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Home My WebLink About20073504.tiff RESOLUTION RE: APPROVE IMPROVEMENTS AGREEMENT ACCORDING TO POLICY REGARDING COLLATERAL FOR IMPROVEMENTS(PRIVATE ROAD MAINTENANCE),AUTHORIZE CHAIR TO SIGN, AND ACCEPT COLLATERAL FOR SECOND AMENDED USE BY SPECIAL REVIEW PERMIT #1282 - JF CATTLE COMPANY/JOHNSON DAIRY, C/O JOHN JOHNSON 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 20, 2006, the Weld County Board of Commissioners approved a Second Amended Use by Special Review Permit#1282, for JF Cattle Company/Johnson Dairy, c/o John Johnson, 23016 County Road 74, Eaton, Colorado 80651, for an Agricultural Service Establishment, including Livestock Confinement Operations (11,240 head of cattle, a dairy operation, and 20 horses - amended to include an additional milk parlor, office/scale house, and additional pens associated with the operation,and removing the limit of 2,000 dairy cattle out of the 11,240-head total)in the A(Agricultural)Zone District on the following described real estate, to-wit: Lot B of Amended Recorded Exemption #499, and Lot B of Recorded Exemption #3535; being part of the N1/2 and part of N1/2 SW1/4 of Section 1, Township 6 North, Range 65 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 JF Cattle Company/Johnson Dairy,c/o John Johnson, with terms and conditions being as stated in said agreement, and WHEREAS, the Board has been presented with Irrevocable Letter of Credit#106-01 from New Frontier Bank,2425 35th Avenue,Greeley, Colorado 80634,in the amount of$18,200.00,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 JF Cattle Company/Johnson Dairy, c/o John Johnson, be, and hereby is, approved. 2007-3504 PL0741 IMPROVEMENTS AGREEMENT - JF CATTLE COMPANY/JOHNSON DAIRY, C/O JOHN JOHNSON PAGE 2 BE IT FURTHER RESOLVED that Irrevocable Letter of Credit#106-01 from New Frontier Bank, 2425 35th Avenue, Greeley, Colorado 80634, in the amount of$18,200.00, be and hereby is, accepted. The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 14th day of November, A.D., 2007. BOARD OF COUNTY COMMISSIONERS WELD COUNTY, COLORADO ATTEST: .r?- 1141/14/1"1: 1:171:a �L J (+M c� =j David E. Long, Chair Weld County Clerk to the Bo4ryl , / n a '14N William H. Jerke, Pro-Tem Deg y Cler o the Board William F. arcia ETh- APPROVED M: EXCUSED Robert D. Masden 7. Coy ttorney • l_\arQs?v-A5, Douglas Rademacher Date of signature: a '4107 2007-3504 PL0741 276 IMPROVEMENTS AGREEMENT ACCORDING TO POLICY REGARDING COLLATERAL FOR IMPROVEMENTS (PRIVATE) THIS AGREEMENT,made and entered into this 1411 day of f.\nu¢0mbor ,20n j,by and between the County of Weld, State of Colorado, acting through its Board of County Commissioners, hereinafter called "County", and SF Cattle Company/Johnson Dairy 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: Legal Description: Lot B of AMRE-499; Part of the N1/2 of Section 1, Township 6 North, Range 65 West And Lot B of RE-3535: Part of the N1/2 of the S W 1/4 of Section 1, Township 6 North, Range 65 West WHEREAS,a Use By Special Review plat of said property,to be known as 2"d AMUSR— 1282 JF Cattle/Johnson Dairy has been submitted to the County for approval, and WHEREAS,relevant Sections of the Weld County Code provide that no Use By Special Review shall be approved by the County until the Applicant has submitted an Improvement Agreement guaranteeing the construction of the public improvements shown on plans, plats and supporting documents of the Use By Special Review 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 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 shall furnish,at its own expense,all engineering services in connection with the design and construction of the Use By Special Review improvements listed on Exhibit"A,"which is attached hereto and incorporated herein by reference. 