HomeMy WebLinkAbout20020666.tiff 979
RESOLUTION
RE: APPROVE CANCELLATION AND RELEASE OF COLLATERAL, AND ACCEPT
REPLACEMENT COLLATERAL FOR ELMS AT MEADOW VALE PHASE 1, FILING I,
S #506, AND MEADOW VALE PHASE 1, FILING II, S #538 - FLOYD OLIVER
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 October 21, 1999, the Department of Planning Services staff approved a
Site Specific Development Plan and Final Plat for a 74-lot Planned Unit Development, S #506,
for Floyd Oliver, 2385 Homestead Place, Longmont, Colorado 80504, on the following
described real estate, to-wit:
Part of the NW1/4 of Section 4, Township 2 North,
Range 68 West of the 6th P.M., Weld County,
Colorado
WHEREAS, on November 17, 1999, the Board of County Commissioners of Weld
County, Colorado, did approve an Improvements Agreement According to Policy Regarding
Collateral for Improvements (Public Road Maintenance) for Meadow Vale Phase 1, First Filing,
S #506, between the County of Weld, State of Colorado, by and through the Board of County
Commissioners of Weld County, and Floyd Oliver, with terms and conditions being as stated in
said agreement, and
WHEREAS, on August 28, 2000, the Department of Planning Services staff did approve
Planned Unit Development Final Plan, Meadow Vale Phase 1, First Filing, S #538, for Elms
Land Company, LLC, c/o Floyd Oliver, 2385 Homestead Place, Longmont, Colorado 80504, for
a 77-lot Residential Planned Unit Development on the following described real estate, to-wit:
Part of the NW1/4 of Section 4, Township 2 North,
Range 68 West of 6th P.M., Weld County,
Colorado
WHEREAS, on September 27, 2000, the Board of County Commissioners of Weld
County, Colorado, did approve an Improvements Agreement According to Policy Regarding
Collateral for Improvements (Public Road Maintenance) for Meadow Vale Phase 1, Second
Filing, S#538, between the County of Weld, State of Colorado, by and through the Board of
County Commissioners of Weld County, and Floyd Oliver, w;ii. terms and conditions being as
stated in said agreement, and
111111111111111111111111 III 111111111111 III BE IM IIII
2937979 03/29/2002 03:47P JA Suki Tsukamoto
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PL PLO, 2€2
CANCEL COLLATERAL - ELMS AT MEADOW VALE
PAGE 2
WHEREAS, staff from the Weld County Department of Public Works and Department
of Planning Services have conducted visual inspections of Phases 1, Filing II, and in a
memorandum dated September 12, 2001, the Department of Public Works recommended
retaining fifty-thousand ($50,000.00) dollars for the transportation related items. The
Department of Planning Services recommended retaining fifty-three thousand ($53,000.00) for
landscaping related items, and
WHEREAS, on October 8, 2001, Floyd Oliver presented the Board a personal check
#1123, in the amount of $103,000.00, and
WHEREAS, staff from the Weld County Department of Public Works and Department
of Planning Services have conducted visual inspections of Phases 1, Filing II, and in a
memorandum dated March 17, 2002, the Department of Public Works recommends retaining
seventeen thousand ($17,000.00) dollars for the transportation related items. The Department
of Planning Services recommends retaining fifty-three thousand ($53,000.00) for landscaping
treatments of Pearl Howlett Road and the park open space associated with the Mail Center are
installed, and
WHEREAS, Floyd Oliver has presented to the Board an Irrevocable Standby Letter of
Credit#000179, drawn on the Centennial Bank of the West, 3561 Stagecoach Road,
Longmont, Colorado, 80504, in the amount of$70,000.00, and
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of
Weld County, Colorado, that personal check, in the amount of $103,000.00, be and hereby,
canceled and released, and the Clerk to the Board is hereby directed to return said collateral to
the appropriate issuing party, and
BE IT FURTHER RESOLVED that Irrevocable Standby Letter of Credit#000179, drawn
on the Centennial Bank of the West, 3561 Stagecoach Road, Longmont, Colorado, 80504, in
the amount of$70,000.00, be and hereby is, accepted.
I IIIIII VIII NW VIII III IIIIIII VIII III VIII IIII IIII
2937979 0312912002
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CANCEL COLLATERAL - ELMS AT MEADOW VALE
PAGE 3
The above and foregoing Resolution was, on motion duly made and seconded, adopted
by the following vote on the 20th day of March, A.D., 2002.
