HomeMy WebLinkAbout20020591.tiff RESOLUTION
RE: APPROVE IMPROVEMENTS AGREEMENT ACCORDING TO POLICY REGARDING
COLLATERAL FOR IMPROVEMENTS (PRIVATE ROAD MAINTENANCE) AND
ACCEPT FORM OF COLLATERAL FOR SITE PLAN REVIEW#348 - SOLID ROCK
PROPERTIES LLC, CIO RON MORROW
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 August 27, 2001, the Department of Planning Services staff did approve
a Site Plan, SPR#348, for Solid Rock Properties, LLC, 1030 Coffman Street, Longmont,
Colorado, 80501, for an office/warehouse facility in the Commercial/ Industrial Zone District on
the following described real estate, to-wit:
Lot 7, Block 1, Western Dairyman Co-Op PUD,
being part of the W1/2, NE1/4 and E1/2, NW1/4 of
Section 10, Township 2 North, Range 68 West of
the 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
(Private Road Maintenance) between the County of Weld, State of Colorado, by and through
the Board of County Commissioners of Weld County, and Solid Rock Properties, LLC, do Ron
Morrow, with terms and conditions being as stated in said agreement, and
WHEREAS, the Board has been presented with a sample form of the Irrevocable Letter
of Credit, from the Centennial Bank of the West, in the amount of$85,000.00, which has been
reviewed and approved by the County Attorney's Office, on the condition that said original
Irrevocable Letter of Credit be presented to the Clerk to the Board's Office within ten working
days of the issuance of the building permits or a stop work order will be issued, and
WHEREAS, after review, the Board deems it advisable to approve said agreement and
accept the Sample Form of Collateral 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 Accuruing 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 Solid Rock
Properties, LLC, do Ron Morrow, be, and hereby is, approved.
2002-0591
±,r PL l P�/ n # f` PL1588
IMPROVEMENTS AGREEMENT- SOLID ROCK PROPERTIES, LLC, CIO RON MORROW
PAGE 2
BE IT FURTHER RESOLVED that the sample form of the Irrevocable Letter of Credit,
from the Centennial Bank of the West, in the amount of$85,000.00, on the condition that said
original Irrevocable Letter of Credit be presented to the Clerk to the Board's Office within ten
working days of the issuance of the Building Permits or a stop work order will be issued, be,
and hereby is, accepted.
The above and foregoing Resolution was, on motion duly made and seconded, adopted
by the following vote on the 11th day of March, A.D., 2002.
BOARD OF COUNTY COMMISSIONERS
WEL COUNTY, C�LO DO
ATTEST: iate# 't
.14% Gle Vaad, hair
Weld County Clerk tot B r .ev
I86 _• yap
P1�.liiip
A s� �,R„ •� David E. Long, Pro-Tem
BY:
Deputy Clerk to the £t t' / �� EXCUSED
y��►� M. J. Geile
AP OV AS T • t7
ill' m H. Jerke
xx pr In'
o tyA EX. I�JC
Robert D. Masden
Date of signature: '3�-�/
2002-0591
PL1588
59S
IMPROVEMENTS AGREEMENT ACCORDING TO
• POLICY REGARDING COLLATERAL FOR IMPROVEMENTS
(PRIVATE ROAD MAINTENANCE)
THIS AGREEMENT,made and entered into this I6 day of 13,a cJW-7 ,200E by and
between the County of Weld, Stat f Colorado, acting through its Board of County Commissioners,
hereinafter called "County," and /[in:n- 13 r p en c.)Wit,...) 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: n, fr OJ,44_ s L)pcQ �cJ S t cJ
cii
!Mod(' I Lc+ 7
6 6 s-#749 cum• '
LO*KO sh, i Cp o 8O SO y
WHERE T, Final Subdivision/Planned Unit Development (PUD) plat of said property, to be
lcnown as /�').,,, t 9 FF S JO Qr u; 1 i o k, has been submitted to the
County for approval, mnd L
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 Improvement Agreement guaranteeing the construction of the public improvements
shown on plans,plats and supporting documents 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, THEREFORE, 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 Colorado, 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.IIIIIIIIIII I IIIIII IIIIIII IIII 1111111111111111111!± II 1111 MWPFILESWENDRPRIVATEADAOVAGREto Revised 01/08/2001
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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. 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.
3.0 Construction: Applicant shall furnish and install, at its own expense, the Subdivision or
Planned Unit 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"which is 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
required by the County; 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.
