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Home My WebLink About20062751 O RESOLUTION RE: APPROVE CANCELLATION AND RELEASE OF COLLATERAL FOR MINOR SUBDIVISION FINAL PLAN, MF#1056-PHEASANT MEADOW PUD, CIO FRANCISCO GRANADOS WHEREAS, the Board of County Commissioners of Weld County, Colorado, pursuant to Colorado statute and the Weld County Home Rule Charter, is vested with the authority of administering the affairs of Weld County, Colorado, and WHEREAS, by Resolution dated August 17, 2005, the Board approved the application of Francisco Granados, 5995 West 26th Street, Greeley, Colorado 80634, for a Minor Subdivision Final Plan, MF #1056 for four (4) residential lots, aka Pheasant Meadow Subdivision, on the following described real estate, to wit: Lot B of Recorded Exemption #2916; being part of the W1/2 NW1/4 of Section 3, Township 5 North, Range 64 West of the 6th P.M., Weld County, Colorado, and WHEREAS, on October 5, 2005, the Board of County Commissioners of Weld County, Colorado, approved 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 Francisco Granados,with terms and conditions being as stated in said agreement, and accepted Irrevocable Letter of Credit#660, drawn on the Union Colony Bank, P.O. Box 961, Greeley, Colorado 80632, in the amount of $123,130.00, and a Letter of Intent from Union Colony Bank stating it will act as escrow agent for the funds payable under said agreement, said funds not to exceed $7,245.00, and WHEAREAS, it has been determined by the Board that the collateral being held by Weld county is no longer necessary to secure said Improvements Agreement According to Policy Regarding Collateral for Improvements (Private Road Maintenance) for Pheasant Meadow PUD, and WHEREAS, staff from the Weld County Departments of Public Works and Planning Services have conducted a visual inspection and recommend release of said collateral. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, Colorado, that the Irrevocable Letter of Credit #660, drawn on the Union Colony Bank, P. O. Box 961, Greeley, Colorado 80632 in the amount of$123,130.00, and a Letter of Intent from Union Colony Bank stating it will act as escrow agent for the funds payable under said agreement, said funds not to exceed $7,245.00 be, and hereby are, 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. UQLI'MoWijoLihIcAj!ILhi, IIIIIIII!IIII Weld County, CO 2006-2751 1 of 2 R 0.00 D 0.00 Steve Moreno Clerk& Recorder PL1757 Of /c ) A °c_ /02-023--0‘. CANCEL COLLATERAL - PHEASANT MEADOW PUD, C/O FRANCISCO GRANADOS PAGE 2 The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 4th day of October, A.D., 2006. BOARD OF COUNTY COMMISSIONERS WELD CO TY, COLORADO ATTEST: ` E ♦/// 1.6„ Geile, hair Weld County Clerk to the BoaCPCIS (� / J/ E. Long, Pro-Tem BY: / Deputy Clerk to the Board ��(�j/ q > Ii X.✓ H Jer~e, APPROV€D�AS A • . ��4\ �r Robert D. Masden County Attorney 2Oe/1444 Glenn Vaad Date of signature: /07/3/06I 1111111 11111 11111 11111 1111111 111111311111 11111 11111111 3444465 01/02/2007 02:22P Weld County, CO 2 of 2 R 0.00 0 0.00 Steve Moreno Clerk& Recorder 2006-2751 PL1757 MEMORANDUM WI` a TO: Board of County Commissioners COLORADO FROM: Brad Mueller, Weld Planning Services DATE: September 28, 2006 SUBJECT: Release of Collateral for MF-1056 Granados (Pheasant Meadow PUD) On October 5, 2005, the Board of County Commissioners approved collateral in the form of an Irrevocable Letter of Credit the amount of $123,130.00, and a letter of intent for funds not to exceed $7,245.00 for PUD Final Plat MF-1056 (Pheasant Meadow PUD, Granados as owner). Items covered under the Improvements Agreement According to Policy Regarding Collateral for Improvements (Private Road Maintenance) include: Street grading $ 17,000.00 Street base $ 28,520.00 On-site water supply and storage $ 3,500.00 Water mains $ 16,200.00 Fire hydrants $ 3,250.00 Street name signs $ 260.00 Fencing $ 8,000.00 Landscaping $ 4,000.00 Telephone $ 2,400.00 Electric $ 8,600.00 Gas $ 2,400.00 Water transfer $ 4,000.00 Engineering and supervision $ 25,000.00 Total Estimated Cost of Improvements and Supervision $123,130.00 After review of the site it has been verified