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
i4 /,`,` Jf,'' //a t
ATTEST: iiteli
�4 �� dd�
GI rtitikaadn Ch
Weld County Clerk to th-�. ` i1
OX C
BY: G/
cp David E. ong, Pro- em
/ ��2 E%.:
Deputy Clerk to the Boa. /( Q
'fV. J. Geile
AP OV AS TO FO EXCUSED DATE OF SIGNING SAYE)
illiam H. Jerke N
u ty Att ey
-5/.29 Robert D. Masd
Date of signature:
1 NMI 111111 1111111 11111I I111111 I I 1111111111 I I I!
39ot 3 9 R 0.80/2002 0.003:47P JA Suki Tsukamoto
Weld County C0
2002-0666
PL1254
Weld County Planning Department
IRREVOCABLE STANDBY LETTER OF CREDIT Date: March 15,2002 GREELEY OFFICE
Standby Letter of Credit Number 000179 MAR 16 2002
Beneficiary:
County of Weld RECEIVED
1555 North 17th Avenue
Greeley,CO 80631
To Whom it May Concern:
We, Centennial Bank of the West,hereby issue our IRREVOCABLE STANDBY LETTER OF CREDIT
Number 000179 in your favor for the account of Elms Land Co.LLC in the amount of
$70,000.00.
This amount is available upon presentation of your sight draft or drafts drawn on us,and accompanied by
the following:
EACH DRAFT MUST BE ACCOMPANIED BY A WRITTEN SATEMENT SIGNED BY A
DULY AUTHORIZED OFFICER OF THE COUNTY OF WELD,STATING THAT TI-US
DRAW PERTAINS TO THE OBLIGATIONS SPECIFIED IN THE IMPROVEMENTS
AGREEMENT FOR THE ELMS AT MEADOW VALE AND THAT ELMS LAND
COMPANY,LLC HAS NOT PERFORMED THE OBLIGATIONSS AS SPECIFIED.
THIS LETTER OF CREDIT EXPIRES ON 2-15-2003
All drafts drawn under this Letter of Credit must contain the following statement: "Drawn under
CENTENNIAL BANK OF THE WEST Irrevocable letter No. 000179 dated March
15,2002." If the credit is available by negotiation,each presentation must be noted on the reverse of the
advice by the bank where the credit is available.
We herby agree with the drawers,endorsers,and holders in due course of all drafts drawn under and in the
compliance with the terms of this Letter of Credit that such drafts will be duly honored by us upon
presentation. The terms of the Letter of Credit will be duly honored at:
CENTENNIAL BANK OF THE WEST
3561 STAGECOACH ROAD
LONGMONT,CO 80504
This Letter of Credit is irrevocable,unconditional,nontransferable and non-assignable.
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 Publications No.500.
Sincerely,
BY:
Auutlwri Signer/Mel Green
Title: IJ yvrn u1
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40C(1\ ‘'‘ MEMORANDUM
WN`Pe. TO: Board of County Commissioners .
COLORADO DATE: March 17, 2002 , _
FROM: Kim Ogle, Planner III VI
SUBJECT: S-506, Elms at Meadow Vale, Phase I Filing I
S-538, Elms at Meadow Vale, Phase I Filing II
Release of Collateral
On January 14, 2002, the Department of Planning Services received a facsimile letter from
Floyd Oliver asking for a partial release of collateral for the Elms at Meadow Vale, Phase I,
Filing I, described as the E2 NW4 Section 4, Township 2 North, Range 68 West of the 6'h P.M.
being located west of WCR 5.5 and o.25 miles south of WCR 26 and 0.5 miles north of SH 119.
At the September 12, 2001 Board of Commissioners hearing the Department of Planning
Services and Public Works recommended to release the replacement collateral of thirty-three
thousand six hundred eighty-four and no/100s (33,684.00) dollars as all issues had been
resolved on-site.
Per the Department of Planning Services memorandum dated September 12, 2001 to the
Board, staff noted the completed improvements for Filing II included the construction of
subdivision streets, fencing and landscaping.
The Construction Plans indicate the Pearl Howlett Road and the Mail Center Park are in Phase
1, Filing II. In a memorandum dated August 29, 2001, Don Carroll, Department of Public Works
recommended retaining fifty thousand (50,000.00) dollars and no/100s for the transportation
related items associated with Phase 1, Filing II. The Department of Planning Services
recommends retaining fifty-three thousand (53,000.00) and no/100s dollars until the landscape
related items are complete.
At this time, the Department of Planning Services and Department of Public Works
recommended that two hundred eight-five thousand (285,000) dollars and no/100s, be
released. Staff's recommendation was to release the collateral, in the form of a Letter of Credit.
This release was conditioned on the posting of the warranty collateral by the applicant. The
applicant was to submit a new Letter of Credit for one hundred three and no/100s (103,000.00)
dollars for replacement collateral. Mr. Oliver submitted a personal check for one hundred three
and no/100s (103,000.00) dollars and the Board released the Letter of Credit.
