HomeMy WebLinkAbout20071297.tiff RESOLUTION
RE: APPROVE PARTIAL CANCELLATION AND RELEASE OF COLLATERAL FOR
1j WATERFORD HILL PLANNED UNIT DEVELOPMENT FINAL PLAN, PF #1095 -WHITE
WOLF, 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, by Resolution dated August 9, 2006, the Board of County Commissioners
approved a Planned Unit Development Final Plan, PF #1095, for White Wolf, LLC, 1719 East
Mulberry, Fort Collins, Colorado 80524, for Waterford Hill Planned Unit Development for nine (9)
lots with E (Estate) Zone uses on the following described real estate, to wit:
Part of the SE1/4 of Section 31, Township 8 North,
Range 67 West of the 6th P.M., Weld County,
Colorado, and
WHEREAS, on September 6, 2006, the Board of County Commissioners of Weld County,
Colorado, approved an Improvements Agreement According to Policy Regarding Collateral for
Improvements(Private Road Maintenance)for Waterford Hill Planned Unit Development, between
the County of Weld, State of Colorado, by and through the Board of County Commissioners of
Weld County, and White Wolf, LLC,with terms and conditions being as stated in said agreement,
and accepted Irrevocable Standby Letter of Credit, CTCS-277311, drawn on JPMorgan Chase
Bank, N.A.,do JPMorgan Treasury Services Global Trade Services, 10420 Highland Manor Drive,
Tampa, Florida 33610, in the amount of$666,050.00, and
WHEREAS, on January 22, 2007, the Board approved Resolution #2007-0205, partially
releasing collateral, in the amount of$388,962.00, retaining $277,088.00 to cover the remaining
improvements, and
WHEREAS, staff from the Weld County Departments of Public Works and Planning
Services have conducted a visual inspection and recommends a partial release of said collateral,
in the amount of$182,712.00, retaining $94,376.00 to cover the remaining improvements, and
WHEREAS, upon the recommendation of staff, the Board deems it advisable to release
said collateral.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld
County, Colorado that collateral, in the amount of $277,088.00 be reduced by $182,712.00,
retaining $94,376.00 to cover the remaining improvements, and
BE IT FURTHER RESOLVED by the Board that the Clerk to the Board be, and hereby is,
directed to reduce said collateral.
AIM 11111MUM' 11111 VIII 1111111 IIIVIIIIIII IIII
3477793 05/23/2007 12:38P Weld County, CO 2007-1297
1 of 2 R 0.00 D 0.00 Steve Moreno Clerk& Recorder PL1821
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CANCEL COLLATERAL - WHITE WOLF, LLC
PAGE 2
The above and foregoing Resolution was,on motion duly made and seconded,adopted by
the following vote on the 7th day of May, A.D., 2007.
BOARD OF COUNTY COMMISSIONERS
WU TY, CO RADO
ATTEST:
ionekta0
%' ►�k . Long, Chair I
Weld County Clerk to the Boar.I 186! wag
o-Tem
BY: n 4/ae14
Deputy Clerk to the Bodrd
Wi F. G rcia
APP AST •
bert D. Masden
my Att rney letean.
Douglas Rademacher
Date of signature: 5/7/97
1111111 11111 111/111111 11111 VI11 1111111 III 11111 IIII IIII
3477793 05/23/2007 12:38P Weld County, CO 2007-1297
2 of 2 R 0.00 D 0.00 Steve Moreno Clerk& Recorder PL1821
(t MEMORANDUM
V �. FROM Chrs TO: Board of County Commissioners
Palnner ers t 5/4/2007
COLORADO
SUBJECT: Partial Release of Collateral for PF-1095 (Waterford Hills PUD)
On September 6, 2006 the Board of County Commissioners approved collateral in the form of
an Irrevocable Standby Letter of Credit the amount of Six-Hundred Sixty-Six Thousand and Fifty
Dollars ($666,050.00) for PF-1095 (Waterford Hills PUD). Collateral was then partially reduced
to Two-Hundred Seventy-Seven Thousand and Eight-Eight Dollars ($277,088.00).
The applicants have indicated that remaining site improvements have been completed with the
exception of $7,500.00 under the landscaping entrance category to allow for spraying of weeds
if it becomes an issue along with the 15% warranty collateral.
The applicants are requesting a partial reduction of collateral in the amount of One-Hundred
Eighty-Two Thousand and Seven-Hundred Twelve Dollars ($182,712.00). If granted, this would
leave a remaining collateral balance of Ninety-Four Thousand and Eight-Hundred Seventy-Six
Dollars ($94,376.00) to cover remaining improvements. 7 fret -
The Departments of Planning Services and Public Works recommend that this collateral be
partially reduced.
SERVICE.TEAMWORK,INTEGRITY,QUALITY
2007-1297
a
i MEMORANDUM
TO: David Bauer, Public Works Department DATE: 27-April-2007
FROM: Richard Hastings, Engineering Inspector, Public Works Department
COLORADO SUBJECT: MF#1095 Waterford Hills Planned Unit Development(Final Plat) Final Collateral
Request/Release.
