HomeMy WebLinkAbout20062565.tiff RESOLUTION
RE: APPROVE IMPROVEMENTS AGREEMENT FOR WELD COUNTY ROAD 17,
AUTHORIZE CHAIR TO SIGN, AND ACCEPT COLLATERAL - SADDLER ARENA,
LLC/SADDLER RIDGE METROPOLITAN DISTRICT
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 May 10,2006,the Department of Public Works approved an Improvements
Agreement for Weld County Road 17,for Saddler Arena, LLC/Saddler Ridge Metropolitan District,
from State Highway 14to Rodeo Drive,due to increased traffic generated by the Development, and
WHEREAS,pursuant to certain Conditions of Approval,the Board has been presented with
an Improvements Agreement for Weld County Road 17 between the County of Weld, State of
Colorado,by and through the Board of County Commissioners of Weld County,and Saddler Arena,
LLC/Saddler Ridge Metropolitan District, with terms and conditions being as stated in said
agreement, and
WHEREAS, the Board has been presented with Irrevocable Letter of Credit
No. 8017015033 from Liberty Savings Bank, FSB, 120 West Second Street, Dayton, Ohio 45402,
in the amount of $265,338.15, 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 for Weld County Road 17 between the
County of Weld, State of Colorado, by and through the Board of County Commissioners of Weld
County,and Saddler Arena, LLC/Saddler Ridge Metropolitan District, be, and hereby is,approved.
BE IT FURTHER RESOLVED that Irrevocable Letter of Credit No. 8017015033 from Liberty
Savings Bank, FSB, 120 West Second Street, Dayton, Ohio 45402, in the amount of$265,338.15,
be and hereby is, accepted.
2006-2565
EG0054
CO : COB) PL/"be)/"PPS- /:944fd
IMPROVEMENTS AGREEMENT - WCR 17
PAGE 2
The above and foregoing Resolution was, on motion duly made and seconded, adopted by
the following vote on the 13th day of September, A.D., 2006.
E I,� /, BOARD OF COUNTY COMMISSIONERS
ELD CO TY, COLORADO
ATTEST: AMfai ('
t J. le, Chair
Weld County Clerk to the B1 .
David E. Long, Pro-Tem
BY:C4ItitifrA
dD Cler the oard
Will H. Jerke
A ED AS M: 1�
Robe . Mas en
y Attorney
Glenn Vaad
Date of signature: 9 zS
2006-2565
EG0054
044
IMPROVEMENTS AGREEMENT for WCR 17
THIS AGREEMENT, made and entered into this in day of WV/ , 2006, by and
between the County of Weld, State of Colorado, acting through its Board flit' County Commissioners,
hereinafter called "County," Saddler Arena, LLC, a Colorado limited liability company, hereinafter called
"Developer", and Saddler Ridge Metropolitan District, hereinafter called"District".
WITNESSETH:
WHEREAS, the Developer has obtained approval for a Subdivision Final Plat for 84 lots for the
Saddler Planned Unit Development located in the Town of Severance, Weld County, Colorado hereinafter
referred to as the"Development,"and
WHEREAS, Weld County Road 17 from Colorado State Highway 14 to the proposed new roadway
"Rodeo Drive" located within the Development, hereinafter referred to as"WCR 17,"will need paving, in
part,due to the increased traffic generated by the Development,a distance of approximately one-half(Yz)mile
(the"Improvements"), and
WHEREAS,WCR 17 abuts a portion of the Development,and 69 of the Development lots will need
WCR 17 for access, and
WHEREAS, the County has determined that the current condition of WCR 17 is inadequate in
structural capacity, width or functional classification to support the traffic requirements of the uses of the
Development; and
WHEREAS, the County desires to have the Improvements installed in a timely fashion and in
accordance with County standards; and
WHEREAS, the Developer is prepared to install Improvements on WCR 17.
NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein, the
parties hereto agree as follow:
1.0 Engineering Services: Developer shall furnish,at its own expense,all engineering services in
connection with the design and construction of the Improvements listed on Exhibit A,which
is attached hereto and incorporated herein by reference.
