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Home My WebLink About20021465.tiff BOO RESOLUTION RE: APPROVE CANCELLATION AND RELEASE OF COLLATERAL AND ACCEPT REPLACEMENT COLLATERAL FOR INDIANHEAD SUBDIVISION, S #97 - SCENIC RANGE, LLC WHEREAS, the Board of County Commissioners of Weld County, Colorado, pursuant to Colorado statute and the Weld County Home Rule Charter, is vested with the authority of administering the affairs of Weld County, Colorado, and WHEREAS, by Resolution dated January 19, 1976, the Board did approve the application of Interladco, Inc., for a Final Plat for Indianhead Subdivision on the following described real estate, to wit: NE1/4 of Section 18, Township 5 North, Range 67 West of the 6th P.M., Weld County, Colorado, and WHEREAS, on February 12, 2001, the Board of County Commissioner of Weld County, Colorado, did approve an Improvements Agreement According to Policy Regarding Collateral for Improvements (Public Road Maintenance) for Indianhead Subdivision, S #97, between the County of Weld, State of Colorado, by and through the Board of County Commissioners of Weld County, and Interladco, Inc., with terms and conditions being as stated in said agreement, and accepted Irrevocable Letter of Credit #115, drawn on the American Bank, in the amount of $679,500.00, and WHEREAS, at the request of the current property owner, Scenic Range, LLC, 1542 Westshore Drive, Loveland, Colorado 80538, on May 14, 2001, the Board of County Commissioners of Weld County did release Irrevocable Letter of Credit#115 and accepted as replacement Irrevocable Letter of Credit#117, drawn on the American Bank, 300 East 29th Street, Loveland, Colorado 80538, in the amount of $471,400.00, and WHEREAS, staff from the Weld County Departments of Public Works and Planning Services have conducted a visual inspection and recommend reduction of said collateral to the amount of $13,000.00 to insure the completion of landscaping ($6,000.00) and a grass-lined swale ($7,000.00), and WHEREAS, Scenic Range, LLC, has presented Irrevocable Letter of Credit#122, drawn on the American Bank, 300, East 29th Street, Loveland, Colorado 80538, in the amount of $13,000.00. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, Colorado, that the Irrevocable Letter of Credit#117, drawn on the American Bank, in the amount of $471,400.00 be, and hereby is, canceled and released. BE IT FURTHER RESOLVED by the Board that Irrevocable Letter of Credit#122, as described above be, and hereby is, accepted. 111$1131111 VIII IIII 1111111 III VIII IIII IIII 2002-1465 2960800 06/13/2002 10:46A Weld Counkatyoto c e /O4 Pit) bet e PL1476 1 of 2 R 0.00 D 0.00 J.A. Suki' Tsum JZ CANCEL COLLATERAL - SCENIC RANGE, LLC (INDIANHEAD SUBDIVISION, S #97) PAGE 2 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. The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 5th day of June, A.D., 2002. BOARD OF COUNTY COMMISSIONERS WELD COUNTY, COLORADO ATTEST: L Gle ad, Chair Weld County Clerk to th PQ r ' ‘. V r4r David . Lo ., Pro-Tem BY: Deputy Clerk to the Bo M. J. rile O D AS T• 't1'C.e William H. erke —\ '- unty Attorney �/ Robert D. asden Date of signature: 6!/U I IIIIII VIII IIIIII1 IIII VIII IA Weld County, CO ll\111111III VIII 3 it2960800 0611312002 65 P02-141465 2 of 2 R 0.00 0.00 J.A. Solo Tsukamo 20 444 MEMORANDUM WI TO: Board of County Commissioners COLORADO DATE: May 16, 2002 FROM: Kim Ogle, Planner III SUBJECT: Indian Head Subdivision Case Number S-97 pc c/o Scenic Range, LLC Leroy Gabriel / Larry Heckel On May 14, 2002, the Department of Planning Services preformed a site investigation of the completed improvements for the Indian Head Subdivision at the request of Leroy Gabriel and Larry Heckel, applicants. Completed improvements include the construction of subdivision streets, bridges, utilities, and ditch improvements. The Department of Planning Services is holding collateral for two non-transportation items that includes landscaping (6,000.00) and a grass lined swale (7000.00). Both of these items appear to have not been completed. Given this circumstance, the Department of Planning Services recommends retaining thirteen thousand (13,000.00) and no/100s dollars until the non- transportation related items are complete. Don Carroll, Weld County Department of Public Works completed a Final Inspection of the transportation related items consisting of ditch improvements and two bridge crossings. Additional items included site grading, street grading, street base, street asphalt and the storm water facility. The Department of Public Works recommends to release the transportation portion of the remaining collateral for the Indian Head Subdivision. Therefore, the