HomeMy WebLinkAbout20062460 RESOLUTION
RE: APPROVE IMPROVEMENTS AGREEMENT ACCORDING TO POLICY REGARDING
COLLATERAL FOR IMPROVEMENTS(PRIVATE ROAD MAINTENANCE),AUTHORIZE
CHAIR TO SIGN, AND ACCEPT COLLATERAL FOR WATERFORD HILL PLANNED
UNIT DEVELOPMENT FINAL PLAN, MF#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,on 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 nine(9)lots with E (Estate)Zone uses(Waterford Hill PUD)on the following
described real estate, to-wit:
Pad of the SE1/4 of Section 31, Township 8 North,
Range 67 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 White Wolf, LLC,with terms and conditions being as
stated in said agreement, and
WHEREAS,the Board has been presented with Irrevocable Standby Letter of Credit,CTCS-
277311 from JPMorgan Chase Bank,N.A.,do JPMorgan Treasury Services,Global Trade Services,
10420 Highland Manor Drive, Tampa, Florida 33610, for the account of White Wolf, LLC, in the
amount of$666,050.00, and
WHEREAS, the Board has been presented with Amendment #1 to Irrevocable Standby
Letter of Credit CTCS-277311,which states the Letter of Credit may be reduced from time to time,
as improvements are completed, upon receipt of a signed,dated,and attested to Resolution from
the Board of County Commissioners of Weld County, Colorado, as Beneficiary, authorizing the
reduction of the Letter of Credit by a specified amount, 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.
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*A/9 9 2006-2460
PL1821
/o %7-ado
IMPROVEMENTS AGREEMENT - WHITE WOLF, LLC
PAGE 2
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 White Wolf, LLC, be,and hereby
is, approved.
BE IT FURTHER RESOLVED that Irrevocable Standby Letter of Credit,CTCS-277311 from
JPMorgan Chase Bank, N.A., c/o JPMorgan Treasury Services, Global Trade Services, 10420
Highland Manor Drive, Tampa, Florida 33610, in the amount of$666,050.00, be and hereby is,
accepted.
BE IT FURTHER RESOLVED that Irrevocable Standby Letter of Credit,CTCS-277311 may
be reduced from time to time,as improvements are completed,upon receipt of a signed,dated,and
attested to Resolution from the Board of County Commissioners of Weld County, Colorado, as
Beneficiary, authorizing the reduction of the Letter of Credit by a specified amount, and
The above and foregoing Resolution was,on motion duly made and seconded,adopted by
the following vote on the 6th day of September, A.D., 2006.
,yIF BOARD OF CsUNTY COMMISSIONERS
,p ELD COU Y, COLORADO
ATTEST: gaa
. J( ile, Chair
Weld County Clerk to the g'7
David E. Long, Pro-Tern
BY: iu i (i t
Depu Clerk t. he Board
Willia H Jerke
AEDAST •
Robert . Mas en
unty Attorney ��
Glenn Vaad ._c_—
Date of signature: 9 I f 1 .
2006-2460
PL1821
395
IMPROVEMENTS AGREEMENT ACCORDING TO
POLICY REGARDING COLLATERAL FOR IMPROVEMENTS
(PRIVATE ROAD MAINTENANCE)
THIS AGREEMENT,made and entered into this/f day ofAc c ;7--) 7 ,20(Y,.by and between the
County of Weld,State of Colorado,acting through its Board of County Commoners,hereinafter called"County,"and
White Wolf, LLC 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:
WATERFORD HILL P.U.D.
WHEREAS, a Final Subdivision/Planned Unit Development (PUD) plat of said property, to be known as
Waterford Hill PUD 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 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 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
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the design and construction of the Subdivision or Planned Unit Development improvements listed on Exhibit
o "A," which is attached hereto and incorporated herein by reference.
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°C 1.1 The required engineering services shall be performed by a Professional Engineer and Land Surveyor
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•o` registered in the State of Colorado,and shall conform to the standards and criteria established by the
County for public improvements.
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0 d 1.2 The required engineering services shall consist of, but not be limited to,surveys,designs,plans and
Wm ,, o profiles, estimates, construction supervision, and the submission of necessary documents to the
County.
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r 1.3 Applicant shall furnish drawings and cost estimates for roads within the Subdivision or Planned Unit
o o Development to the County for approval prior to the letting of any construction contract. Applicant
- o shall furnish one set of reproducible"as-built"drawings and a final statement of construction cost to
o c the County.
