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Home My WebLink About20020922.tiff r • 4 199 RESOLUTION RE: APPROVE CANCELLATION AND RELEASE OF COLLATERAL FOR SITE PLAN REVIEW, SPR#323 - STA LABORATORIES, CIO SUN CONSTRUCTION AND DESIGN SERVICES, INC. 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 21, 2001, the Board did approve an Improvements Agreement According to Policy Regarding Collateral for Improvements (Private Road Maintenance) with STA Laboratories, C/o Sun Construction And Design Services, Inc., concerning property described as Lot 2, Block 1, Vista Commercial Center, Filing 1; part of the S1/2 of Section 8, Township 2 North, Range 68 West of the 6th P.M., Weld County, Colorado, and WHEREAS, the Board of County Commissioner of Weld County, Colorado, did accept Irrevocable Standby Letter of Credit No. STR17444 from Bank One, N.A., 1717 Main Street, 11th Floor, Dallas, Texas 75201, in the amount of $24,730.00, as well as an Amendment to Letter of Credit No. STR17444, in the amount of$53,184.00, for a total of$77,914.00, and WHEREAS, staff from the Weld County Departments of Planning Services and Public Works have conducted a visual inspection of the project and recommend cancellation and release of said collateral, and WHEREAS, 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 STA Laboratories, C/o Sun Construction And Design Services, Inc, SPR#323, and 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 the Irrevocable Standby Letter of Credit No. STR17444 in the amount of $24,730.00, as well as an Amendment to Letter of Credit No. STR17444, in the amount of$53,184.00, for a total of$77,914.00, 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. 111111111111 III 11111 IIII IIII 2002-0922 PL1521 2946199 04/26/2002 11:12A JA Suki Tsukamoto Ce, ,'j° ) sfi4,, 1 of 2 R 0.00 D 0.00 Weld County CO • • CANCEL COLLATERAL - STA LABORATORIES PAGE 2 The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 15th day of April, A.D., 2002. BOARD OF COUNTY COMMISSIONERS WEL OUNTY, CpL� ATTEST: Q _{;4 " // GI a Vaad, Chair Weld County Clerk to th i t _ ♦ 'r�, David . L. g, Pro-Tem BY: • 4l / Deputy Clerk to the Boar M. J. : ei e APPROVED AS TO FO • EXCUSED Wiliam H. Jerke Countorn y Robert D. Masden Date of signature: /- 1111111 11111 IWO 11111 I I 1111111111111 111 1 1111 It 1111 2946199 04/26/2002 11:12A JA Suki Tsukamoto 2 of 2 R 0.00 D 0.00 Weld County CO 2002-0922 PL1521 lINDe MEMORANDUM COLORADO Date: February 28, 2002 To: Board of County Commissioners From: Robert Anderson, Planner III Subject: Release of Collateral, STA Laboratories On February 28, 2002, the Department of Planning Services preformed a site investigation of the completed improvements for STA Laboratories, a Soil and Plant Research Laboratory located at 1821 Vista View Drive, Lot 2, Block 1 of Vista View Commercial Center, Case number SPR-323, at the request of George Warner, the applicant's representative. Don Carroll of Weld County Department of Public Works has inspected the items, and in the memorandum of February 21, 2002, recommends the release of the transportation collateral for street grading, street base, street paving, curb, gutter, culverts and sidewalk. The Department of Planning Services' recommends