Department of Planning Services and Department of Public Works recommend that four hundred seventy-one thousand four hundred (471,400) dollars and no/100s, be released. Staff's recommendation is to release the collateral, in the form of a Letter of Credit. This release is conditioned on the posting of the warranty collateral by the applicant. The applicant shall submit a new Letter of Credit for thirteen thousand (13,000.00) and no/100s dollars for replacement collateral. r 75/0"fr— �l � 4- Weld County Planning Department GREELEY OFFICE MEMORANDUM MAY 1 12002 RECIEVED TO: Kim Ogle, Planner Ill DATE: May 14, 2002 C FROM: Donald Carroll, Engineering Administrator wl • COLORADO SUBJECT: S-97, Indianhead Subdivision Release of Collateral On April 16, 2002, the two bridges were completed that provide access to the remaining parcel. I have been watching construction and receiving test results from Landmark Engineering. I completed a final inspection on May 13, 2002. The following items have been completed to my satisfaction. a. Site grading b. Street grading c. Street base d. Street asphalt e. Storm water facility f. Ditch improvements g. Road culverts The ditch improvement items consisted of the two bridge crossings. Completion was done and the collateral was released on April 16, 2001. I have notified Landmark Engineering that all the transportation items were complete except the additional signage needed. Still missing are the street signs identifying Apache Road and Hopi Trail, and a stop sign at both intersections. Reid Bond from Landmark Engineering indicated that those signs would be installed. I recommend release of the transportation portion of the remaining collateral on the Indianhead Subdivision S-97. All other non-transportation items shall be verified by Planning Services prior to release. pc: S-97 file Carol Harding, CTB Reid Bond, Landmark Engineering Ltd. M:\WPFILES\DON-C\s-6.wpd • EXHIBIT"A" ~ O Name of Subdivision . `- or Planned Unit Development: Indianhead Subdivision n 0 Filing: Being a portion of the Northeast Quarter of Section 18, Township 5 North o Location: Range 67 West of the Sixth Principal Meridi £ Colorado. • 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 ,J -- n! not apply.) 0 ' Estimated v •-t M • Imorovements Unit Cost Construction Cost Site =dine 17,000 j'l I'' Street grading 28robL s.Y, .;:j5 • s,{, 8,500 - % _.�. Street base Street pa':;.. . 3"5toiosa-7,'1l Q •.1 93,300 — , ' Curbs, gut._ •s, and culverts Sidewalk Storm sev: ,cilities 42,500 7 ✓ Retention -cis Ditch imp' ments 208, 100 '4,..-i-. Subsurfac linage Sanitary s. _-s -- Trunk ant: .ed lines -.„� Mains _ • Laterals i .e connected) On-site sc -e facilities On-site w_ - supply and storage Water ma: ncludes bore) 132.800 • • Fire hydra: 14,300 'Survey ant.: get monuments and boxes 500 Street liehr Street name _,gns 500 Fencing re:: :cements Y. • Landscapic;_ 6,000 • Park improvements - Road culvert 21,000 ✓ ✓!' Grass lined swale 7,000 Telephone • 9,500 •. . Gas 17,1 on t• - . Electric 61 ,700 i Water transfer To be negotiated by owner SUB-TOTAL: Owner, Appro 1 Engineering and Supervision Costs $ 20,200 . / (Testing, inspection,as-built plans and work in addition to preliminary and rr ial plat; supervision of actual Illi construction by contractors) TOTAL ESTIMATED COST OF IMPROVEMENTS AND SUPERVISIONS 679,500 rarard 11J/0a I I ,t:u-rmc„t,on,t>ti,ront.tC 2 american bcink 300 E. 29th Street Loveland, Co 970.669.1776 I �7 IRREVOCABLE LETTER OF CREDIT NO. 122 A1 . ISSUE DATE:5/20/02 JJJ BENEFICIARY: APPLICANT: Board of County Commissioners Scenic Range LLC ATTN:Clerk of the Board P.O.Box 758 Greeley,CO 80632 RE:Scenic Range LLC EXPIRATION DATE:5/20/03 AMOUNT: $13,000.00 Gentlemen: We hereby open our Irrevocable Letter of Credit Number 122 in your favor for the account of Scenic Range LLC, 1542 Westshore Dr., Loveland,CO 80538,for a sum not to exceed the aggregate of Thirteen Thousand Dollars($13,000.00). Each draft so drawn must be marked Drawn under AMERICAN BANK,300 E.29th Street, Loveland,CO 80538,Letter of Credit No. 122 and be accompanied by a signed statement from the Board of County Commissioners of Weld County,Colorado stating the following:Scenic Range,LLC has committed a material breach of the Improvements Agreement According to Policy Regarding collateral for Improvements regarding Indianhead Subdivision Improvement Agreement dated the 1`t day of February,2001 by and between Scenic Range,LLC and the Board of County Commissioners of the County of Weld. This credit is subject,so far as applicable to The Uniform Customs and Practice for Documentary Credits, 1983 Revision,The International Chamber of Commerce Publication No.400. 