Don Carroll of the Department of Public Works in his memoradum dated January 28, 2002
states "I have reviewed the request from Meadow Vale Farm (Floyd Oliver) for the release of
collateral for Phase 1, Filing 1. The remaining transportation item for this filing is the final
asphalt lift of the northbound lane of Pearl Howlett and the parking lot at the mail pick-up
center. The applicant indicated that this is the west lane.
My calculations indicate that 5000 square yards of asphalt is adequate to complete this portion
of the project at the cost of $17,000.
/ sal
The Weld County Public Works Department recommends retaining the $17,000 until
completion of the final lift of asphalt in the spring of 2002. At that particular time and at the
request of the applicant, I will reinspect the final lift and if there is no distress or repair needed,
this portion will be recommended to be accepted for full maintenance."
Kim Ogle of the Department of Planning Services states in his memorandum dated January 25,
2002, "on January 24, 2002, the Department of Planning Services preformed a site
investigation of the completed improvements for the Elms at Meadow Vale, Phase 1, Filing II at
the request of Floyd Oliver, the applicant. The completed improvements for which a draw is
being requested includes the construction of transportation and non-transportation items. The
non-transportation items include the installation of the irrigation system in the median of Pearl
Howlett Road and the Mail Center Park.
Staff determined that the County was not holding collateral for the installation of the irrigation
system. Further, the Department of Planning Services recommends retaining fifty-three
thousand (53,000.00) and no/100s dollars until the landscape treatment of Pearl Howlett Road
and the park open space associated with the Mail Center are installed."
Therefore, given that several issues remain unresolved, the Department of Planning Services
and Department of Public Works recommend that one hundred three (103,000.00) dollars and
no/100s, be released. Staff's recommendation is to release the collateral, in the form of a
Personal Check. This release is conditioned on the posting of the warranty collateral by the
applicant.
The applicant has submitted an Irrevocable Standby Letter of Credit, dated March 15, 2002, in
the amount of seventy thousand and no/100s (70,000.00) dollars for replacement collateral.
This Letter of Credit, number 00179, from Centennial Bank of the West, 3561 Stagecoach
Road, Longmont, CO 80504 expires on February 15, 2003 for obligations not performed for the
Elms at Meadow Vale, Phase I, 2nd Filing.
M:OGLE/KIM/CASES/COLLATERAUFINALPLATS/S538_FILING2_0.WPD
Floyd Oliver
2385 Homestead Place
Longmont,CO 80504
fatr, MEMORANDUM
Wi`Pe. TO: Board of County Commissioners
COLORADO DATE: February 1, 2002
FROM: Kim Ogle, Planner III lw
SUBJECT: S-506, Elms at Meadow Vale, Phase I Filing I
S-538, Elms at Meadow Vale, Phase I Filing II
Release of Collateral
On January 14, 2002, the Department of Planning Services received a facsimile letter from
Floyd Oliver asking for a partial release of collateral for the Elms at Meadow Vale, Phase I,
Filing I, described as the E2 NW4 Section 4, Township 2 North, Range 68 West of the 6th P.M.
being located west of WCR 5.5 and o.25 miles south of WCR 26 and 0.5 miles north of SH 119.
At the September 12, 2001 Board of Commissioners hearing the Department of Planning
Services and Public Works recommended to release the replacement collateral of thirty-three
thousand six hundred eighty-four and no/100s (33,684.00) dollars as all issues had been
resolved on-site.
Per the Department of Planning Services memorandum dated September 12, 2001 to the
Board, staff noted the completed improvements for Filing II included the construction of
subdivision streets, fencing and landscaping.
The Construction Plans indicate the Pearl Howlett Road and the Mail Center Park are in Phase
1, Filing II. In a memorandum dated August 29, 2001, Don Carroll, Department of Public Works
recommended retaining fifty thousand (50,000.00) dollars and no/100s for the transportation
related items associated with Phase 1, Filing II. The Department of Planning Services
recommends retaining fifty-three thousand (53,000.00) and no/100s dollars until the landscape
related items are complete.
At this time, the Department of Planning Services and Department of Public Works
recommended that two hundred eight-five thousand (285,000) dollars and no/100s, be
released. Staff's recommendation was to release the collateral, in the form of a Letter of Credit.
This release was conditioned on the posting of the warranty collateral by the applicant. The
applicant was to submit a new Letter of Credit for one hundred three and no/100s (103,000.00)
dollars for replacement collateral. Mr. Oliver submitted a personal check for one hundred three
and no/100s (103,000.00) dollars and the Board released the Letter of Credit.
