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RESOLUTION
RE: APPROVE PARTIAL CANCELLATION AND RELEASE OF COLLATERAL FOR FAITH
ESTATES - GARY AND JUDY HARKLESS
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 September 14, 2005,the Board approved the application
of Gary and Judy Harkless, 33439 Weld County Road 37, Eaton, Colorado 80615, for a Minor
Subdivision Final Plan, MF #1060, on the following described real estate, to wit:
Lot B of Recorded Exemption#2641;being part of the
SE1/4 of Section 13, Township 6 North, Range 66
West of the 6th P.M., Weld County, Colorado, and
WHEREAS,on December 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)for Faith Estates, between the County of Weld, State
of Colorado, by and through the Board of County Commissioners of Weld County, and Gary and
Judy Harkless, with terms and conditions being as stated in said agreement, and accepted
Irrevocable Letter of Credit No. 1,drawn on Advantage Bank, 1801 59th Avenue,Greeley,Colorado
80634, in the amount of$231,805.00, and
WHEREAS, staff from the Weld County Departments of Public Works and Planning
Services have conducted a visual inspection and recommend a partial release of said collateral in
the amount of$181,543.00; retaining $50,262.00 to cover the 15 percent warranty.
WHEREAS,the Board has been presented with a letter from Advantage Bank, modifying
Irrevocable Letter of Credit#1, dated August 2, 2006, reducing the amount of credit available for
draw by Weld County to $50,262.00.
NOW,THEREFORE,BE IT RESOLVED by the Board of County Commissioners of Weld
County,Colorado,that Irrevocable Letter of Credit No. 1,drawn on Advantage Bank,in the amount
of$231,805.00 be,and hereby is, partially canceled and released,with the remaining balance being
$50,262.00.
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.
1111111111111111111111UIIIB 1111111 III 1111111111111
3414631 08/25/2006 03:061' Weld County, CO 2006-2194
1 of 2 R 0.00 0 0.00 Steve Moreno Clerk & Recorder PL1766
C a, Pi`s- 021,3/-0b
CANCEL COLLATERAL - GARY AND JUDY HARKLESS
PAGE 2
The above and foregoing Resolution was,on motion duly made and seconded,adopted by
the following vote on the 9th day of August, A.D., 2006.
BOARD OF ' OUNTY COMMISSIONERS
,t4& v' La WELD CO/ TY, COLORADO
ATTEST: g _/,�/
`as`M , $17.2'1. eile, Chair
Weld County Clerk to theel
. r
WS David E. Long, Pro-Tem ,
BY: - td 4 -
De Cler 6 the Board PA,"
Willis Jerke \n 1
AST •
Robert D. Masden
C u ty orney EXCUSED
1 Glenn Vaad
Date of signature: Si2'4lac
1111111111111111111111111111 IIII 1111111 III IIIII IIII IIII 2006-2194
PL1766
3414631 08/25/2006 03:06P Weld County, CO
2 of 2 R 0.00 0 0.00 Steve Moreno Clerk& Recorder
MEMORANDUM
IlIlTO: Board of County Commissioners ppII 8/7/2006
COLORADO FROM: Chris Gathman - Planner II e,'s�l.
SUBJECT: Partial Release of Collateral for MF-1060 (Faith Estates -
Harkless)
On the Board of County Commissioners accepted collateral in the form of a Irrevocable Letter of
Credit (No. 1) in the amount of($231,805.00)for MF-1060 (Faith Estates).
Collateral covered the following items:
Site Grading estimate $ 7,500.00
Street Grading estimate $ 31,500.00
Storm Sewer Facilities estimate $ 750.00
Retention Ponds estimate $ 19,250.00
Ditch Improvements estimate $ 6,875.00
Subsurface Drainage estimate $ 2,000.00
Water Mains estimate $ 114,000.00
Fire Hydrants estimate $ 12,000.00
Street name signs estimate $ 260.00
Road Culvert estimate $ 4,950.00
Telephone estimate $ 1,800.00
Electric estimate $ 25,920.00
Engineering and Supervision Costs estimate $ 5,000.00
Total Estimated Cost of Improvements and supervision $ 231,805.00
The applicants subsequently made the decision to pave the interior roadway for Faith Estates.
This raised the total amount of cost to $335,075 and the 15% amount of warranty collateral to
$50,262.00.
As a result the applicants are asking for a partial release of collateral for the remaining items in
the improvements agreement and provide replacement collateral in the amount of$50,262.00 to
cover the 15% warranty.
The 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 partial release of collateral.
SERVICE,TEAMWORK,INTEGRITY,QUALITY
2006-2194
AUG-08-2006 TUE 09: 11 AM WELD COUNTY PUBLIC WORKS FAX N0, 970 304 6497 P. 01/01
ay 1 , 2006
National Vision Development Inc.
