HomeMy WebLinkAbout20061914 RESOLUTION
RE: APPROVE IMPROVEMENTS AGREEMENT ACCORDING TO POLICY REGARDING
COLLATERAL FOR IMPROVEMENTS (PUBLIC ROAD MAINTENANCE),AUTHORIZE
CHAIR TO SIGN, AND ACCEPT COLLATERAL FOR SAGE HILL, PLANNED UNIT
DEVELOPMENT FINAL PLAN, PF #1093 -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 6th P.M., Weld County, Colorado
WHEREAS,pursuant to certain Conditions of Approval,the Board has been presented with
an Improvements Agreement According to Policy Regarding Collateral for Improvements (Public
Road Maintenance) 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
WHEREAS,the Board has been presented with Irrevocable Letter of Credit#1322925 from
Adams Bank and Trust, P.O. Box 790, 8308 Colorado Boulevard, Firestone, Colorado 80520, for
the account of Sage Hill, Inc., in the amount of$311,200.00, 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 According to Policy Regarding Collateral for
Improvements(Public Road Maintenance)between the County of Weld, State of Colorado, by and
through the Board of County Commissioners of Weld County, and Terra Firma Ventures, LLC, be,
and hereby is, approved.
2006-1914
PL1794
M! PL,A≥ PL , FIT co 6) 08'do -O4
IMPROVEMENTS AGREEMENT- TERRA FIRMA VENTURES, LLC
PAGE 2
BE IT FURTHER RESOLVED that Irrevocable Letter of Credit#1322925 from Adams Bank
and Trust, P.O. Box 790, 8308 Colorado Boulevard, Firestone, Colorado 80520, for the account
of Sage Hill, Inc., in the amount of$311,200.00, be and hereby is, accepted.
The above and foregoing Resolution was, on motion duly made and seconded, adopted by
the following vote on the 17th day of July, A.D., 2006.
BOARD OF C NTY COMMISSIONERS
IM C s WELD COU , COLORADO
ATTEST: Atel a -<•K//
° . J. eile, Chair
Weld County Clerk to the Yf
,c,444.47� EXCUSED
r David E. Long, Pro-Tern
BY: c
Dep t Clerk . the Board
William Jerke
APP AST
Robert D. Masden
o ty At orney
Glenn Vaad
Date of signature:
2006-1914
PL1794
rit „,4,- Memorandum
TO: Clerk to the Board Office
hiDe
Board of County Commissioners
DATE: July 13, 2006
COLORADO FROM: Brad Mueller, Assistant Director •
Department of Planning Services
RE: Acceptance of Collateral and Improvements
Agreement for PF-1093 (Sage Hill)
The Department of Planning Services has received evidence of collateral for the Sage Hill
subdivision (Planning File PF-1093), Terra Firma Ventures, LLC, owners.
This collateral is in the form of a Letter of Credit(Option No. 1 from the Improvements Agreement)in
the amount of $311,200.00, covering items outlined in Exhibit A of the attached executed
Improvements Agreement plus the 15%guarantee required of the Agreement.
The Improvements Agreement and collateral have been reviewed by the Departments of Planning
Services and Public Works,as well as the County Attomey's Office,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 collateral
and the attached Improvements Agreement, and they request scheduling with the Board.
2006-1914
1
MEMORANDtMe u Planning Department
a EtEY OFFICE
MAY 1 2 2006
T*� TO: Sheri Lockman, Dept. of Planning Services DATE 1ED
wiggeFROM: Drew Scheltinga, P. E., Public Works Department
COLORADO SUBJECT: PF-1093 Sage Hill (Improvements Agreement)
I have received a revised Improvements Agreement for Public Road Maintenance as requested
in my final plat review of February 21, 2006. The agreement and exhibits are acceptable.
The agreement can be placed on the Board of County Commissioners agenda for approval.