1.1 The required engineering services shall be performed by a Professional Engineer and
Land Surveyor registered in the State of Colorado,and shall conform to the standards
and criteria established by the County for public improvements. The design drawings
produced for the construction of the improvements shall be approved in writing by
the Weld County Public Works Department before construction activities commence.
The actual roadway section to be constructed shall be designed based upon a
geotechnical investigation of the existing roadway.
1.2 Developer shall furnish one set of reproducible "as-built" drawings and a final
statement of construction cost to the County.
2.0 Description of Improvements: In general, the roadway improvements shall consist of
constructing an asphalt roadway on WCR 17,32-feet in width,from State Highway 14 north
to the far north entrance of the proposed new roadway"Rodeo Drive" located within the
Development, a distance of approximately'A mile.
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3.0 Rights-of-wav and Easements: Before commencing construction of the Improvements,
Developer shall acquire, at its own expense, good and sufficient rights-of-way or easements
on all lands and facilities traversed by the proposed Improvements. Any such rights-of-way or
easements used for the construction of the Improvements to be accepted by the County shall
be conveyed to the County and the documents of conveyance shall be furnished to the County
for recording.
4.0 Construction: Construction of the Improvements shall be in strict conformance with the plans
and drawings approved by the County and the specifications adopted by the County for such
public improvements.
4.1 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 Developer'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
Developer's expense.
5.0 Term: The Improvements shall be completed within two (2) yeas from the date of this
Agreement unless the Developer requests in writing that this Agreement be renewed at least
thirty (30) days prior to its expiration and further provides updated cost estimates for the
remaining Improvements to be completed and collateral in the amount of One-Hundred
percent(100%) of the value of the Improvements to be completed.
6.0 Insurance: Developer and all contractors engaged in construction of the Improvements shall
maintain adequate workers' compensation insurance and general liability insurance coverage,
and shall operate in strict accordance with the laws and regulations of the State of Colorado
governing occupational safety and health.
7.0 Proportional Use: The County agrees to reimburse the District for the proportionate share of
the improvements based on anticipated traffic using WCR 17 which is not generated by the
Development. The average daily trips anticipated from the Development will constitute 96.6
percent of the traffic on WCR 17,pursuant to the Traffic Study approved by the County and
attached hereto as Exhibit B. Therefore,the County's proportionate share of the project shall
be 3.4 percent of the total cost calculated in Exhibit A ($241,216.50), which is $8,201.36.
The Developer shall be responsible for any construction costs that exceed the total estimate
d
provided in Exhibit A.
E
8.0 Off-Site Improvements Reimbursement: The County shall reimburse the District a total of
x $8,201.36 within 30 days upon acceptance of the road improvements for partial maintenance
ccsi by the County, as described in Section 9.0 below. However, in no event shall this
reimbursement occur before February 1, 2007.
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imm
8.1 If the Developer or District fails to comply with this Improvements Agreement, the
a_y opportunity to obtain reimbursement under this section is forfeited.
8.2 When it is determined by the Board of County Commissioners that vehicular traffic
mum o
co from a separate Subdivision, Resubdivision,or Planned Unit Development will use
N o the road improvements constructed under this Improvements Agreement, the
N o subsequent subdivider, applicant, or owner shall also reimburse the District, for a
o cc portion of the original construction cost. In no event shall the District collect an
v T amount which exceeds the total cost of improvements less the pro rata share of the
N O
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total trip impacts generated by the original development. Evidence that the District
has been reimbursed by the subsequent subdivider, applicant or owner shall be
submitted to the Department of Planning Services prior to recording the Subdivision,
Resubdivision, or Planned Unit Development Final Plat.
8.3 The amount of road improvement costs to be paid by the subsequent subdivider,
applicant, or owner of a Subdivision, Resubdivision,or Planned Unit Development
using the road improvements constructed under this Improvement Agreement will be
based upon a pro rata share of the total trip impacts associated with the number and
type of dwelling units and square footage and type of nonresidential developments
intended to use the road improvement. The amount of road improvement costs shall
also consider inflation as measured by the changes in the Colorado Construction Cost
Index used by the Colorado Division of Highways. The cost of road improvements
shall be paid by cash contribution to the District.
