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Home My WebLink About20051776.tiff 1 Hill 11111 Mil nit 11111 11111 11111 111 11111 1111 IIII 038 3302038 07/11/2005 03:05P Weld County, CO 1 of 2 R 0.00 0 0.00 Steve Moreno Clerk& Recorder RESOLUTION RE: APPROVE CANCELLATION AND RELEASE OF COLLATERAL FOR MINOR SUBDIVISION FINAL PLAN, MF #614, PHEASANT CREST ESTATES, AND ACCEPT ROADS FOR FULL MAINTENANCE - TIMOTHY AND LISA BROUGH 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 September24,2003,the Board approved the application of Timothy and Lisa Brough,41132 Weld County Road 13, Fort Collins, Colorado 80524, c/o Tony Evans, P.E., P.O. Box 94, Greeley,Colorado 80632,for a Nine(9)Lot Minor Subdivision Final Plan, MF#614, with E (Estate) Zone Uses on the following described real estate, to wit: Lot B of Recorded Exemption#1911;being part of the SW 1/4 of Section 6, Township 7 North, Range 67 West of the 6th P.M., Weld County, Colorado, and WHEREAS, on December 17, 2003, the Board of County Commissioner of Weld County, Colorado, approved an Improvements Agreement According to Policy Regarding Collateral for Improvements (Public Road Maintenance) for Pheasant Crest Estates, between the County of Weld,State of Colorado, by and through the Board of County Commissioners of Weld County,and Timothy and Lisa Brough with terms and conditions being as stated in said agreement, and accepted Irrevocable Letter of Credit#261, drawn on the New Frontier Bank, in the amount of $88,571.00, and WHEREAS, on October 20, 2004, the Board of County Commissioner of Weld County, Colorado,released Irrevocable Letter of Credit#261,drawn on the New Frontier Bank, in the amount of$88,571.00,and accepted replacement collateral in the form of Irrevocable Letter of Credit#286, drawn on the New Frontier Bank, 1130 Main Street, Windsor, Colorado 80550, in the amount of $5,286.45, and WHEREAS,staff from the Weld County Department of Public Works has conducted a visual inspection and recommends release of said collateral and to accept the public roads for full maintenance. NOW,THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County,Colorado,that the Irrevocable Letter of Credit#286,drawn on the New Frontier Bank,in the amount of$5,286.45 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 by the Board that the public roads in Pheasant Crest Estates be, and hereby are, accepted for full maintenance. 2005-1776 PL1646 l�`.' A__ r1 cclo O7 CANCEL COLLATERAL -TIMOTHY AND LISA BROUGH (MF#614) PAGE 2 The above and foregoing Resolution was,on motion duly made and seconded,adopted by the following vote on the 20th day of June, A.D., 2005. alIg's BOARD OF COUNTY COMMISSIONERS \‘„ /• J %` G�/ 1e,�o I1 �//�J// WELD COUNTY, COLORADO aAti %. .. William . Jerke, Chair `, r $�r?`= • . �ty Clerk to the and� ( 001 D ede, r -Tem' eZyf B • Deputy Clerk to the Board4 D id . Long APP ED AS • Robe D. Masden o my Attorney C. Glenn Vaad Date of signature: d ' ZS 111111111111111111111111111111111111111111111111111 lilt 3302038 07/11/2005 03:05P Weld County, CO 2 of 2 R 0.00 D 0.00 Steve Moreno Clerk& Recorder 2005-1776 PL1646 MEMORANDUM WIIle TO: Clerk to the Board DATE: June 14, 2005 COLORADO FROM: Frank B. Hempen, Jr., P.E. Director of Public Works/County Engineer SUBJECT: Agenda Item Please submit this item under Planning on the Board's next agenda MF-614 Pheasant Crest Estates Final Release of Letter of Credit #286 (Pheasant Crest Estate) and accept for full maintenance. The appropriate documentation is attached. Enclosures pc: Kim Ogle, Planning Manager Keith Meyer, Engineering Division Manager Donald Carroll, Public Works Engineering Administrator MF-614 M:AFrancieAAgenda Donalddoc M: \Francie\AgendaDonald. doc /'� /&Y KitMEMORANDUM TO: Kim Ogle, Planning Manager DATE: June 14, 2005 CFROM: Donald Carroll, Engineering Administrator (IS' COLORADO SUBJECT: MF-614, Pheasant Crest Estates Final Release of Collateral The one year paving warranty (15%) will expire in June 2005. The Weld County Public Works Department has sent a field representative, Kelly Jenkins, to verify that no repairs are needed and distress associated with the pavement section has occurred within the one-year warranty. The Weld County Public Works Department recommends final release of collateral of the paving item in the amount of $5,286.45 and that Pheasant Crest Drive be placed on the Weld County Public Works road system and accepted for full maintenance. This paved subdivision road was built to the County standards and the warranty period of one year has expired with no repairs or distress apparent. pc: MF-614 Matt Dixon, GIS Tech Dean Dreher, Engineering Tech III Carol Harding, CTB Pam Armfield, Office Tech Pheasant Crest Drive file M:\PLANNING—DEVELOPMENT REVIEW\3-Final Plat(PF,MF, MJF)\MF-614.DOC 0:4)1\(+: CLERK TO THE BOARD PHONE (970) 336-7215, Ext. 4225 FAX: (970)352-0242 WIlaP. O. BOX 758 C• GREELEY, COLORADO 80632 COLORADO August 8, 2005 New Frontier Bank 1130 Main Street Windsor, Colorado 80550 RE: Cancellation and release of Collateral - Timothy and Lisa Brough 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 Letter of Credit is enclosed. If you have questions or need additional information, please do not hesitate to contact me at (970) 3564000, Extension 4217. Very truly yours, BOARD OF COUNTY COMMISSIONERS By: /�/, L //1 Carol A. Harding, Deputy Clerk to the Board a00-r—j9O T, � " 9L L NEW FRONTIER BANK IRREVOCABLE LETTER OF CREDIT yikto NAME: TIMOTHY BROUGH AND LISA BROUGH i DATE: OCTOBER 4, 2004 NUMBER: 286 AMOUNT: $5,286.45 EXPIRES: OCTOBER 4, 2005 Board of County Commissioners: 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. The applicant may draw from the Letter of Credit in accordance with the provisions of this policy. 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 on 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. 1 130 Main Street • Windsor, Colorado 80550 • 970-674-9080 • Fax 970-674-9090 • 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. 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 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 cent by certified mail to the Clerk to the Board of County Commissioners. This letter of Credit shall be governed by the laws of the State of Colorado, including Article Five of the Uniform Commercial Code. This Letter of Credit shall be subject to the Uniform Customs and Practice for Documentary Credits: International Chamber of Commerce Publication Number 400. Sincerely, ames A. Rutz Sr. Vice President CLERK TO THE BOARD PHONE (970)336-7215, Ext. 4225 1 C FAX: (970)352-0242 P. O. BOX 758. GREELEY, COLORADO 80632 COLORADO August 8, 2005 Timothy and Lisa Brough 41132 Weld County Road 13 Fort Collins, Colorado 80524 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 was returned to New Frontier Bank, 1130 Main Street, Windsor, Colorado 80550. If you have questions or need additional information,please do not hesitate to contact me at(970) 356-4000, Extension 4217. Very truly yours, BOARD OF COUNTY COMMISSIONERS By: 440,,Pctii+`� � Carol A. Hardin , Deputy Clerk to the Board Hello