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s ce 2.0 Rights-of-Way and Easements: Before commencing the construction of any improvements herein agreed upon,
n r Applicant shall acquire,at its own expense,good and sufficient rights-of-way and easements on all lands and
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facilities traversed by the proposed improvements.
3.0 Construction: Applicant shall furnish and install, at its own expense, the Subdivision or Planned Unit
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 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 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,
0 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
Wm— c and attorney fees incurred by County in defending such suit, action or claim whether the liability, loss or
a,_ damage is caused by, or arises out of the negligence of the County or its officers, agents, employees, or
e v otherwise except for the liability,loss,or damage arising from the intentional torts or the gross negligence of the
- 0 d County or its employees while acting within the scope of their employment. All contractors and other
s T o employees engaged in construction of the improvements shall maintain adequate worker's compensation
�2 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)
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0 0 6.0 Approval of Streets by the County: Upon compliance with the following procedures by the Applicant,streets
sc within a Subdivision or Planned Unit Development may be approved by the County as public roads and will be
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maintained and repaired by a Homeowners Association or, in its absence, the owners of lots within the
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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.
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 of 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 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 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 or she shall recommend full approval. Upon a receipt of a positive
unqualified recommendation from the County Engineer for approval of streets within the 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 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 be completed within one(1)year after the Final Plat approval(not one year
alter acceptable collateral is submitted) unless the applicant(s) requests that this Agreement be
d renewed at least thirty(30)days prior to its expiration and lierther provides that cost estimatesibr the
ii•mmo 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
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e completed and the agreement not renewed within these time frames,the County,at its discretion,may
r-2 s make demand on all or a portion of the collateral and take steps to see that the improvements are made.
- o 7.7 The applicant may choose to provide for a phased development by means of designating filings of a
Nom°J d Planned Unit Development Final Plat or Subdivision Final Plat. The applicant would need only to
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—d 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
n y 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.
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- 0 7.3 The applicant intends to develop in accordance with Exhibits"A"and "B."
-Op C 8.0 Improvements Guarantee: The five types of collateral listed below are acceptable to Weld County subject to
MINN-M o final approval by the Board of County Commissioners.
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1=1 re 8.1 An irrevocable Letter of Credit from a Federal or State licensed financial institution on a form
in r approved by Weld County. The Letter of Credit shall state at least the following:
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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."
8.12 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(I5%),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 ofCredit 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
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e eE property encumbered in its current degree of development is sufficient to cover One-Hundred
s percent(100%)of the cost of the improvements as set forth in the Improvements Agreement
plus all costs of sale of the property.
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�0 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
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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
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-C9 o0 8.2.3 A title insurance policy insuring that the Trust Deed creates a valid encumbrance which is
-o o senior to all other liens and encumbrances.
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r 8.2.4 A building permit hold shall be placed on the encumbered property.
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8.3 Escrow Agreement that provides at least the following:
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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:
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.
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o 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
IMMEo aft town for any utilities.
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c 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
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°J state the results of fire flow tests.
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� 9.6 The requirements in paragraphs 9.0 thru 9.5 shall be noted on the final construction plans.
rn 9.7 Following the submittal of the Statement of Substantial Compliance and recommendation of approval
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o of the streets by the County, the applicant(s) may request release of the collateral for the project or
o c portion of the project by the Board. This action will be taken at a regularly scheduled public meeting
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0 of the Board.
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c C 9.8 The request for release of collateral shall be accompanied by"Warranty Collateral" in the amount of
cc fifteen percent (15%) of the value of the improvements as shown in this Agreement excluding
a t r improvements fully accepted for maintenance by the responsible governmental entity,special district
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or utility company.
9.9 The warranty collateral shall be released to the applicant upon final approval by the Board of County
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 sites other
than Subdivision or Planned Unit Development streets and utility easements ofa character,extent and location
suitable for public use for parks,greenbelts or schools,said actions shall be secured in accordance with one of
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 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 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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1 44395 R 0 000 D 0.00 Steve Mo
of reno Clerk&
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IN WITNESS WHEREOF,the parties hereto have caused this Agreement to be executed on the day and year
first above written. / / / // /
APPLICANT:/l''f 7, t� , i /T l�l La
APPLICAN : S /7
TITLE: 71'/rc /t-c z_c/ C,—/----
Subscribed and sworn to before me this /.5 day of/I tc, , 2(CL. J!
