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Home My WebLink About20063453.tiff 111111IIIII VII 111E1111111III1111111 III 111EIIIIIIII 3447591 01/11/2007 03:47P Weld County, CO 5j 1 of 2 R 0.00 D 0.00 Steve Moreno Clerk & Recorder RESOLUTION RE: APPROVE PARTIAL CANCELLATION AND RELEASE OF COLLATERAL FOR PLANNED UNIT DEVELOPMENT FINAL PLAN, PF #1093, SAGE HILL INC - TERRA FIRMA VENTURES, 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 December 14, 2005, the Board of County Commissioners approved the request of Terra Firma Ventures, LLC, P.O. Box 1245, Fort Collins, Colorado 80522-1245, for Change of Zone, PZ #1093, from the A (Agricultural) Zone District to a PUD (Planned Unit Development) Zone District, for nine (9) lots with E (Estate) Zone uses, and WHEREAS, on, April 17, 2006, the Department of Planning Services approved a Planned Unit Development Final Plan, PF #1093, for Terra Firma Ventures, LLC, P.O. Box 1245, Fort Collins, Colorado 80522-1245, for nine (9) lots with E (Estate) Zone uses (Sage Hill), on the following described real estate, to-wit: Lot A of Recorded Exemption #3840; being part of the NW1/4 of Section 5,Township 7 North, Range 67 West of the 6th P.M., Weld County, Colorado, and WHEREAS, on July 17, 2006, the Board of County Commissioners of Weld County, Colorado, approved an Improvements Agreement According to Policy Regarding Collateral for Improvements (Public Road Maintenance) for Sage Hill PUD, between the County of Weld, State of Colorado, by and through the Board of County Commissioners of Weld County, and Terra Firma Ventures, LLC, with terms and conditions being as stated in said agreement, and accepted Irrevocable Letter of Credit #1322925, drawn on the Adams Bank and Trust, in the amount of $311,200.00, and WHEREAS, staff from the Weld County Departments of Public Works and Planning Services have conducted a visual inspection and recommend partial release of said collateral, in the amount of$270,589.85, retaining$40,610.15 at the request of the Department of Public Works. WHEREAS, upon 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$270,589.85 be, and hereby is, canceled and released. BE IT FURTHER RESOLVED by the Board that the Clerk to the Board be, and hereby is, directed to return said collateral to the appropriate issuing party. 2006-3453 PL1794 1111E 111E 111E 111E 11111E III III III111EIIIIIIII 3447591 01/11/2007 03:47P Weld County, CO 2 of 2 R 0.00 D 0.00 Steve Moreno Clerk & Recorder CANCEL COLLATERAL - TERRA FIRMA VENTURES, LLC PAGE 2 The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 18th day of December, A.D., 2006. BOARD OF COUNTY COMMISSIONERS sag WELD OUNTY�j LORADO ArraATTEST: L4/M1 , �'; ` a'` f, �'�� .-eile, Chair Weld County Clerk to the Bo-7,g6i �k it 4;p . !e• E. Long, Pro-Tern BY: A'U 1 '(t vii`",, De u Cler the Board OW I-/�✓ Wil m H. Jerke APPROV£W AS TOf@fk • Robert D. Mas en uhty Attorney Glenn Va Date of signature: 1 lu IC'' i 2006-3453 PL1794 tior(,Th‘r, Memorandum TO: Cleric to the Board Office ' Board of County Commissioners C. DATE: December 1, 2006 COLORADO FROM: Brad Mueller Department of Planning Services RE: Partial release of Collateral PF-1093 (Sage Hill subdivision) The Department of Planning Services has received a request for partial release of collateral. Planning Services and Public Works support this request. Please see the attached. 