8.4 The report entitled TRIP GENERATION (Third Edition, 1982) of the institute of
Transportation Engineers shall normally be used for calculating a reasonable pro rata
share of the road improvement construction costs for all Subdivisions,
Resubdivisions,or Planned Unit Developments. A special transportation study shall
be used for land uses not listed in the ITE Trip Generation Manual. Any question
about the number of trips a Subdivision, Resubdivision, or Planned Unit
Development will generate shall be decided by the County Engineer.
8.5 The term for which the District is entitled to additional reimbursement under this
Improvements Agreement, entered into between the Developer, District, and the
County,is ten years from the date of execution of this Improvements Agreement for
road improvements.
8.6 This provision is not intended to create any cause of action against Weld County or
its officers or employees by the Developer or the District for reimbursement,and in
no way is Weld County to be considered a guarantor of the monies to be reimbursed
by the subsequent subdividers, applicants, or owners.
9.0 Acceptance of Streets for Maintenance by the County: Upon completion of the Improvements
and the filing of a Statement of Substantial Compliance, the Developer shall request in
writing that the County Engineer inspect WCR 17 and recommend that the County accept the
Improvements for partial maintenance by the County. Partial maintenance consists of all
maintenance except for actual repair of streets, curbs and gutters, and related street
improvements. Not sooner than nine months after acceptance for partial maintenance of
streets,the County Engineer shall,upon request by the Developer,inspect WCR 17 and notify
the Developer of any deficiencies. The County Engineer shall reinspect WCR 17 after
notification from the Developer that any deficiencies have been corrected. If the County
Engineer finds that WCR 17 is constructed according to County standards, he shall
recommend acceptance of WCR 17 for full maintenance. Upon a receipt of a positive
unqualified recommendation from the County Engineer for acceptance of WCR 17, the
County shall accept WCR 17 as a public facility and County property, and shall be
responsible for the full maintenance of WCR 17 including repair.
10.0 General Requirements for Collateral: The value of all collateral submitted to Weld County
must be equivalent to One-Hundred Ten percent(110%)of the value of the Improvements as
shown in Exhibit A of this Agreement. Prior to the County executing and recording this
Agreement, the Developer shall submit collateral in the amount of$265,338.15, in a form
acceptable to the County. If the Improvements are not completed and this Agreement is not
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renewed,the County, at its discretion, may make demand on all or a portion of the collateral
and take steps to see that the Improvements are completed.
11.0 Improvements Guarantee: The five types of collateral listed below are acceptable to Weld
County subject to final approval by the County.
11.1 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:
11.1.1 The Letter of Credit shall be in an amount equivalent to One-Hundred Ten
percent (110%) of the total value of the Improvements as set forth in this
Agreement and Exhibit A.
11.1.2 The Letter of Credit shall provide for payment upon demand to Weld County
if the Developer has not performed the obligations specified in this
Agreement and the issuer has been notified of such default.
11.1.3 The Developer may draw from the Letter of Credit in accordance with the
provisions of this policy.
11.1.4 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 Ten percent(110%)of the estimated costs of completing the
Improvements,based on inspections of the Development by the issuer. The
issuer of the Letter of Credit will sign this Agreement acknowledging this
Agreement and its cost estimates.
11.1.5 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
the County until released by the County.
11.1.6 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 the County of the final
fifteen percent (15%), or two years from the date of this Agreement,
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.
11.2 Escrow Agreement that provides at least the following:
11.2.1 The cash in escrow is at least equal to One-Hundred Ten percent(110%)of
the estimated total amount of the Improvements as shown on Exhibit A.
11.2.2 The escrow agent guarantees that the escrowed funds will be used for
Improvements as specified in this Agreement and for no other purpose and
will not release any portion of such funds without prior approval of the
County.
11.2.3 The escrow agent will be a Federal or state-licensed bank or financial
institution.
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11.2.4 If the County determines the Developer is in default of this Agreement,the
escrow agent, upon request by the County, shall release any remaining
escrowed funds to the County,after notice to the Developer and at the end of
a thirty(30) day right to cure period.
11.3 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 (110%) of the value of
the Improvements as specified in this Agreement and as shown on Exhibit A.
11.4 A cash deposit made with the County equivalent to One-Hundred percent(110%)of
the value of the Improvements as shown on Exhibit A.
