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RESOLUTION
RE: APPROVE CANCELLATION AND RELEASE OF CERTAIN COLLATERAL AND DEEM
THE KEEPING OF SUCH COLLATERAL AS NO LONGER NECESSARY
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 Resolutions of various dates in the past, the Board approved land use
applications which required the applicants to enter into improvements agreements requiring the
construction of various public improvements to later be maintained by Weld County, and
WHEREAS,one of the requirements of said improvements agreements was the submittal
and continuation of collateral to ensure the completion and quality of said public improvements,and
WHEREAS,the Board has maintained a list of the collateral being held by Weld County or
required for such purpose, and
WHEREAS,some of the listed collateral has expired or is no longer necessary, because the
improvements have been completed, and
WHEREAS, staff from the Weld County Departments of Public Works and Planning
Services have conducted visual inspections of the improvements for which the listed collateral is
being held or required, and now recommend that the collateral described below be cancelled and
released, and the keeping of such collateral deemed no longer necessary, and
WHEREAS, upon recommendation of staff, the Board deems it advisable to do so.
NOW,THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld
County,Colorado,that the collateral described below be,and hereby is,cancelled and released,and
that the keeping of such collateral be deemed no longer necessary.
BE IT FURTHER RESOLVED by the Board that the Clerk to the Board be, and hereby is,
directed to return any of the below-listed collateral,which has not expired and is actually being held,
to the appropriate issuing party.
1. Colorado Incineration Services, Inc. (PL0456 911083) Automatically renewable
Certificate of Deposit #760399. Belcaro Bank, Denver. 9/3/92 - Maturity Date.
Automatic renewal unless notified in writing. As of 5/13/96-Held by Professional
Bank of Denver. See Reso #960827. As of 3/19/97 - Professional Bank of
Denver confirmed CD + $2,439.04 interest being held. $10,000.00
2. National Hog Farms (HL0011, FILE #1, 900184786) Environmental and Water
Quality Agreements, as well as Collateral Agreement. Irrevocable Letter of Credit
#004810 Dated 3/23/90. Automatic renewal unless 60 day's notice given.
Replaced with Letter of Credit#NZS341459 drawn on Wells Fargo,dated 01/14/00.
$250,000.00
111111111111111111111111 III IIII 11111111 III 11111 IIII MI 2005-2091
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CANCELLATION AND RELEASE OF CERTAIN COLLATERAL
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3. Active Truck and Auto Parts Inc., USR #1311 (PL1541 2001-3188) John and
Eleanor Hochmiller. Improvements Agreement(Private Road Maintenance)for Site
Cleanup. Irrevocable Letter of Credit#86, Bank of Colorado. Expires 9/27/01,upon
60 days notice. $5,000.00
4. Baumgartner, Robert and Sharon - Baumgartner Trucking(PL1427 2000-1792
SPR#320) Improvements Agreement for Private Road Maintenance. Irrevocable
Letter of Credit#05-00-06. Expires 06/22/2001, with auto renewal. $5,000.00
5. Beacon Builders-Jon Cook-Vista Beacon, LLC (PL1513, SPR#342 2001-1172)
Improvements Agreement for Private Road Maintenance. Irrevocable Letter of Credit
#S25155C, Compass Bank, Expires 06/01/02, no renewal clause.$ 83,051.00
6. Continental View Ponds(PL0966#961935). Subdivision Improvements and Road
Maintenance Agreement. Cancellation and release of collateral - Reduction in
amount (Acceptance of warranty collateral). Current amount. FULL & FINAL
EXPIRY 5/3/98. $750
7. El Hornito - Francisco and Maclovio Martinez (PL1315 #992108) Private Road
Maintenance Agreement(USR1220) Irrevocable Letter of Credit#653, Mega Bank.
Either the date of release by Weld County of the final 15% or one year from
the date of Final Plat approval, whichever comes first, w/60 days notice.
