HomeMy WebLinkAbout20053135.tiff RESOLUTION
RE: APPROVE IMPROVEMENTS AGREEMENT ACCORDING TO POLICY REGARDING
COLLATERALFOR IMPROVEMENTS(PUBLIC ROAD MAINTENANCE),AUTHORIZE
CHAIR TO SIGN, AND ACCEPT COLLATERAL FOR MINOR SUBDIVISION FINAL
PLAN,MF#547(OWL CREEK ESTATESSUBDIVISION)-OLANDO,LLC,C/O ED ORR
AND TAMMY ELLERMAN
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 September 7,2005,the Board of County Commissioners approved a Minor
Subdivision Final Plan, MF#547(Owl Creek Estates Subdivision),for Olando LLC,c/o Ed Orr and
Tammy Ellerman, 826 9th Street, Greeley, Colorado 80537, for nine(9) residential lots on the
following described real estate, to-wit:
Lot B of Recorded Exemption#2016;being part of the
SE1/4 of Section 16, Township 6 North, Range 64
West of 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 (Public
Road Maintenance) between the County of Weld, State of Colorado, by and through the Board of
County Commissioners of Weld County,and Olando LLC, do Ed Orr and Tammy Ellerman, with
terms and conditions being as stated in said agreement, and
WHEREAS,the Board has been presented with Irrevocable Letter of Credit#00315 from
Centennial Bank of the West, 2700 47th Avenue, Greeley, Colorado 80634, in the amount of
$214,387.00, and
WHEREAS,after review, the Board deems it advisable to approve said agreement and
accept said Irrevocable Letter of Credit 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 According to Policy Regarding Collateral for
Improvements(Public Road Maintenance)between the County of Weld, State of Colorado, by and
through the Board of County Commissioners of Weld County, and Olando LLC, c/o Ed Orr and
Tammy Ellerman, be, and hereby is, approved.
2005-3135
PL1508
cc ,. PO PS F3Cn
IMPROVEMENTS AGREEMENT - ORLANDO, LLC, C/O ED ORR AND TAMMY ELLERMAN
PAGE 2
BE IT FURTHER RESOLVED that Irrevocable Letter of Credit 00315 from Centennial Bank
of the West, 2700 47th Avenue, Greeley,Colorado 80634, in the amount of$214,387.00, be and
hereby is, accepted.
The above and foregoing Resolution was,on motion duly made and seconded, adopted by
the following vote on the 26th day of October, A.D., 2005.
', 7 BOARD OF COUNTY COMMISSIONERS
3 ELD COUNTY, COLORADO
ATTEST: 4Ili,,��D , . ' tair
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Weld County Clerk to the B 'rd alir
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BY. 11111 170-11 ('14 M. eile, ro-Tem
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AP V AS M:
Robert D. Masde
ounty Attorney au/
Glenn Vaad
Date of signature: li/ /OS
2005-3135
PL1508
‘it MEMORANDUM
Wi`Pa_ TO: Board of County Commissioners
COLORADO DATE: October 24, 2005
FROM: Sheri Lockman, Planner II
SUBJECT: Acceptance of Improvements Agreement According to
Policy Regarding Collateral for Improvements (Private Road
Maintenance) and the associated Irrevocable Letter of Credit
MF-547, Owl Creek
Olando Ltd. Liability Co., applicant
The Departments of Planning Services and Public Works have reviewed the Improvements
Agreements for Owl Creek Minor Subdivision.
Items covered under the Improvements Agreement According to Policy Regarding Collateral for
Improvements (Private Road Maintenance) include:
Site grading $ 29,187.00
Street grading $ 3,125.00
Street base $ 49,500.00
Street paving $ 66,150.00
Curb, gutter and culverts $ 17,625.00
Storm sewer facilities $ 4,800.00
Water mains $ 40,000.00
Fire hydrants $ 4,000.00
Engineering and supervision $ 3,000.00
Total Estimated Cost of Improvements and Supervision $214,387.00
The applicant has submitted an irrevocable letter of credit to cover the total estimated cost of
improvements and supervision.
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 Owl Creek.
The Department of Planning Services recommends acceptance of the Improvements
Agreement According to Policy Regarding Collateral for Improvements (Private Road
Maintenance) along with the associated Irrevocable letter of credit .
2005-3135
Pi- /5-O(
Meld County Planning Department
GREELEY OFFICE
JUN 2 4 2005
Ott,,,it: MEMORANDUM RECEIVED
WI ID TO: Sheri Lockman, Planning De ent DATE: 23-June-2005
CFROM: Peter Schei,P.E.,Publi epartment
COLORADO SUBJECT: MF-547 Owl Creek sta es inor Subdivision (Final Plat)
Weld County Public Works Depaitinent has reviewed final plan materials and has the following development referral
comments.