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My Commission expires: _ c C 'Y ZS' � -c rc L( • ,,
Notary Public .,"..\,C.• ••cn ,4. m V
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ATTEST: !/� � ' x�1/''�• BOARD OF COUNTY COMMISSIONERS
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S.),,;;;.1.:;/.1) WELD COUNT ,COLORADO
Weld County Clerk to the Board yt fi 4. 1
N., .^ ,T Geile , Chair SEP 0 6 2006
A
Dep y Clerk t ,he Board
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APPROVED AS TO FORM: C Z.County Attorney
MIME IIII 111111111111 III 111111111 IIII
3424395 10/03/2006 02:17P Weld County, CO
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EXHIBIT "A"
Name of Subdivision
or Planned Unit Development: Waterford Hill PUD
Filing:
Location: a part of the SEA 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 Cost
Site grading 1 LS $117,000
Street grading
Detention pond
Street base I LS 56,000
Street paving
Storm sewer facilities 1 LS 9,250
Water Mains 1 LS 104,000
Fire hydrants
Street Signs I LS 1,000
Fencing requirements I LS 64,500
Landscaping/Entrance I LS 46,142
Telephone I LS 4,756
Gas I LS 44,320
Electric 1 LS 39,356
Off-Site Water 1 LS 42,850
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-r rc Engineering and Supervision Costs$ 50,000
rn (Testing, inspection,as-built plans and work in addition to preliminary and final plat;supervision of actual construction
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TOTAL ESTIMATED COST OF IMPROVEMENTS AND SUPERVISION $ 579,174
LETTER OF CREDIT AMOUNT : 579,174 x 115%=$ 666,050
The above improvements shall be constructed in accordance with all County requirements and specifications, and
conformance with this provision shall be determined solely by Weld County,or its duly authorized agent.
Said improvements shall he completed according to the construction schedule set out in Exhibit "B."
By: L LJ —C
Applicant ,, r
Applicant O)
(A� I
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Title
(If corporation, to be signed by President and attested to by Secretary, together with corporate seal.)
1111111 11111 11111111111 IIII 111111111111111 11111 IIII IIII
3424395 10/03/2006 02:1713 Weld County, CO
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EXHIBIT "B"
Name of Subdivision
or Planned Unit Development: Waterford Hill PUD
Filing:
Location: a part of the SPA Section 3I,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.
All improvements shall be completed within one(1) year 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 October 2006
Detention pond October 2006
Water mains November 2006
Fire hydrants November 2006
Storm sewer facilities November 2006
Street base November 2006
Street paving December 2006
Street name/Stop signs January 2007
Telephone January 2007
Gas January 2007
Electric January 2007
Fencing requirements April 2007
Landscaping April 2007
I IIIIII 11111 1311111111111 H111 IIIIII III IIIIII III IIII
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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: IA) 1r) ) 1A-)GA. F ,
Applicant
Applicant (�
/ r 1 I ) v Date: R ll S ,20 D
itle
(If corporation,to be signed by President and attested to by Secretary,together with corporate seal.)
11111111111 /iii IIIIII IIII 11111 111111 III 11111 III 1111
3424395 10/03/2006 02:17P Weld County, CO
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it CI: z.l... 16 MEMORANDUM
WIlD TO: Board of County Commissioners 8/23/2006
COLORADO FROM: Chris Gathman - Planner II
SUBJECT: Acceptance of Collateral for PF-1095 (Waterford Hill PUD)
On August 22, 2006 the Department of Planning Services received collateral in the form of a
Irrevocable Letter of Credit (CTCS-277311) in the amount of($666,050.00) for PF-1095
(Waterford Hill PUD).
Collateral covered the following items:
Site Grading estimate $ 117,000.00
Street Base estimate $ 56,000.00
Storm Sewer Facilities estimate $ 9,250.00
Water Mains estimate $ 104,000.00
Street Signs estimate $ 1,000.00
Fencing Requirements estimate $ 64,500.00
Landscape/Entrance estimate $ 46,142.00
Telephone estimate $ 4,756.00
Gas estimate $ 44,320.00
Electric estimate $ 39,356.00
Off-Site Water estimate $ 42,850.00
Engineering and Supervision Costs estimate $ 50,000.00
15% contingency $ 86,876.00
Total Estimated Cost of Improvements and supervision $ 666,050.00
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
Weld County Planning Department
GREELEY OFFICE
JJ� 2006
t‘iteit MEMORANDUM RECEivrD
TO: Chris Gathman, Planning Department DATE: 6-July-2006
ID
WI e• FROM: Jesse Hein, Public apartment
COLORADO SUBJECT: PF-1095 Waterford Hill PUD(Final Plat)
Weld County Public Works Department has reviewed these final plan materials and has the following development
referral comments.