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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.
(THERE IS NO SECTION 5)
6.0 Approval of Streets by the County: Upon compliance with the following procedures by the
Applicant, streets within a Subdivision or Planned Unit Development may be approved by
the County as public roads and will be maintained and repaired by a Homeowners
Association or, in its absence, the owners of lots within the Subdivision or Planned Unit
Development.
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 approval 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 is 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 or Planned Unit
Development and the filing of a Statement of Substantial Compliance, the
applicant(s)may request in writing that the County Engineer inspect its streets and
recommend that the Board of County Commissioners partially approve them. Not
sooner than nine months after partial approval, 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 or
she shall recommend full approval. Upon a receipt of a positive unqualified
recommendation from the County Engineer for approval of streets within the
development,the Board of County Commissioners shall fully approve said streets
as public but with private pay.
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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. 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 Plat or Subdivision Final
Plat. The applicant would need only to provide collateral for the improvements in
each filing as approved. The County will place restrictions on those portions of the
property that are not covered by collateral which will prohibit 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."
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 of 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 shall provide 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.
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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 of proposed 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
approval, 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%)
of 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 of 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 cost
of the improvements as set forth in the Improvements Agreement plus all
costs of sale of the property.
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.
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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 County,shall release any
remaining escrowed funds to the County.
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 Weld County, the Applicant must present a Statement of
Substantial Compliance from an Engineer registered in 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 Schedule for minimum materials sampling, testing
and inspections found in the Colorado Department of Transportation (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.
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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 if the fire hydrants are operational and state the results of fire flow tests.
9.6 The requirements in paragraphs 9.0 thru 9.5 shall be noted on the final construction
plans.
9.7 Following the submittal of the Statement of Substantial Compliance and
recommendation of approval of the streets 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 released to the applicant upon final approval by the
Board of County Commissioners.
10.0 Public Sites and Open Spaces: When the Board of County Commissioners,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 of a 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(PUD)Plan,if any:
10.1 The required acreage as may be determined according to the Weld County
Subdivision Regulations 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 according to Chapter 24 of the Weld County
Code, maybe 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 according to Chapter 24 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.
•
APPLICANT: /e...49 f
'G.. t. �• ,O APPLICANT:
�T
N '
CLO-
;-y nU9 L1 C TITLE: 1jQ12Ti!/CrC.-
Sii8 e rbed'hd sworn to before me this /5 day of_ 7� , 2001.
My Commission expires: (`\\``. •"""'V" N/l/
Notary Public
' v aG`OG
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY COLORADO
c1Looz)
Vaad, au
David E. Long, Chair Pr Tem
1 " William H. ke
1861 If
$ ty L� to the Board
tzir J. eile
eputy Cle to the Board bert D. Masden
APPROVED AS TO FORM: 2-
ounty ttorney
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EXHIBIT"A"
Name of Subdivision I . ,
or Planned Unit Development: m i ( k7 & cjopfttl$ to /1/4)
• Filing: I1 (o cite I Lo o 7
Location: 36 S 6 S 11740.Q, cocLck 12cQ t..A.?N►os 1 &o50
41
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)
Estimated
Improvements Unit Cost Construction Cost
Site grading RP/000 -
Street grading —
Street base • • —
Siwet paving d2S,OCU —
Curbs, gutters, and culverts 1, OOO—
Sidewalk 3 Oct) —
Storm sewer facilities
Retention ponds
Ditch improvements
Subsurface drainage —
Sanitary sewers 3cod—
Trunk and forced lines —
Mains —
Laterals (house connected) —
On-site sewage facilities —
On-site water supply and storage —
Water mains (includes bore) •3000 —
Fire hydrants —
Survey and street monuments and boxes Street lighting -
SYwetatame signs NOOO
Fencing requirements 4 OOO -
Landscaping 16OOO
Park improvements
Road culvert —
Grass lined swale —
Telephone 1OOO '-
Gas 1OOO
Electric to cG
Water transfer
SUB-TOTAL: d'5 OOO -
Engineering and Supervision Costs $
(Testing, inspection,as-built plans and work in addition to preliminary and final plat; supervision of actual
construction by contractors) pp
TOTAL ESTIMATED COST OF IMPROVEMENTS AND SUPERVISION $ QSO°O
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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 imp ovements��//shall
/bee completed{ } according/� r1 to the c nstruction�schheedule set
out in Exhibit" '
By: ( C ,)*(cQ n , ' lU/vwc.2) �so lCX f' -�vc Pipe+laS
Applicant
c,7
om tia�i
Applicant
Pner,oe5c Date: d? - IS , 20 O Z.,
Title
(If corporation,to be signed by President and attested to by Secretary, together with corporate seal.)