33439 CR 37
Eaton,CO 8061.5
Weld County Public Works Dept.
RE:Request for Release of Fiords
To Whom It May Concern:
In consideration of works completed described in the attached documentation,I,Gary
Harklesa.president of NVDI,do hereby request a release of fiords associated with those
works.
.aim'
Haddess
(President)
CE
Weld Cc ntY Planning Department ELEY JUL 2 6 2006
ig-ttarii
MEMORANDUM RECEIVED
WI���• TO: Chris Gathman, Planning Depa DATE: 25-July-2006
FROM: Peter Schei, P.E., Public artment
COLORADO SUBJECT: MF-1060 Faith Estates Minor Subdivision(Final Plat)collateral release 2
Weld County Public Works Department has reviewed collateral materials and has the following development referral
comments.
Comments
❑ The applicant has submitted a signed letter dated May Is`, 2006 from Gary Harkless to Public Works requesting
release of all remaining collateral for the Faith Estates Minor Subdivision pertaining to Public Works' infrastructure.
❑ Mr. Harkless has submitted AS-BUILT plans, letters of substantial compliance from the appropriate utility company,
material testing results and Eaton fire protection district. All documentation confirms everything relating to Public
Works has been completed.
❑ A Public Works field inspection has verified infrastructure associated with the Department and recommends the
release of all collateral monies associated with said improvements.
❑ Faith Estates is to be a privately maintained(interior roadway)subdivision by the homeowners association.
o Planning may schedule the release of collateral with the Clerk with no concerns from Public Works.
Recommendation
o The Public Works Department recommends the release of all remaining collateral for this development.
The Planning Department may proceed with this case, with no restrictions by Public Works.*
PC:MF-1060 Faith Estates Minor Subdivision(Final Plat)collateral release 2
Email&Original:Planner:Chris Gathman
PC by Post: Applicant:Gary Harktess
PC by Post: Engineer:Pickett Engineering,Inc.
Page 1 of l
Nature Page 1 of 2
Chris Gathman
From: Peter Schei
Sent: Tuesday, July 25, 2006 1:22 PM
To: Chris Gathman
Cc: Tracy Dyer; Josh Holbrook
Subject: FW: MF-1090, Faith Estates Minor Subdivision
Importance: High
Attachments: MF-1060 Faith Estates Minor Subdivision (Final Plat)collateral release 2.pdf; MF-1060
Harkless warranty Collateral.jpg
Good Afternoon, Chris:
Just a follow-up note regarding the collateral release for MF-1060 Faith Estates Minor Subdivision ...
I have attached a letter from Mr. Harkless wrt his warranty period of one-year per Frank Hempen's
direction,
which requires $5Q,262 retjned collateral. Once the warranty period has passed he may request the
release of
these monies - upon agreement with Public Works.
Please note that my memorandum this morning should take into consideration these warranty monies
being retained collateral,
which is standard protocol.
My apology for not noting this in the memorandum.
(I was trying to go to fast and do too much..)
Please let me know if you have any questions.
Have a good day, Peter.
Peter SCHE!,P.E., N.S.P.E.
Weld County-Public Works Department
111.1 - 1i Street,Greeley,CO 80632
970.356.4000 x3750
pschei@co.weld.co.us
"Welcome Home - to Weld County"
From: Marjorie Caudill
Sent: Tuesday, July 25, 2006 9:48 AM
To: Chris Gathman
Cc: Peter Schei
Subject: MF-1090, Faith Estates Minor Subdivision
See attached; hard copy to follow.
Marj Caudill, Ext. 3767
rricaudill(q)co.weld.co.us
08/07/2006
mcc ;
C
��fx Advantage Bank
IRREVOCABLE LETTER OF CREDIT NO. 1
August 2,2006
Board of County Commissioners
ATTN: Clerk to the Board
P.O. Box 758
Greeley,CO 80632
RE:National Vision Development,Inc.
Dear: Board of County Commissioners
We hereby modify our Irrevocable Letter of Credit in your favor for the account of National Vision Development,Inc.,
33439 Weld County Road 37,Eaton,CO 80615,for a sum not to exceed the aggregate of$50,262.00. (Fifty Thousand
Two Hundred and Sixty-Two Dollars). This amount is reduced from the modified amount of$117,805.00(One Hundred
Seventeen Thousand Eight Hundred and Five Dollars)dated March 21,2006. The original amount of this letter of credit
was$231,805.00(Two Hundred Thirty One Thousand Eight Hundred Five Dollars)dated November 18, 2005.