12.0 Request for Release of Collateral: Prior to release of collateral for the Improvements by the
County,the Developer must present a Statement of Substantial Compliance from an Engineer
registered in the State of Colorado that the project has been completed in substantial
compliance with approved plans and specifications documenting the following:
12.1 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.
12.2 Test results must be submitted for all phases of this project as per Colorado
Department of Transportation(CDOT) Schedule for minimum materials sampling,
testing and inspections found in CDOT Materials Manual.
12.3 "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.
12.4 The requirements of this Section shall be noted on the final construction plans.
12.5 Following the submittal of the Statement of Substantial Compliance and
recommendation of acceptance of WCR 17 for partial maintenance by the County,
the Developer may request release of the collateral for the project by the County.
Such action will be taken at a regularly scheduled public meeting of the Board of
County Commissioners.
12.6 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.
12.7 The warranty collateral shall be released to the Developer upon final acceptance by
the Board of County Commissioners for full maintenance under Section 9.0 herein.
13.0 Successors and Assigns: This Agreement shall be binding upon the successors and assigns of
the Developer,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.
IN WITNESS WHEREOF,the parties hereto have caused this Agreement to be executed on the day
and year first above written.
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SADDLER ARENA, LLC, a Colorado limited liability
company
By: iC?k
STATE OF COLORADO ) Title: �� )�I- y Vii , IA
) ss.
COUNTY OF a~a.e,err — )
Subscribed and sworn to before me this l C., day of I''\e, , 2006,
by LLC. C � rt`ltLV , as Nu ; y �,� ��,,,, , of Saddler
Arena,
Witness my hand and official seal.
My commission expires: t •/Notary Public '"7;°`•.
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..... .. ?
ti "oRA;' c„P��
X9& 1111 Na ,
S' 12/19120
1 111111 11111 III11111111111111IIINMI III Hill 1111 6
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SADDLER RIDGE METROPOLITAN DISTRICT
By: 4411._�2 + ,
Title: I �� tdit' /-It n l
STATE OF COLORADO )
) ss.
COUNTY OF {';;•1,,,\:•, )
Subscribed and sworn to before me this IC, day of \ , 2006,
by )t ; > „ ;t�. U, , as ktv ft':i,l , ofSaddler
Ridge Metropolitan District.
Witness my hand and official seal. attEtt up oq ,,��
t,. P f•, .,, .,
My commission expires: Cy • t o 5y¢: Nor
c 'o p F
. 134 ✓._ky'.r,;j �^ I ter'-- ✓'{a? m of/c, :2`
Notary Public ° c'' ••.• •••'
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/RFS: 7 2119120O
BOARD OF COUNTY COMMISSIONERS
ATTEST: WELD COUNTY, COLORADO
4.41,0
Weld County Clerk to the rd ceta t, r • J. Geile SEP 1 3 2006
tzir
BY: etti
Dept Clerk to e Board
APPROVED AS TO FORM:
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1 1111111111111111 111111 111111 III 1111111 III 11111 1111 11 11
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a7CDl - '56S
EXHIBIT "A" - Public Improvements Opinion of Costs
Project Name: Wald County Road 17
Public Improvement Item Units Unit Cost Est. Item Cost
20.2.1 Erosion Control
Stockpile Topsoil CY _ $2.50 1000 $2,500.00
Straw Bales EA $7.50 130 $975.00
Inlet Protection EA $250.00 1 S250.00
Silt Fence LF $0.00
Sediment Trap EA $0.00
Vehicle Tracking Pad EA S0.00
Subtotal 20.2.1 Erosion Control $3,725.00
20.2.2 Street Improvements
Clearing and Grubbing Lump Sum LS $3,000.00 $3,000.00