PC: PF-1093 Sage Hill
Email & Original: Sheri Lockman, Dept. of Planning Services
PC by Post Applicant/Engineer: Timothy Halopoff, Terra Firma Ventures
Page 1 of 1
M:PLANNING-DEVELOPMENT REVIEW',3-Final Rat(PF,MF,MJF)\PF-1093 Sage HiII PF-1093 Sage Hill(Improvements Agreement).DOC
g12 IMPROVEMENTS AGREEMENT ACCORDING TO
POLICY REGARDING COLLATERAL FOR IMPROVEMENTS
(PUBLIC ROAD MAINTENANCE)
THIS AGREEMENT,made and entered into this 17_ay of_s-1/419/ , 200(0,by and between
the County of W eld,State of Colorado,acting through its Board of County C ommissioners,hereinafter called"County,"
and Tama&FIRMA VEri'ygt=S LLC. ,hereinafter called"Applicant."
WITNESSETH:
WHEREAS,Applicant is the owner of,or has a controlling interest in the following described property in the
County of Weld, Colorado:
LarA or- REc.ort.ocaexeMP'nor) Mo, 07oS-oS- 2- RE. - 3640
66.[^14 A PART of -n+c Nv.( Vi OF SEcTta. 5, Rn. &SNiP 7N,
2ANLiE ra7 W OF 1-r+e ('O� P/LiN‘E M,s2.ialA,J , Cou,m uF wcW,
STATE of CoLCCAO .
WHEREAS, a final Subdivision/Planned Unit Development (PUD) Plat of said property, to be known as
SAG E Nit.♦ _ has been submitted to the County for approval; and
•
WHEREAS,relevant Sections of the Weld County Code provide that no Subdivision Final Plat,Planned Unit
Development Final Plat, or Site Plan shall be approved by the County until the Applicant has submitted a Subdivision
Improvements Agreement guaranteeing the construction of the public improvements shown on plans,plats and supporting
docum ents of the Subdivision Final Plat,Planned Unit Development Final Plat,or Site Plan,which improvements,along
with a time schedule for completion, are listed in Exhibits "A"and "B" of this Agreement.
NOW,THERE FO RE,IN CONSIDERATION OF the foregoing and of the acceptance and approval of said
Final Plat, the parties hereto promise,covenant and agree as follows:
1.0 Engineering Services: Applicant shall furnish,at its own expense,all engineering services in connection with
the design and construction of the Subdivision or Planned Unit Development 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 C olorado,and shall conform to the standards and criteria established by the
County for public improvements.
1.2 The required engineering services shall consist of, but not be limited to, surveys,designs,plans and
profiles, estimates, construction supervision, and the submission of necessary documents to the
County.
1.3 Applicant shall furnish drawings and cost estimates for roads within the Subdivision or Planned Unit
Development to the County for approval prior to the letting of any construction contract. Before
acceptance of the roads within the Subdivision or Planned Unit Development by the County,Applicant
shall furnish one set of reproducible "as-built"drawings and a final statement of construction cost to
the County.
2.0 Rights-of-way and Easements: Before commencing the construction of any improvements herein agreed upon,
Applicant shall acquire, at its own expense, good and sufficient rights-of-way and easements on all lands and
facilities traversed by the proposed improvements. All such rights-of-way and easements used for the
construction of roads 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.
3.0 Construction: Applicant shall furnish and install, at its own expense, the Subdivision or Planned Unit
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Development improvements listed on Exhibit "A," which is attached hereto and incorporated herein by
reference,according to the construction schedule set out in Exhibit "B" also attached hereto and incorporated
herein by reference.
3.1 Said construction shall be in strict conformance to the plans and drawings approved by the County and
the specifications adopted by the County for such public improvements. Whenever a Subdivision or
Planned Unit Development is proposed within three miles of an incorporated community located in
Weld County or located in any adjacent county, the Applicant shall be required to install
improvements in accordance with the requirements and standards that would exist if the plat were
developed within the corporate limits of that community. If the incorporated community has not
adopted such requirements and standards at the time the Subdivision or Planned Unit Development
is proposed, the requirements and standards of the County shall be adhered to. If both the
incorporated community and the County have requirements and standards, those requirements and
standards that are more restrictive shall apply.