Don Carroll of the Department of Public Works in his memoradum dated January 28, 2002
states "I have reviewed the request from Meadow Vale Farm (Floyd Oliver) for the release of
collateral for Phase 1, Filing 1. The remaining transportation item for this filing is the final
asphalt lift of the northbound lane of Pearl Howlett and the parking lot at the mail pick-up
center. The applicant indicated that this is the west lane.
My calculations indicate that 5000 square yards of asphalt is adequate to complete this portion
of the project at the cost of$17,000.
The Weld County Public Works Department recommends retaining the $17,000 until
completion of the final lift of asphalt in the spring of 2002. At that particular time and at the
request of the applicant, I will reinspect the final lift and if there is no distress or repair needed,
this portion will be recommended to be accepted for full maintenance."
Kim Ogle of the Department of Planning Services states in his memorandum dated January 25,
2002, "On January 24, 2002, the Department of Planning Services preformed a site
investigation of the completed improvements for the Elms at Meadow Vale, Phase 1, Filing II at
the request of Floyd Oliver, the applicant. The completed improvements for which a draw is
being requested includes the construction of transportation and non-transportation items. The
non-transportation items include the installation of the irrigation system in the median of Pearl
Howlett Road and the Mail Center Park.
Staff determined that the County was not holding collateral for the installation of the irrigation
system. Further, the Department of Planning Services recommends retaining fifty-three
thousand (53,000.00) and no/100s dollars until the landscape treatment of Pearl Howlett Road
and the park open space associated with the Mail Center are installed."
Therefore, given that several issues remain unresolved, the Department of Planning Services
and Department of Public Works recommends that one hundred three and no/100s
(103,000.00) dollars and no/100s, be released. Staff's recommendation is to release the
collateral, in the form of a Personal Check. This release is conditioned on the posting of the
warranty collateral by the applicant. The applicant shall submit a new Line of Credit for seventy
thousand and no/100s (70,000.00) dollars for replacement collateral.
6 MEMORANDUM
Wiipe. TO: Board of County Commissioners
COLORADO DATE: January 25, 2002
FROM: Kim Ogle, Planner III'ib
SUBJECT: S-506, Elms at Meadow Vale, Phase 1, Filing I
Release of Collateral
S-538, Elms at Meadow Vale, Phase 1, Filing II
Release of Collateral
S-506:
On September 5, 2001, the Department of Planning Services preformed a site investigation of
the completed improvements for the Elms at Meadow Vale, Phase 1, Filing I at the request of
Floyd Oliver, the applicant. Staff noted that all issues pertaining to the replacement of all dead
or dying evergreen and deciduous trees and addressing areas suffering from erosion and/or
containing noxious weeds have been completed.
Given that all improvements for the Elms at Meadow Vale, Phase 1, Filing I, have been
completed to the satisfaction of the Department of Planning Services, this office recommended
that the collateral be released. This was approved by the Board in September 2001.
S-538:
On January 24, 2002, the Department of Planning Services preformed a site investigation of the
completed improvements for the Elms at Meadow Vale, Phase 1, Filing II at the request of
Floyd Oliver, the applicant. The completed improvements for which a draw is being requested
includes the construction of transportation and non-transportation items. The non-
transportation items include the installation of the irrigation system in the median of Pearl
Howlett Road and the Mail Center Park.
Staff determined that the County was not holding collateral for the installation of the irrigation
system. Further, the Department of Planning Services recommends retaining fifty-three
thousand (53,000.00) and no/100s dollars until the landscape treatment of Pearl Howlett Road
and the park open space associated with the Mail Center are installed.
S-579:
Elms at Meadow Vale, Phase 1, Filing III. Activity associated with landscape treatment to be
completed by June 2002 has not commenced.
11
Weld County Planning Department
GREELEY OFFICE
JAN 9 2002
MEMORANDUN4 ECEIVED
O
TO: Kim Ogle, Planner III DATE: January 28, 2002
COLORADO
FROM: Donald Carroll, Engineering Administrator 1S
SUBJECT: S-506; Meadow Vale Farm, Phase 1, Filing 1
I have reviewed the request from Meadow Vale Farm (Floyd Oliver) for the release of collateral
for Phase 1, Filing 1. The remaining transportation item for this filing is the final asphalt lift of the
northbound lane of Pearl Howlett and the parking lot at the mail pick-up center. The applicant
indicated that this is the west lane.
My calculations indicate that 5000 square yards of asphalt is adequate to complete this portion of
the project at the cost of$17,000.
The Weld County Public Works Department recommends retaining the $17,000 until completion
of the final lift of asphalt in the spring of 2002. At that particular time and at the request of the
applicant, I will reinspect the final lift and if there is no distress or repair needed, this portion will be
recommended to be accepted for full maintenance.
pc: S-506 file
M:\WPFILES\DON-C\PLAN17S.WPD
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