HomeMy WebLinkAbout20051424.tiff 132 RESOLUTION
RE: APPROVE CANCELLATION AND RELEASE OF COLLATERAL FOR MILL CREEK
PLANNED UNIT DEVELOPMENT FINAL PLAN, PF #553 - DENNIS NEAL
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 January2003,the Department of Planning Services staff
approved the Mill Creek Planned Unit Development Final Plan,PF#553,application of Dennis Neal,
4770 Baseline Road, Suite 200, Boulder, Colorado 80303,for nine (9)lots, one (1)agricultural lot
with a conservation easement,and 2.68 acres of common open space on the following described
real estate, to wit:
Lot B of Recorded Exemption#2835;being part of the
SW1/4 of Section 29, Township 4 North, Range 68
West of the 6th P.M., Weld County, Colorado, and
WHEREAS, on March 17, 2003, the Board of County Commissioners of Weld County,
Colorado, approved an Improvements Agreement According to Policy Regarding Collateral for
Improvements (Public Road Maintenance)for Mill Creek Planned Unit Development Final Plan,
PF#553, between the County of Weld, State of Colorado, by and through the Board of County
Commissioners of Weld County,and Dennis Neal with terms and conditions being as stated in said
agreement,and accepted Irrevocable Letter of Credit#030006,drawn on the Horizon Banks,N.A.,
3002 Bluff Street, Boulder, Colorado 80301, in the amount of$108,817.00, and
WHEREAS, upon recommendation of staff, the Board deems it advisable to release said
collateral.
NOW,THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld
County,Colorado,that the Irrevocable Letter of Credit#030006,drawn on the Horizon Banks, N.A.,
in the amount of$108,817.00 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.
111111 IIIII IIIII IIIII I'l1I IIIIIII 'IIII III (IIII IIII IIII
3286132 05/16/2005 11:29A Weld County, CO 2005-1424
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PL1610
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CANCEL COLLATERAL - DENNIS NEAL
PAGE 2
The above and foregoing Resolution was,on motion duly made and seconded,adopted by
the following vote on the 9th day of May, A.D., 2005.
BOARD OF COUNTY COMMISSIONERS
t,��� -Al1 /`�` WELD COUNTY, COLORADO
'/� X12, /
t. �� William H. J rke, Chair
f ,C• , lerk to the Board
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Ni4atf , /� �/ M. J. ile, P o-T
Deputy Clerk to the Board
vid E. Long
APP AS .
Rob D. M den
Homey
Glenn Vaal Vaad�
Date of signature: -4/0'-5—
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3286132 05/16/2005 11:29A Weld County, CO 2005-1424
2 of 2 R 0.00 D 0.00 Steve Moreno Clerk& Recorder PL1610
00t4ng MEMORANDUM
WIDc TO: Board of County Commissioners
COLORADO DATE: March 5, 2003
FROM: Sheri Lockman, Planner II
SUBJECT: Acceptance of Improvements Agreement According to Policy
Regarding Collateral for Improvements (Public Road
Maintenance), Acceptance of Improvements for Weld County
Road 40.5 and Irrevocable Letter of Credit
Mill Creek PUD
Case Number PF-553
Dennis Neal, applicant
The Departments of Planning Services and Public Works have reviewed the Improvements
Agreements for Mill Creek PUD.
Items covered under the Improvements Agreement According to Policy Regarding Collateral for
Improvements (Public Road Maintenance include:
Street preparation and asphalt paving, weed kill $ 27,900.
Retention ponds $ 12,700.
Water line $ 18,480.
Fire hydrants $ 6,000.
Street light $ 200.
Street name signs $ 50.
Landscaping $ 1,260.
Electric $ 28,527.
Engineering and Supervision $ 13,700.
Total Estimated Cost of Improvements and Supervision $ 108,817.
Items covered under the Improvements for Weld County Road 40.5 include:
Cash in escrow $ 45,540.
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 Mill Creek
PUD and future improvements to Weld County Road 40.5. The Department of Planning Services
recommends acceptance of the Improvements Agreement According to Policy Regarding
Collateral for Improvements (Public Road Maintenance) Acceptance of Improvements for Weld
County Road 40.5 and Irrevocable Letter of Credit.
Forest Floor Page 1 of 1
Sheri Lockman
From: Peter Schei
Sent: Tuesday, May 03, 2005 8:07 AM
To: Sheri Lockman
Cc: Donald Carroll; Tracy Dyer
Subject: PF-0553 Mill Creek PUD
Importance: High
03-May-2005.
Good Morning, Sheri:
Public Works has reviewed the on-site improvements associated with Mill Creek PUD (PF-0553) and
find them acceptable. The warranty period for paving has elapsed,therefore any monies retained wrt
this item may be released from collateral.