that all improvements have been completed and the Departments of Public Works and Planning Services recommends that the full amount of collateral be released. SERVICE,TEAM WORK,INTEGRITY,QUALITY 2006-2751 Weld County Planning Department GREELEY OFFICE JUL 1 0 2006 ArOltst MEMORANDUM RECEIVED WI�'��• TO: Brad Mueller, Assistant PI hector DATE: 06-July-2006 FROM: Peter Schei, P.E.,Pub r epartment COLORADO SUBJECT: MF-1056 Pheasant Meadow Minor Subdivision(Final Plat)Collateral Request Weld County Public Works Department has reviewed final plan materials submitted to our office and has the following development referral comments. Comments ❑ The Public Works Department has received a letter from the applicant, Mr. Francisco Granados, requesting release of collateral for on-site improvements pertaining to MF-1056 Pheasant Meadow Minor Subdivision in a letter dated June 27,2006. o Public Works' field inspectors have noted necessary work completed on this subdivision. o Public Works has inspected infrastructure associated with this Department and recommends the release of all collateral monies associated with Public Works' on-site improvements. ❑ Public Works has received the Record Drawing(As-Built) from the engineer for County records and shall keep this in the case file for our records. The Department accepts this Record Drawing. Li Planning may schedule the release of collateral with the Clerk with no concerns from Public Works. Recommendation ❑ The Public Works Department recommends the release of collateral as directed above for this development. The Planning Department may proceed with this case,with no restrictions by Public Works. •PC:MJF-1062 Hill-n-Park Sub.Lot B(Major Subdivision Final Plat)Collateral Request Email&Original:Planner:Brad Mueller PC by Post: Applicant:Francisco Grenades PC by Post: Engineer:Pickett Engineering,Inc. ......�,.m.,,...m..,n,..��,., ..,....,w..._._._....._..�..�_...�_.. Page 1 of 1 October 19, 2006 Brad Mueller, Assistant Planning Director Weld County 915 10th Greeley, CO 80631 Dear Brad: All work has been completed at MF-1056 Pheasant Meadow Minor Subdivision and we are requesting all collateral be released at this time. Thank you for your time, rancisco Granados Owner Pheasant Meadow Subdivision 5995 W 26`h Street Greeley, CO 80634 OCT-03-2006 TUE 01 :26 PM WELD COUNTY PUBLIC WORKS FAX NO, 970 304 6497 P. 01/01 FROM :Pickett Engineering, Inc. FAX NO. :670,3565486 Jun. 27 2006 11:00gM P2 FRANCISCO GRANADOS 5995 Mr 26Th STREET GREELEY, CO 80634 (970) 539.0683 June 27, 2006 ,z p `I _ .� Joshua Holbrook Weld County Public Works �p CO'JN1Y PUBLIC W0RKS1111 H St, PO Box 758 Greeley, CO 80632 RE: Minor Subdivision Approval Proems Pheasant Meadow Subdivision PET No. 03433 Dear Mr,Holbrook: As you are aware, Pickett Engineering has supplied Weld County Public Works with all the necessary documentation(e.g.,plans and as-bulks) for the final approval of the construction work on Pheasant Meadow subdivision. Attached herewith are copies of letters from the utility companies certifying that their work bus been completed. Therefore, I am requesting the release of the collateral for this project. Please forward the release to the address listed above. Your prompt consideration of this request is very much appreciated Yours truly, r�� 4 (YL dk- Francisco Granados Owner 4 4, to Pheasant Meadow Subdivision c' %o - 364-CQel48` M F - G‘ 0 Union Colony Bank ,Sy Post Office Box 961 °4 Greeley,CO 80632 �b',�yy,tiOOb 970-346-5050 �°O zQ� \O�\ 866-241-2673 ti ti� Weld County Planning Department a4'efr GREELEY OFFICE a ti °� yS SEP2 � a° a �° 2005 4.?" 