Removal of Structures and Obstructions EA $0.00
Subgrade Preparation SY $1.25 7680 $9,600.00
Excavation CY $2.50 1175 $2,937.50
Borrow CY $0.00
Fill CY $3.75 7500 $28,125.00
Rock Excavation CY $0.00
Filter Material CY $0.00
Lime Treatment SY $0.00
Asphalt Patching TONS $0.00
Asphalt Pavement TONS $38.00 2535 $96,330.00
Base Course TONS $15.00 3215 $48,225.00
Concrete Pavement SY-IN $0.00
Geotextile SY $0.00
Riprap CY $0.00
Survey Monuments EA $0.00
Adjust Manholes EA $0.00
Adjust Valves EA $0.00
Adjust Monuments EA $0.00
Median Cover Material (Concrete) SY $0.00
Subtotal 20.2.2 Street Improvements $188,217.50
20.2.3 Structures
Bridge Structure EA $0.00
Culverts EA $1,125.00 1 $1,125.00
Guardrail LF $0.00
Railing (Pedestrian) LF $0.00
0
i 03
Railing (Traffic) LF $0.00
°C Headwalls EA $0.00
amm.o.:‘,
mom Subtotal 20.2.3 Structures $1,125.00
am.z a>
=U
= c 20.2.4 Pedestrian and Bikeway Facilities
o
Sidewalk Grading SY $0.00
mimm 0 4-inch Thick Sidewalk SY $0.00
a„ 6-inch Thick Sidewalk SY $0.00
mmmi
u a in Directional Curb Ramp SY _ $0.0O
-
T Corner Curb Ramp SY $0.00
`O3 o Mid Block Ramp SY $0.00
um.c Q Concrete Bikeway SY S0.00
o Sidewalk Chase EA $0.00
—N o Curb and Gutter Grading LF $0.00
o Curb and Gutter-Type II LF $10.50 415 $4,357.50
i Curb and Gutter-Type I LF $0.00
_. v-
.*.
T Glue down Curb LF $0.00
limo.imi v`o Subtotal 20.2.4 Pedestrian and Bikeway Facilities $4,357.50
M co
EXHIBIT "A" - Public Improvements Opinion of Costs
• Project Name: Weld County Road 17
Est
Public Improvement Item Units Unit Cost Qty. Item Cost
20.2.5 Street Lighting
Standard Pedestrian Light EA $0.00
Standard Street Light EA $0.00
Subtotal 20.2.5 Street Lighting $0.00
20.2.6 Traffic Signals,Signing and Striping
Standard Street Signs EA $125.00 2 $250.00
Standard Sign Posts EA $175.00 6 $1,050.00
Standard Regulatory Signs EA $225.00 3 $675.00
Standard Speed Limit Signs EA $225.00 3 $675.00
Latex Paint(4 inches) LF $0.20 7670 $1,534.00
Latex Paint(8 inches) LF $0.50 105 $52.50
Latex Paint(12 inches) •
LLF $0.00
Latex Paint(18 inches) LF $0.00
Latex Paint(24 inches) LF $0.00
Epoxy Pavement Marking(4 inches) LF $0.00
Epoxy Pavement Marking (8 inches) LF $0.00
Epoxy Pavement Marking(12 inches) LF $0.00
Epoxy Pavement Marking(18 inches) LF $0.00
Epoxy Pavement Marking(24 inches) LF $0.00
Preformed Tape for Symbols& Crosswalks LF $0.00
Preformed Thermoplastic SF $15.00 37 $555.00
Traffic Signals EA $0.00
Subtotal 20.2.6 Traffic Signals, Signing and Striping $4,791.50
20.2.7 Work Zone Traffic Control
(Traffic Control I LS 1 $5,000.001 1 $5,000.001
Subtotal 20.2.7 Work Zone Traffic Control $5,000.00
20.2.8 Storm Drainage Facilities
Grading SY $0.00
Inlets EA $0.00
Manholes EA $0.00
Pipe(Perforated HOPE-6") LF $0.00
—_ . Trickle Channel (width) LF $0.00
Rock Filter Trench CY $0.00
1) Subtotal 20.2.8 Storm Drainage Facilities $0.00
o x1
U
20.2.9 Removals and Repair
sa
- c c1 Asphalt Patching SY $0.00
lo 0 0 Concrete Sidewalk R& R SY $0.00
? c Concrete Curbwalk R& R LF $0.00
mom g M Milling SY
$0.00
lo
T Asphalt Removal SY $0.00
—r CO Subtotal 20.2.9 Removals and Repair $0.00
Nio-o a 20.2.10 Construction Surveying/Staking LS $10,000.00 $10,000.00
i-s
o Subtotal 20.2.10 Construction Surveying/Staking $10,000.00
-rn o
0 20.2.11 Material Testing LS $3,500.00 $3,500.00
-Et x Subtotal 20.2.11 Material Testing $3,500.00
- -
�ea
e,_ 20.2.12 Record Drawings LS $2,500.00 $2,500.00
0
Subtotal 20.2.12 Record Drawings $2,500.00
•
EXHIBIT "A" - Public Improvements Opinion of Costs
Project Name: Weld County Road 17
Public Improvement Item Units Unit Cost Est" Item Cost
Qty.