Public Works finds no reason to retain any collateral monies wrt this development.
Please proceed with the release of collateral for Public Works' improvements.
Have a nice day, Peter.
Peter SCHEL P.E..N.S.P.E.
Public Worl.s Department
Weld County
lilt-1 I Street
Cirerley.CO 80632
pscheiWo.weld.co.us
co.us
"Making the County a better place to do business"
"Making the County a better place to live"
•
05/03/2005
NOV. 6.2003 12:50PM RE/MAX ALLIANCE BOULDER NO.235 P.2/2
POUDRE VALLEY RURAL P°udre R
ELECTRIC ASSOCIATION, INC. Valley EA)
PO. BOX 272550 7649 REA PARKWAY
FORT GOWNS, CO 80527-2550 FORT COLUNS, CO 80528
Bus. Phone 970-226-1234 FAX 970-226-2123
800-432-1012
www,rwrea,com
November 4, 2003
Plains View Development
Dennis Neal
4770 Baseline # 200
Boulder, CO 80303
RR: Mill Creek Subdivision
WO# 35086
To Whom It May Concern:
Poudre Valley REA has completed the all work on the Mill Creek
Subdivision and all costs have been paid by the Developer.
If you have any questions, please contact me at (970) 226-1234 .
Sincerely,
Matt OL,an
Engineering Representative
V.vn•Tnn..hctnn, cnntnnm 11.]•+•14.0 < e
Jun 29 04 07: 51a P•
1
•
LITTLE THOMPSON WATER DISTRICT
DIRECTORS. Telephone(970)532-2096
Raba Reggio.President. June29, 2004
Dean Andemea.
Keith Craonpuin. 835 E.Highway 56
Richard Macomber E.O.oud.Dra C G
Ore LorenzBerthoud,CO eu513
Carey 1.gxbm00sec. xxx.lnd.org
Alex Sauer.
MANAGER:
Richard H.H.\vbiun.
Dear Dennis Neal:
Fax(303) 543-5725
Re: Water system improvements—Mill Creek
Dear Dennis:
The water system improvements for Mill Creek subdivision are in place. A bill of sale and as-
built plans have been provided. The District has committed to serve the lots in the subdivision.
If you have questions, or need any additional information please contact me in our office.
•
Regards,
Michael T. Cook
District Engineer
Cc: Weld County Planning by fax.
f‘#1‘ .. lilt CLERK TO THE BOARD
PHONE (970)336-7215, Ext. 4225
FAX: (970) 352-0242
P. O. BOX 758
O GREELEY, COLORADO 80632
•
COLORADO
May 16, 2005
Dennis Neal
4770 Baseline Road, Suite 200
Boulder, Colorado 80303
RE: Cancellation and release of Collateral - Mill Creek PUD
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 Letter of Credit
was returned to the issuer, Horizon Banks, N. A., 3002 Bluff Street, Boulder, Colorado 80301.
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: ` �7� /� ,
Carol A. Harding,
Deputy Clerk to the Board -------
rs
CLERK TO THE BOARD
PHONE (970)336-7215, Ext. 4225
I
FAX: (970) 352-0242
P. O. BOX 758
WI P C. GREELEY, COLORADO 80632
COLORADO
May 16, 2005
•
Horizon Banks, N.A.
3002 Bluff Street
Boulder, Colorado 80301
RE: Cancellation and release of collateral - Dennis W. Neal
To Whom It May Concern:
On May 9, 2005, the Board of County Commissioners approved release of Irrevocable Letter of
Credit#030006 being held by your bank, in the amount of$108,817.00. Enclosed please find the
original Letter of Credit, and a copy of the Board's Resolution approving its release. 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: /�
Carol A. Hardi ,
Deputy Clerk to the Board
PL1657
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Horizon ,g
Banks.,. ti q c, IRREVOCABLE
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`° ad' ;b.� LETTER OF
V
HORIZON BANKS,N.A. � �W ��bm�o CREDIT
3002 BLUFF ST ,�. "r �
•
BOULDER,CO 80301 �tiWq (•\ Q NO. 030006
303-413-0700 "LENDER" $,cy . Y;
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BENEFICIARY: CUSTOMER:
WELD COUNTY COMMISSIONERS DENNIS W.NEAL
ADDRESS&TELEPHONE NO: ADDRESS&TELEPHONE NO:
ATTN:CLERK TO THE BOARD 4770 BASELINE RD.,#200
P.O.BOX 758 BOULDER,CO 80303
GREELEY,CO 80632
970-356-4000 303-772-1336
IDENTIFICATION NO: IDENTIFICATION NO:520-68-7454
EXPIRATION DATE
This Letter of Credit shall expire upon the earlier oft
1. It is a condition of this letter of credit that it shall be deemed automatically extended without amendment for one(1)year from
the present or any future expiration date unless at least sixty(60)days prior to such expiration date you are notified by registered
letter,return receipt requested,or overnight courier service that we elect not to consider this letter of credit renewed for any such
period. Subject to the foregoing,this letter of credit shall expire on February 19,2004,and all drafts and accompanying
