HomeMy WebLinkAbout20051665.tiff RESOLUTION
RE: APPROVE IMPROVEMENTS AGREEMENT ACCORDING TO POLICY REGARDING
COLLATERAL FOR IMPROVEMENTS(PRIVATE ROAD MAINTENANCE),AUTHORIZE
CHAIR TO SIGN,AND ACCEPT COLLATERAL FOR SITE PLAN REVIEW, SPR#385-
GALT PROPERTIES, 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,on May 16,2005,the Department of Planning Services staff approved Site Plan
Review, SPR#385, for Galt Properties, LLC, P.O. Box 2071, Longmont, Colorado 80502, for an
Electronic Design Support and Test Laboratory with Supporting Offices on the following described
real estate, to-wit:
Lot 3, Block 2, Corrected Vista Commercial Filing 1;
being partof the N1/2 of Section 8,Township 2 North,
Range 68 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(Private
Road Maintenance)between the County of Weld, State of Colorado, by and through the Board of
County Commissioners of Weld County,and Galt Properties,LLC,with terms and conditions being
as stated in said agreement, and
WHEREAS,the Board has been presented with Irrevocable Letter of Credit#514 from Home
State Bank,935 North Cleveland Avenue,Loveland,Colorado 80537,in the amount of$146,222.00,
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(Private Road Maintenance)between the County of Weld,State of Colorado,by and
through the Board of County Commissioners of Weld County, and Galt Properties, LLC, be, and
hereby is, approved.
BE IT FURTHER RESOLVED that Irrevocable Letter of Credit#514 from Home State Bank,
935 North Cleveland Avenue, Loveland, Colorado 80537, in the amount of$146,222.00, be,and
hereby is, accepted.
2005-1665
PL1680
CO 1 Pt, A/ L, Fr Ca-0 O'7 ns o5
IMPROVEMENTS AGREEMENT - GALT PROPERTIES, LLC
PAGE 2
The above and foregoing Resolution was,on motion duly made and seconded,adopted by
the following vote on the 6th day of June, A.D., 2005.
BOARD OF COUNTY COMMISSIONERS
�,�®`11 WELD COUNTY, COLORADO
861 t 1
� 4eaLs,
William H. Je e, Chair
tit •<•u +Clerk to the Board
�® a Q�
M. J. ile, Pro`- em
Deputy Clerk to the Board
D. id E. Long
APP AS • `�� , 1►�_
Ro rt D. asd n
my orn y � %IJCl1/lceAA'`V"
Glenn Vaad -
Date of signature: -
2005-1665
PL1680
t MEMORANDUM
wi`,P�. TO: Board of County Commissioners 6/1/2005
COLORADO FROM: Chris Gathman - Planner II C,AJ.
SUBJECT: Acceptance of Collateral for SPR-385 (Galt Properties, LLC)
On June 1, 2005 the Department of Planning Services received collateral in the form of a
Irrevocable Letter of Credit (No. 514) in the amount of One-Hundred Forty-Six Thousand Two-
Hundred and Twenty-Two Dollars ($146,222.00) for Site Plan Review 385 (Galt Properties,
LLC).
Collateral covered the following items:
Site Grading estimate $ 25,588.00
Street Grading estimate $ 3,343.00
Street Paving estimate $ 35,695.00
Curbs, Gutters & Culverts estimate $ 12,921.00
Sidewalk estimate $ 3,577.00
Laterals estimate $ 4,123.00
On-site water supply and storage estimate $ 2,275.00
Landscaping estimate $ 41,946.00
Road Culvert estimate $ 5,041.00
Engineering and Supervision Costs estimate $ 4,750.00
5% Contigency estimate $ 6,693.00
Total Estimated Cost of Improvements and supervision $ 146,222.00
The improvements agreement and collateral has been reviewed by the Departments of Planning
Services and Public Works and it has been determined that the amount of collateral is sufficient
to cover the proposed improvements. The Departments of Planning Services and Public Works
recommend acceptance of this collateral.
SERVICE,TEAMWORK,INTEGRITY,QUALITY
585
IMPROVEMENTS AGREEMENT ACCORDING TO
POLICY REGARDING COLLATERAL FOR IMPROVEMENTS
(PRIVATE ROAD MAINTENANCE)
THIS AGREEMENT,made and entered into this (( day of 5 I . G ,20C S;by and
between the County of Weld, State of Colorado, acting through its Board of County Commissioners,
hereinafter called"County," andC-i,al PP/pit-lies 1 L.LC, hereinafter called "Applicant."
WITNESSETH:
WHFREAS, Applicant is the owner of, or has a controlling interest in the following described
property in the County of Weld, Colorado:
1-, 0t 3 block cg , CtrrecA a Vi5to. Con+met-ciLLI Cei,l-fr
nc. 1 . LocccveJ in the Rcri1\west- 4ue.r#er of 5'ec.4ont,
loiehshtF a tJ^ r'Eh (n % tsk cc -the- LQth p 1Y1.
CocA-nk-y 0C- c1A , 5}ate o , C.oleroA0
VVHERE ykS, Final Subdivision/Planned Unit Development(PUD)plat of said property,to be known
as II 3fe 1 f' V 1 e tJ i t}_Q 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 Improvement 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.
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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. Applicant shall famish one set of reproducible "as-built"
drawings and a final statement of construction cost to the County.
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.
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"
which is 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 tenns of Section 6 herein.
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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
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.