$60,000.00
8. Epocs Manufacturing (PL1533 2002-0102) SPR#347. Bruce and Barbara Miller.
Road Improvements Agreement. Irrevocable Standby Letter of Credit #2039,
Colorado Business Bank. Expires 01/04/03 (Full and final expiration date).
$22,893.00
9. Flatiron PUD II (PL0999 980321) Flatiron Structures Company do Quintan
Construction Inc. Road Improvements Agreement. Subdivision Bond #23002987.
Liberty Mutual Insurance Company. No expiration listed. $29,008.00
10. Hoskins Construction, Inc. (PL1568#2003-1255)Dove Haven PUD S#625. David
Hoskins. Off-site Improvements Agreement for WCR 40.5. Letter of Credit
#34541461-168-1, drawn on Premier Members Federal Credit Union. Expires
3/13/07; without renewal clause. $70,000.00
11. Jubilee Acres Minor Subdivision (PL1231 981185) Merle and Karla Grieser,
Improvements Agreement for Private Road Maintenance. Letter of Credit#171,
Independent Bank. $49,407.00
REDUCED ON 2/19/99 (RE990306) Expiration date 07/01/99. $817.00
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12. Libin, Karen (PL1323 2000-0265) The Peaks at Mountain View, S#511,
Improvement Agreement for Private Road, Utilities and Landscaping. Irrevocable
Letter of Credit No. 11-257. Change of Bank Name to Compass Bank and
#S24931C(02/28/01). EXPIRES 05/01/2001; no expiration without notification.
$105,000.00
13. Lind Land Co., Inc. (PL0867 921098). Off-site and on-site improvement agreements
(4/14/93 #930562) Surety Bond Dated 6/21/93. Aetna Casualty an Surety Co.
#19SB100762034BCA. Released portion 6/12/95 RE951226. Expires upon
completion of WindSong. BALANCE: $2,000.00
14. McStain Enterprises, Inc/Longview Community, LLC(PLO386 970128) Irrevocable
letter of Credit,drawn on Colorado Mortgage Company-Phase 3. EXPIRES 2/1/98.
Reduce to 15% then 60 days notice. $92,088.00
15. McStain Enterprises, Inc./Longview Community, LLC-(PL0386 970128)Exchanged
three Letters of Credit for one Irrevocable Letter of Credit; drawn on Colorado
Mortgage Co. (10%). EXPIRES 9/15/98. Reduce to 15% then 60 days notice.
$6,260.00
16. McStain Enterprises, Inc./Longview Community, LLC-(PL0386#982314) Letter of
Credit dated 10/08/98,drawn on Colorado Mortgage Company for Phases 4 and 7.
EXPIRES 10/8/99 Reduce to 15% then 60 days notice. Received letter dated
5/23/00 that bank was not renewing Letter of Credit. $569,085.00
17. Meadow Vale Farm, Inc. (S#403) (PL1010 #970910) Private Road Maintenance
ImprovementAgreement. Deeds of Trust, Letter of Credit#54. EXPIRES 04/25/98,
reduce to 15% then 60 days notice. $50,000.00
Letter of Credit#55(RE970933 5/12/97) EXPIRES 04/25/98, reduce to 15%then
60 days notice $50,000.00
18. Sekich(PL0077)Road Improvements and Maintenance Agreement. Letter of Credit
#1181, United Bank of Greeley, dated 2/26/88, replaces #0207 Dated 9/16/86.
Expired 12/31/88. $47,025.00
19. Tri-City Ventures for Meadow Brook Farm, c/o Jeff Perryman (PL0971 #960706)
S#380. Irrevocable Letter of Credit #147; drawn on 1st Choice Bank, Greeley.