release of the Landscape component of the Collateral Improvements Agreement. Lee Morrison, Assistant County Attorney, has advised that the release of funds would be in accordance with the terms of the Improvements Agreement. Therefore, the Departments of Planning Services and Public Works recommend that Seventy- seven thousand,nine hundred and fourteen dollars and no/100s($77,914.00),be released. Staffs recommendation is to release the collateral, in the form of a Letter of Credit. m:\wpf les\Robert\SPR'S\Spr323Release.wpd SERVICE,TEAMWORK,INTEGRITY,QUALITY lS Weld County Planning Department - GREELEY OFFICE MEMORANDUM FEB 2 2 2002 RECEIVED TO: Kim Ogle,Planner III DATE: February 21, 2002 COLORADO• FROM: Donald Carroll, Engineering Administrator SUBJECT: SPR-323; STA Laboratories At the request of Planning Services and the applicant, an inspection of the site was performed. The Weld County Public Works recommends the release of the transportation collateral for street grading, street base, street paving, curb, gutter, culverts, and sidewalk. There are two drainage channels that collect storm water run-off and direct the flow towards the retention area. Neither one of the channels were completed at the time of my site inspection. No collateral is being held for surface drainage The plan identifies a one foot deep by one foot wide bottom drainage channel with rip rap and hay bails to prevent erosion at the north property line. I am wondering if these items could be included in the landscaping identified in Exhibit A. If Planning Services feels that this item could be covered under landscaping, I recommend retaining $500 until this item is completed. All other non-transportation items should be verified by Planning Services prior to release. pc: Carol Harding, CTB SPR-323 M:\WPFILES\DON-C\pIan-spr7.wpd J < _. CR- ✓223 i • Sun Construction & Design Services, Inc. M General Contractors Weld County Planning Department GREELEY OFFICE FEB 1 1 2002 February 7, 2002 RECEIVED Attn: Mr. Robert Anderson Planner Weld County Department of Planning Services 1555 North 17th. Avenue Greeley, CO. 80631 Re: Irrevocable Standby Letter of Credit STR17444 ($24,730.00) Amendment STR17444 ($53,184.00) For the: New office /Laboratory Facility for: ,„= STA Laboratories Inc 1821 Vista View Drive Lot 2 Block 1 Vista Commercial Center Longmont, CO. The site improvements covered by the above mentioned Standby Letter of Credit and amendment have been completed. We hereby request inspection and verification by Weld County that these improvements have been completed in accordance with our agreement. Once inspection and verification of the improvements has been completed we request release and / or return of the above Irrevocable Letter of Credit and Amendment. Sincerely, Sun Construction & Design Services Inc. George E. Warner Project Manager 1232 Boston Avenue • Longmont, CO 80501 • (303) 772-6776 • (303) 444-4780 • Fax: (303) 444-6774 ss BAN K-�ONE BANK ONE,COLORADO,N.A.