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,AMERICAN BANK, 300 E.29th Street, Loveland,CO 80538. This letter of credit will expire on May 20,2003 at 5:00 P.M. This letter of credit is automatically extended without amendment,for additional one year periods from the current expiration or any future expiration date unless 60 days prior to such current expiration date AMERICAN BANK notifies beneficiary in writing that the letter of credit will not be renewed. In case you receive such a notification,you may draw by presentation of the following: (a)a draft at sight on AMERICAN BANK;(b)a statement purportedly signed by an official of the Board of County Commissioners of Weld County,Colorado stating that you have received notice from AMERICAN BANK the Letter of Credit No. 122 will not be renewed and that Scenic Range LLC has failed to provide proof of adequate collateral and substitution of this Letter of Credit No. 122; (c)copy of letter from AMERICAN BANK stating non- renewal of Letter of Credit No. 122 and the original letter of credit. This Letter of Credit replaces Letter of Credit#117 dated April 15,2001. Acceptance of this Letter of Credit voids Letter of Credit#117. Yours truly, Ameri Bank r by: Ui U orized signator rri o ,Senior Vice President Name and Title of Authorized Signator Branch Locations Mortgage Loan Offices 2695 W.Eisenhower Blvd. 3227 Timberline Road,Fort Collins,CO 80525 Loveland,CO 80538 303 E.Mountain Ave,Fort Collins,CO 80524 300 E.29i°Street,Loveland,CO.80538 2695 W.Eisenhower Blvd,Loveland,CO.80538 \I:nihcr FDIC \V'\A'V,/.ltl11-1)�.CUlll Camerican bank www . bankatamerican . com b. american bank-main: american bank-west: ,4CLI 300 E.29th Street 2695 W.Eisenhower �Ikr Loveland,CO 80538 Loveland,CO 80538 i (970)669-1776 (970)278-1776 S4 '�Ay tio4 C'OS. Cr.'s �Cy Y v1 < v IRREVOCABLE LETTER OF CREDIT NO. 117 pp`1, ��`� � Gti 'r "4 • ISSUE DATE:4-15-01 ' cc. sca4 �O*, 1�C.co ,C,ro BENEFICIARY: APPLICANT: � ®y`r♦ ...59I tip,�,o ,Lb Board of County Commissioners Scenic Range LLC �„ _'c '�,,• `S � I. • .r4" : 40 ATTN:Clerk of the Board , p 'S' � P. O. Box 758 or;:A T' Cr Greeley, CO 80632 � ,o .� RE:Scenic Range LLC ,--��b\ q ,/,IQ ,92 EXPIRATION DATE:2-1-02 AMOUNT: $471,400.ot% CO, ),. '� Gentlemen: We hereby open our Irrevocable Letter of Credit Number 117 in your favor for the account of Scenic Range LLC, 1542 Westshore Dr., Loveland,CO 80538,for a sum not to exceed the aggregate of Four Hundred Seventy One Thousand Four Hundred Dollars($471,400.00). Each draft so drawn must be marked Drawn under AMERICAN BANK,300 E.29th Street, Loveland,CO 80538, Letter of Credit No. 117 and be accompanied by a signed statement from the Board of County Commissioners of Weld County, Colorado stating the following: Scenic Range, LLC has committed a material breach of the Improvements Agreement According to Policy Regarding collateral for Improvements regarding Indianhead Subdivision Improvement Agreement dated the 1't day of February,2001 by and between Scenic Range,LLC and the Board of County Commissioners of the County of Weld. This credit is subject,so far as applicable to The Uniform Customs and Practice for Documentary Credits, 1983 Revision,The International Chamber of Commerce Publication No.400. 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,AMERICAN BANK, 300 E. 29th Street, Loveland,CO 80538. This letter of credit will expire on February 1,2001 at 5:00 P.M. This letter of credit is automatically extended without amendment,for additional one year periods from the current expiration or any future expiration date unless 60 days prior to such current expiration date AMERICAN BANK notifies beneficiary in writing that the letter of credit will not be renewed. In case you receive such a notification,you may draw oy presentation of the following: (a)a oraft at sight on AMERiCAN BANK;(b)a statement purportedly signed by an official of the Board of County Commissioners of Weld County,Colorado stating that we have received notice from AMERICAN BANK the Letter of Credit No. 115 will not be renewed and that Scenic Range LLC has failed to provide proof of adequate collateral and substitution of this Letter of Credit No. 117; (c)copy of letter from AMERICAN BANK stating non- renewal of Letter of Credit No. 117 and the original letter of credit. This Letter of Credit replaces Letter of Credit#115 dated February 1,2001. Acceptance of this Letter of Credit voids Letter of Credit#115. Yours truly, America Bank , by: tdarized signator Hares M. Coe,Vice President Name and Title of Authorized Signator QBank the American Way! FWt„c�NG MEMBER FDIC High Touch Banking with High-Tech Support Hello