Comments
•
❑ The engineer shall seal the final plat drawings of roadway, drainage, utility / construction & grading plan drawings
submitting them to Public Works for acceptance.
❑ The Final Drainage and Erosion Control Report for Owl Creek Estates, dated May 3, 2005, by North Star Design
Inc. (Job Number 101-07) is acceptable to Public Works,but must be sealed by the engineer of record.
o The final drainage report stamped, signed and dated by a professional engineer licensed in the State of
Colorado must be submitted to Public Works.
o The department will keep the sealed report in the case file for use during the construction phase.
❑ The applicant has submitted Improvements Agreement According to Policy Regarding Collateral For Improvements
(Public Road Maintenance), which is acceptable to Public Works. The Board of County Commissioners prior to
recording the final plat shall approve the agreement.
❑ The applicant must submit three (3) additional sets of final roadway, drainage, utility / construction plan drawings •
(stamped, signed, and dated) to Public Works for Weld County Field Inspectors' use during construction of the
subdivision.
❑ The applicant or their agents may be required to obtain permits from Weld County's Public Works - Utility Agent,
Ted Eyl, for each utility.
Recommendation
❑ The above comments are prerequisites and shall be fulfilled prior to recording the final plat.
Any issues shall be resolved with Public Works prior to recording of the final plat.
•PC:MF-547 Owl Creek Estates Minor Subdivision(Final Plat)
Email&Original:Planner:Lockman
PC by Post: Applicant: Todd Hodges Design,LW
PC by Post: Engineer:Patricia Kroetch,P.E. w/North Star Design,Inc.
--------- Page 1 of 1
CENTENNIAL
Bank of the West
IRREVOCABLE LETTER OF CREDIT #00315
October 18, 2005
Weld County
918 10th Street
Greeley, CO 80631
Re: Owl Creek Estates Subdivision/Olando Ltd. Liability Co., a limited liability company
Dear Sirs:
The Centennial Bank of the West, 2700 47th Avenue, Greeley, CO 80634,hereby authorizes
Weld County(Beneficiary)to draw on us for the above referenced account,up to a total of TWO
HUNDRED FOURTEEN THOUSAND,THREE HUNDRED EIGHT SEVEN AND 00/100
DOLLARS ($214,387.00), such amount not available except by your drafts at sight, accompanied
by written certification from the Board of County Commissioners of Weld County, Colorado
stating that the above referenced Applicant has failed to perform as required under the
Improvements Agreement executed by the Applicants on May 12,2005,covering the Owl Creek
Estates Subdivision.
We hereby further agree that:
(a)Drafts drawn under, and in compliance with the terms of this Irrevocable Letter of Credit will
be duly honored if presented at our office at 2700 47th Avenue, Greeley, CO 80634, on or before
October 18, 2006,upon which date this Letter of Credit shall expire. The Letter of Credit will be
automatically extended without amendment, for additional one year periods from the current
expiration date unless, 60 days prior to such expiration date, Centennial Bank of the West notifies
Beneficiary that the Letter will not be renewed.
(b)Funds available under this Irrevocable Letter of Credit may be drawn in such amounts, and at
such times, as determined by the Beneficiary, in its sole discretion,provided that the amount
drawn shall not exceed the aggregate amount specified herein.
(c)The amount of any draft drawn hereunder must be endorsed on the reverse side hereof. All
drafts must be marked"Drawn under Irrevocable Letter of Credit#00315, "Olando Ltd. Liability
Co.,a limited liability company"and be accompanied by this 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-Internatio ber Commerce Publication No. 500.
Dated this 18`h y of o r, 20 .
C B ST
By:
Dennis Holman
President—West Greeley Bank
Centennial Bank of the West—2700 47-Ave.,Greeley,CO 80634—Phone 970-454-4165 Fax 970-454-4159
s t
529
IMPROVEMENTS AGREEMENT ACCORDING TO
POLICY REGARDING COLLATERAL FOR IMPROVEMENTS
(PUBLIC ROAD MAINTENANCE)
THIS AGREEMENT, made and entered into this day of May, 2005, by and between the
County of Weld, State of Colorado, acting through its Board of County Commissioners, hereinafter called
"County,"and Olando Ltd. Liability Co.,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:
SE IA, S16,R64W,6Th P.M.
WHEREAS,a final Subdivision/Planned Unit Development(PUD)Plat of said property,to be known
as Owl Creek Estates has been submitted to the County for approval; and
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 Improvements 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.