3.2 Applicant shall employ, at its own expense,a qualified testing company previously approved by the
County to perform all testing of materials or construction that is req uired by the C ounty; and shall
furnish copies of test results to the County.
3.3 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 Applicant'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 Applicant's expense.
3.4 Applicant shall furnish proof that proper arrangements have been made for the installation of sanitary
sewer or septic systems,water, gas, electric and telephone services.
3.5 Said Subdivision or Planned Unit Development improvements shall be completed, according to the
terms of this Agreement, within the construction schedule appearing in Exhibit "B." The Board of
County Commissioners, at its option, may grant an extension of the time of completion shown on
Exhibit"B" upon application by the Applicant subject to the terms of Section 6 herein.
4.0 Release of Liability: Applicant shall indemnify and hold harmless the County from any and all liability loss
and damage County may suffer as a result of all suits,actions or claims of every nature and description caused
by,arising from,or on account of said design and construction of improvements,and pay any and all judgments
rendered against the County on account of any such suit,action or claim,together with all reasonable expenses
and attorney fees incurred by County in defending such suit, action or claim whether the liability, loss or
damage is caused by, or arises out of the negligence of the County or its officers, agents, employees, or
otherwise except for the liability, loss, or damage arising from the intentional torts or the gross negligence of
the County or its employees while acting within the scope of their employment. All contractors and other
employees engaged in construction of the improvements shall maintain adequate worker's compensation
insurance and public liability insurance coverage, and shall operate in strict accordance with the laws and
regulations of the State of Colorado governing occupational safety and health.
5.0 Off-Site Improvements Reimbursement Procedure: The subdivider,applicant,or owner maybe reimbursed for
off-site road improvements as provided in this section when it has been determined by the Board of County
Commissioners that the road thcilities providing access to the Subdivision or Planned Unit Development are
not adequate in structural capacity,width,or functional classification to support the traffic requirements of the
uses of the Subdivision or Planned Unit Development.
5.1 The subdivider, applicant, or owner shall enter into an off-site improvements agreement prior to
recording the final plat when the subdivider,applicant,or owner expects to receive reimbursement for
part of the cost of the off-site improvements.
5.2 The off-site imorovements agreement shall contain the following:
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- The legal description of the property to be served.
- The name of the owner(s)of the property to be served.
- A description of the off-site improvements to be completed by the subdivider, applicant,or
owner.
- The total cost of the off-site improvements.
- The total vehicular trips to be generated at build-out by the Subdivision, Resubdivision, or
Planned Unit Development,as specified by the ITE Trip Generation Manual,or by special
study approved by the Board of County Commissioners.
- A time period for completion of the off-site improvements.
- The terms of reimbursement.
- The current address of the person to be reimbursed during the term of the agreement.
Any off-site improvements agreement shall be made in conformance with the Weld County
policy on collateral for improve ments.
5.3 If the subdivider, applicant, or owner fails to comply with the improvements agreement, the
opportunity to obtain reimbursement under this section is forfeited.
5.4 When it is determined by the Board of County Commissioners that vehicular traffic from a
Subdivision,Resubdivision,or Planned Unit Development will use a road improvement constructed
under an improvem ents agreement,the subsequent subdivider,applic ant,or owner shall reimburse the
original subdivider, applicant, or owner, for a portion of the original construction cost. In no event
shall the original subdivider, applicant, or owner collect an amount which exceeds the total cost of
improvements less the pro rata share of the total trip impacts generated by the original development.
Evidence that the original subdivider,applicant, or owner has been reimbursed by the subsequent
subdivider, applicant or owner shall be submitted to the Department of Planning Services prior to
recording the Subdivision,Resub division,or Planned Unit Development Final Plat.
5.5 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 a prior 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 bythe changes in the Colorado Construction CostIndex
used by the Colorado Division of Highways. The cost of road improvements may be paid by cash
contribution to the prior subdivider, applicant or owner, or by further road improvements which
benefit the prior subdivider, applicant, or owner's property. This decision shall be at the sole
discretion of the Board of County Commissioners based upon the need for further off-site road
improvements.