1 Page 1 of 1 Donna Bechler From: Drew Scheltinga Sent: Monday, December 04, 2006 4:33 PM To: Donna Bechler Cc: Brad Mueller Subject: PF-1093 Sage Hill (Partial Release of Collateral) Donna Retaining $40,610.15 for the Sage Hill development is acceptable to Public Works. I am not certain why the $40,610.15 in the revised letter of credit supplied by the bank does not exactly match retainage figures in my memo of 11/17/06. It is slightly over the 15% retainage we require. Drew Scheltinga, P. E. Weld County Public Works Department 1111 H Street P. O. Box 758 Greeley, CO 80632 970-304-6496 X3750 dscheltinga@co.weld.co.us 12/4/2006 #0-0t04,, MEMORANDUM , GREpLEY at-plc/Partly? ent TO: Brad Mueller, Planning DATE: November 17, 2O06 �O�" 2 0 20p6 FROM: Drew Scheltinga, P. E., Public Works Departmeri't V COLORADO SUBJECT: PF-1093 Sage Hill (Partial Release of Collateral) Work has been completed on the Sage Hill development. Public Works has received as-built plans, letters of substantial compliance and all other appropriate documentation. In accordance with the Improvements Agreement of July 17, 2006, with Terra Firma Ventures, LLC, I recommend releasing $230,001.37 of the surety and retaining $40,588.48, which is 15% of the $270,589.85 total amount. After compliance with the warranty requirements of the Improvements Agreement, the 15% retainage will be released. PC: PF-1093 Sage Hill Email: Donna Bechler, Clerk to the Board Email & Original: Brad Mueller, Dept. of Planning Services PC by Post Applicant: Tim Halopoff, Sage Hill Inc. Page 1 of 1 M:PLANNING-DEVELOPMENT REVIEW\3-Final Rat(PF,MF,MJF)\PF-1093 Sage Hill PUD\Partial Release Cdlateral.DOC 2006-3453 Sage Hill Inc. P.O.Box 1245 Fort Collins Colorado 80522-1245 October 6, 2006 J•R ENGINEERING Joshua Holbrook A Wastrlan Company Weld County Public Works Department 1111 H Street • Greeley, CO 80632 RE: Section 27-7-30.L of the Weld County Code/Sage Hill PUD—PF 1093 Dear Mr. Holbrook, Sage Hill Inc. has successfully constructed and adequately installed all infrastructure required by the Development Agreement for this subdivision. Sage Hill Inc., based on the jurisdictional letters of compliance and drainage certification, request release of collateral from Weld County. The Letter of Credit should become 15% of what it currently is issued at, for the remainder of (1) year, as required by the roadway acceptance period. The coordination of this release may be handled with Adams Bank and Trust. Mr. Dale Tanaka will organize this effort. He may be reached at 303.833.3575 or by cell at 970.396.3428. If you have any questions or concerns,please don't hesitate to call me at 970-215-5299. Thank you, Tim Halopoff President Sage Hill Inc. Cc:File Brad Mueller(Weld Public Works) Dale Tanaka(Adams Bank&Trust) 2620 East Prospect Road,Suite 190,Fort Collins,CO 80525 970-491-9888•Fax:970-491-9984•www.jrengineering.com e*"%t;crov tiA ADAMS BANK&TRUST P.O.Box 270670 Phone No.(970)667-4305 7700 South College Avenue Fax No.(970)667-4398 Fort Collins, CO 80527-0670 www.abtbank.cor n November 30. 2006 Clerk to The Board of County Commissioners Weld County 915 10th Street Greeley Colorado 80631 RE: Letter of Credit #1322925 Sage Hill I.,1..C` Development Dear Sir or Madam: This letter is notification to you that Adams Bank and Trust has modified Letter Of Credit #1322925.effective as of November(1. 2006. The amount of credit available for draw by the Beneficiary (Weld County> has been reduced from S311.200.00 to $40.610.15. All other terms and conditions ofLetter of Credit #1322925. remain intact. Please contact me if you have any questions. Sincerely. Dale Tanaka vice President ..?1, ADAMS BANK&TRUST fz 3 P.O.Box 270670 Phone No.(970)667-43 ' 1. 7700 South College Avenue Fax No. (970)667-4398 Fort Collins, CO 80527-0670 www.abtbank.com 5-10-07 Clerk to the Board of County Commissioners Weld County 925 10th Street Greeley, Colorado 80631 RE: Letter of Credit#1322925 Sage Hill LLC Development Dear Sir or Madam: This letter is notification to you that Adams Bank and Trust has received payoff on Sage Hill LLC Development from Bank of Choice. Adams Bank is canceling our letter of credit effective 5-10-07. Brandon Tompkins with Bank of Choice has indicated that they will replace this letter of credit. Please call me at 970-667-4308 with any questions. Sincerely, Kirk Holwell Commercial Banker r 4e_ec , /z 0 Bank of Choice c, INE CHOICE YOU CAN BANK ON. IRREVOCABLE LETTER OF CREDIT