statements or documents must be presented to Lender on or before that time;or
2. The day that Lender honors a draw under which the full amount of this Letter of Credit has been drawn.
Lender hereby establishes at the request and for the account of Customer,an Irrevocable Letter of Credit in favor of Beneficiary for a
sum of One Hundred Eight Thousand,Eight Hundred Seventeen Dollars($108,817.00).
These funds shall be made available to Beneficiary upon Lender's receipt from Beneficiary of sight drafts drawn on Lender at Lender's address
indicated above(or such other address that Lender may provide Beneficiary in writing)during regular business hours and accompanied by the
signed written statements or documents indicated below.
WARNING TO BENEFICIARY: PLEASE EXAMINE THIS LETTER OF CREDIT AT ONCE. IF YOU FEEL UNABLE TO
MEET ANY OF ITS REQUIREMENTS, EITHER SINGULARLY OR TOGETHER, YOU SHOULD CONTACT THE CUSTOMER
IMMEDIATELY TO SEE IF THE LETTER OF CREDIT CAN BE AMENDED. OTHERWISE YOU WILL RISK LOSING PAYMENT
UNDER THIS LETTER OF CREDIT FOR FAILURE TO COMPLY STRICTLY WITH ITS TERMS AS WRITTEN.
1. DRAFT TERMS AND CONDITIONS
Lender shall honor drafts submitted by Beneficiary under the following terms and conditions:
Beneficiary's draft drawn at sight on Horizon Banks,N.A.,accompanied by the following documents:
I. The original of this letter of credit and any subsequent amendments,along with a description of the work and improvements that
need to be completed.
2. Beneficiary's manually signed statement on its letterhead reading exactly as follows:
"THE FUNDS DRAWN UNDER LETTER OF CREDIT NO.030006 ISSUED BY HORIZON BANKS,N.A.ARE DUE BY
REASON OF Dennis W.Neal has committed a material breach of the Improvements Agreement according to policy regarding
collateral for improvements regarding dated the day of 19_by and between Dennis W.Neal
and the Board of County Commissioners of the County of Weld"
3. Copy of the certified letter,return receipt requested,of such default sent to Dennis Neal dated at least 10(TEN)days prior to this '
drawing.
Upon Lender's honor of such drafts,Lender shall be fully discharged of its obligations under this Letter of Credit and shall not be
obligated to make any further payments under this Letter of Credit once the full amount of credit available under this Letter of Credit has been
drawn. If a non-conforming demand is made, Lender shall notify Beneficiary of its dishonor on or before the time specified in Paragraph 5
below.
Beneficiary shall have no recourse against Lender for any amount paid under this Letter of Credit once Lender has honored any draft
or other document which complies strictly with this Letter of Credit,and which on its face appears otherwise in order but which is signed,issued,
or presented by a party or under the name of a party purporting to act for Beneficiary,purporting to claim through Beneficiary, or posing as
Beneficiary without Beneficiary's authorization. By paying an amount demanded in accordance with this Letter of Credit, Lender makes no
representation as to the correctness of the amount demanded and Lender shall not be liable to Beneficiary,or any other person,for any amount
paid or disbursed for any reason whatsoever,including,without limitation,any non-application or misapplication by Beneficiary of the proceeds
of such payment. By presenting upon Lender or a confirming bank,Beneficiary certifies that Beneficiary has not and will not present upon the
other,unless and until Beneficiary meets with dishonor. Beneficiary promises to return to Lender any funds received by Beneficiary in excess of
the Letter of Credit's maximum drawing amount.
2. USE RESTRICTIONS
All drafts must be marked"DRAWN UNDER HORIZON BANKS,N.A.IRREVOCABLE LETTER OF CREDIT NO.030006",
and the amount of each draft shall be marked on the draft. Only Beneficiary or Beneficiary's Transferee(if this Letter of Credit is
transferable)may complete a draft and accompanying statements or documents required by this Letter of Credit and make a draw
under this Letter of Credit. This original Letter of Credit must accompany any draft drawn hereunder.