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. Before acceptance of the roads within the Subdivision or
Planned Unit Development by the County, Applicant shall furnish one set of
reproducible "as-built" drawings and a final statement of construction cost to the
County.
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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. All
such rights-of-way and easements used for the construction of roads to be accepted by the
County shall be conveyed to the County and the documents of conveyance shall be furnished
to the County for recording.
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"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.
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
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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.
5.0 Off-Site Improvements Reimbursement Procedure: The subdivider,applicant,or owner may
be reimbursed for off-site road improvements as provided in this section when it has been
determined by the Board of County Commissioners that the road facilities providing arrPss to
the Subdivision or Planned Unit Development are not adequate in structural capacity,width,
or functional classification to support the traffic requirements of the uses of the Subdivision
or Planned Unit Development.
5.1 The subdivider, applicant, or owner shall enter into an off-site improvements
agreement prior to recording the final plat when the subdivider,applicant,or owner
expects to receive reimbursement for part of the cost of the off-site improvements.
5.2 The off-site improvements agreement shall contain the following:
The legal description of the property to be served.
- The name of the owner(s) of the property to be served.
- A description of the off-site improvements to be completed by the
subdivider, applicant,or owner.
- The total cost of the off-site improvements.
The total vehicular trips to be generated at build-out by the Subdivision,
Resubdivision,or Planned Unit Development,as specified by the ITE Trip
Generation Manual, or by special study approved by the Board of County
Commissioners.
A time period for completion of the off-site improvements.
- The terms of reimbursement.
The current address of the person to be reimbursed during the term of the
agreement.
Any off-site improvements agreement shall be made in conformance with
the Weld County policy on collateral for improvements.
5.3 If the subdivider, applicant, or owner fails to comply with the improvements
agreement,the opportunity to obtain reimbursement under this section is forfeited.
5.4 When it is determined by the Board of County Commissioners that vehicular traffic
from a Subdivision, Resubdivision, or Planned Unit Development will use a road
improvement constructed under an improvements agreement, the subsequent
subdivider,applicant,or owner shall reimburse the original subdivider,applicant,or
owner,for a portion of the original construction cost. In no event shall the original
subdivider, applicant, or owner collect an amount which exceeds the total cost of
improvements less the pro rata share of the total trip impacts generated by the
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original development. Evidence that the original subdivider,applicant,or owner has
been reimbursed by the subsequent subdivider,applicant or owner shall be submitted
to the Department of Planning Services prior to recording the Subdivision,
Resubdivision,or Planned Unit Development Final Plat.
5.5 The amount of road improvement costs to be paid by the subsequent subdivider,
applicant,or owner of a Subdivision,Resubdivision,or Planned Unit Development
using the road improvements constructed under a prior improvement agreement will
be based upon a pro rata share of the total trip impacts associated with the number
and type of dwelling units and square footage and type of nonresidential
developments intended to use the road improvement. The amount of road
improvement costs shall also consider inflation as measured by the changes in the
Colorado Construction Cost Index used by the Colorado Division of Highways. The
cost of road improvements may be paid by cash contribution to the prior subdivider,
applicant or owner, or by further road improvements which benefit the prior
subdivider, applicant, or owner's property. This decision shall be at the sole
discretion of the Board of County Commissioners based upon the need for further
off-site road improvements.
5.6 The report entitled TRIP GENERATION (Third Edition, 1982) of the institute of
Transportation Engineers shall normally be used for calculating a reasonable pro rata
share of the road improvement construction costs for all Subdivisions,
Resubdivisions,or Planned Unit Developments. A special transportation study shall
be used for land uses not listed in the ITE Trip Generation Manual. Any question
about the number of trips a Subdivision, Resubdivision, or Planned Unit
Development will generate shall be decided by the County Engineer.
5.7 The term for which the subdivider, applicant,or owner is entitled to reimbursement
under the off-site improvements agreement,entered into between the subdivider and
the County, is ten years from the date of execution of a contract for road
improvements.
5.8 This provision is not intended to create any cause of action against Weld County or
its officers or employees by any subdivider,applicant,or owner for reimbursement,
and in no way is Weld County to be considered a guarantor of the monies to be
reimbursed by the subsequent subdividers, applicants,or owners.
6.0 Acceptance of Streets for Maintenance by the County: Upon compliance with the following
procedures by the Applicant,streets within a Subdivision or Planned Unit Development may
be accepted by the County as a part of the County road system and will be maintained and
repaired by the County.
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 acceptance 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
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work on the Subdivision or Planned Unit Development improvements in that phase
of the development are 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 the streets and
recommend that the Board of County Commissioners accept them for partial
maintenance by the County. Partial maintenance consists of all maintenance except
for actual repair of streets,curbs and gutters, and related street improvements. Not
sooner than nine months after acceptance for partial maintenance of streets, 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 shall recommend acceptance of the streets for full maintenance.