NO. 87 May 3,2007 Board of County Commissioners ATTN: Clerk to the Board P.O. Box 758 Greeley, CO 80632 RE: Sage Hill, Inc. Pr- YO4 E Dear Weld County Board of County Commissioners: We hereby open our Irrevocable Letter of Credit in your favor for the account of Bank of Choice, 1044 West Drake Road,Fort Collins,Colorado 80526, for a sum not to exceed the aggregate of$40,610.16. (forty thousand six hundred ten dollars and 16/100) Each draft so drawn must be marked"Drawn under BANK OF CHOICE, 1044 West Drake Road,Fort Collins, Colorado 80526,Letter of Credit No. 87 and be accompanied by a"signed statement from the Board of County Commissioners of Weld County,Colorado stating the Sage Hill Subdivision has committed a material breach of the Improvements Agreement According to Policy Regarding collateral for Improvements regarding Sage Hill Subdivision dated the 3rd day of May,2007 by and between Bank of Choice and the Board of County Commissioners of the County of Weld." This credit is subject,so far as applicable,to"The Uniform Customs and Practice for Documentary Credits, 1993 Revision,The International Chamber of Commerce Publication No. 500." We hereby agree with you that all drafts drawn under and in compliance with the terms of this credit will be duly honored.and presented for payment to our main office,BANK OF CHOICE, 1044 West Drake Road,Fort Collins, Colorado 80526. This letter of credit will expire on 6/21/07 at 5:00 P.M. This letter of credit is automatically extended without amendment, for additional one year periods from the current expiration or any future expiration date unless 60 days prior to such current expiration date BANK OF CHOICE notifies beneficiary in writing that the letter of credit will not be renewed. In the case you receive such a notification, you may draw by presentation of the following: (a)a draft at sight on BANK OF CHOICE, (b)a statement purportedly signed by an official of the Board of County Commissioners of Weld County,Colorado stating that we have received notice from BANK OF CHOICE the Letter of Credit No. 87 will not be renewed and that Sage Hill has failed to provide proof of adequate collateral and substitution of this Letter of Credit No. 87;(c) copy of letter from BANK OF CHOICE stating non-renewal of Letter of Credit No. 87 and the original letter of credit. Yours truly, 03A1333.8 a atty Gates 4E 4 by um m �z Executive Vice President,Issuer S83N0tSS1WWD3 Aiwa° Ql3M 3635 23rd Avenue,Evans,Colorado 80620-(9701 506-1000 11044 West Drake,Fort Collins,Colorado 80526-(970)224-5100 7251 West 20th Street,Greeley,Colorado 80634-(9701339-56001 3780 West 10th Street,"Greeley;Colorado 80634-19701352-6400 370 Justin Avenue,Planeville,Colorado 80651-19701785-200011270 Automation Drive,Windsor,Colorado 80550-(970)674-3434 0 v.,. <27?�o Co re47.1p ADAMS BANK ll Q I RUS ePc,ty cea wQi• ko P.O. Box 790 Cie Leto�de Phone No. (303)833-3575 8308 Colorado Blvd. t e r Fax No. (303)833-2796 Firestone, CO 80520 o rh r o ')e94 IRREVOCABLE LETTER OF CREDIT e Boa 0recteQ f June 22, 2006 rog se Board of County Commissioners of Weld County �aak �s o� /p Attention: Clerk to the Board Cl5 70 P.O. Box 758 Ce. Greeley Colorado 80632 Letter of Credit# 1322925 Dear Clerk to the Board: We hereby issue our Irrevocable Letter of Credit #1322925 in your favor for the account of Sage Hill Inc. in an amount not to exceed $311,200.00 (Three-hundred Eleven- thousand Two-hundred and NO/100) effective immediately and expiring on June 21, 2007 or any extended expiration date as indicated below. Funds under this Letter of Credit are available for payment by sight, by presentation of your sight draft(s) substantially in the form on Exhibit "1" accompanied by your written certificate substantially in the form of Exhibit "2". Partial and multiple drawings are permitted. This Letter of Credit will automatically be extended for a period of 1 year from the present or any future