20.2.13 Construction Management ILS I $15,000.001 I $15,000.001
Subtotal 20.2.13 Construction Management $15,000.00
Water Line Construction
Water Mains $0.00
On-Site Water Supply Service $0.00
Fire Hydrants $0.00
Subtotal Water Line Construction $0.00
Sewer Line Construction
Trunk Lines $0.00
Mains $0.00
Laterals or House Connections $0.00
On-Site Sewage Facilities $0.00
Subtotal Sewer Line Construction $0.00
Other Seeding& Mulching Acre $1,200.00 2.5 $3,000.00
Subtotal Other $3,000.00
TOTAL OF PUBLIC IMPROVEMENTS: $241,216.50
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EXHIBIT "B"
Determination of proportional amount of traffic on Weld County Road 17 that is to be
attributed to the Saddler P. U. D.
Traffic data is based upon the information provided in the"SADDLER ARENA PUD,
TRAFFIC IMPAT STUDY"prepared by Matthew J. Delich, P. E., dated May 2003.
The traffic data has been based upon the"Short Range" (2007) traffic projections for the
combined AM/PM Peak Hour Traffic.
From Figure 6 of the above referenced Traffic Impact Study, the combined am/pm Site
Generated Peak Hour Traffic is:
61/48 + 10/8 + 9/16 +4/16 + 5/12 + 33/118 =
61+48+10+8+9+16+4+16+5+12+33+118= 340 trips
From Figure 7 of the above referenced Traffic Impact Study, the combined am/pm
Background Peak Hour Traffic is:
2/1 + 1/0 + 0/1 + 0/1 + 0/0 + 3/3 = 2+1+1+0+0+1+0+1+0+0+3+3= 12 trips
From Figure 9 of the above referenced Traffic Impact Study, the combined am/pm Total
Peak Hour Traffic is:
63/49 + 11/8 + 9/17 +4/17 + 5/12 + 36/121 =
63+49+11+8+9+17+4+17+5+12+36+121=352 trips
The proportion attributed to Saddler P. U. D. is:
340/ 352 = 0.966 = 96.6%
The proportion attributed to Background Traffic is:
12 / 352 = 0.034 =3.4%
Therefore, the costs associated with the road improvements to Weld County Road
17 are to be shared on the basis that 96.6% of the costs are to be borne by Saddler
P. U. D. and 3.4% of the costs are to be borne by Weld County.
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IRREVOCABLE LETTER OF CREDIT
Effective Date of Issue: September 6, 2006 Place of Issue: Liberty Savings Bank
Irrevocable Letter of Credit No. 8017015033
Name of Issuer: Liberty Savings Bank,FSB
Address of Issuer: 120 W Second St. Dayton, OH 45402
Name of Applicant/Account Party: Bridle Hill Development, LLC
Address of Applicant/Account Party: 3615 Mitchell Dr. Fort Collins, CO 80525
Beneficiary: WELD COUNTY
Board of County Commissioners
P.O. Box 758
Greeley, Colorado 80632
County of Weld,State of Colorado.
Second Beneficiary: TOWN OF SEVERENCE
P.O. BOX 122
SEVERENCE, CO 80546
To: WELD COUNTY PUBLIC WORKS
Attention: Perry Eisenach
P.O. Box 758
Greeley,Colorado 80632
Liberty Savings Bank, FSB hereby issues this Irrevocable Letter of Credit in favor of
Beneficiary for the aggregate amount not to exceed $ 265,338.15 except as provided herein
below, which is available by draft(s) at sight for payment accompanied by a written
statement, signed by an authorized official of Beneficiary, addressed to Issuer, stating to the
effect that the amount represented by the draft accompanying the statement is the amount
required to be paid to Beneficiary on account of Beneficiary having declared a default under
the Improvements Agreement, dated 10 May 2006, by and between Beneficiary and Saddler
Arena LLC a Colorado Limited Liability Company.