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EXHIBIT"B"
Name of Subdivision `or
-
or Planned Unit Development: I l Wl+a� S tip kJ (U 1 S to #.!
Filing: Q tocid (V L E
Location: 3686 S*4- e.c.ot G+rp�, IC.oQ. N1.h\O ot Q0Sd
Intending to be legally bound, the undersigned Applicant hereby agrees to provide throughout this
Subdivision or Planned Unit Development the following improvements.
All improvements shall be completed within O Nee. 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 fu_,(r, ZOO L
Street base --
SFPeet paving SC,O r • 2.00 2—
Curbs, gutters, and culverts ]—I...y 2.00 L
Sidewalk J .JL� - too ?-
Storm sewer facilities —
Retention ponds —
Ditch improvements —
Subsurface drainage
Sanitary sewers Tt t u E Loo t
Trunk and forced lines —
Mains —
Laterals (house connected) —
On-site sewage facilities —
On-site water supply and storage —
Water mains Tu u e LOO t.
Fire hydrants —
Survey and street monuments and boxes —
Street lighting —
Str rt^sme signs S T ZOO Z
Fencing requirements S E,o T ZOo 2..
Landscaping S C•A r L 00 It-
Park improvements
Road culvert -
Grass lined swale -
Telephone Actor too L.
Gas 4.-Lik-Cia too Z
Electric 4k G- wa Z
Water Transfer -
SUB-TOTAL:
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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 sc cannot/ be met.
By: RLR1CQ U Thee aJ /s0l✓ Ak Ppap as
Applicant
e -96C-41iTh
Applicant
ZJZ— Date: a� — ( S , 20 G Z--
Title
(If corporation, to be signed by President and attested to by Secretary,together with corporate seal.)
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12 Revised 01/0S/2001M:\WPFILES\WENDDPRIVATEROADIMPROVAGREE
CENTENNIAL BANK
of the West
IRREVOCABLE LEI I ER OF CREDIT
Letter of Credit Number 1000091648 Date: 3/27/02
Beneficiary:
Weld County Board of Commissioners
915 Tenth Street
PO Box 758
Greeley,CO 80632
To Whom It May Concern:
For the account of Solid Rock Properties,LLC we hereby authorize you to draw on us at sight up to an
aggregate amount of$85,000.00 Dollars.
Drafts drawn under this Letter of Credit must specify the date and the number of the Letter of Credit and
must be presented at the office identified below not later than March 27,2004.
This Letter of Credit sets forth in full the terms of our obligations to you, and such undertaking shall not in
any way be modified or amplified by any agreement in which this Letter of Credit relates,and any such
reference shall not be deemed to incorporate here in by reference any agreement.
This Letter of Credit is irrevocable,unconditional,nontransferable and non-assignable.
We hereby agree with you that sight drafts drawn under,and in compliance with,the terms of this Letter of
Credit will be duly honored at:
Centennial Bank of the West,its Successors and/or Assigns
4650 Royal Vista Circle
Fort Collins,CO 80528
This Letter of Credit is automatically extended without amendment, for additional one year periods from
the current expiration or any future expiration date unless sixty days prior to such current expiration date
CENTENNIAL BANK OF THE WEST 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 CENTENNIAL BANK OF THE WEST;(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 CENTENNIAL BANK OF THE WEST the Letter of Credit No. 1000091648 will not be renewed and
that Solid Rock Properties,LLC has failed to provide proof of adequate collateral and substitution of this
Letter of Credit No. 1000091648;(c)copy of letter from CENTENNIAL BANK OF THE WEST stating
non-renewal of Letter of Credit No. 1000091648 and the original letter of credit.
Unless otherwise expressly stated,this Letter of Credit is subject to the International Chamber of
commerce,Uniform Customs and Practice for Commercial Documentary Credits; 1993 Revision—
International Chamber of Commerce Publication No. 500.