9 g 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 o ee and criteria established by the County for public improvements. IVY go 1.2 The required engineering services shall consist of, but not be limited to, surveys, 0 ca m designs,plans and profiles,estimates,construction supervision,and the submission 10 o of necessary documents to the County. a m d 1.3 Applicant shall furnish drawings and cost estimates for roads within the Use By ti Special Review Plan to the County for approval prior to the letting of any —o o construction contract. Applicant shall furnish one set of reproducible "as-built" —C o drawings and a final statement of construction cost to the County. —o 0 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- °C way and easements on all lands and facilities traversed by the proposed improvements. au-. =N �N O `�' 1 2007-3504 3.0 Construction: Applicant shall furnish and install,at its own expense,the 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 private 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, if requested. 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, if requested. 3.5 Said 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. 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 against the 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 Private Improvements by the County: Upon compliance with the following procedures by the Applicant, private improvements within a Use By Special Review Boundary may be approved by the County as private improvements and will be maintained and repaired by the Homeowners Association or,in its absence,the owners of lots within the Use By Special Review Boundary. 1 111111 11111 111111111111 11111 VII III 11111 IIII IIII 3527276 01/04/2008 02:11P Weld County, CO 2 2 of 11 R 0.00 D 0.00 Steve Moreno Clerk& Recorder 6.1 If desired by the County, portions of the private 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. 6.2 County may, at its option, issue building permits for construction on lots for which private 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 of work on the 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 Private Improvements within the Use By Special Review Boundary and the filing of a Statement of Substantial Compliance, the applicant(s)may request in writing that the County Engineer inspect its private improvements and recommend that the 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 improvements,and notify the applicant(s)of any deficiencies. The County Engineer shall re-inspect the improvements after notification from the applicant(s)that any deficiencies have been corrected. If the County Engineer finds that the improvements are constructed according to County standards, he or she shall recommend full approval. Upon a receipt of a positive unqualified recommendation from the County Engineer for approval of private improvements within the Use By Special Review Boundary,the Board of County Commissioners shall fully approve said improvements. 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 fmal 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 re approval provided the cost estimates are updated and the development plans are mow -n Y revised to comply with all current County standards,policies and regulations. The luey.a`e improvements shall be completed within one(1) year after the Final Plat approval - oca 0 c (not one year after acceptable collateral is submitted) unless the applicant(s) a g requests that this Agreement be renewed at least thirty (30) days prior to its d expiration and further provides that cost estimates for the remaining improvements mom3 are updated and collateral is provided in the amount of One-Hundred percent rti (100%) of the value of the improvements remaining to be completed. If improvements are not completed and the agreement not renewed within these time —moo frames, the County, at its discretion, may make demand on all or a portion of the mm c c collateral and take steps to see that the improvements are made. cej -oc 7.2 The applicant may choose to provide for a phased development by means of o x designating filings of a Use By Special Review Final Plat. The applicant would need T only to provide collateral for the improvements in each filing as approved. The nCounty will place restrictions on those portions of the property that are not covered o - M 3 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 state 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 payment upon demand to Weld County if the developer has not performed the obligations specified in the Improvements Agreement and the issuer 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 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 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: 1111111 11111 111111 111111 III' 11111 111111 111 11111 11111111 4 3527276 01/04/2008 02:11P Weld County, CO 4 of 11 R 0.00 0 0.00 Steve Moreno Clerk& Recorder 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.I.)indicating that the value of the property encumbered in its current degree 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. 