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RESOLUTION
•
RE: APPROVE PARTIAL CANCELLATION AND RELEASE OF COLLATERAL FOR
NESTING CRANE RANCH - STENERSON, OLSON, AND LOWREY DEVELOPMENT
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 May 11, 2005, the Board approved the application of
Stenerson, Olson and Lowrey Development, LLC, 3040 South Newcombe Way, Lakewood,
Colorado 80227,for a Planned Unit Development Final Plan, PF#1000,on the following described
real estate, to wit:
W1/2 W1/2 NE1/4 of Section 30, Township 3 North
Range 68 West of the 6th P.M., Weld County,
Colorado, and
WHEREAS, on June 15, 2005, the Board of County Commissioner of Weld County,
Colorado, approved an Improvements Agreement According to Policy Regarding Collateral for
Improvements(Public Road Maintenance)for Nesting Crane Ranch, between the County of Weld,
State of Colorado, by and through the Board of County Commissioners of Weld County, and
Stenerson,Olson and Lowrey Development, LLC,with terms and conditions being as stated in said
agreement, and accepted Irrevocable Standby Letter of Credit No. CTCS-639261, drawn on the
JP Morgan Chase Bank, N.A., do JP Morgan Treasury Services, Global Trade Services, 10420
Highland Manor Drive, Tampa, Florida 33610, in the amount of$445,139.00, and
WHEREAS, staff from the Weld County Departments of Public Works and Planning
Services has conducted a visual inspection and recommends partial cancellation and release of
said collateral, and
WHEREAS, 15% of the paving costs and funds to cover the remaining items to be
completed have been submitted as replacement collateral, in the form of Check #1133 on the
account of Stenerson,Olson and Lowrey Development, LLC, in the amount of$108,991.81,for the
above mentioned Improvements Agreement.
NOW,THEREFORE,BE IT RESOLVED by the Board of County Commissioners of Weld
County, Colorado, that the Irrevocable Standby Letter of Credit No. CTCS-639261,drawn on the
JP Morgan Chase Bank, N.A.,c/o JP Morgan Treasury Services, in the amount of$445,139.00 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.
BE IT FURTHER RESOLVED that check#1133 on the account of Stenerson, Olson and
Lowrey Development, LLC, in the amount of $108,991.81, be, and hereby is, accepted as
replacement collateral for the above mentioned Improvements Agreement.
111111 1111 11111 111111 III1111111 III11111IM 1111
3344227 12/02/2005 01:44P Weld County, CO 2005-3396
1 of 2 R 0.00 D 0.00 Steve Moreno Clerk& Recorder PL1740
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CANCEL COLLATERAL - STENERSON, OLSON, AND LOWREY DEVELOPMENT LLC
PAGE 2
The above and foregoing Resolution was,on motion duly made and seconded,adopted by
the following vote on the 21st day of November, A D., 2005.
�I p�� BOARD OF COUNTY COMMISSIONERS
At 1L®\WELD COUNTY, COLORADO
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3344227 12/02/2005 01:44P Weld County, CO
2 of 2 R 0.00 0 0.00 Steve Moreno Clerk& Recorder
2005-3396
PL1740
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STENERSON OLSON & LOWREY DEVELOPMENT, LLC
3040 S NEWCOMBE WAY
LAKEWOOD, CO 80227
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MEMORANDUM
WineTO: Board of County Commissioners November 17, 2005
COLORADO FROM: Jacqueline Hatch
SUBJECT: PF-1000, Nesting Crane Ranch
Jeff Olson with Stenerson, Olson & Lowrey Development LLC is requesting a partial release of
collateral for PF-1000 (Nesting Crane Ranch).
The original collateral is in the amount of amount of four hundred forty five thousand, one
hundred and thirty nine dollars ($445,139.00) for on-site improvements. The applicant is
requesting that three hundred and forty six thousand and seven hundred and eighty two dollars
and nineteen cents ($346,782.19) of the original collateral be released. The Department of
Planning Services and the Department of Public Works have determined that the work
correlating to the amount above has been completed but request that 15% of the paving cost be
retained for one year (paving $70.903.00 x 15% = $10,635.45 be retained). The Department of
Planning Services and the Department of Public Works request that a total of one hundred and
eight thousand, nine hundred and ninety one dollars and eighty one cents ($108,991.81) be
retained for the remaining items to be completed on site. The remaining items to be completed
consist of the utilities and landscaping on site.
The original Improvements Agreement was approved by the Board of County Commissioners
on May 11, 2005.
After review the Department of Public Works and the Department of Planning Services have
determined that the remaining amount will be sufficient to complete the work required for PF-
1000. The Departments of Planning Services and Public Works recommend acceptances of
this partial release of collateral.