5.6 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 tips a Subdivision, Resubdivision,or Planned Unit Development will
generate shall be decided by the County Engineer.
5.7 The term for which the subdivider,applicant,or owner is entitled to reimbursement under the off-site
improvements agreement, entered into between the subdivider and the County, is ten years from the
date of execution of a contract for road improvements.
5.8 This provision is not intended to create any cause of action against Weld County or its officers or
employees by any subdivider,applicant, or owner 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.
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6.0 Acceptance of Streets for M aintenance by the County: Upon compliance with the following procedures by the
Applicant,streets within a Subdivision or Planned Unit Development may be accepted by the County as a part
of the County road system and will be maintained and repaired by the County.
6.1 If desired by the County, portions of street improvements may be placed in service when completed
according to the schedule shown on Exhibit "B," but such use and operation shall not constitute an
acceptance of said portions.
6.2 County may, at its option, issue building permits for construction on lots for which street
improvements detailed herein have been started but not completed as shown on Exhibit"B," and may
continue to issue building permits so long as the progress of work on the Subdivision or Planned Unit
Development improvements in that phase of the development are satisfactory to the County; and all
terms of this Agreement have been faithfully kept by Applicant.
6.3 Upon completion of the construction of streets within a Subdivision o r Planned Unit Development and
the filing of a Statement of Substantial Compliance, the applicant(s) may request in writing that the
County Engineer inspect the streets and recommend that the Board ofCounty Commissioners accept
them 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 applicant, inspect the subject streets, and notify the applicant(s) of any deficiencies. The
County Engineer shall reinspect the streets after notification from the applicant(s)that any deficiencies
have been corrected. If the County Engineer finds that the streets are constructed according to County
standards, he shall recommend acceptance of the stre ets for full maintenance. Upon a receipt of a
positive unqualified recommendation from the County Engineer for acceptance of streets within the
development, the Board of County Commissioners shall accept said streets as public facilities and
County property, and shall be responsible for the full maintenance of said streets including repair.
7.0 General Requirements for Collateral:
7.1 The value of all collateral submitted to Weld County must be equivalent to One-Hundred percent
(100%) of the value of the improvements as shown in this Agreement. Prior to Final Plat approval,
the applicant shall indicate which of the five types of collateral preferred to be utilized to secure the
improvements subject to final approval by the Board of County Commissioners and the execution of
this Agreement. Acceptable collateral shall be submitted and the plat recorded within six(6)months
of the Final Plat approval. If acceptable collateral has not been submitted within six(6)months then
the Final Plat approval and all preliminary approvals shall automatically expire. An applicant may
request that the County extend the Final Plat approval provided the cost estimates are updated and the
development plans are revised to comply with all current County standards,policies and regulations.
The improvements shall be completed within one(1)year after the Final Plat approval(not one year
after acceptable collateral is submitted) unless the applicant(s) requests that this Agreement be
renewed at least thirty (30) days prior to its expiration and further provides that cost estimates for
the remaining improvements are updated and collateral is provided in the amount of One-Hundred
percent(100%)of the value of the improvements remaining to be completed. If improvements are not
completed and the agreement not renewed within these time frames,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 made.
7.2 The applicant may choose to provide for a phased development by means of designating filings of a
Planned Unit Development Final Plan or Subdivision Final Plan. The applicant would need only to
provide collateral for the improvem ents in each filing as approved. The County will place restrictions
on those portions ofthe property that are notcovered by collateral which willprohibit the conveyance
of the property or the issuance of building permits until collateral is provided or until improvements
are in place and approved pursuant to the requirements for a Request for Release of Collateral.