Partial draws are permitted under this Letter of Credit. Lender's honor of a partial draw
shall correspondingly reduce the amount of credit available under this Letter of Credit. Following a partial draw,Lender
shall return this original Letter of Credit to Beneficiary with the partial draw noted hereon;in the alternative,and in its sole
discretion,Lender may issue a substitute Letter of Credit to Beneficiary in the amount shown above,less any partial
draw(s).
3. PERMITTED TRANSFEREES
If checked,this Letter of Credit may be transferred by Beneficiary upon prior written notice to Lender of the transfer. The
Transferee shall be deemed the new Beneficiary of this Letter of Credit and the documents of the Transferee,including drafts
required under this Letter of Credit,will be processed by Lender(or any intermediary)without the original Beneficiary's
intervention and without any further obligation of Lender to the original Beneficiary.
X If checked,the right to draw under this Letter of Credit shall be nontransferable,except for:
A. A transfer(in its entirety,but not in part)by direct operation of law to the original Beneficiary's administrator,executor,
bankruptcy trustee,receiver,liquidator,successor,or other representative at law;and
B. The first immediate transfer(in its entirety,but not in part)by such legal representative to a third party after express approval
of a governmental body(judicial,administrative,or executive).
4. TRANSFEREE'S REOUIRED DOCUMENTS
When the presenter is a permitted Transferee under paragraph 3 above,the documents required for a draw shall include:
A. All documents required elsewhere in this Letter of Credit,except that such documents may be in the name of and executed by
either the original Beneficiary or the presenter permitted by paragraph 3;and
B. When the presenter is a permitted Transferee under paragraph 3.A.or a third party under paragraph 3.B.,a certified copy of the
one or more documents which show the presenter's authority to claim through or to act with authority for the original
Beneficiary.
5. TIMING OF DISHONOR
Lender may rely upon any reason for dishonor which it communicates to Beneficiary or the presenter within three(3)Banking Days
after Lender has received the last document forming Beneficiary's presentment(the"Three-Day Period"). Lender shall be entitled
to rely upon such reason without regard to either(i)the timing of any presentment made before the Expiration Date,or(ii)the timing
inside the Three-Day Period of any preliminary communication(s)from Lender concerning the dishonor decision or any reason for
dishonor. For any reason for dishonor given during the Three-Day Period,Lender shall be conclusively deemed to have met the
"reasonable time","without delay",and other timing requirements as the Uniform Customs and Practice for Documentary Credits,
1993 Revision,ICC Publication No 500,as most recently published by the International Chamber of Commerce(the"UCP")may
impose. The Expiration Date shall not be extended to accommodate a presentment made less than three(3)Banking Days before the
Expiration Date,and Beneficiary shall not be entitled to submit a draw request or provide Lender with any documents in support of a
draw after the Expiration Date. Lender shall not be required to communicate a dishonor decision or its reasons within a time less than
the Three-Day Period. "Banking Day"means any day,except Saturday,on which commercial banks located in Colorado are open.
6. COMPLIANCE BURDEN
Lender is not responsible for any impossibility or other difficulty in achieving strict compliance with the requirements of this Letter of
Credit precisely as written. Beneficiary understands and acknowledges:(i)that unless and until the present wording of this Letter of
Credit is amended with Lender's prior written consent,the burden of complying strictly with such wording remains solely upon
Beneficiary;and(ii)that Lender is relying upon the lack of such amendment as constituting Beneficiary's initial and continued
approval of such wording.
7. NON-SEVERABILITY
If any aspect of this Letter of Credit is ever declared unenforceable for any reason by any court or governmental body having
Jurisdiction,Lender's entire engagement under this Letter of Credit shall be deemed null and void ab initio,and both Lender and
Beneficiary shall be restored to the position each would have occupied with all rights available as though this Letter of Credit had
never occurred. This non-severability provision shall override all other provisions in this Letter of Credit,no matter where such
provision appears within this Letter of Credit.
8. CHOICE OF LAW/JURISDICTION
This Letter of Credit is subject to the UCP. This Letter of Credit shall be governed by and construed in accordance with the laws of
the State of Colorado, United States of America, except to the extent such laws are inconsistent with the UCP. Lender and
Beneficiary consent to the jurisdiction and venue of any court selected by Lender in its discretion located in the State of Colorado in
the event of any legal proceeding under this Letter of Credit.
9. EXPIRATION
Lender hereby agrees with Beneficiary that drafts drawn under and in compliance with the terms of this Letter of Credit will be duly
honored if presented to the Lender on or before the Expiration Date.
Dated: March 3,2003
LENDEIj Todd A.P ok,Bou Branch President
6614
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ENDORSEMENT OF DRAFTS DRAWN:
Date Negotiated by Amount in Words Amount in Figures
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