4o 03 RECEIVED � � Ki yea is ey IRREVOCABLE STANDBY LETTER OF CREDIT• QS NAME: Weld County DATE: September 2, 2005 (Hereinafter called"Beneficiary") NUMBER: 660 AMOUNT: $123,130.00 EXPIRES: September 1, 2006 Gentlemen: Please be advised that Union Colony Bank, A State Chartered Bank (hereinafter called the "Issuer"), establishes an Irrevocable Letter of Credit No. 660 in favor of the Beneficiary for the account of Francisco Granados (hereinafter called "Customer") up the aggregate sum of One Hundred Twenty-Three Thousand One Hundred Thirty Thousand and No/100 ($123,130.00) available by Beneficiary's drafts at sight drawn on Issuer. All drafts drawn under this Letter of Credit must bear the clause: "Drawn under Union Colony Bank Letter of Credit No. 660 dated September 2, 2005". Issuer hereby agrees with Beneficiary that drafts drawn strictly in compliance with the terms of the credit will be duly honored upon due presentation to Issuer. Other terms and conditions - this Letter of Credit shall: 1. Expires at Issuer's counter on or before 3:00 p.m. Mountain time September 1, 2006; 2. Not be transferable; Page 1 of 2 Member LENDER FDIC 3. Be governed by the laws of the State of Colorado, including Article Five of the Uniform Commercial Code; and 4. Be subject to the Uniform Customs and Practice for Documentary Credits; International Chamber of Commerce Publication Number 500. 5. This letter of credit is issued to subject to Section XII of Franchise Agreement. 6. 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 Improvement 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. 7. 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. This Letter of Credit will be automatically renewed for a one year period upon the expiration date set forth above and upon each anniversary of such date, unless at least sixty(60) days prior to such expiration date, or prior to any anniversary of such date, we notify both you and your client in writing by registered mail that we elect not to so renew this Letter of Credit. Upon receipt by you of our notice of election not to renew this Letter of Credit, you may draw hereunder by your sight draft drawn on us and bearing the clause "Drawn under Credit No. 660". Sincerely, Mike Nic ols Senior Vice President MN:ko PLEASE RETURN UPON EXPIRATION Page 2 of 2 0 Union,Colony Bank 920 54"Avenue "O.yv Greeley, CO 80634 `-jYsy°'8). 970-346-5050 o. 866-241-2673 "\ N/ G0 4'0 o ratia b ,,o 4� rot ro ;sr00 � 1'.4\ ,co 6� tio September 29, 2005 G y4 Board of County Commissioners of Weld County, Colorado 915 10 Street Greeley, CO 80631 To Whom It May Concern: Union Colony Bank will act as escrow agent for Francisco Granados for the Pheasant Meadows Subdivision. It is understood an escrow fund will be used to pay for up to 20% of the paving on Weld County Road 60.5 from WCR 55 to WCR 55 1/2. Funds will be remitted per the agreement for improvements for WCR 60.5 issued by Weld County. If you have further questions or comments, please contact me direct at 970-346-5028. Sincerel r / Paul R Knapp Vice President Cr Member LENDER FDIC CLERK TO THE BOARD PHONE (970) 336-7215, Ext. 4225 FAX: (970) 352-0242 P. O. BOX 758 O GREELEY, COLORADO 80632 COLORADO December 8, 2006 FRANCISCO GRANADOS 5995 WEST 26TH STREET GREELEY, CO 80634 RE: Cancellation and release of Collateral To Whom It May Concern: Attached hereto please find a copy of the Board of County Commissioner's Resolution approving the cancellation and release of collateral, as referenced above. The original Irrevocable Letter of Credit and Letter of Intent was returned to Union Colony Bank, P.O. Box 961, Greeley, Colorado 80632. A recorded copy of the Resolution will be sent to you as soon as the paperwork has been completed. If you have questions or need additional information, please do not hesitate to contact me at (970) 356-4000, Extension 4227. Very truly yours, BOARD OF COUNTY COMMISSIONERS By: /5LPc-/sat/ Donna Bechle , Deputy Clerk to the Board 0-01\C 441 :4 CLERK TO THE BOARD PHONE (970) 336-7215, Ext. 4225 FAX: (970) 352-0242 P. O. BOX 758 O GREELEY, COLORADO 80632 COLORADO December 8 , 2006 UNION COLONY BANK P.O. BOX 961 GREELEY CO 80632 RE: Cancellation and release of Collateral - FRANCISCO GRANADOS To Whom It May Concern: Attached hereto please find a copy of the Board of County Commissioner's Resolution approving the cancellation and release of collateral, as referenced above. The original Irrevocable Letter of Credit and Letter of Intent are enclosed. If you have questions or need additional information, please do not hesitate to contact me at (970) 356-4000, Extension 4227. Very truly yours, BOARD OF COUNTY COMMISSIONERS By:41141- r J:4�/ LJ Donna J. Bechier, Deputy Clerk to the Board Hello