8.2.2 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 will not release any portion of such funds without prior approval of the Weld County Board of Commissioners. 8.3.3 The escrow agent will be a Federal or state-licensed bank or financial institution. 8.3.4 If Weld County determines there is a default of the Improvements Agreement,the escrow agent,upon request by the County,shall release any remaining escrowed 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: MID 11111 111111 111111 III' VIII 111111 III 11111 1111 IIII 3527276 01/04/2008 02:11P Weld County, CO 5 5 of 11 R 0.00 O 0.00 Steve Moreno Clerk& Recorder 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(CDOT)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 approved 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 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 Board of County Commissioners. (THERE IS NO SECTION 10) 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. 6 111111111111111111111111 II 11111 111111 III 111111111 III I 3527276 01/04/2008 02:11P Weld County, CO 6 of 11 R 0.00 D 0.00 Steve Moreno Clerk& Recorder IN WITNESS WHEREOF,the parties hereto have caused this Agreement to be executed on the day and year first above written. APPLICANT: 1254-- APPLICANT: TITLE: 0 LA t,,{ Subscribed and sworn to before me this an day of SEp{tat , 20 07 . """'iii"+++ ,;;\� it MME,/, • I -TI: aOTAAj :2 My Commi sion expires: �� NO N'; ;'; j O ot4ry Publi -5 • 42,‘,94. a 8 now O%,-55;.::.O + OF co\Po . -0SS/ON'EXPIPE.' ATTEST: � l.�./.Y/�'(/+� ]�'t�,/�. BOARD OF COUNTY COMMISSIONERS "�1 `�J ELD COUNTY, COLORADO Weld County Clerk to the Board l& {c + 1r C (- , v.x % A David E. Long , Chair BY. " ' ` *°' De ty Cle o the Board i NOV 1 4 2007 APPROVED AS TO FORM: ------'7 'County Attorney --- 111111111111113 11101 IIII MIDI III 11111 IIII IIII 3527276 01/04/2008 02:11P Weld County, CO 7 of 11 R 0.00 D 0.00 Steve Moreno Clerk& Recorder 7 07OD2_ 3`9f EXHIBIT "A" Name of Use By Special Review: JF Cattle/Johnson Dairy(John Johnson). Filing: 2nd AMUSR#1282 Location: 23016 WCR 74 and 35500 WCR 47 Eaton, CO 80651 Intending to be legally bound, the undersigned Applicant hereby agrees to provide throughout this Use By Special Review the following improvements. (Leave spaces blank where they do not apply) Improvements Quantity Units Unit Estimated Costs Construction Cost Site grading 50 50 2,500.00 Street grading N/A 1,9 met base Sr j 1c,, a s ,. 200 Ton 25 5,000.00 Street paving N/A Curbs,gutters,and culverts N/A Sidewalk N/A Storm sewer facilities N/A Retention ponds N/A Ditch Improvements TBD 4,000.00 Subsurface drainage N/A Sanitary sewers N/A Trunk and forced lines N/A Mains N/A Laterals(house connected) N/A On-site sewage facilities N/A On-site water supply and storage N/A Water Mains(includes bore) N/A Fire hydrants N/A Survey and street monuments and boxes N/A Site lighting TBD 1500.00 Street Names N/A Fencing requirements TBD 1,000.00 Landscaping 32 4' Trees 100 3,200.00 - c- oi Park improvements N/A Road culvert TBD 1,000.00 -0 Y Grass lined swale N/A d Telephone N/A = e Gas N/A o Electric N/A 0 TD g Water transfer N/A — SUB-TOTAL: 18,200.00 tea:, wry oo Engineering and Supervision Costs $ - 0 o —o G (Testing, inspection, as-built plans and work in addition to preliminary and final plat; supervision of actual o construction by contractors) =vo —oo o cc TOTAL ESTIMATED COST OF IMPROVEMENTS AND SUPERVISION $ co -CM The above improvements shall be constructed in accordance with all County requirements and specifications, nom 1-- Mand conformance with this provision shall be determined solely by Weld County,or its duly authorized agent. - co Said improvements s all be completed a ording to the construction schedule set out in Exhibit "B". •'P ;. By ` \71. licant ? e_,Aay z Applicant y/SS'ON EXPI n..... O O CO tJ 6 Date: Not, t , 20O1 . Title (If corporation, to be signed by President and attested to by Secretary, together with corporate seal.) 111111111111111111111111 1111 11111 111111 III 1111111111111 3527276 01/04/2008 02:11P Weld County, CO 9 of 11 R 