- 1717 MAIN STREET, 11TH FLOOR,DALLAS,TEXAS 75201 TELEPHONE 1-800-924-5435 AMENDMENT TO LETTER OF CREDIT NUMBER STR17444 • DATE: OCTOBER 25,2001 APPLICANT: STA LABORATORIES,INC. 630 SO. SUNSET STREET LONGMONT,CO.80501 BENEFICIARY: BOARD OF COUNTY COMMISSIONERS 91510TH STREET GREELEY,CO 80631 ATTN: CLERK TO THE BOARD AMENDMENT NUMBER TWO(2) GENTLEMEN: PLEASE BE ADVISED THAT THE SUBJECT LETTER OF CREDIT HAS BEEN AMENDED AS FOLLOWS: • WE HEREBY RESCIND OUR CANCELLATION LETTER DATED AUGUST 13,2001 STATING OUR INTENTION NOT TO RENEW THIS LETTER OF CREDIT,AND THEREFORE THE EVERGREEN CLAUSE IS REINSTATED. • EXPIRATION DATE IS NOW OCTOBER 25,2002. THIS AMENDMENT IS TO BE CONSIDERED AS PART OF THE ABOVE CREDIT AND MUST BE ATTACHED THERETO. ALL OTHER TERMS AND CONDITIONS OF THE CREDIT REMAIN UNCHANGED. BANK ONE,COLORADO,N.A. AUTHORIZED SIGN URE SS: rie"?..„) (Sr-e:arj,,,etzte C•t•log 106808(6/6e) a, /�� . BANKEONE BANK ONE, COLORADO,N.A. 1717 MAIN STREET, 11TH FLOOR,DALLAS, TEXAS 75201 TELEPHONE: 1-800-924-5435 AUGUST 13, 2001 APPLICANT: STA LABORATORIES, INC. 630 SO. SUNSET STREET LONGMONT, CO 80501 BENEFICIARY: BOARD OF COUNTY COMMISSIONERS 915 10 ST. GREELEY, CO 80631 ATTN: CLERK TO THE BOARD RE: LETTER OF CREDIT NO. R17444 LETTER OF CREDIT A UNT$ 77,914.00 GENTLEMEN: AS PER THE TERMS D CONDITIONS OF THE ABOVE-MENTIONED LETTER OF CREDIT, WE HE BY GIVE NOTIFICATION OF OUR INTENT NOT TO EXTEND OR REN THE ABOVE-MENTIONED LETTER OF CREDIT. THE FINAL E IRATION DATE OF LETTER OF CREDIT NO.STR17444 WILL BE O TOBER 25 2001. UTHORIZED GNATU BANK ONE, COLORADO,N.A. dst Catalog 8 08806(1/98) •"BANKEONE. BANK ONE,COLORADO,N.A.-1717 MAIN STREET,11TH FLOOR,DALLAS,TEXAS 75201 TELEPHONE: 1-800-924-5435 IRREVOCABLE STANDBY LETTER OF CREDIT NO.STR17444 PLACE AND DATE OF ISSUE: DATE AND PLACE OF EXPIRY: DALLAS,TEXAS 02/15/2001 10/25/2001 IN DALLAS,TEXAS APPLICANT: ADVISING BANK: STA LABORATORIES,INC. NOT APPLICABLE 630 SO.SUNSET STREET LONGMONT,CO 80501 BENEFICIARY: AMOUNT:USD24,730.00 BOARD OF COUNTY COMMISSIONERS TWENTY FOUR THOUSAND 915 lam ST. SEVEN HUNDRED THIRTY GREELEY,CO 80631 AND NO/100 U.S.DOLLARS ATTN:CLERK TO THE BOARD GENTLEMEN, WE HEREBY OPEN OUR IRREVOCABLE LETTER OF CREDIT IN YOUR FAVOR FOR THE ACCOUNT OF STA LABORATORIES, INC., 630 SO. SUNSET STREET, LONGMONT, CO 80501, FOR A SUM NOT TO EXCEED THE AGGREGATE AMOUNT OF 24,730.00(TWENTY FOUR THOUSAND SEVEN HUNDRED THIRTY AND NO/100). EACH DRAFT SO DRAWN MUST BE MARKED"DRAWN UNDER BANK ONE, COLORADO,N.A., C/O BANK ONE, NA, 1717 MAIN STREET, 11TH FLOOR, DALLAS, TEXAS 75201, LETTER OF CREDIT NO. STR17444" AND BE ACCOMPANIED BY A "SIGNED STATEMENT FROM THE BOARD OF COUNTY COMMISSIONERS OF WELD COUNTY, COLORADO STATING THE STA LABORATORIES, INC. HAS COMMITTED A MATERIAL BREACH OF THE IMPROVEMENTS AGREEMENT ACCORDING TO POLICY REGARDING COLLATERAL FOR IMPROVEMENTS REGARDING PRIVATE ROAD MAINTENANCE DATED THE 21ST DAY OF AUGUST 2000 BY AND BETWEEN STA LABORATORIES,INC. 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)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 ONE, COLORADO, N.A., C/O BANK ONE, NA, 1717 MAIN STREET, 11TH FLOOR, DALLAS, TEXAS 75201. THIS LETTER OF CREDIT WILL EXPIRE ON OCTOBER 25,2001 AT 5:00 P.M. THIS LETTER OF CREDIT IS AUTOMATICALLY EXTENDED WITHOUT AMENDMENT, FOR ADDITIONAL ONE- YEAR PERIODS FROM THE CURRENT EXPIRATION DATE OR ANY FUTURE EXPIRATION DATE UNLESS AT LEAST 60 DAYS PRIOR TO SUCH CURRENT EXPIRATION DATE BANK ONE, COLORADO, N.A. NOTIFIES BENEFICIARY IN WRITING