Weld County Public Works Department has reviewed final plan materials submitted to our office and has the
following development referral comments.
Comments
❑ The Public Works Department has received a request from the applicant,Mr. Mary Barstow, White Wolf LLC, requesting a final
release of partial collateral for on-site improvements pertaining to MF-1095 Waterford Hills Planned Unit Development in a letter
dated April 27th, 2007. I have observed and noted this project; with the assistance of the inspection staff and feel the work
completed to date is acceptable.
Cl Public Works has reviewed the letter of request and feels that the request is in line with the work completed. The letter requests'
that $182,712.00 from the remaining $277,088.00 be released. A warranty collateral balance of $94,376.00 will be due upon
approval that will initiate the commencement of the one year warranty period.
❑ The applicant has entered into Private Road Maintenance agreement with Weld County.
Recommendation
❑ Public Works agrees with this request and all relevant supporting documentation has been received and is on file in
Public Works.
PC::MI'-1060 Waterford Bills Pt1D(Final Plat)
Email&Original: Engineer:David Bauer
�. .k Page 1 of 1
ii Lind 1719 East Mulberry
+� +� �� Fort Collins, Colorado 80524
EX b - , 970-221-1428
Weld County Planning Department
GREELEY OFFICE
MAY 0 200:
April 30, 2007 RECEIVED
Chris Gathman
Weld County Planning Dept.
918 10`h St.
Greeley, CO. 80631
Dear Chris,
Enclosed is a copy of a letter to Weld County Public Works Dept. together with
attachments concerning improvements completed at Waterford Hill P.U.D. All
improvements have been completed. We are requesting a reduction in our Letter of
Credit held by Weld County to $94,376.00. This represents $7,500.00 to assure we spray
for weeds as necessary ( see letter to Tracy Dyer) plus $86,376.00 as Warranty Collateral.
The $86,376.00 is 15% of all estimated costs, including several items approved by Public
Utilities such as Xcel. Poudre Valley REA, North Weld County Water District, and
Qwest. In reading the Subdivision Improvement Agreement I think that 15% of these
items would not be required. Regardless we have no problem leaving the balance of the
Letter of Credit at the $94,376.00 level if that would keep things easier. I've also
enclosed a copy of the Board of Commissioners Resolution whereby the Letter of Credit
may be reduced rather than be replaced.
Please schedule us to be on the agenda to consider this matter as soon as reasonably
possible.
Thank you.
Sincerely,
l/i1, i . is
Mary Barstow
Manager
White Wolf LLC
Specializing in land development and real estate investments.
•
t I Land 1719 East Mulberry
U i � ' -' Fort Collins, Colorado 80524
BitC r I , g v 970-221-1428
April 27, 2007
Weld County Public Works Dept.
Attn: Tracy Dyer, Lead Construction Inspector
P.O. Box 758
Greeley, Co. 80632-0758
Dear Sir.
This letter is requesting release of collateral for Waterford Hill P1ID in the amount of
$182,712.00 . All remaining items have been completed, including storm sewer
(detention pond), street signs, fencing, landscaping/entrance (including seeding/erosion
control), natural gas, and the remaining 50% of engineering. Enclosed arc letters from
Xcel and KBN Engineers. Also enclosed is a copy of Exhibit "A" to the Subdivision
Agreement showing the items to be released. We are requesting release of all estimated
costs except$7,500 under the "Landscaping/Entrance" category. Rocky Mountain
Seeding did our seeding. They assure us all seed and mulch used meets CDOT standards
for "weed-free", but do not have the evidence required by CDOT standards. The $7,500
not being released is to assure Weld County that if a weed problem appears we will spray
for the weeds. After the release of the $182,712.00 there will $86,876.00 on the Letter of
Credit (which is 15% of the total costs, including engineering, shown on Exhibit "A"), in
addition to the $7,500.00 Landscaping/Entrance retainage for a total of$94,376.00.
Please call myself or Jerry Bragg with Schmidt Farthbuilders (566-5607) if you have ally
questions.
Thank you.