0.00 D 0.00 Steve Moreno Clerk& Recorder 9 EXHIBIT"B" Name of Use By Special Review: JF Cattle/Johnson Dairy(John Johnson). Filing: 2nd AMUSR#1282 Location: 23016 WCR 74 and 35500 WCR 47 Eaton,CO 80651 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 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 08/01/2008 Street base 08/01/2008 Street paving N/A Curbs, gutters,and culverts N/A Sidewalk N/A Storm sewer facilities N/A Retention ponds N/A Ditch improvements 08/01/2008 Subsurface drainage N/A Sanitary sewers N/A Trunk and forced lines N/A Mains N/A Laterals(house connected) N/A On-site sewage facilities Completed On-site water supply and storage Completed Water mains N/A Fire hydrants N/A Survey and street monuments and boxes N/A Site lighting 08/01/2008 Street name signs N/A Fencing requirements 08/01/2008 Landscaping 08/01/2008 Park improvements N/A Road culvert 08/01/2008 Grass lined swale N/A Telephone N/A Gas Completed Electric Completed Water Transfer N/A SUB-TOTAL: 1 111111 11111 111111 111111 1111 11111 111111 111 111111 III IIII 3527276 01/04/2008 02:11P Weld County, CO 10 of 11 R 0.00 D 0.00 Steve Moreno Clerk& Recorder 10 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 m t. -- c$ p PUBLIC Jo O : FOF CC` at-. Applicant ASS .III exP aE oN 0 C 1J 6 Date:1t)i• , 20 CA . Title (If corporation,to be signed by President and attested to by Secretary,together with corporate seal.) 1 11111111111 111111110 IIII 11111 111111 III 111111 till 3527276 01/04/2008 02:11P Weld County, CO 11 of 11 R 0.00 D 0.00 Steve Moreno Clerk& Recorder 11 /(47/ d°19 C- L NEW FRONTIER BANK October 9, 2007 Board of County Commissioners ATTN: Clerk to the Board P.O. Box 758 Greeley, CO 80632 Re: Irrevocable Letter of Credit #106-01 —JF Cattle Company/Johnson Dairy Dear Clerk to the Board: New Frontier Bank hereby opens our Irrevocable Letter of Credit #106-0I in your favor for an aggregate amount not to exceed the sum of Eighteen Thousand Two Hundred Dollars and 00/100 ($18,200.00), effective immediately relative to the obligation of JF Cattle Company/Johnson Dairy to comply with the Improvements Agreement According to Policy Regarding Collateral for Improvements dated the 9TH_ day of October, 2007 by and between JF CATTLE COMPANY/JOHNSON DAIRY and the Board of County Commissioners of the County of Weld. ("Agreement" attached and referenced as Exhibit A). Funds under this Letter of Credit #106-01 are available to you by your site draft on us at New Frontier Bank's main branch located at 2425 35`h Avenue, Greeley, Colorado, referencing this Letter of Credit#106-01, and must be accompanied by a signed statement from the Board of County Commissioners of Weld County, Colorado stating "JF Cattle Company/Johnson Dairy has committed a material breach of the improvements pursuant to the Improvements Agreement According to Policy Regarding Collateral for Improvements dated the 9`h day of October, 2007 by and between_JF CATTLE COMPANY/JOHNSON DAIRY and the Board of County Commissioners of the County of Weld." At all times, New Frontier Bank guarantees that the unreleased portion of this Letter of Credit#106-01 shall be equal to a minimum of One-Hundred percent(100%) of the estimated cost 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 Agreement According to Policy Regarding Collateral for Improvements. New Frontier bank will sign the 2425 35th Avenue • Greeley, Colorado 80634 • 970-339-5100 • Fax 970-339-5200 Board of County Commissioners October 9, 2007 Page 2 Agreement According to Policy Regarding Collateral for Improvements acknowledging the Agreement and its cost estimates. Fifteen percent (15%) of the total Letter of Credit, or Two Thousand Seven Hundred and Thirty Dollars ($2,730.00) cannot be drawn upon and will remain available to Weld County unless and until released by Board of County Commissioners of Weld County, Colorado. This Letter of Credit#106-01 shall expire either upon the date of release of the Board of County Commissioners of Weld County, Colorado, of the final fifteen percent(15%) of the total Letter of Credit or one year from the date of Final Platt approval, whichever comes first. In any event, this Letter of Credit#106-01 shall remain in full force and effect until after the Board of County Commissioners of Weld County, Colorado has received written notice from New Frontier Bank at least sixty days (60) prior to the pending expiration. This notice shall be delivered to the Board of County Commissioners of Weld County, Colorado by certified mail. 