2005-3396
MEMORANDUM
f Date: October 26, 2005
To: Peter Schei, P.E.; Development Senior Engineer
From: Tracy Dyer, PW Lead Construction Inspector
COLORADO RE: Nesting Crane Ranch, PUD—Partial Release of Collateral
Peter,
At the request of the owner, Jeff Olson, I have completed a substantial completion inspection of the
above-mentioned PUD. I recommend that the following items be released from the collateral hold, as they
have been constructed to plan and agreement requirements. All pertinent documentation has been
collected relating to the items listed below:
Site grading, Street grading, Street Base, Street Paving, Storm Sewer Facilities, 95% of Water Mains
(waiting for formal acceptance from Longs Peak Water District), Fire Hydrants, Survey and Street
Monuments and Boxes, Street Names, Landscaping, Bus Shelter and Engineering and Supervision Cost.
The recommended amount of collateral release,based on this memo and supporting documents is
$ 346,782.19.
Let me know if you have further questions.
Partial Collateral Release—Dated October 26, 2005
Name of Subdivision or Planned Unit Developmer Nesting Crane Ranch, PUD
Filing:PF-1000
Location:SH66 b/w 1 &3 -W2 W2 NE4 of sec 30 T3N,R68W of the 6+p.m.;Weld County,CO
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.)
'Improvements Quantity Units Unit Costs Estimated Construction Cost I
Site grading $ 21,793.00
Street grading $ 18,838.75
Street base $ 42,780.00
Street paving $ 70,903.00
Curbs,gutters,and culverts
Sidewalk
Storm sewer facilities $ 22,100.00
Retention ponds
Ditch Improvements
Subsurface drainage
Sanitary sewers
Trunk and forced lines
Mains
Laterals(house connected)
On-site sewage facilities
On-site water supply and storage
Water Mains(includes bore)(95%) $ 92,507.44
Fire Hydrants $ 11,892.00
Survey and street monuments and boxes $ 9,870.00
Street lighting $ 1,000.00
Street Names $ 100.00
Fencing requirements
Landscaping $ 43,798.00
Park improvements
Road culvert
Grass lined swale
Telephone
Gas
Electric
Bus Shelter w/Pad $ 3,200.00
Mail Box w/Pad
Additional Items Posted
SUB-TOTAL: $ 338,782.19
Engineering and Supervision Costs: $ 8,000.00
(Testing,inspection,as-built plans and work in addition to preliminary and
final plat;supervision of actual construction by contractors)
TOTAL APPROVED FOR RELEASE AS DATED: $ 346,782.19
Page 1 of 2
Jacqueline Hatch
From: Peter Schei
Sent: Monday, October 31, 2005 3:59 PM
To: Jacqueline Hatch
Cc: Jeff@1stfundingsource.com'; Tracy Dyer
Subject: PF-1000 Nesting Crane Ranch PUD ... RE: Release of Partial Collateral
Importance: High
Attachments: RE: Hello Pf 1000 Nesting Crane; Nesting Crane PUD Clarification
Good Afternoon, Jacqueline:
Public Works has reviewed the request for a partial release of collateral and requests a Release of
$346,782.19 for said infrastructure improvements associated with Nesting Crane Ranch PUD (PD-1000)
Improvements Agreement.
Jacqueline: Please schedule (a hearing) this for approval of partial release of collateral by the Board of County
Commissioners.
Please retain said 15%wrt paving item for the One-Year Warranty period, which is a Public Works' standard
policy.
Thank you for your work on this development project and your patience!
Have a great day, Peter.
Peter SCHEI,,P.E.,H..S.P.E.
Public Works Department
Weld County •
1111 -H Street
Greeley,CO 80632
pscheigco.weld.cous
"Making the County a better place to do business"
"Making the County a better place to live"
From: Jacqueline Hatch
Sent: Monday, October 31, 2005 9:35 AM
To: jeff@lstfundingsource.com
Cc: Peter Schei
Subject: RE: Release of Partial Collateral
Jeff,
That is my understanding that the 15% will be held for the road. I will run that past Peter S.with Public Works to
verify that that is what he wants. I will ask for something in writing pertaining to it and I will forward that on to you.