This credit shall expire one calendar year from the Effective Date of Issue set forth above,
unless extended as provided herein. This credit will be automatically extended without
amendment for an additional period of one calendar year from the present and each future
expiration date, unless, not less than sixty (60) days prior to the then-relevant expiration
date, Issuer notifies beneficiary in writing, by U.S. certified mail, return receipt requested,
that Issuer elects not to extend this credit for any additional period. Upon Beneficiary's
receipt of such a notification, Beneficiary may draw a sight draft on Issuer prior to the then-
relevant expiration date for the unused balance of this credit,which shall be accompanied by
a signed, written statement of Beneficiary acknowledging receipt of Issuer's notification of
its election not to extend,in lieu of the statement required by the preceding paragraph of this
credit.
Page 1 of 2 1)
A total of 85 percent of the total amount of this letter of credit, or $265,338.15 will
automatically expire on the date of acceptance in writing by Weld County of the road
improvements to be constructed. The remaining 15 percent, or $39,800.72, of this letter of
credit will automatically expire one year from the date of acceptance in writing by Weld
County of the road improvements to be constructed.
Issuer hereby agrees to honor each draft for payment made in compliance with the terms of
this credit if duly presented by person, registered mail, or overnight courier, together with
any documents as specified herein, at the offices of Issuer located at Liberty Savings Bank,
on or before the close of business on the expiration date of this credit, as may be extended
pursuant to the terms hereof.
Demand for payment shall be honored without reference or resort to any defense, excuse,
claim or dispute the Applicant, or any third party, may have or assert. In the event Issuer
fails or refuses to honor the demand contrary to the terms of this Irrevocable Letter of Credit
or applicable law, it agrees to pay to Beneficiary the maximum aggregate amount available
under the Irrevocable Letter of Credit, together with Beneficiary's legal costs and expenses,
including all fees incurred by Beneficiary in enforcing this credit.
This Irrevocable Letter of Credit shall not be transferable and it shall be governed by and
construed in accordance with the laws of the State of Colorado.
Very truly yours,
Issuer: Liberty Savings Bank, FSB
By: Steve Petit
Title: Commercial Lending VP
Authorized Signature of Issuer l 9h/O(
Page 2 of 2
a
MEMORANDUM
TO: Clerk to the Board DATE: 9/11/2006
COLORADO FROM: Perry Eisenach, Engineering Division Manager E
SUBJECT: Agenda Item
Improvements Agreement for WCR 17 with Saddler Arena, LLC.
The Irrevocable Letter of Credit is attached.
The appropriate documentation is attached.
pc: Frank B. Hempen, P.E., Public Works Director/County Engineer
M:\Francie\Agenda Item.doc
CLERK TO THE BOARD
t‘ PHONE(970)336-7215, Ext.4225
FAX: (970)352-0242
III P.O. BOX 758
C. GREELEY,COLORADO 80632
COLORADO
June 24, 2009
Liberty Savings Bank FSB
120 West Second Street
Dayton, Ohio 45402
RE: Letter of Credit#8017015033 for Saddler Arena, LLC/Bridle Hill Development, LLC
Ladies and Gentlemen:
This letter shall act as a reminder 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 6th day of September,2006, Liberty Savings Bank, FSB, issued a Letter of
Credit on behalf of Saddler Arena, LLC/Bridle Hill Development, LLC, naming the Board of County
Commissioners of Weld County, Colorado as beneficiary. The dollar amount of the Letter of Credit was
established at Two Hundred Sixty-five Thousand Three Hundred thirty-eight and 15/100($265,338.15).
The terms of the Letter of Credit require that it be maintained by your institution until the 6th day of
September, 2007,with auto renewal unless 60 days notice is provided. If you believe that the Letter of
Credit has expired, please contact me immediately, as you are required under the terms of the Letter of
Credit to replace it.
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
Ve truly Uu4
Donald D.Warden •
Clerk to the Board
BySI,
Deputy Clerk o the oard
pc Saddler Arena, LLC/Saddler ridge Metropolitan District/Bridle Hill Development, LLC
EG oast/
070,6 - x565
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