HomeMy WebLinkAbout20051505.tiff 931
RESOLUTION
RE: APPROVE CANCELLATION AND RELEASE OF COLLATERAL FOR IDAHO CREEK
PLANNED UNIT DEVELOPMENT,S#554, PHASE 1 -KB HOME OF COLORADO,INC.
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 March 7,2001,the Board did approve the application of KB
Home of Colorado, Inc., do Kent Carlson, P.O. Box 247, Eastlake, Colorado 80614, for a Site
Specific Development Plan and Planned Unit Development Final Plan,S#554,for 351 Residential
lots in the Mixed Use Development area on the following described real estate, to wit:
Part of the NW 1/4 NE1/4 of Section 10, Township 2
North, Range 68 West of the 6th P.M.,Weld County,
Colorado, as shown on the final plat as Phase 1 of
Planned Unit Development Final Plan,S#554, Idaho
Creek, and
WHEREAS, by Resolution #2001-2993 dated October 22, 2001, the Board of County
Commissioners of Weld County, Colorado, did approve an Improvements Agreement According
to Policy Regarding Collateral for Improvements (Public Road Maintenance) for Idaho Creek
Planned Unit Development, S#554, Phase 1, between the County of Weld, State of Colorado, by
and through the Board of County Commissioners of Weld County,and KB Home of Colorado, Inc.,
with terms and conditions being as stated in said agreement,and accepted Development Bond#26
68 23, from American Home Assurance Company, in the amount of$2,001,967.00, and
WHEREAS,by Resolution#2002-2599 dated September 23,2002,the Board subsequently
reduced the amount of said bond to $533,454.00, and
WHEREAS, by Resolution #2003-0990 dated April 21, 2003, the Board subsequently
reduced the amount of said collateral to $87,030.00, as stated in Surety Rider#26 68 23, from
American International Companies issued on March 26, 2003, and
WHEREAS, staff from the Weld County Departments of Public Works and Planning
Services have conducted a visual inspection and recommends the release of all remaining
collateral, in the amount of$87,030.00, for Phase 1.
NOW,THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld
County, Colorado, that Development Bond #26 68 23, issued by American Home Assurance
Company, be, and hereby is, released.
BE IT FURTHER RESOLVED by the Board that the Clerk be, and hereby is, directed to
return the collateral to the appropriate issuing parties.
11111111111111111111111111111111111111111111111111111
1111111111111111111111IIII111111111111IIIIIIIIIIIIIIII 2005-1505
3291138 06/02/2005 11:34A Weld County, CO PL1321
1 of 2 R 0.00 D 0.00 Steve Moreno Clerk& Recorder
CANCEL COLLATERAL - KB HOME OF COLORADO, INC. (S #554)
PAGE 2
The above and foregoing Resolution was,on motion duly made and seconded,adopted by
the following vote on the 16th day of May, A.D., 2005.
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
Y William H. er , Chair
1861 (' : a's .o yt lerk to the Board
b�
J. Fe, m
Clerk to the Board
Da 'd E. Long
2PPR-&/ED AS TO •
Robe D. Masden
ou ty Atto y
Glenn Vaad
Date of signature: (7.7I/0,5--
111111111111 IIIII 111111 IIII 111111111111 III 11111 III!III!
22 $of 12 R 0.00 2005 D 0.0011:3 Weld Steve County, CD
2005-1505
& Recorder
PL1321
MEMORANDUM
TO: Board of County Commissioners
DATE: March 29, 2005
FROM: Monica Mika, Director' 'tit's'
O SUBJECT: S-554, Idaho Creek Release of Collateral Improvements
•
COLORADO Agreement for First Filing
The original bond was accepted on October 22, 2001 for $ 2,001,967.00 (two million one
thousand nine hundred sixty seven dollars). On September 23, 2002, the development bond
was reduced to $ 533,454.00 (five hundred thirty three thousand four hundred fifty four
dollars). On March 26, 2003, the development bond was reduced to $ 87,030.00 (eighty seven
thousand thirty dollars). The applicant is requesting release of the remainder of the bond.
Original Bond $ 2,001,967.00
Partial Release (09/23/02) 1,468,513.00
Remaining Collateral 533,454.00
Partial Release (03/25/03) 446,424.00
Remaining Collateral 87,030.00
Based on the above, the Department of Planning Services and Public Works request that
$ 87,030.00 (eighty seven thousand thirty dollars) be released.
Kitt L'H-
MEMORANDUM
C TO: Monica Mika DATE: March 23, 2005
Director of Planning Services
COLORADO FROM: Donald Carroll, Engineering Administrator #
SUBJECT: S-554, Idaho Creek, 1st and 2nd Filing
Request for Release of Collateral
1st Filing: The Weld County Public Works Department recommends release of all
transportation collateral associated with the first filing.
2n° Filing: The Weld County Public Works Department recommends retaining $20,000 for
crosswalks (pedestrian crossing/signal) at Idaho Creek Parkway/7.5 and at the pedestrian
internal trail system crossing adjacent to the school.
All other transportation items are complete.
pc: S--554
M:PLANNING—DEVELOPMENT REV IEWVI-Sketch Plan(5,PK,MK)AS-554.doc
M\PLANNING-DEVELOPMENT REVIEW ISketch Plan(S,PK.MKj\S-554doc Page 1 of 1 28June02
Page 1 of 1
Donald Carroll
From: Keith Meyer
Sent: Friday, February 18, 2005 10:10 AM
To: Monica Mika
Cc: Donald Carroll; Frank Hempen
Subject: Collateral for Idaho Creek
Monica -
As requested, the following is our stance on the remaining collateral for Idaho Creek.