Thanks,
Jacqueline
From: Jeffrey O. Olson [mailto:jeff@lstfundingsource.com]
Sent: Monday, October 31, 2005 8:58 AM
10/31/2005
Stenerson, Olson & Lowrey Development, LLC
3040 S. Newcombe Way Lakewood CO 80227
303 619-0590 office 303 987-0260 fax
Partial Release of Collateral
To: Board of Commissioners,Weld County Colorado
Peter Schei: Public Works
Jacqueline Hatch: Weld County Planner
From: Stenerson,Olson& Lowrey Development,LLC
Jeffrey Olson: Managing Member,S.O.L.Dev,LLC
Wayne Wentworth,P.E. Colorado State Registered Engineer
RE: PF-1000 Nesting Crane Ranch PUD
Partial Release of Collateral
Stenerson,Olson&Lowrey, Development,LLC,owners of PF-1000 Nesting Crane Ranch PUD,
hereby formally requests a partial release of collateral according to the policy regarding collateral for
improvements. I am submitting before you the following criteria that will allow for a partial release of
collateral. Please review the criteria presented and in your findings please release$346,782.19 Please
instruct JP Morgan Chase Bank to release the before mentioned sum. All supporting documentation is held
by your Public Works Department. At this time they are supporting the Partial Release based on their
findings of the supporting documentation.
Improvements Agreement According to Policy Regarding Collateral for Improvements
Request for Release of Collateral: Statement of substantial Compliance has been submitted by Wayne
Wentworth, P. E. a Colorado State Registered Engineer. See Public Works Documentation
9.1 Wayne Wentworth made frequent inspections during the construction phase.
9.2 Terracon completed all necessary field testing. See Public Works Documentation
9.3 "As Built"plans have been submitted by Wayne Wentworth,P.E. See Public Works
Documentation
9.4 Statement of Substantial Compliance regarding public road maintenance, Peter Schei,Public
Works, Weld County,Colorado. See Public Works Documentation
9.5 Mt.View Fire Protection Letter indication of fire hydrants. See Public Works Documentation
9.6 Sections 9.0 thru 9.5 shall be noted on the final construction plans.
9.7 Please place this request on regularly scheduled public meeting held by the county commissioners.
9.8 "Warranty Collateral" (15%)will be provided at the time of the final release.
9.9 Warranty Collateral shall be released upon final acceptance by the Board of County
Commissioners.
Thank you for your prompt consideration in this matter. Needless to say,all contractors that have
completed their work,to their fullest responsibility,are waiting impatiently for their wages. Please
initiate this request at your earliest convenience.
�ni
Jeff Olson L �% /'
Stenerso , s n�Dev.,LLC,
Managing Member
CLERK TO THE BOARD
PHONE (970) 336-7215, Ext. 4225
FAX: (970) 352-0242
P. O. BOX 758
C. GREELEY, COLORADO 80632
COLORADO
November 21, 2005
Stenerson, Olson and Lowrey Development, LLC
3040 South Newcombe Way
Lakewood, Colorado 80227
RE: Cancellation and release of Collateral
To Whom It May Concern:
Attached hereto please find copies of the Board of County Commissioner's Resolution approving
the cancellation and release of collateral,as referenced above. The original Letter of Credit, in the
amount of$445,139.00, was returned to JP Morgan Chase Bank, N.A., c/o JP Morgan Treasury
Services, Global Trade Services, 10420 Highland Manor Drive, Tampa, Florida 33610
If you have questions or need additional information, please do not hesitate to contact me at(970)
356-4000, Extension 4226.
Very truly yours,
BOARD OF COUNTY COMMISSIONERS
By:
Esther E. Gesick,
Deputy Clerk to the Board
CLERK TO THE BOARD
PHONE (970) 336-7215, Ext. 4225
FAX: (970) 352-0242
P. O. BOX 758
O GREELEY, COLORADO 80632
COLORADO
November 21, 2005
JP Morgan Chase Bank, N.A.
Go JP Morgan Treasury Services
Global Trade Services
10420 Highland Manor Drive
Tampa, Florida 33610
RE: Cancellation and release of Collateral - Stenerson, Olson and Lowrey Development, LLC
To Whom It May Concern:
Attached hereto please find a copy of the Board of County Commissioner's Resolution approving
the cancellation and release of collateral, as referenced above. The original Irrevocable Standby
Letter of Credit is enclosed.
If you have questions or need additional information, please do not hesitate to contact me at
(970) 356-4000, Extension 4226.