Comments
❑ Easements shall be shown on the final plat in accordance with County standards (Sec.24-7-60) and / or Utility Board
recommendations. Side line easements shall be shown.
❑ The applicant must submit final roadway, drainage, utility / construction plan drawings (stamped, signed, and dated) to Public
Works for Weld County Field Inspectors' use during construction of the subdivision.
o Roadway cross section plans shall also be submitted with the construction drawings.
o Stop sign and street name signs will be required at all intersections.
❑ The Waterford Hill P.U.D.- Final Drainage Report, dated June 9, 2006 by Kettleburg, Butherus and Norton Engineers LLC.
(Project Number:05026)is generally acceptable to Public Works.
o The drainage report does not include a copy of a FEMA map.
o The final drainage report shall include a flood hazard review documenting any FEMA defined floodways. The
engineer shall reference the specific map panel number, including date. The development site shall be located on
the copy of the FEMA map.
o The applicant must resubmit sheet 16 of the drainage exhibit stamped,signed,and dated by a professional engineer.
❑ The applicant has submitted an on-site Improvements Agreement According to Policy Regarding Collateral for
Improvements, which has been reviewed and accepted by Public Works.
❑ An off-site improvements agreement is not required for this development because WCR 15 is paved.
❑ A pavement design has been submitted by the applicant which is acceptable to Public Works.
❑ The applicant shall prepare a construction detail for typical lot grading with respect to the Final Plan application. Front,rear and
side slopes around building envelopes must be addressed. In addition, drainage for rear and side lot line swales shall be
considered. Building envelopes must be planned to avoid stormwater flows, while taking into account adjacent drainage
mitigation.
Recommendation
❑ The above comments are prerequisites and shall be fulfilled prior to recording the final plat.
Any issues shall be resolved with Public Works prior to recording of the final plat.
•PC PF-1095 Waterford Hill PUD(Final Plat)
Email&Original:Planner:Chris Gathman
PC by Post. Applicant:Mary Barstow
PC by Post Engineer'.KBN Engineers
......M...,��..,. ......,R.....,�,..,_........o,,..,.,.. Page 1 of 1 ..,�.
eel
JPMorganChase 0 `-,17
fees,
.1-Morgan Chase Bank,N.A.
co lal Dade Treasury Services
Global'Dade Services
10420 Highland Manor Drive
Tampa,FI.33610
AUG 15, 2006
OUR L/C NO. : CTCS-277311
BENEFICIARY:
BOARD OF COUNTY COMMISSIONERS
ATTN: CLERK OF THE BOARD
915 10TH STREET
GREELY, CO 80631
LADIES AND GENTLEMEN:
BY THE ORDER OF:
APPLICANT:
WHITE WOLF, LLC
1719 E MULBERRY STREET
FORT COLLINS, CO 80524
WE HEREBY ISSUE IN YOUR FAVOR OUR IRREVOCABLE STANDBY LETTER OF CREDIT NO:
CTCS-277311 FOR THE ACCOUNT OF WHITE WOLF, LLC FOR AN AMOUNT OR AMOUNTS
NOT TO EXCEED IN THE AGGREGATE U.S. $666,050. 00 (SIX HUNDRED SIXTY SIX
THOUSAND FIFTY AND NO/100 U.S. DOLLARS) AVAILABLE BY YOUR DRAFTS AT SIGHT
ON JPMORGAN CHASE BANK, N.A. , CHICAGO, IL EFFECTIVE IMMEDIATELY AND
EXPIRING AT OUR OFFICE ON SEPTEMBER 1 , 2007 .