expiration date unless we notify you in writing by certified mail Sixty(60) days prior to any expiration date that we elect not to renew this Letter of Credit for any additional period. We hereby engage with you that all drawings in conformity with terms and conditions of the Letter of Credit will be duly honored upon presentation to our counters on or before any expiration date as indicated above. All bank charges, including any advising bank charges, are to be charged to Sage Hill Inc. If a demand for payment by you hereunder does not, in any instance, conform to the terms and conditions of this Letter of Credit, the bank shall give the Board written notice, and send copy of this notice by FAX to the board of County Commissioners (Attn: Clerk of the Board), within three business days of presentment of any nonconforming draft that the purported negotiation was not effective in accordance with the terms and conditions of the Letter of Credit, stating with particularity the reasons therefore. The bank will hold all documents at the bank for the Board, or send them to the Board, at the Board's option. Any such nonconforming demand may be corrected and resubmitted within three (3)business days of receipt of the bank's mailed notice of nonconformity. A re-submittal will be deemed to have been presented to the bank on the date of the original demand for payment. We are a current member of FDIC. This credit is subject to the Uniform Customs and Practice for Documentary Credits, 1993 revision, ICC publication number 500. This Irrevocable Letter of Credit sets forth in full the terms of our undertaking and such undertaking shall not in any way be modified, amended or amplified by reference to any document or instrument referred to herein or in which the Irrevocable Letter of Credit relates and any such reference shall not be deemed to incorporate herein by reference any document or instrument. Sincerely, ADAMS BANK&TRUST 49 0 Dale Tanaka Vice President EXHIBIT 1 TO LETTER OF CREDIT DRAFT FOR PAYMENT DRAWN UNDER IRREVOCABLE LETTER OF CREDIT NO. DATE: , 200_ PAY TO: The account of the Board of Commissioners of Weld County Colorado, Account No. , at Colorado, THE SUM OF DOLLARS ($ —� The Board of Commissioners of Weld County, Colorado By: Clerk to the Board EXHIBIT 2 TO LETTER OF CREDIT To: CERTIFICATE FOR PAYMENT The undersigned, a duly appointed officer of the Board of County Commissioners of Weld County, Colorado (the "Board"), hereby certifies to ADAMS BANK & TRUST (the "Bank"), with reference to the Bank's Irrevocable Letter of Credit No. , issued by the Bank in favor of the Board, that: (1) The undersigned is the City Clerk for the Board. (2) The City is authorized to make a drawing under the Letter of Credit. (3) The amount which is due and payable from the Letter of Credit is $311,200.00, and the amount of the sight draft accompanying this certificate does not exceed such amount. IN WITNESS WHEREOF, the undersigned has executed and delivered this certificate as of the day of , 200_ Board of County Commissioners of Weld County, Colorado By: Clerk to the Board CLERK TO THE BOARD PHONE (970) 336-7215, Ext. 4225 FAX: (970) 352-0242 P. 0. BOX 758 CGREELEY, COLORADO 80632 O COLORADO June 11, 2007 ATTN: KIRK ADAMS BANK AND TRUST 7824 SOUTH COLLEGE AVENUE P.O. BOX 270670 FORT COLLINS, COLORADO 80527-0670 RE: Cancellation and release of Collateral - Sage Hill Inc./Terra Firma Kirk: Attached hereto please find the original Letter of Credit issued by Adams Bank and Trust issuing collateral, in the amount of$311,200.00, to Sage Hill, Inc./Terra Firma. This Letter of Credit was reduced to $40,610.16 on December 18, 2006, and was replaced by a Letter of Credit from Bank of Choice on May 3, 2007. Therefore, we are returning your original Letter of Credit. 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 O By: SP/,?;'1_ L „ A GC.lt/ Donna J. Bectger, Deputy Clerk to the Board Hello