Very truly yours,
BOARD OF COUNTY COMMISSIONERS
BY. j ck
Esther E. Gesick,
Deputy Clerk to the Board
WJPMorgan
JPMorgan Chase Bank,N.A.
c/o JPMorgan Treasury Services
Global Trade Services
10420 Highland Manor Drive Weld County Planning Department
Tampa,FL33610 GREELEY OFFICE
JUN X2 2005 MAY 27 , 2005
OUR L/C NO. : CTCS-639261
RECEIVED
IRREVOCABLE STANDBY LETTER OF CREDIT NO. CTCS-639261
DATE : MAY 26, 2005 •BENEFICIARY: g4-tUSR�9
COUNTY OF WELD, STATE OF COLORADO -.0G�B
ATTN: BOARD COMMISSIONERS - JACQUELINE HATCH SlyO
915 TENTH ST. Gg��S a to
GREELEY, CO 80632 tc�$g 01 I'D
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GENTLEMEN: r Glet� C -c)
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BY THE ORDER OF: vela 112G
111
APPLICANT:
STENERSON, OLSON & LOWREY DEVELOPMENT LLC
3040 S. NEWCOMBE WAY
LAKEWOOD, CO 80227
WE HEREBY ISSUE IN YOUR FAVOR OUR IRREVOCABLE STANDBY LETTER OF CREDIT NO:
CTCS-639261 FOR THE ACCOUNT OF STENERSON, OLSON & LOWREY DEVELOPMENT LLC
FOR AN AMOUNT OR AMOUNTS NOT TO EXCEED IN THE AGGREGATE U.S. $445, 139. 00
(FOUR HUNDRED FORTY FIVE THOUSAND ONE HUNDRED THIRTY NINE AND 00/100 U.S.
DOLLARS) AVAILABLE BY YOUR DRAFTS AT SIGHT ON JPMORGAN CHASE BANK, N.A. ,
CHICAGO, IL EFFECTIVE MAY 26 ,2005 AND EXPIRING AT OUR OFFICE ON MAY 20,
2006.
FUNDS UNDER THIS CREDIT ARE AVAILABLE AGAINST YOUR DRAFT(S) AS HEREIN
ABOVE SET FORTH MARKED "DRAWN UNDER JPMORGAN CHASE BANK, N.A. LETTER OF
CREDIT NO. CTCS-639261" AND ACCOMPANIED BY THE FOLLOWING:
BENEFICIARY'S DATED STATEMENT SIGNED BY AN AUTHORIZED SIGNER OF BOARD OF
COUNTY COMMISSIONERS OF WELD COUNTY, COLORADO (SIGNED AS SUCH) STATING
THAT:
"STENERSON, OLSON & LOWREY DEVELOPMENT LLC, HAS COMMITTED A MATERIAL
BREACH OF THE IMPROVEMENT AGREEMENT ACCORDING TO POLICY REGARDING
COLLATERAL FOR IMPROVEMENTS REGARDING RASTING CRANE RANCH DATED THE 9TH
175421 ZOD0453 Pagel of 3
JPMorgan
JPMorgan Chase Bank,N.A.
c/o JPMorgan Treasury Services
Global Trade Services
10420 Highland Manor Drive
Tampa,FL 33610
MAY 27 , 2005
OUR L/C NO. : CTCS-639261
DAY OF MAY 2005 BY AND BETWEEN STENERSON, OLSON & LOWREY DEVELOPMENT LLC
AND THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF WELD. "
IT IS A CONDITION OF THIS LETTER OF CREDIT THAT THE EXPIRATION DATE SHALL
BE AUTOMATICALLY EXTENDED WITHOUT AMENDMENT FOR ONE (1) YEAR FROM THE
EXPIRATION DATE HEREOF OR ANY FUTURE EXPIRATION DATE UNLESS AT LEAST SIXTY
(60 ) DAYS PRIOR TO SUCH EXPIRATION DATE WE SEND NOTICE TO YOU BY
CERTIFIED MAIL OR HAND DELIVERED COURIER, AT THE ADDRESS STATED ABOVE,
THAT WE ELECT NOT TO EXTEND THIS LETTER OF CREDIT FOR ANY SUCH ADDITIONAL
PERIOD.
IN THE EVENT THE LETTER OF CREDIT WILL NOT BE EXTENDED AND WE SEND AN
ADVICE OF A NOTICE CONFIRMING OF NON-EXTENSION, YOU MAY DRAW BY
PRESENTATION OF THE FOLLOWING DOCUMENTS: (A) A DRAFT AT SIGHT ON JPMORGAN
CHASE BANK,N.A. ; (B) A STATEMENT SIGNED BY AN OFFICIAL OF THE BOARD OF
COUNTY COMMISSIONERS OF WELD COUNTY, COLORADO STATING: "WE HAVE RECEIVED
NOTICE FROM JPMORGAN CHASE BANK, N.A. THAT THE LETTER OF CREDIT NO. CTCS-
639261 WILL NOT BE EXTENDED AND THAT STENERSON, OLSON & LOWREY DEVELOPMENT
LLC HAS FAILED TO PROVIDE PROOF OF ADEQUATE COLLATERAL AND SUBSTITUTION OF
THIS LETTER OF CREDIT NO. CTCS-639261"; (C) COPY OF THE LETTER OF CREDIT
FROM JPMORGAN CHASE BANK, N.A. STATING NON-EXTENSION OF THE LETTER OF
CREDIT.