7.3 The applicant intends to develop in accordance with Exhibits "A" and "B." The costs of the
improvements described in Exhibit "A" will be adjusted higher or lower for the year and quarter in
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which the contemplated work is being performed based on "The State Highway Bid Price Index"
contained in the "Quarterly Cost Report" of The Engineering News-Record as published by The
McG raw-Hill Companies. The applicant has provided costestimates for all phases of the development
which will be adjusted in accordance with The State Highway Bid Price Index at the time of posting
of collateral for each phase.
8.0 Improvements Guarantee: The five types of collateral listed below are acceptable to Weld County subject to
final approval by the Board of County Commissioners.
8.1 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:
8.1.1 The Letter of Credit shall be in an amount equivalent to One-Hundred percent(100%)of the
total value of the improvements as set forth in Section 6.0 and Exhibits "A" and "B."
8.1.2 The Letter of Credit shallprovide for payment upon demand to Weld County if the developer
has not performed the obligations specified in the Improvements Agreement and the issuer
has been notified of such default.
8.1.3 The applicant may draw from the Letter of Credit in accordance with the provisions of this
policy.
8.1.4 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 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 Improvements 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.
8.1.5 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 Weld County until released by
Weld County.
8.1.6 The Letter of Credit shall specify that the date ofproposed expiration of the Letter of Credit
shall be either the date of release by Weld County of the final fifteen percent(15%), or one
year from the date of Final Plat approv al,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.
8.2 Trust Deed upon all or some of the proposed development or other property acceptable to the Board
of County Commissioners provided that the following are submitted:
8.2.1 In the event property within the proposed development is used as collateral,an appraisal is
required of the property in the proposed development by a disinterested Member of the
American Institute of Real Estate Appraisers (M.A.I.) indicating that the value of the
property encumbered in its current degree of development is sufficient to cover One-Hundred
percent(100%)o f the cost of the improvements as set forth in the Improvements Agreement
plus all costs of sale of the property.
8.2.2 In the event property other than the property to be developed has been accepted as collateral
by Weld County,then an appraisal is required o f the property by a Member of the Institute
of Real Estate Appraisers (M.A.I.) indicating that the value of the property encumbered in
its current state of development is sufficient to cover One-Hundred percent(100%) of the
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cost of the improvements as set forth in the Improvements Agreement plus all costs of sale
of the prop erty.
8.2.3 A title insurance policy insuring that the Trust Deed creates a valid encumbrance which is
senior to all other liens and encumbrances.
8.2.4 A building permit hold shall be placed on the encumbered property.
8.3 Escrow Agreement that provides at least the following:
8.3.1 The cash in escrow is at least equal to One-Hundred percent(100%)of the amount specified
in the Improvements Agreement.
8.3.2 The escrow agent guarantees that the escrowed funds will be used for improvements as
specified in the agreement and for no other purpose and will not release any portion of such
funds without prior approval of the Weld County Board of Commissioners.
8.3.3 The escrow agent will be a Federal or state-licensed bank or financial institution.
8.3.4 If Weld County determines there is a default of the Improvements Agreement, the escrow
agent,upon request by the Co unty,shall release any remaining es crowed funds to the C ounty.
8.4 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(100%)of the value of the improvements as specified in
the Improvements Agreement.
8.5 A cash deposit made with the County equivalent to One-Hundred percent(100%)of the value of the
improvements.
9.0 Request for Release of Collateral: Prior to release of collateral for the entire project or for a portion of the
project by We Id County, the Applicant must present a Statement of Substantial Compliance from an Engineer
registered in the State of Colorado that the project or a portion of the project has been completed in substantial
compliance with approved plans and specifications documenting the following:
9.1 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.
9.2 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.
9.3 "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.
9.4 The Statements of Substantial Compliance must be accompanied, if appropriate, by a letter of
acceptance of maintenance and responsibility by the appropriate utility company, special district or
town for any utilities.
9.5 A letter must be submitted from the appropriate Fire Authority indicating the fire hydrants are in place
in accordance with the approved plans. The letter shall indicate ifthe fire hydrants are operational and
state the results of fire flow tests.