FUNDS UNDER THIS CREDIT ARE AVAILABLE AGAINST YOUR DRAFT (S) AS HEREIN
ABOVE SET FORTH MARKED "DRAWN UNDER JPMORGAN CHASE BANK, N.A. LETTER OF
CREDIT NO. CTCS-277311" AND ACCOMPANIED BY THE FOLLOWING:
BENEFICIARY'S DATED STATEMENT, SIGNED BY AN AUTHORIZED REPRESENTATIVE OF
THE BOARD OF COUNTY COMMISSIONERS OF WELD COUNTY, COLORADO, SIGNING AS
SUCH, READING AS FOLLOWS: "WHITE WOLF, LLC HAS COMMITTED A MATERIAL BREACH
OF THE IMPROVEMENTS AGREEMENT ACCORDING TO POLICY REGARDING COLLATERAL FOR
IMPROVEMENTS REGARDING PRIVATE ROAD MAINTENANCE DATED BY AND
BETWEEN WHITE WOLF, LLC AND THE BOARD OF COUNTY COMMISSIONERS OF THE
COUNTY OF WELD".
IT IS A CONDITION OF THIS LETTER OF CREDIT THAT THE EXPIRATION DATE SHALL
BE AUTOMATICALLY EXTENDED WITHOUT AMENDMENT FOR ONE (1) YEAR FROM THE
EXPIRATION DATE HEREOF OR ANY FUTURE EXPIRATION DATE UNLESS AT LEAST SIXTY
(60) DAYS PRIOR TO SUCH EXPIRATION DATE WE SEND NOTICE TO YOU BY HAND
164211 Andy Lamaga Page 1 of 3
JPMorganChase 0
JPMorgan Chase Bank,N.A.
ceo JPMorgan Treasury Services
Global Trade Services
10420 Highland Manor Drive
Tampa.FL 33610
AUG 15, 2006
OUR L/C NO. : CTCS-277311
DELIVERED COURIER, AT THE ADDRESS STATED ABOVE, THAT WE ELECT NOT TO
EXTEND THIS LETTER OF CREDIT FOR ANY SUCH ADDITIONAL PERIOD. IN THE EVENT
YOU RECEIVE SUCH NOTIFICATION, YOU MAY DRAW ON US FOR THE AMOUNT AVAILABLE
UNDER THE LETTER OF CREDIT, BY PRESENTATION OF (A) A SIGHT DRAFT DRAWN ON
JPMORGAN CHASE BANK, N.A. AND (B) A DATED STATEMENT, SIGNED BY AN
AUTHORIZED REPRESENTATIVE OF THE BOARD OF COUNTY COMMISSIONERS OF WELD
COUNTY, COLORADO, SIGNING AS SUCH, READING AS FOLLOWS: "WE HAVE RECEIVED
NOTIFICATION FROM JPMORGAN CHASE BANK, N.A. THAT LETTER OF CREDIT NO.
CTCS-277311 WILL NOT BE EXTENDED FOR A FURTHER PERIOD AND THAT WHITE WOLF,
LLC HAS FAILED TO REPLACE THIS LETTER OF CREDIT OR PROVIDE OTHER
ACCEPTABLE SECURITY. "
THIS LETTER OF CREDIT MAY BE REDUCED FROM TIME TO TIME, AS IMPROVEMENTS
CO ED, UPON RECEIPT OF THE BENEFICIARY'S SIGNED 1AND r�,g7T DATED lA ,- 7-,
� ' ADING AS FOLLOWS: "THE BOARD OF COUNTY COMMISSIONERS OF WELD
COUNTY, COLORADO, AS BENEFICIARY, AUTHORIZE REDUCTION OF LETTER OF CREDIT
NO. CTCS-277311 BY THE AMOUNT OF U.U. $ . THE NEW BALANCE OF THIS
LETTER OF CREDIT WILL BE U.S. $ . "
WE ENPAGE WITH YOU THAT DRAFTS DRAWN UNDER AND IN CONFORMITY WITH THE
TERMS AND CONDITIONS OF THIS CREDIT WILL BE DULY HONORED ON PRESENTATION
IF PRESENTED ON OR BEFORE THE EXPIRATION AT OUR COUNTERS AT 300 SOUTH
RIVERSIDE PLAZA, MAIL CODE IL1-0236, ATTN: STANDBY LETTER OF CREDIT UNIT,
CHICAGO, IL 60606-0236. THE ORIGINAL LETTER OF CREDIT MUST ACCOMPANY THE
DOCUMENTS REQUIRED UNDER THIS CREDIT FOR ENDORSEMENT.