Sincerely,
By: /! x By: r ' G J A>
Authorized Signer ) %�Authorized Signer
+�
Title: Manager Title: Assistant Vice President
Solid Rock Properties,LLC Centennial Bank of the West
t MEMORANDUM
Wi`P�e TO: Board of County Commissioners
COLORADO DATE: March 10, 2002
FROM: Kim Ogle, Planner III
SUBJECT: Acceptance of Irrevocable Letter of Credit
Site Plan Review 348
The Department of Public Works has reviewed the Improvements Agreement according policies
regarding collateral for Improvements (Private Road Maintenance) and the estimated cost appears to be
adequate for the transportation portion of the approach road and parking areas as stated in their
memorandum dated February 27, 2002
The Department of Planning Services has determined that the amount of the agreement will be sufficient
to complete the non-transportation work required for the new office and warehouse facility and
recommends acceptance of this Letter.
On March 3, 2002, the Department of Planning Services received notification from the County Attorney's
office stating they were in receipt of a sample form of the Irrevocable Letter of Credit, from the Centennial
Bank of the West, in the amount of eighty-five thousand (85,000.00) dollars and no/100s for Ron Morrow,
Solid Rock Properties, LLC, 810 Hays Circle, Longmont, CO, for an office and warehouse facility located
on Lot 7, Block 9 Western Dairyman Cooperative PUD, case number SPR-348.
Items covered under this letter of credit include:
Site Grading July 2002 $ 18000.00
Paving, Interior Lot July 2002 $25000.00
Curbs, Gutters & Culverts July 2002 $ 7000.00
Sidewalk July 2002 $ 3000.00
On-Site Sewage Facilities June 2002 $ 3000.00
Water Mains (includes bore) June 2002 $ 3000.00
On-Site Signs September 2002 $ 4000.00
Fencing September 2002 $ 4000.00
Landscaping Requirements September2002 $ 15000.00
Telephone August 2002 $ 1000.00
Gas August 2002 $ 1000.00
Electric August 2002 $ 1000.00
Engineering and Supervision $ 0.00
Total Estimated Cost of Improvements and supervision $ 85000.00
The Weld County Attorney, the Department of Public Works and the Department of Planning Services,
have determined that the amount of the agreement will be sufficient to complete the work required for an
office and warehouse facility located on Lot 7, Block 9 Western Dairyman Cooperative PUD, and the
Department of Planning Services recommends acceptance of this sample form of the Irrevocable Letter
of Credit, from the Centennial Bank of the West, on the condition that said original Irrevocable Letter of
Credit be presented to the Clerk to the Board's Office within ten working days of the issuance of the
building permits or a stop work order will be issued.
\wplles\opleUcim\caseskollateral\spr348_1.wpd
2ooa-O59/
Weld County Planning Department
Q GREELEY OFFICE
FEB 2 8 2002
MEMORANDUM RECEIVED
WillO TO: Kim Ogle, Planner III DATE: February 27. 2002
L�
COLORADO• FROM: Donald Carroll, Engineering Administrator 11
SUBJECT: Spr-348, Solid Rock Properties, LLC
At the request of Planning Services, I verified quantity costs and unit prices associated with the
Improvements Agreement According to Policy Regarding Collateral for Improvements(Private Road
Maintenance) for the Milky Way Subdivision, Block 1, Lot 7. The transportation items that were
verified from the plat drawing were as follows: site grading, site base, asphalt, curb, gutter, culvert,
and sidewalks. There is adequate money available for the transportation portion, but I would
recommend combining the street base and paving as one item only. A typical cross-section provided
by the applicant includes the asphalt and base as one item.
Weld Public Works recommends acceptance of the transportation portion of Exhibit A.
All other non-transportation items shall be verified by Planning Services prior to acceptance of
collateral.
pc: S-348
M:\WPFILES\DON-C\plan-spr I 0.wpd
`Kim Ogle-centennial bank Noffsinger--Solid Rock Page 11
From: LEE Morrison
To: Kim Ogle
Date: 3/4/02 3:09PM
Subject: centennial bank Noffsinger--Solid Rock
I got a revised form of letter of credit that is in acceptable form
Lee D. Morrison
Assistant Weld County Attorney
915 10th St., PO Box 758
Greeley, CO 80634
(970) 356-4000 x 4395
FAX 352 0242
CC: KIM Schuett
03-04-2002 03:02os From-CENTENNIAL BANK L0NGL4NT 17204040222 1-263 P.002/003 F-403
CENTENNIAL BANK
of the West
2/4/02
Mr. Lee Morrison,Assistant County Attorney
PO Box 758
Greeley, CO 80632
RE: Irrevocable Letter of Credit—Solid Rock Properties
Dear Mr.Morison:
Thank you for your correspondence. Enclosed is an updated sample letter of credit,
reflecting the additional language you suggested.