Upon a receipt of a positive unqualified recommendation from the County Engineer
for acceptance of streets within the development, the Board of County
Commissioners shall accept said streets as public facilities and County property,and
shall be responsible for the full maintenance of said streets including repair.
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. An 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 Plan or Subdivision Final
Plan. 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
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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." The costs
of the improvements described in Exhibit"A"will be adjusted higher or lower for the
year and quarter in which the contemplated work is being performed based on"The
State Highway Bid Price Index" contained in the "Quarterly Cost Report" of The
Engineering News-Record as published by The McGraw-Hill Companies. The
applicant has provided cost estimates for all phases of the development which will be
adjusted in accordance with The State Highway Bid Price Index at the time of
posting of collateral for each phase.
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 to 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.
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
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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.
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.
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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 the State of 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 (CDOT) Schedule for minimum materials sampling,
testing and inspections found in 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.
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 Sections 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 acceptance of the streets for partial maintenance 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.
HBO 11111 11111 Ell HMI 111111111111 III 11111 IIII Jill
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9.9 The warranty collateral shall be released to the applicant upon final acceptance by
the Board of County Commissioners for full maintenance under Section 5.3 herein.
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 plan, if any:
10.1 The required acreage, as may be determined by relevant Sections of the Weld
County Code,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 by relevant Sections of the Weld County Code
may be 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 by relevant Sections 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.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed on the day
and year first above written.
APPNC D.LIABILITY CO.
By J\
EcTOrr, Manager
Subscribed and sworn to before me this day of May, 2005.
My Commission expires: June 18,2005
IRISH III" 11111 lIII III111 111111 111111 III 11111 liIIIIII
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�����ci,z/�`` �� BOARD OF COUNTY COMMISSIONERS
, , WELD COUNTY, COLORADO
i..I ( //i,.J
` lr: . `a,il rk to the Board William H. Jerke , Chair
jr:r
10/26/2005
Ilt•-4 inlet irk vtgrqd_OAI
Duty Cl k to the Bo j-7
APPROVED AS TO FORM:
_
County
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c2C05 3/SS
EXHIBIT"A"
Name of Subdivision
or Planned Unit Development: OWL CREEK ESTATES
Filing: N/A
Location: SE t/a, S16,R64W,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 Estimated
Costs Construction Cost
Site grading 23,350 YDS 1.25 29,187
Street grading 2,500 YDS 1.25 3,125
Street base 3,300 TON 15.00 49,500
Street paving 1,470 TON 45.00 66,150
Curbs,gutters,and culverts 375 LF 47.00 17,625
Sidewalk
Storm sewer facilities 8 EACH 600.00 4,800
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) 1,600 LF 25.00 40,000
Fire hydrants 2 EACH 2,000.0 4,000
Survey and street monuments and boxes
Street lighting
Street Names
Fencing requirements
Landscaping
Park improvements
Road culvert
Grass lined swale
Telephone
Gas
Electric
Water transfer
SUB-TOTAL: 214,387
Engineering &Supervision: $3,000
(Testing, inspection, as-built plans and work in addition to preliminary and final plat; supervision of actual
construction by contractors)
TOTAL ESTIMATED COST OF IMPROVEMENTS AND SUPERVISION $214,387
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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 improvements shall be completed according to the construction schedule set out in Exhibit"B."
BL O LTD. ABILITY CO., Applicant
Ed Orr, Manager Date
(If corporation,to be signed by President and attested to by Secretary,together with corporate seal.)
1 111111 11111 MEM 111111111111111111 III 111111 III III'
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EXHIBIT"B"
Name of Subdivision or Planned Unit Development: Owl Creek Estates
Filing: N/A
Location: Highway 392 and WCR 55
All improvements shall be completed within three (3) 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 9 months
Street grading 10 months
Street base 11 months
Street paving 1 year
Curbs,gutters, and culverts 1 year
Sidewalk
Storm sewer facilities 1 year
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 1 year
Fire hydrants 1 year
Survey and street monuments and boxes
Street lighting
Street name signs
Fencing requirements
Landscaping
Park improvements
Road culvert
Grass lined swale
Telephone
Gas
Electric
Water transfer
SUB-TOTAL:
111111111111111111IiI 111111111111111111 III 111111 III IiI1
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r
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 cannot be met.
LTD. ABILITY CO., Applicant
ct\rNc
Orr, Manager Date
(If corporation, to be signed by President and attested to by Secretary, together with corporate seal.)
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