9.6 The requirements in Sections 9.0 thru 9.5 shall be noted on the final construction plans.
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9.7 Following the submittal of the Statement of Substantial Compliance and recommendation of
acceptance of the streets for partial maintenance by the County, the applicant(s)may request release
of the collateral for the project or portion of the project by the Board. This action will be taken at a
regularly scheduled public meeting of the Board.
9.8 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 excluding
improvements fully accepted for maintenance by the responsible governmental entity,special district
or utility company.
9.9 The warranty collateral shall be rele ased to the applicant up on final acceptance by the B oard of C ounty
Commissioners for full maintenance under Section 5.3 herein.
10.0 Public Sites and Open Spaces: When the Board of CountyCommissioners,pursuant to a rezoning,Subdivision
or Planned Unit Development, requires the dedication,development and/or reservation of areas or sites other
than Subdivision or Planned Unit Development streets and utility easements ofa character,extent and location
suitable for public use for parks,greenbelts or schools,said actions shall be secured in accordance with one of
the following alternatives, or as specified in the Planned Unit Development plan, if any:
10.1 The required acreage,as may be determined by relevant Sections of the Weld County Code,shall be
dedicated to the County or the appropriate school district, for one of the above purposes. Any area
so dedicated shall be maintained by the County or school district.
10.2 The required acreage,as determined by relevant Sections of the Weld County Code may be reserved
through deed restrictions as open area, the maintenance of which shall be a specific obligation in the
deed of each lot within the Subdivision or Planned Unit Development.
10.3 In lieu of land, the County may require a payment to the County in an amount equal to the market
value at the time of Final Plat submission of the required acreage as determined by relevant Sections
of the Weld County Code. Such value shall be determined by a competent land appraiser chosen
jointly by the Board and the Applicant. The cash collected shall be deposited in an escrow account
to be expended for parks at a later date.
11.0 Successors and Assigns: This Agreement shall be binding upon the heirs,executors,personal representatives,
successors and assigns of the Applicant,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.
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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed on the day and year
first above written. ��/ ���JJJ
APPLICANT:_ / ��;i, �_/�!
APPLICANT:
TITLE: tstfkl,- .AINl MLMLf-X—C
Subscribed and sworn to before me this "7` S day of Ay , 20 0&. `���P.cs e: P.v.4C•,y -
�ptARy
My Commission expires: �� • air . =
j(- 2/ 2_O0qNotary Public *•, pU8```. OO`
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'9�FOF r:10Q•�NC`
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ATTEST: d{ ;. BOARD OF COUNTY COMMISSIONERS
gaged Ia9� /5 WELD COUNT OLORADO
Il61 to k2
Weld County Clerk to the Board W M. J. Gelie , Chair JUL 7 ry 2006 el BY:- _ i
putt'Cle fo the oard
APPROVED AS TO FORM: --- - _ ___-------2., 2—_________
Co nt orney
IIII%till IIIII11111IIII11111 ill ill IHIIi III
3408872
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EXHIBIT "A"
Name of Subdivision
or Planned Unit Development SA_CA-E__fi!��
Filing IVA r JU•D. `j LoT Fsn42£
Location: j_IR__LQbN_c e..___1or____L�4g—_ li 11 2— —WS..tt—JIC.._
Intending to be legally bound, the undersigned Applicant hereby agrees to provide throughout this Subdivision or
Planned Unit Development the following improvements. (Leave spaces blank where they do not apply.)