WE ENGAGE WITH YOU THAT DRAFTS DRAWN UNDER AND IN CONFORMITY WITH THE
TERMS AND CONDITIONS OF THIS CREDIT WILL BE DULY HONORED ON PRESENTATION
IF PRESENTED ON OR BEFORE THE EXPIRATION AT OUR COUNTERS AT 300 SOUTH
RIVERSIDE PLAZA, 7TH FLOOR, MAIL CODE IL1-0236, ATTN: STANDBY LETTER OF
CREDIT UNIT, CHICAGO, IL 60606-0236. THE ORIGINAL LETTER OF CREDIT MUST
ACCOMPANY THE DOCUMENTS REQUIRED UNDER THIS CREDIT FOR ENDORSEMENT.
THIS LETTER OF CREDIT IS SUBJECT TO AND GOVERNED BY THE LAWS OF THE STATE
OF NEW YORK, AND, EXCEPT AS OTHERWISE EXPRESSLY STATED HEREIN, IS SUBJECT
TO THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS (1993
REVISION) , INTERNATIONAL CHAMBER OF COMMERCE - PUBLICATION NO. 500, AND IN
THE EVENT OF ANY CONFLICT, THE LAWS OF THE STATE OF NEW YORK WILL CONTROL,
WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS.
PLEASE ADDRESS ALL CORRESPONDENCE REGARDING THIS LETTER OF CREDIT TO THE
175421 2000453 Page 2 of 3
in
iPMorgan
.WMorgan Chase Rank,N.A.
do JPMorgan Treasury Services
Global Trade Services
10420 Highland Manor Drive
Tampa,FL 33610
MAY 27, 2005
OUR L/C NO. : CTCS-639261
ATTENTION OF THE STANDBY LETTER OF CREDIT UNIT, 300 S. RIVERSIDE PLAZA,
7TH FLOOR, MAIL CODE IL1-0236, CHICAGO, IL 60606-0236, INCLUDING THE
LETTER OF CREDIT NUMBER MENTIONED ABOVE . FOR TELEPHONE ASSISTANCE , PLEASE
CONTACT THE STANDBY CLIENT SERVICE UNIT AT 1-800-634-1969, SELECT OPTION
1, AND HAVE THIS LETTER OF CREDIT NUMBER AVAILABLE .
UTHOR ZED SIGNATURE
175421 2000453 Page 3 of 3
'rJPMorgan
,IPMorgan Chase Bank,N.A.
do 3PMorgan Treasury Services
Global Trade Services
10420 Highland Manor Drive
Tampa,FL 33610
MAY 27, 2005
OUR L/C NO. : CTCS-639261
TO: APPLICANT:
COUNTY OF WELD, STATE OF COLOLRADO STENERSON OLSON & LOWERY
ATTN: BOARD OF COMMISSIONERS DEVELOPMENT, LLC
915 TENTH ST 3040 S NEWCOMBE WAY
GREENLEY, CO 80632 LAKEWOOD, CO 80227
WE ENCLOSE HEREWITH (AS A PERMANENT PART OF THIS LETTER OF CREDIT) AN
IRREVOCABLE STANDBY LETTER OF CREDIT OPENED IN YOUR FAVOR SUBJECT TO UCP500
TRANSACTION REFERENCE NUMBER: CTCS-639261
DATE AND PLACE OF EXPIRY: MAY 20, 2006
AT OUR COUNTER
DOCUMENTARY CREDIT AMOUNT: USD445,139.00
AUTO EXTENSION: YES
EXTENSION PERIOD: 12 MONTH(S)
NOTIFICATION PERIOD: 60 DAY(S)
THIS LETTER OF CREDIT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF
CONFLICT OF LAWS.
PLEASE REVIEW THE DETAILS OF THIS ENCLOSURE AND THE ATTACHED LETTER OF
CREDIT IMMEDIATELY AND CONTACT OUR CLIENT SERVICE GROUP AT THE TELEPHONE
NUMBER OR E-MAIL ADDRESS PROVIDED WITHIN THE LETTER OF CREDIT IF YOU HAVE
ANY QUESTIONS.
i
AU� �DD
HORI D S UR IGNA E
175420 Z000453 Pam 1 of 1
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