Filing one: Holding 15% for asphalt, $25,000 (1 year warranty) -this can be released
Filing two: Holding 15%for asphalt, $14,000 (1 year warranty)-this can be released
Filing two: Holding $20,000 for crosswalks -The remainder of this should be escrowed or given to the county for
future pedestrian improvements
Offsite: Holding $6300 for WCR 7.5 paving -this can be released
As you mentioned, the final resolution dated 3/7/01 did include a condition (No. 9)for the applicant to install
conduit related to a future pedestrian signal at Idaho Creek Pkwy and 7.5. The only way this would make sense
to do now is if we had a signal plan. I still recommend that we get these monies from KB Homes and provide
this signal (conduit and all) sometime in the future when it is warranted.
Keith
2/22/2005
ret ,Lit
CLERK TO THE BOARD
PHONE (970)336-7215, Ext. 4225
II
FAX: (970)352-0242
P. O. BOX 758
CGREELEY, COLORADO 80632
COLORADO
May 27, 2005
KB Home of Colorado, Inc.
5975 South Quebec Street, Ste 300
Centennial, Colorado 80111
RE: Cancellation and release of Collateral - Idaho Creek, Phases 1 & 2
To Whom It May Concern:
Attached hereto please find copies of the Board of County Commissioner's Resolutions approving
the cancellation and release of collateral,as referenced above. The original Development Bonds
are enclosed.
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 MMISSIONERS
By:
Carol A. Harding,
Deputy Clerk to the Boar
JsoS./5-tC
') S /619[o
MU Insurance Company trip
tidal
• American Home Assurance Company tidal g
Granite State Insurance Company American International Companies
The Insurance Company of the State of Pennsylvania
National Union Fire Insurance Company of Pittsburgh.Pa. Principal Bond Office
New Hampshire Insurance Company 70 Pine Street. New York N.Y. 10270
/
SURETY RIDER /
/
To be attached to and forma pan of Bond No. 26 68 23 dated October 24 4n01
executed by KB HOME Colorado Inc. as Principal,and
American Home Assurance Company /
as Surety,in favor d
County of Weld
as Obligee.
7-9/
In consideration of the premium charged,it is understood and a e that, ffer�ive on March 10, 2003
The Bond Amount be reduced
FROM: Five Hundred Thirty Th a ho and Four Hundred Fifty Four and NO/000
($533,454.00)
•
TO: Eighty Seven Thous i y and NO/000 ($87,300.00) ,\)iittift:tytitiii /
140)))
Provided, however,that th ability of the Surety under the attached bond and under the attached bond as changed by this rider shall not be
cumulative.
Nothing her n nta shall be held to vary, waive, after or extend any of the terms, conditions, agreements a warranties of the above-
mentioned a than as stated above.
waled tied March 26. 2003
\ ///
KB HOME Colorado Inc.
IPnncipag (sea)
ed: Fcar)D
er.r. •n Welsch, e j,cleht (TOO
/
County of Weld American Home Assurance Company
/ ^- o (Obligee) uretyl
`UA
By C i By
3301213441TM1181 Tracy ton Attaney.in-Fact
•
Bond No. 26 6 23
( Premium: $3,5 .00
DEVELOPMENT BOND
KNOW ALL MEN BY THESE PRESENTS: that w
Colorado Inc. , as Princip , hereinafter referred to as the
"Developer" and American Home Assurance ompany
under the laws of the State of ]lam York , a corporation organized
are held and firmly bound unto the COUNTY OF as Surety,pale corpo a referred hereinafter
to ft "Surety",
to at the "County" in the sum of T4ao million One Thousand uni ix t Seven a hereinafter referred
Sixty Sever and no/COD
($9 nm era nn ), to be paid to the County for which pay ent will and truly
to be Dollars
ourselves, our heirs, executors and administrators, successors d assigns, firmly by these presentwe s.
bind
WHEREAS, the Developer has submitted to t County for its approval of the following
development project: Phase 1 On-Sit & Off-Site Improvements
WHEREAS, the County has approved sai development project and the Developer and the
County have executed an Improvements A ement according to policy on collateral dated
•
ln/22/Ol pertaining to the develop nt project (the "Improvements Agreement") a copy of
which is by reference made a part hereof; and
WHEREAS, the County Code requ' es that the Developer post a bond equal to the total cost to
construct the Developer's portion of the ublic infrastructure (which, upon completion and acceptance
by the County shall become the prop of the County). Which for the above described development
project shall beand no CC0
•
Dollars ($2.001,%7,00 ), w' such Surety to be upon condition that the bond remain in full
force and effect until such time the County releases such bond, which release shall occur upon (I)
Issuance to the Developer of a otice of final acceptance stating that all of the public infrastructure
improvements have been corn eted in accordance with the approved plans for said development project
and the specifications and s dard of the County; and (2) delivery to the County by the Developer of a
bond, cash or other securi deposit in a fomt acceptable to the County to guarantee that the Developer
shall maintain and repel all of said public infrastructure improvements in accordance with the County
Code.
NOW, FORE, the condition of this obligation is such that if the Developer shall truly and
faithfully perfo to the satisfaction of the County its obligations in constructing, maintaining and
repairing the p lic infrastructure constructed in connection with the aforesaid development project in
accordance w' h the County Code (including the Zoning and PUD Regulations, as applicable), and the
Developme Agreement, then this obligation shall be void; otherwise to remain in full force and effect.
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