
❑ The Public Works Department effectively `signs-off' on this development with no recognized issues.
The Planning Department may proceed with this case,with no restrictions by Public Works.'
PC-MF-I0SI Gold Stone Creek Minor Subdivision(Final Plat)-sign off
Emil&Original.Planner.Brad Mueller
PC by Post Applicant-Tom Hone
PC by Post Engineer Shear Engineering Corponnioe
Page 1 of 2
Public Improvements Opinion of Costs
Project Name: Gold Stone Creek Minor Sub.
ti t• `SAS Nr' . y '
' s4:'a k`cost
`
Erosion Control _
9"Diameter Wattles LF $4.01 220 $882.20
Silt Fence --._LF $1.85 2217 $4,101 45
_
Vehicle Tracking Control Pad EA _ 5640.00 1 5640.00
Riprap(8'x8'x' 50')Type L D50 0.75' GY $52.00 3.5 $182,00
Rip Rap Bedding Matenai 12"Type 2 LS $150.00 1 $150.00
$5,955.65
Street Improvements/Grading(Inc.Lot grading)
Scanty,Recompact&Rough Grade SF $0.13 31532 $4,099.16
14"Claes 6 ABC wl 12"Fly Aah Stabaiized SubgF SY $24 00 3504 584,096.00
GradeFill(Complete in place) CY $3.50 359 $1,256.50
Grade Cut(Complete in place) CY - $3.00 254 $762.00
Mobilizations _-- LS $500.00 1 5500.00
$90,713.66
Traffic Signals,Signing and Striping
'Standard Street With Stop Sign wl Post, 1 EA ] $300.001 1i $300.00I
$300.00
Work Zone Traffic Control
[Traffic Control _1 — LS 1 $200.00! 1 $200.001
$200.00
Storm Drainage Facilities
24'CMP Storm Drain LF $35.00 62, $2,170.00
24"CMP Flared End Section EA 3200.00 4 $800.00
15"CMP Storm Drain LF $20 00 215 $4.300.00
15"CMP Flared End Section EA �_ 5110.00 14 $1,540.00
18"RCP Storm Drain LF $30.00 80 $1,800.00
16"RCP Flared End Section EA 5416 00 2 $832.00
Import RCP Bedding Material TONS 521 82 12 $261 84
311.703 84
Construction Surveying/Staking r LS $2,000.00 1 $2.000 00
52,000 0D
Materiel Testing [ LS 1. $2,500.001 11 $2.500.00[
32,500.00
Record Drawings r LS 52,000.0-eir- j $2.1)00.00
$2,000 00
Construction Management by Owner LS� $250.00 1 $250.001
$250 00
Public Improvements Opinion of Costs
Project Name: Gold Stone Creek Minor Sub.
!: .I s^.__ {"iffir _—_ .- Eat. _...._ _
tr i ' b+.j'_ F1 Unjt Coat • i 4ttlm Coal ij
..t.. ._Lrs s$1itt. �lii' ;AtY' Iiii.1 ! .r,.
Water Line Construction
8"PVC LF $23.00 1154 $28.542.00
8"Gate Valve w!Box LS $465.00 2 5930.00
10"Gate Valve wl Box EA 5822.00 1 $622 00
45 degree oend EA $200.00• _ 1 $200 00
1-1/2"Water Service.Fire Service/Stops/Pit EA 51,250.00 9 511,250.00
2"Blowoft w/Thrust Block EA $2,350.00 1 $2,350 00
541,894.00
GRAND TOTAL OF PUBLIC IMPROVEMENTS: $167,517.16
____ Page 2 of 2 __
t`
• CLERK TO THE BOARD
PHONE(970)336-7215, Ext. 4225
FAX: (970)352-0242
' P.O. BOX 758
C. GREELEY, COLORADO 80632
COLORADO
June 18, 2009
LARIMER BANK OF COMMERCE
1432 EAST MULBERRY STREET, UNIT B
FORT COLLINS, COLORADO 80524 - )11 — D1
RE: Letter of Credit#2540316/300 for Walter Huang
Ladies and Gentlemen: I
This letter shall act as a confirmation of your obligations to the Board of County Commissioners of Weld
County under the above-referenced Letter of Credit.
As you are aware, on the 11th day of August, 2008, Larimer Bank of Commerce, issued a Letter of
Credit on behalf of Walter Huang naming the Board of County Commissioners of Weld County,
Colorado as beneficiary. The dollar amount of the Letter of Credit was established at Forty-seven
•
Thousand Two Hundred Fifty-nine and 43/100($47,259.43).
The terms of the Letter of Credit require that it be maintained by your institution until the 11th day of
August, 2009. In addition, if your institution intended to terminate its obligations under the Letter of
Credit, you were required to provide notice to Weld County sixty(60)days prior to its anniversary date.
As Weld County did not receive a notice of termination, the Letter of Credit remains in force.
If you have any questions regarding this letter or your obligations under the Letter of Credit, or if you
disagree with any of the statements contained herein, please call Donna Bechler,at 970-356-4000,
ext. 4227, or e-mail me at dbechler@co.weld.co.us.
Very/t�rully�y�,ours
s,,
Donald D. Warden
Clerk to the Board
BY:427/-4- S'.1'f �
Deputy Clerk4'o the Board
pc Walter Huang/Gold Stone Center, LLC
•
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■ Complete items 1,2,and 3.Also complete A • nature
item 4 if Restricted Delivery is desired. X I ,- / f j„�-r „1
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so that we can return the card to you. Addressee
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1. Article Addressed to: D. Is del ery address different from item 17 Yes
If Y enter delivery address below: ❑ No
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2. Article Number
(Transfer from service label) 7005 1820 0003 5225 1928
PS Form 3811,February 2004 Domestic Return Receipt
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