Please place this updated sample on the Board of County Commissioners agenda for
consideration.
Thank you for your time in this matter.
Sincerely,
r/(447712:1
Bud Noffsinger
Assistant Vice President
Centennial Bank of the West
03-04-2002 03:02pt From-CENTENNIAL BANK L0NGM0NT 17204040222 1-263 F.003/003 F-403
SAMPLE
IRREVOCABLE LETTER OF CREDIT
Letter of Credit Number Date: TBD
Beneficiary:
Weld County Board of Commissioners
915 Tenth Street
PO Box 758
Greeley,CO 80632
To Whom It May Concern:
For the account of Solid Rock Properties,LLC we hereby authorize you to draw on us at sight up to an
aggregate amount of$85,000.00 Dollars.
Drafts drawn under this Letter of Credit mast specify the date and the number of the Letter of Credit and
must be presented at the office identified below not later than March 6,2004.
This Letter of Credit sets forth in fW1 the terms of our obligations to you,and such undertaking sball not in
any way be modified or amplified by any agreement in which this Letter of Credit relates,and any such
reference shall not be deemed to incorporate here in by reference any agreement.
This Letter of Credit is irrevocable,unconditional,nontransferable and non-assignable.
We hereby agree with you that sight drafts drawn under,and in compliance with,the terms of this Letter of
Credit will be duly honored at:
Centennial Bank of the West,its Successors and/or Assigns
4650 Royal Vista Circle
Fort Collins,CO 80528
This Letter of Credit is automatically extended without amendment,for additional one year periods from
the current expiration or any fissure expiration date unless sixty days prior to such current expiration date
CENTENNIAL BANK OF THE WEST 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 CENTENNIAL BANK OF THE WEST;(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 CENTENNIAL BANK OF THE WEST the Letter of Credit No. will not be renewed and that
has failed to provide proof of adequate collateral and substitution of this Letter of Credit No.
_;(c)copy of letter from CENTENNIAL BANK OF THE WEST sating non-renewal of Letter of
Credit No. and the original letter of credit.
Unless otherwise expressly stated,this Letter of Credit is subject to the International Chamber of
commerce,Uniform Customs and Practice for Commercial Documentary Credits; 1993 Revision—
International Chamber of Commerce Publication No.500.
Sincerely,
By: By:
Authorized Signer Authorized Signer
Title: Tide:
p !�
1'-
CENTENNIAL BANK
of the West
February 15,2002
Weld County Board of Commissioners
915 Tenth Street
Greeley,CO 80632
Dear Board:
Centennial Bank of the West is committed to funding the construction of a commercial building for
Solid Rock Properties, LLC/Ron Morrow,pending the completion of an appraisal of the proposed
property and proper permittance from the County. As such, we are prepared to submit to the County
an irrevocable letter of credit in the amount of$85,000.00.
After speaking with Kim Ogle of the Planning Department and Lee Morrison of the Attorney's Office,
Centennial Bank would like to submit a sample of the irrevocable letter of credit that will be issued
within 10 days of the County's issuance of a building permit for Rock Solid Properties, LLC/Ron
Morrow.
We propose the Board's issuance of the permit with a special condition in the Board's resolution
requiring the actual irrevocable letter of credit to be in place within said 10 days of your March 6th
meeting.
If the Board wishes to change or amend any part of the sample irrevocable letter of credit that has
been enclosed,please contact me. After adjustments are reviewed by our Legal Department, I would
be happy to submit another sample irrevocable letter of credit prior to the issuance of the actual letter
of credit.
We would also like to reduce the dollar amount of the letter of credit for the year after completion
timeframe,if this is in compliance with County procedure.
I would be happy to fulfill any other requirements the board may have concerning the placement of an
irrevocable letter of credit for this project.
If you have any questions,please feel free to contact me at(720)494-0123 or
moffsinger@centennialbanks.com. Thank you for your time in this matter.
Sincerely,
Robert(Bud)W.Noffsinger,III
Assistant Vice President
Centennial Bank of the West
Enclosure
cc: Mr. Kim Ogle
Mr. Lee Morrison
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