Each draft so drawn must be marked"Drawn under ADVANTAGE BANK, 1801 59TH Avenue,Greeley,CO 80634.,
Letter of Credit No. 1 and be accompanied by a"signed statement from the Board of County Commissioners of Weld
County,Colorado stating the National Vision Development,Inc.has committed a material breach of the Improvements
Agreement According to Policy Regarding collateral for Improvements regarding Faith Estates dated the 18th day of
November,2005 by and between National Vision Development 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,ADVANTAGE BANK, 1801 59th Avenue,Greeley,CO 80634. This
letter of credit will expire on November 20,2006 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 ADVANTAGE BANK
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 ADVANTAGE BANK;(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 ADVANTAGE BANK the Letter of Credit No. 1 will not be renewed and that National Vision Development,
Inc.has failed to provide proof of adequate collateral and substitution of this Letter of Credit No._1_;(c)copy of letter
from ADVANTAGE BANK stating non-renewal of Letter of Credit No._1_and the original letter of credit.
Yours truly,
Paul C. Edens,III
Senior Vice President
970.353.0047
Adeoc Fax 970.353.0433
advantagebanks.com
Mit 4„4%Ain
CLERK TO THE BOARD
iggigPHONE (970) 336-7215, Ext. 4225
FAX: (970) 352-0242
P. O. BOX 758
C• GREELEY, COLORADO 80632
COLORADO
August 31, 2006
GARY AND JUDY HARKLESS
33439 WCR 37
EATON CO 80615
RE: Partial 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 partial cancellation and release of collateral, as referenced above. The Modified Letter of
Credit was accepted from Advantage Bank, 1801 59 Avenue, Greeley, Colorado 80634.
If you have questions or need additional information, please do not hesitate to contact me at(970)
356-4000, Extension 4217.
Very truly yours,
Donna J. Bechler
Deputy Clerk to the Board
CLERK TO THE BOARD
PHONE (970) 336-7215, Ext. 4225
' FAX: (970) 352-0242
P. O. BOX 758
C. GREELEY, COLORADO 80632
COLORADO
August 31, 2006
ADVANTAGE BANK
1801 59TH AVENUE
GREELEY CO 80634
RE: Partial Cancellation and release of Collateral - GARY AND JUDY HARKLESS
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 is enclosed.
If you have questions or need additional information, please do not hesitate to contact me at
(970) 356-4000, Extension 4217.
Very truly yours,
BOARD OF COUNTY/COMMISSIONERS
By: t �41fc�Ff eft
Donna J. Be er,
Deputy Clerk to the Board
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IRREVOCABLE LETTER OF CREDIT NO. 1 a 8°al 06, 0.0,
9 Ss
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November 18,2005 2OO6 aera
Board of County Commissioners
ATTN: Clerk to the Board
P.O.Box 758
Greeley,CO 80632
RE:National Vision Development,Inc.
Dear: Board of County Commissioners
We hereby open our Irrevocable Letter of Credit in your favor for the account of National Vision Development, Inc.,
33439 Weld County Road 37,Eaton,CO 80615,for a sum not to exceed the aggregate of 231,805.00. (Two Hundred
Thirty One'Thousand Eight Hundred and Five Dollars).
Each draft so drawn must be marked"Drawn under ADVANTAGE BANK, 1801 59TH Avenue,Greeley, CO 806 34.,
Letter of Credit No. 1 and be accompanied by a"signed statement from the Board of County Commissioners of Weld
County,Colorado stating the National Vision Development,Inc.has committed a material breach of the Improvements
Agreement According to Policy Regarding collateral for Improvements regarding Faith Estates dated the 18th day of
November,2005 by and between National Vision Development 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 an drafts drawn under and in compliance with the terms of this credit will be duly honored
and presented for payment to our main office,ADVANTAGE BANK, 1801 59th Avenue,Greeley,CO 80634. This letter
of credit will expire on November 20, 2006 at 5:00 P.M.
This letter of credit is automatically extended without amendment, for additional one year periods from the currant
expiration or any future expiration date unless 60 days pronto such current expiration{late ADVANTAGE BANK notifies
beneficiary in writing that the letter of credit will not be renewed. In the case you receive such a notification, you nay
draw by presentation of the following:(a)a draft at sight on ADVANTAGE BANK;(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
ADVANTAGE BANK the Letter of Credit No. 1 will not be renewed and that National Vision Development, Inc. has
failed to provide proof of adequate collateral and substitution of this Letter of Credit No._1 ;(c)copy of letter from
ADVANTAGE BANK stating non-renewal of Letter of Credit No._1_and the original letter of credit.
Yours truly,
Paul C. Edens, III
Senior Vice President
Advantage Bank
1801 59th Avenue 970.353.0047
Greeley,CO 80634 Fax 970.353.0433
advantagebanks.com
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