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Home My WebLink About20060599.tiff 733 RESOLUTION RE: APPROVE CANCELLATION AND RELEASE OF COLLATERAL FOR SITE PLAN REVIEW, SPR 385 - GALT PROPERTIES, 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,by Resolution dated May 16,2005,the Board approved the application of Galt Properties, LLC, P.O. Box 2071, Longmont, Colorado 80502,for a Site Plan Review,SPR 385,for an Electronic Design Support and Test Laboratory with Supporting Offices on the following described real estate, to wit: Lot 3, Block 2, Corrected Vista Commercial Filing 1; being part of the N1/2 of Section 8,Township 2 North, Range 68 West of the 6th P.M., Weld County, Colorado, and WHEREAS,on June 6,2005,the Board of County Commissioner 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 Galt Properties, LLC , with terms and conditions being as stated in said agreement,and accepted Irrevocable Letter of Credit#514,drawn on the Home State Bank,935 North Cleveland Avenue, Loveland,Colorado 80537, in the amount of$146,222.00, and WHEREAS, staff from the Weld County Departments of Planning Services and Public Works have conducted a visual inspection and recommends 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#514,drawn on the Home State Bank,in the amount of$146,222.00 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. 111111111111111111111111111111111 III III111111 till 3372733 03/23/2006 01:27P Weld County, CO 1 of 2 R 0.00 0 0.00 Steve Moreno Clerk& Recorder 2006-0599 PL1680 (cc() Q3 -9—Q6 CANCEL COLLATERAL - GALT PROPERTIES, LLC PAGE 2 The above and foregoing Resolution was,on motion duly made and seconded,adopted by the following vote on the 1st day of March, A.D., 2006. BOARD OF COUNTY COMMISSIONERS /. 4�� WELD COU COLORADO ATTEST: , IS6 ' . J.';/#c/- Ode, Chair Weld County Clerk to the -• ' r#i ° XCUSED BY: // 17" €% David E. Long, Pro-Tern D puty Clk to the Boa : �^-cG1�� W is . Jerke AP DAST �� H Robert D. Ma den o my t orney EXCUSED Glenn Vaad Date of signature: 3 i3'a' In till 1111111111111111111 Ili 1111111111111111 3372733 03/2312006 01:27P Weld Coon } 2 of 2 R 0.00 D 0.00 Steve Moreno Clerk C& Recorder 2006-0599 PL1680 ‘e(t, MEMORANDUM iv `P�. TO: Board of County Commissioners 2/22/2006 COLORADO FROM: Chris Gathman - Planner II C,� SUBJECT: Release of Collateral for SPR-385 (Galt Properties, LLC) On June 6, 2006 the Department of Planning Services received collateral in the form of a Irrevocable Letter of Credit (No. 514) in the amount of ($146,222.00) for SPR-385 (Galt Properties, LLC). Collateral covered the following items: Site Grading estimate $ 25,588.00 Street Grading estimate $ 3,343.00 Street Paving estimate $ 35,695.00 Curbs, gutters, and sidewalks estimate $ 12,921.00 Sidewalks estimate $ 3,577.00 Laterals (house connected) estimate $ 4,123.00 On-site water supply and storage estimate $ 2,275.00 Landscaping estimate $ 41,946.00 Road Culvert estimate $ 5,041.00 Engineering and Supervision Costs estimate $ 4,750.00 5% Contigency estimate $ 6,693.00 Total Estimated Cost of Improvements and supervision $ 146,222.00 After review by the Department of Planning Services and Department of Public Works, it has been determined that that the above improvements have been completed and recommends full release of collateral. SERVICE,TEAMWORK,INTEGRITY,QUALITY 2006-0599 Galt Properties, LLC P.O. Box 2071 Longmont CO 80502 303-931-7815 Weld County Planning Department GREELEY OFFICE To: Weld County Department of Planning Services 07 Jan 2006 Attn: Chris Gathman FEB 0 8 2006 918 10th Street Greeley, RECEIVED CO 80631 CO 970-353-6100 Ext. 3540 RE: Request for Release of Improvements Guarantee Collateral for SPR-385, Lot 3, Block 2 Corrected Vista Commercial Filing 1, also known as 1736 Vista View Drive, Longmont, CO 80504. Dear Chris Gathman: The above named project is now 100% complete with all inspections having been approved and the Certificate of Occupancy issued. The building is now occupied by an electronics testing facility and laboratory. We wish to make official request at this time for release of the Irrevocable Letter of Credit #514 issued from Home State Bank, Loveland Co, in the full amount $146,222.00. My understanding is that you or someone from the County offices will need to schedule a visit to the site for inspection before the request for release can be made to the Board of Commissioners. Please contact me on the phone number listed below so that we may schedule this. We look very forward to this visit as we arc anxious to show our new facilities to you and are also anxious to get on with the next Weld County project we have scheduled. Sincerely,. //''RR � (�J �. . =ice v"..