Sincerely,
Mary Barstow
Manager
White Wolf LLC
970-227-2725
Specializing in land development and real estate investments.
s. l = L ' E. /./. l
2
// ` ` CC-
EXHIBIT
"A" ., A? '/ < %>c, c ; -7/ 1
Name of Subdivision
or Planned Unit Development:_Waterford Hill PUP /.5 C f( - , t.- `/
Piling; -
Location: a part of the SE'/a Section 31,Township 8 North, Range 67 West
Intending to be legally bound, the undersigned Applicant hereby agrees to provide throughout this Subdivision or
Planned Unit Development the following improvements. (Leave spaces blank where they do not apply)
Improvements Quantity Units Unit Estimated Construction
Costs cox
Site grading 1 LS $117,000
Street grading
Detention pond
Street base 1 LS 56,000
Street paving
Storm sewer facilities 1 LS 9,250
Water Mains 1 LS 104,000
Fire hydrants
Street Signs 1 LS 1,000
Fencing requirements 1 LS 64,500
Landscaping/Entrance 1 LS 46,142 s,"4: zy.2
Telephone 1 LS 4,756
Gas 1 LS 44,320
Electric 1 LS -- 19,356
Off-Site Water 1 LS 42,850
SUB-TOTAL: $529,174
Engineering and Supervision Costs $ 50,000 S0 °7O = ZS UO(J
C; r
P } l2 '� 71G
8 y ,. tIL - c
ill "
0 Xcel Energy°
1901 East Horsetooth Road
Fort Collins, Colorado R0525
March 6, 2007
Mary Barstow
1719 E Mulberry St
Fort Collins, CO 80524
Dear Customer:
Xcel Energy received your full payment to install gas main to
Waterford Hill in Fort Collins. Gas main has been installed to the
interior of the subdivision. We are working on completing the gas
main on County Road 15. We expect to be done with this job by April
1st.
If you have any further questions, please call me at 970-225-7828.
Thank You,
Stephanie Rich
Xcel Energy
ri MI
IL - . ►
ENGINEERSI
April 17, 2007
White Wolf, LLC
Attention: Mr. Mary Barstow
1719 E. Mulberry Street
Fort Collins, CO 80524
Re Waterford Hill PUD — Substantial Completion
Dear Mr Barstow,
Ketterling, Butherus & Norton Engineers, LLC. made an on-site observation of the
construction of improvements for Waterford Hill PUD on April 17, 2007 and found that the
overall prnjet;t Mig coltgtrl_lcted in general conformance with the Waterford PUD
Construction Drawings.
The construction plans utilized for this subdivision were documents that were approved by
Weld county.
FfC:
Dana R. Foreman, PE , c, 0 �
Registered Professional Engineer
State of Colorado No. 38071 r; • _/?_°
Ketterling, Putherus t Norton Engineers, LLC.
H;%)liter ,'b',t (u',r.^'y.L t')t.hl+. Rfli,3) . ter VU 9iABlill ta•9/LI Y'"'NI
JPMorganChase 0 62'77.JPMorgan Chase Bank N.A. 7
c/o JPMorgan Treasury Services
Global Trade Services
10420 Highland Manor Drive
Tampa,FL 33610
MAY 18, 2007
OUR L/C NO. : CTCS-277311
AMENDMENT NO. : 2
TO: APPLICANT:
BOARD OF COUNTY COMMISSIONERS WHITE WOLF, LLC
OF WELD COUNTY, COLORADO 1719 E MULBERRY ST
ATTN:CLERK OF THE BOARD FORT COLLINS, CO 80524
915 10TH STREET
GREELY, CO 80631
IN ACCORDANCE WITH INSTRUCTIONS RECEIVED, THE ABOVE REFERENCED STANDBY
LETTER OF CREDIT HAS BEEN AMENDED AS FOLLOWS:
RECEIVER'S REFERENCE: NONREF
L/C DECREASED BY: USD571 ,674 . 00
THIS LETTER OF CREDIT HAS BEEN DECREASED TO A NEW AGGREGATE AMOUNT OF
U.S.$94 ,376.00 (NINETY FOUR THOUSAND THREE HUNDRED SEVENTY SIX AND 00/100
U.S. DOLLARS) .
THIS IS DONE IN ACCORDANCE TO BENEFICIARY'S CONSENT DATED MAY 9, 2007 AND
SIGNED BY DONNA J. BECHLER, DEPUTY CLERK TO THE BOARD.
ALL OTHER TERMS AND CONDITIONS OF THE CREDIT REMAIN UNCHANGED.
UTHORI ED SIGNATURE
171119 Andy 1.iamaga Page I of 1
CLERK TO THE BOARD
PHONE (970) 336-7215, Ext. 4225
WinFAX: (970) 352-0242
P. O. BOX 758
C. GREELEY, COLORADO 80632
COLORADO
May 9, 2007
RITA GLASER
VP, CHASE SMALL BUSINESS FINANCIAL SERVICES
2000 SOUTH COLLEGE AVENUE
FORT COLLINS, COLORADO 80525
RE: Partial cancellation and release of Collateral - Waterford Hill Planned Unit Development
Plan - White Wolf, LLC
To Whom It May Concern:
Attached hereto please find a copy of the Board of County Commissioner's Resolution
approving the partial cancellation and release of collateral, in the amount of$182,712.00, and
retaining $94,376.00 to cover the remaining improvements.
If you have questions or need additional information, please do not hesitate to contact me at
(970) 356-4000, Extension 4217.
Very truly yours,
BOARD OF COUNTY COMMISSIONERS
By:
D nna J. Becher,
Deputy Clerk to the Board
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