EXPIRES 4/22/97, w/Auto Renewal or 60 days notice. $26,500.00
20. Vista Commercial Center, Filing II-Horizon Investments, LLC(PL0862 2000-0993)
S#416. Publicly Maintained Road Improvements Agreement. Letter of Credit#384,
Replaced with Letter of Credit#385, First National Bank of Longmont. EXPIRES
04/27/2001 w/Auto Renewal or 60 days notice. $868,845.00
11111111111111111111111III Will 1111111111111 2005-2091
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21. Wellborn Machining Inc. (PL1522 2001-1433) SPR#345. NESG-XXVIII,LLC.
Improvements Agreement(Private Road Maintenance) Irrevocable Standby Letter
of Credit#159. Community First National Bank. Expires 05/15/2002; no renewal
clause. $70,000.00
22. Wright's Disposal, Inc. (PL0688 #941252 #950115) Road Improvements and
Maintenance Agreement. Automatically Renewable Certificate of Deposit,#001709,
Charter Bank and Trust. Maturity Date 12/14/95,automatically renewable unless
notified. $21,500.00
DEVELOPMENT LOANS/ESCROW AGREEMENTS
23. Christ Community Church(USR#1411 PL1652) Improvements Agreement; Escrow
Agreement. No expiration. $9,540.00
24. Dos Rios Estates, Filing 2, Phase 3,Joyce Allely(PL091 5 2002-1 771)Public Road
Maintenance. Development Loan issued by Lisa Hopkins, Business Banker for
Wells Fargo Bank,West, N.A.,Greeley,Colorado. Copy of loan agreement never
received. $492,100.00
25. Western Refractory - Cannon Properties, Inc., SPR317 (PL1419 2000-1368)
Improvements Agreement - Private Road Maintenance, Lot 1, Block 1, Sekich
Business Park, Money Market Account- NISI account Number 01773191.
$9,793.36
DEPOSITED IN TRUST FUND
26. AT&T Wireless Services-Richard Miller. Improvements Agreement-Private Road
Maintenance. Personal Check#13198. Deposited 09/12/00 $3,672.00
27. Cain, Linda (CLTand H Investmentsm, LLC) Improvements Agreement - Private
Road Maintenance. Cashiers Check #100577, Centennial Bank. Deposited
08/11/00 .
$1,800.00
28. Faith Tabernacle Church, c/o Danny Perdew-USR#1217 (PL1325 2002-00081)-
Personal Check#1393. $1,500.00
29. Intermill, Larry- PL1257 #992637. Grandview Acres Minor Subdivision, S#469.
Road Improvements agreement. Personal Check. Deposited 10/28/99.
$1,300.00
30. JER,A Partnership,West Hill N Park 5th Filing,S#523. Private Road Maintenance
Improvements agreement. Personal Check#5422 Deposited 06/30/2000.
$11,050.00
111111111111111111111111 2005-2091
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CANCELLATION AND RELEASE OF CERTAIN COLLATERAL
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31. Midway Youth Services (for Jacob Family Services) (#2002-2659 PL1632)
ImprovementsAgreement-Private Road Maintenance. SPR#344. Cashier's check
#0640702118 Deposited 10/04/02 $2,500.00
32. R& R Resources- Ray Menard - PL1 368. SPR305. 15% Replacement collateral
road maintenance. Cash. Deposited 07/28/2000. $4,775.00
The above and foregoing Resolution was,on motion duly made and seconded,adopted by
the following vote on the 20th day of July, A.D., 2005.
i /
BOARD OF COUNTY COMMISSIONERS► 4 \WELD COUNTY, COLORADO
ATTEST: gall XCUSED
illiam H. J e, Chair
Weld County Clerk to the r 3'�," 1/4
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�•�,.�,�� M. eile, ro-T m
BY: /67Z11GC./ �' /
Deputy Clerk the Board
David E. Long
AP D AS EXCUSED
/f Robert Masde
C6ufity orneyA
Glenn Vaad
Date of signature: 72D, c
I 11111 1111 11111 111111 III 1111 11111111 III HI 1111 II 3306622 07/27/2005 12:08P Weld County, CO 2005-2091
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