® �^ ' Shauna Custer President Galt Properties, LLC 303-931-7815 MEMORANDUM TO: Chris Gathman, Planning Services DATE: February 22, 2006 FROM: Donald Carroll, Engineering Administrator SUBJECT: SPR-385, Galt Properties On February 21, 2006, I visited the site and confirmed that the following items are completed and final to my satisfaction: site grading, street grading, street base, street paving, curb, gutter, culverts, sidewalks, and a road culvert. . All items are associated with the transportation portion of the Exhibit A. The Weld County Public Works Department recommends approval and release of the transportation portion for SPR385. All other non-transportation items should be verified by Planning Services. pc: SPR-385 M:\PLANNING—DEVELOPMENT REVIEWSPR-Site Plan Review\SPR-385--A.doc Lei CLERK TO THE BOARD WI PHONE (970) 336-7215, Ext. 4225 FAX: (970) 352-0242 P. O. BOX 758 O GREELEY, COLORADO 80632 COLORADO March 27, 2006 Galt Properties, LLC P. O. Box 2071 Longmont, Colorado 80502 RE: Cancellation and release of Collateral for SPR #385 To Whom It May Concern: Attached hereto please find copies of the Board of County Commissioner's Resolution approving the cancellation and release of collateral, as referenced above. The original Letter of Credit was returned to Home State Bank, c/o Karen Boyes, 300 E. 29th Street, Loveland, Colorado 80635. 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: 4,4„/A---7" nr--r Carol A. Harding, Deputy Clerk to the Board PA 122 9c ®t7L- 404P CLERK TO THE BOARD PHONE (970) 336-7215, Ext. 4225 FAX: (970) 352-0242 P. O. BOX 758 O GREELEY, COLORADO 80632 COLORADO March 27, 2006 Home State Bank do Karen Boyes 300 E. 29th Street Loveland, Colorado 80635 RE: Cancellation and release of Collateral - GALT Properties, LLC 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: / arol A. Harding, Deputy Clerk to the Board b. 4y ad Home State <� '�`� J BANK IRREVOCABLE LETTER OF CREDIT NO. 514 °w> °�aoti m °ro o4-5 , June 1,2005 C.)4?C.)4? y `° o� � ti aor Board of County Commissioners A. yy V. Attn: Clerk to the Board di`yyy" w� PO Box 758 v4° o� Greeley, Co. 80632 w� 4y Re: GALT Properties LLC Dear: We hereby open our Irrevocable Letter of Credit in your favor for the account of GALT Properties LLC, 8475 W 125 Frontage Rd No. 200,Longmont, Co. 80504 for a sum not to exceed the aggregate of $146,222.00. One hundred forty six thousand two hundred twenty two dollars and 00/100. Each draft so drawn must be marked"Drawn under HOME STATE BANK, 935 N Cleveland Ave., Loveland, Co. 80537,Letter of Credit No. 514 and must be accompanied by a"signed statement from the Board of County Commissioners of Weld County, Colorado stating the GALT Properties LLC has committed a material breach of the Improvements Agreement According to Policy Regarding collateral for Improvements regarding 1736 Vista View Drive, Longmont,Co. 80504 dated the day of , 20 by and between GALT Properties LLC 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, 1983 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 out main office,HOME STATE BANK, 935 N Cleveland Ave., Loveland, Co. 80537.This letter of credit will expire on 5/31/06 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 HOME STATE BANK notifies beneficiary in writing that 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 HOME STATE 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 HOME STATE BANK the Letter of Credit No. 514 will not be renewed and the GALT Properties LLC has failed to provide proof of adequate collateral and substitution of this Letter of Credit No. 514; (c)copy of letter from HOME STATE BANK stating non-renewal of Letter of Credit No. 514 and the original letter of credit. Yours ly, Karen Boy Assistant Vice President (970)203-6100 www.homestatebank.com 300 E.29th Street 935 N.Cleveland 1355 E.Eisenhower 2695 W.Eisenhower 303 E.Mountain 3227 Timberline �exoen Loveland.CO 80538 Loveland.CO 80537 Loveland.CO 80537 Loveland.CO 80537 Fort Collins.CO 80524 Fort Collins.CO 80525 Member FDIC Hello