THAT THE LEVER 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 ONE, COLORADO,N.A.; (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 ONE, COLORADO, N.A. THE LETTER OF CREDIT NO. STR 17444 WILL NOT BE RENEWED AND THAT STA LABORATORIES, INC. HAS FAILED TO PROVIDE PROOF OF ADEQUATE COLLATERAL AND SUBSTITUTION OF THIS LETTER OF CREDIT NO. STR17444;(c)COPY OF LETTER FROM BANK ONE,COLORADO, N.A.STATING NON-RENEWAL OF LE1 I ER OF CREDIT NO.STR I744((4AND THE ORIGINAL LETTER OF CREDIT. A 1J X9-t1.. d12� I - ' J� pry 1LDth '' "t�YL� (s' /n� I do..4 24 AUTHORIZED SIG`�`f�}TURF '" �T BANK ONE,COLORRDO,N.A. egt23- 93 C1 W' Catalog N 08806(1/96) Cif c SPA"A" ,- ' 'BANKKONE. BANK ONE,COLORADO,N.A.-1717 MAIN STREET,11TH FLOOR,DALLAS,TEXAS 75201 TELEPHONE 1-800-924-5435 AMENDMENT TO LETTER OF CREDIT NUMBER STR17444 DATE: MARCH 26,2001 l 070„ APPLICANT: aCO4 STA LABORATORIES,INC. Try 630 SO.SUNSET STREET �rO R.OeA LONGMONT,CO 80501 f2+; BENEFICIARY: �� ` �"0/ BOARD OF COUNTY COMMISSIONERS yip, t. 915 10TH ST. GREELEY,CO 80631 /6 ATTN: CLERK TO THE BOARD q�j AMENDMENT NUMBER ONE(1) GENTLEMEN: PLEASE BE ADVISED THAT THE SUBJECT LETTER OF CREDIT HAS BEEN AMENDED AS FOLLOWS: • THE AMOUNT IS HEREBY INCREASED BY USD53,184.00 TO A NEW AGGREGATE AMOUNT OF USD77,914.00(SEVENTY SEVEN THOUSAND NINE HUNDRED FOURTEEN AND NO/100 U.S. DOLLARS.) THIS AMENDMENT IS TO BE CONSIDERED AS PART OF THE ABOVE CREDIT AND MUST BE ATTACHED THERETO. ALL OTHER TERMS AND CONDITIONS OF THE CREDIT REMAIN UNCHANGED. PROVISIONS APPLICABLE TO THIS CREDIT: THIS CREDIT IS SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS (1993 REVISION) INTERNATIONAL CHAMBER OF COMMERCE,PUBLICATION NO. 500(OR ANY REVISION THERETO). BANK ONE, COLORADO,N.A. HORIZED SI A U Catalog N 08806(1/98) AT BMW=OM jc'� BANK ONE, COLORADO,N.A. 1717 MAIN STREET, 11TH FLOOR,DALLAS, TEXAS 75201 _ G91 TELEPHONE: 1-800-924-5435 +(�I I AUGUST 14, 2002 0 APPLICANT: STA LABORATORIES, INC. 630 SO. SUNSET STREET LONGMONT, CO 80501 BENEFICIARY: BOARD OF COUNTY COMMISSIONERS 915 101.11 STREET GREELEY, CO 80631 ATTN: CLERK TO THE BOARD RE: LETTER OF CREDIT NO. STR17443 LETTER OF CREDIT AMOUNT$3,500.00 GENTLEMEN: AS PER THE TERMS AND CONDITIONS OF THE ABOVE-MENTIONED LETTER OF CREDIT, WE HEREBY GIVE NOTIFICATION OF OUR INTENT NOT TO EXTEND OR RENEW THE ABOVE-MENTIONED LETTER OF CREDIT. THE FINAL EXPIRATION DATE OF LETTER OF CREDIT NO.STR17443 WILL BE OCTOBER 25, 2002. AUTHORIZED GNA BANK ONE, CO ORADO,N.A. SS: fir,.. -09.�� Catalog t 06806(898) aim BANC=OM BANK ONE, COLORADO,N.A. 1717 MAIN STREET, 11TH FLOOR,DALLAS, TEXAS 75201 ,ey,�r� TELEPHONE: 1-800-924-5435 X �h AUGUST 14, 2002 N APPLICANT: 12 VII f5 STA LABORATORIES, INC. I 630 SO. SUNSET STREET LONGMONT, CO 80501 BENEFICIARY: BOARD OF COUNTY COMMISSIONERS 915 10TH STREET GREELEY, CO 80631 ATTN: CLERK TO THE BOARD RE: LETTER OF CREDIT NO. STR17444 LETTER OF CREDIT AMOUNT$77,914.00 GENTLEMEN: AS PER THE TERMS AND CONDITIONS OF THE ABOVE-MENTIONED LETTER OF CREDIT, WE HEREBY GIVE NOTIFICATION OF OUR INTENT NOT TO EXTEND OR RENEW THE ABOVE-MENTIONED LETTER OF CREDIT. THE FINAL EXPIRATION DATE OF LETTER OF CREDIT NO.STR17444 WILL BE OCTOBER 25, 2002. AUTHORIZE IGNATQJRE BANK ON�LORADO,N.A. SS: Catalog.09808(6/99) Hello