THIS LETTER OF CREDIT IS SUBJECT TO AND GOVERNED BY THE LAWS OF THE STATE
OF NEW YORK, AND, EXCEPT AS OTHERWISE EXPRESSLY STATED HEREIN, IS SUBJECT
TO THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS (1993
REVISION) , INTERNATIONAL CHAMBER OF COMMERCE - PUBLICATION NO. 500, AND
IN THE EVENT OF ANY CONFLICT, THE LAWS OF THE STATE OF NEW YORK WILL
CONTROL, WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS.
PLEASE ADDRESS ALL CORRESPONDENCE REGARDING THIS LETTER OF CREDIT TO THE
ATTENTION OF THE STANDBY LETTER OF CREDIT UNIT, 300 S. RIVERSIDE PLAZA,
MAIL CODE IL1-0236, CHICAGO, IL 60606-0236, INCLUDING THE LETTER OF CREDIT
NUMBER MENTIONED ABOVE . FOR TELEPHONE ASSISTANCE, PLEASE CONTACT THE
STANDBY CLIENT SERVICE UNIT AT 1-800-634-1969, SELECT OPTION 1, AND HAVE
164211 Andy I.iamage Page 2 of 3
JPMorganChase j
JPMorgan Chase Hank,N.A.
c;o JPMorgan Treasury Services
Global Trade Services
10420 Highland Manor Drive
Tampa.FL 33610
AUG 15, 2006
OUR L/C NO. : CTCS-277311
THIS LETTER OF CREDIT NUMBER AVAILABLE .
AIUTHOR. ZeRhEDSIGNATURE ‘
•
164211 Andy l iamaga Page 3 of 3
JPMorganChase 0
.H'Morgan Chase Bank,N.A.
c/o JPMorgan Treasury Services
Global Trade Services
10420 Highland Manor Drive
Tampa,Fl.33610
SEP 11, 2006
OUR L/C NO. : CTCS-277311
AMENDMENT NO. : 1
TO: APPLICANT:
BOARD OF COUNTY COMMISSIONERS WHITE WOLF, LLC
ATTN: CLERK OF THE BOARD 1719 E MULBERRY ST
915 10TH STREET FORT COLLINS, CO 80524
GREELY, CO 80631
IN ACCORDANCE WITH INSTRUCTIONS RECEIVED, THE ABOVE REFERENCED STANDBY
LETTER OF CREDIT HAS BEEN AMENDED AS FOLLOWS:
RECEIVER'S REFERENCE : NONREF
PARAGRAPH SIX IS AMENDED IN IT'S ENTIRETY NOW TO READ AS FOLLOWS:
THIS LETTER OF CREDIT MAY BE REDUCED FROM TIME TO TIME , AS IMPROVEMENTS ARE
COMPLETED, UPON RECEIPT OF THE BENEFICIARY'S SIGNED, DATED, AND ATTESTED TO
RESOLUTION READING AS FOLLOWS: "THE BOARD OF COUNTY COMMISSIONERS OF WELD
COUNTY, COLORADO AS BENEFICIARY, AUTHORIZE REDUCTION OF THE LETTER OF
CREDIT NO. CTCS-277311 BY THE AMOUNT OF U.S. $ . THE NEW BALANCE
OF THIS LETTER OF CREDIT WILL BE U.S.$ . "
ALL AMENDMENT UNDER THIS LETTER OF CREDIT ARE SUBJECT TO THE BENEFICIARY'S
AGREEMENT, AS PER ARTICLE 9D, UCP 500 . THIS AMENDMENT SHALL NOT BE
CONSIDERED OPERATIVE UNLESS THE BENEFICIARY COMMUNICATES THEIR AGREEMENT TO
THE AMENDED TERMS. PLEASE INDICATE YOUR ACCEPTANCE/REJECTION BY SIGNING
AND RETURNING A COPY OF THIS AMENDMENT TO THE ATTENTION OF STANDBY LETTER
OF CREDIT UNIT, 300 S. RIVERSIDE PLAZA, MAIL CODE IL1-0236, CHICAGO,
ILLINOIS 60606-0236.
TO BE SIGNED BY BOARD COUNTY COMMISSIONERS.