Improvements Quantity Units Unit Estimated Construction
Costs Cost
Site grading 11,500 ci A 3 lot $ I3,500
Street grading 14,500 or 3 3/cy S f 3,Soo
Street base /,68S TN 1Y/I.YO%.l 027, 639
Street paving 5,295 si /f12.53/5y yt 65, 719. sr
Curbs, gutters, and culverts — — — —
Sidewalk — — — —
Storm sewer facilities 35o LF i125/Lf $ 9,750
Detention ponds 2,000 CC 4 3 /Ct $ (0,000
Ditch Improvements — — — —
Subsurface drainage — — — —
Sanitary sewers — — — —
Trunk and forced lines — — — —
Mains — — — —
Laterals (house connected) — — — —
On-site sewage facilities — — — —
On-site water supply and storage — — — —
Water Mains(includes bore) 1,350 Lf if 12/L-F e 1/0,7o0
Fire hydrants 3 EA di 2A /Ea I 11. 00O
Survey and street monuments and boxes — — — —
Street lighting — — — —
Street Names / EA 1l78db4 S 766
Fencing requirements — — — —
Landscaping / LS $'/14,000 ff /y, coo
Park improvements — — — —
Road culvert — — — —
Grass lined swale — — — —
Telephone 9 Loi3 R/.bO/i.oT 0 9,Ooo
Gas 2,000 LP $7/LF S /9,Oou
Electric 9 errs # fooa,A„y itIG,Goo
Water transfer — — —
SUB-TOTAL: % 2GO, sgy. SC
Engineering and Supervision Costs $ 101000
(Testing,inspection,as-built plans and work in addition to preliminary and final plat; supervision of actual construction
by contractors)
TOTAL ESTIMATED COST OF IMPROVEMENTS AND SUPERVISION $ 270, 589. sc
1111111111111111111111 IIII 1111111111111 III 11111 III! 1111 9
3408872 08/03/2006 02:42P Weld County, CO
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The above improvements shall be constructed in accordance with all County requirements and specifications, and
conformance with this provision shall be determined solely by Weld County, or its duly authorized agent.
Said improvements shall be completed according to the construction schedule set out in Exhibit"B."
By:
Applicant
---ant-- --- -- —
te(A,vPG r✓C. e M6 Ers Date: / z'/ , 20 00G.
Title
(If corporation,to be signed by President and attested to by Secretary,together with corporate seal.)
11111111111 11111 11111 1111 1111111 III 111111 111 1111
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EXHIBIT "B"
Name of Subdivision
or Planned Unit Development _SA4,5 1-lity�
Filing: NVA— y _RS).4. 9Lcy ..Csm2c
Location: 5E__ _ColtN_E2 leLc.fl_JS___Ati(2 Wcg_$c
All improvements shall be completed within / _years from the date of approval of the final plat.
Construction of the improvements listed in Exhibit"A" shall be completed as follows:
(Leave spaces blank where they do not apply.)
Improvements Time for Completion
Site grading (o WKc
Street grading Z. )Jrc
Street base 7 Wks
Street paving / its/lc
Curbs, gutters, and culverts
Sidewalk
Storm sewer facilities 2 w k5
etention ponds 2.. 1.J P-s
Ditch improvements / we
Subsurface drainage
Sanitary sewers
Trunk and forced lines
Mains
Laterals (house connected)
On-site sewage facilities
On-site water supply and storage
Water mains 5 wk-5
Fire hydrants I w k
Survey and street monum ents and boxes
Street lighting
Street name signs
Fencing requirements I D,4ci
Landscaping
Park improvements
Road culvert
Grass lined swak 1 w k
Telephone '} wkc
Gas 4
Electric ?, ...Ai i1/4.5
Water transfer
SUB-TOTAL: 3`/ WKS
111111 1111111 111111 III IIII II
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The County,at its option, and upon the request of the Applicant,may grant an extension of time for completion for any
particular improvements shown above,upon a showing by the Applicant that the above schedule cannot be met.
By:
Applicant
did
�IAN?Giv_(, ,"4mcnA4eCa Date: Si`/ , 20OC, .
Title
(If corporation,to be signed by President and attested to by Secretary, together with corporate seal.)
111111 11111 11111 11111 EMI 1111111 III 111111 III IIII
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411_ ADAMS BANK&TRUST
P.O. Box 790 Phone No. (303)833-3575
8308 Colorado Blvd. Fax No. (303)833-2796
Firestone, CO 80520
IRREVOCABLE LETTER OF CREDIT
June 22, 2006 cAC
Board of County Commissioners of Weld County
Attention: Clerk to the Board
P.O. Box 758
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
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
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