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." Sincerely, Greg Bell Sr. Vice President New Frontier Bank MEMORANDUM winkTO: Board of County Commissioners 11/6/2007 COLORADO FROM: Chris Gathman - Planner II , SUBJECT: Acceptance of Collateral for 2nd AMUSR-1282 The Department of Planning Services received collateral in the form of a Irrevocable Letter of Credit (#106-01) in the amount of Eighteen-Thousand Two-Hundred Dollars ($18,200.00)for on-site improvements for Second Amended Use by Special Review Permit 1282 (JF Cattle Company/John Johnson). Collateral covered the following items: Site Grading estimate $ 2,500.00 Street Base estimate $ 5,000.00 Ditch Improvements estimate $ 4,000.00 Site Lighting estimate $ 1,500.00 Fencing Requirements estimate $ 1,000.00 Landscaping estimate $ 3,200.00 Road Culvert estimate $ 1,000.00 Total Estimated Cost of Improvements and supervision $ 18,200.00 The improvements agreement and collateral has 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. SERVICE,TEAMWORK,INTEGRITY,QUALITY MEMORANDUM TO: Jacqueline Hatch, Planning Services DATE: Nov. 2/2007 FROM: Donald Carroll, Engineering Administrator SUBJECT: 2ndAmUSR-1282, JF Cattle Company/Johnson Dairy The Weld County Public Works Department has reviewed the Exhibit A portion for the Improvements Agreement According to Policy Regarding Collateral for Improvements (private). The transportation items appear to be adequate. The Public Works Department accepts that the estimated construction costs are adequate. pc: 2ndAmUSR-1282 M:\PLANNING—DEVELOPMENT REVIEW\USR-Use by Special RevieM2ndAmUSR-1282.DOC FDIC Federal Deposit Insurance Corooration 1601 Bryan Street, Dallas,TX 75201 Division of Resolutions and Receiverships July 21, 2009 CERTIFIED MAIL RETURN RECEIPT REQUESTED RECEIPT NO. 7007 OQQ O Ooh CP 7oq as 75 Weld County Board of County Commissioners ATTN: Clerk of the Board P.O. Box 758 Greeley, CO 80623 Subject: 10050—New Frontier Bank Greeley, CO—In Receivership Closing Date: April 10,2009 Claims Bar Date: 90 Days From the Date of this Letter Irrevocable Letter of Credit No. 106-01 Dear Sir or Madam: The above-captioned institution (the "Institution") was closed on the Closing Date referenced above and the Federal Deposit Insurance Corporation was appointed as receiver of the Institution (the "Receiver"). Under the laws of the United States, the Receiver is charged with the duty of winding up the affairs of the Institution. In order to achieve this goal, the Receiver is given the right under 12 U.S.C. Section 1821(e) to repudiate undertakings entered into by the Institution where it finds such undertakings to be burdensome and where such repudiation will promote the orderly administration of the Institution's affairs. The Institution's records indicate that you may be a beneficiary of a letter of credit as referenced above. The Receiver has determined that the above-described letter of credit is burdensome and that disaffirmance of said letter of credit will promote the orderly administration of the Institution's affairs. The purpose of this letter is to inform you that the Receiver has elected to disaffirm the above-referenced letter of credit to the full extent, if any, that it represents an enforceable obligation of the Institution or the Receiver. You may determine that the Receiver's decision to disaffirm your letter of credit gives you a claim against the receivership estate. If so, you must file a Proof of Claim in writing, together with proof thereof, by the Claims Bar Date referenced in the caption hereof. Under federal law,with certain limited exceptions, failure to file claims by the Claims Bar Date will result in disallowance by the Receiver, the disallowance will be final, and further rights or remedies with regard to claims will be barred. A Proof of Claim form may be obtained by calling 1-888- 206-4662 or visiting www.fdic.gov. q'©D i 3521/ ,Dz 27'Ji If you have any further questions concerning the claims process, you may direct your inquiry to Bart Jones at 970-339-5100 ext. 414. Federal Deposit Insurance Corporation as Receiver of New Frontier k • By: Gary 94ebenfor/rccher G Title: Post Closing Asset Manager Hello