ACCEPTED BY: 72.0fr7
ITS: G'V� ;Citi1 i•
DATE : y/f/t/oZClG
REJECTED BY:
17.3519 Victono De Guzman Page 1 of 2
JPMorganChase 0
.JPMnrgan Chase Bank,N.A.
c/o JPMorgan Treasury Services
Global Trade Services
10420 Highland Manor Drive
Tampa,FL 33610
SEP 11 , 2006
OUR L/C NO. : CTCS-277311
AMENDMENT NO. : 1
ITS:
DATE :
ALL OTHER TERMS AND CONDITIONS OF THE CREDIT REMAIN UNCHANGED.
AUTHORIZE IGNATURE
j *
173519 Victoria De Gum)an Page 2 of 2
Page 1 of 1
Bruce Barker
To: jamartell@lileyrogersmartell.com
Subject: Letter of Credit Paragraph
Jim: The language I would like for that second paragraph is the following:
This letter of credit may be reduced from time to time, as improvements are completed, upon receipt of the
beneficiary's signed, dated, and attested to resolution reading as follows: "The Board of County Commissioners
of Weld County, Colorado, as beneficiary, authorize reduction of the letter of credit No. CTCS-277311 by the
amount of U.S. $ . The new balance of this letter of credit will be U.S. $
Bruce.
• LILEY, ROGERS & MARTELL, LLC •
ATTORNEYS AT LAW
JAMES A. MARTELL
THE PETER ANDERSON HOUSE
300 SOUTH HOWES STREET/FORT COLLINS,COLORADO 80521
TELEPHONE.(970)221-4955/CELL(970)227-8731/FAX_(970)221-0242
JAMARTE LLOLILEYROG ERSMARTELL.C OM
8/31/2006
Page 1 of 1
Mary Barstow
From: rita.t.glaser@chase.com
Sent: Thursday, September 14, 2006 10:29 AM
To: bbarker@co.weld.co.us
Cc: marvb@colorado-land.com; James A. Martell; CherylWolfelTX/BANCONE@si2.svr.bankone.net;
JoXMcDonnell/CO/ONE@si2.svr.bankone.net
Subject: Letter of Credit Amendment-White Wolf, LLC
Bruce:
Per our previous phone and email communication, the Bank has prepared the Letter of Credit Amendment with the your
requested verbage for our client above. The Amendment will be hand delivered to you on Monday, September 18th. A
copy of the Amendment will also be included. Please sign (or have executed) the original Amendment and the copy.
Please keep the original signed Amendment for your purposes. The signed copy must be returned to the Bank. An
addressed prepaid postage envelope will be provided for your convenience.
Should you have any questions, please don't hesitate to contact me. Thank-you for your assistance, Rita Glaser
Rita T Glaser
VP, Chase Small Business Financial Services
2000 S College Avenue
Fort Collins, CO 80525
Phone: (970) 622-7644
Fax: (970) 622-7615
www.chase.com
This transmission may contain information that is privileged,
confidential, legally privileged, and/or exempt from disclosure
under applicable law. If you are not the intended recipient, you
are hereby notified that any disclosure, copying, distribution, or
use of the information contained herein (including any reliance
thereon) is STRICTLY PROHIBITED. Although this transmission and
any attachments are believed to be free of any virus or other
defect that might affect any computer system into which it is
received and opened, it is the responsibility of the recipient to
ensure that it is virus free and no responsibility is accepted by
JPMorgan Chase & Co., its subsidiaries and affiliates, as
applicable, for any loss or damage arising in any way from its use.
If you received this transmission in error, please immediately
contact the sender and destroy the material in its entirety,
whether in electronic or hard copy format. Thank you.
9/18/2006
oiffi FAX TRANSMISSION
A:f
Winne WELD COUNTY
COLORADO CLERK TO THE BOARD
Fax: 970-352-0242
Phone: 970-356-4000, ext. 4227
To: Rita Glaser Date: November 16, 2006
Fax: 303-317-8202 Pages: 3 (with cover)
Phone:
From: Donna Bechler Clerk to the Board
Subject: Amendment re: White Wolf, LLC
COMMENTS:
Rita,
Per our phone conversation- Bruce Barker, our County Attorney, left a message that you hadn't
received the Amendment to the Letter of Credit for White Wolf, LLC. I mailed the Amendment
last week; however, I mailed it to the address on the top of the Letter of Credit, so it went to
JPMorgan, Chase Bank, in Tampa, FL. I am now faxing it to your office so you can forward it to
the appropriate office. Sorry for the inconvenience.
Donna
CONFIDENTIAL
This facsimile is intended only for the use of the individual or entity to which it is addressed and
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