(THERE IS NO SECTION 5)
6.0 Approval of Streets by the County: Upon compliance with the following procedures by the
Applicant,streets within a Subdivision or Planned Unit Development may be approved by the
County as public roads and will be maintained and repaired by a Homeowners Association or,
in its absence,the owners of lots within the Subdivision or Planned Unit Development.
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 approval 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
work on the Subdivision or Planned Unit Development improvements in that phase
of the development is 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 its streets and
recommend that the Board of County Commissioners partially approve them. Not
sooner than nine months after partial approval, 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 or she shall
recommend full approval. Upon a receipt of a positive unqualified recommendation
from the County Engineer for approval of streets within the development,the Board
of County Commissioners shall fully approve said streets as public but with private
pay.
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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. 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 Plat or Subdivision Final
Plat. 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
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."
8.0 Improvements Guarantee: The five types of collateral listed below are acceptable to Weld
County subject to fmal 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 of 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.
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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
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 i$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.
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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 finds to the County.
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 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 Schedule for minimum materials sampling,testing and
inspections found in the Colorado Department of Transportation(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.
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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 paragraphs 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 approval of the streets 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.
9.9 The warranty collateral shall be released to the applicant upon final approval by the
Board of County Commissioners.
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(PUD)Plan,if any:
10.1 The required acreage as may be determined according to the Weld County
Subdivision Regulations 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 according to Chapter 24 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 according to Chapter 24 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.
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IN WITNESS WHEREOF,the parties hereto have caused this Agreement to be executed on the day
and year first above written.
( n,
APPLICANT: —DIuP.( t h!R l dU fC.
,bI> es
16,0z.z. # t^ , ` APPLICANT: -2I.t,,,,.,,,,,f ii).
el
Ce
TITLE (1r I h'IY1.E}E(s
,:fto ►rte'
Subscribrn to before me this , day of , 20O,C.
My Commission expires:
No Public
ATTEST: Mid
aIe+ BOARD OF COUNTY COMMISSIONERS
� �/7` WELD COUNTY,COLORADO
stir v X
Weld County Clerk to the BP, t`a �' G7 y�
r. ', William H. Jerke ,Chair
BY: 4rA.l-• , ,4, JUN 0 6 2005
Deputy Clerk to the Board ' `'L 1.�i 1, e
APPROVED AS TO FORM:
C ty Attom y
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apes-1645
MAY-31-2005 11:03 SUN CONSTRUCTION 303 444 6774 P.02/02
•
EXHIBITH
Name of Subdivision
orPlanncd Unit Development: Gait Pr ape chi as
Filing: Lot 3, $lock 2, Corrected Vista_raramerrial Centsr, Filing Nn. 1
Location: weld re-flinty, rolowAn
Intending to be legally bound,the undersigned Applicant hereby agrees to pmvide throughout this Subdivision
or Planned Unit Development the following improv • (Leave spaces blank where they do not apply)
Improvements Onsets Units Unit Estimated
Construction Cost
Site grading , 44.n c RR , 0. 52 - 2 .,„5813
Street grading 2.1 3 . sv 1 56 S/141
Street base
Street paving 7 AY SY 13.39 35,695
Curbs,gutters,and culverts 1.,4't0 1.F 8-79 i7,971
Sidewalk 1,445 SF 7.47 4.577
Storm sewer facilities
Retention ponds
Ditch Improvements
Subsurface drainage I ,
Sanitary sewers
Trunk and forced linen
Mains
Laterals(house connected) ct5 re, 48.50 4,123
On-site sewage facilities _
On-site water sal*and storage 65 Tr 15 00. 2,275
Wan=Mains(includes bore)
Fire hydrants
Survey and street momunents and boxes I
Street lighting
Street Names
Fencing requirements
Landscaping 1 , rg 40,446 .41 , 946
Park improvements
Road culvert 60- LF , AA n7 S.nal
Grass lined swale
Telephone
Gas
Electric
Water transfer
SIJB-TOTAL: 13 4,.5D 9
Engineering and Supervision Costs S 4,750
(Testing, inspection, as-built plans and work in addition preliminary and final plat supervision of actual
construction by contractors)
TOTAL ESTIMATED COST OF IMPROVEMENTS SUPERVISION S 13 9, 25 9
{ 510 G ,695
Jaz
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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."
By: a L/VA " 1 ct ( ti
Applicant cJ
7fr lal...t Iu. /44a—
Applicant
NIP+Ni.).( 1 S Date: Jane j5 2005 .
Title
(If corporation,to be signed by President and attested to by Secretary,together with corporate seal.)
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EXHIBIT "D"
Name of Subdivision
or Planned Unit Development: Galt Properties
Filing Lot 3. flock 7. rorrartarl Vista C'ortmerri a1 Canter. Piling No 1
•
Location: Weld County, Col crane
Intending to be legally bound,the undersigned Applicant hereby agrees to provide throughout this Subdivision
or Planned Unit Development the following improvements.
All improvements shall be completed within one years from the date of approval of the final plat.
Construction of the improvements listed in Exhibit"A" stall be completed as follows:
(Leave spaces blank where they do not apply.)
Improvements Time for Completion
Site grading 7/1 /05
•
Street base i • 9/15/05
Street paving 0/15/05
Curbs, gutters, and culverts 9/1/05
Sidewalk 9/1 /05
Storm sewer facilities
Retention ponds I
Ditch improvements
Subsurface drainage
Sanitary sewers
Trunk and forced lines
Mains
Laterals(house connected) 7/10/05
On-site sewage facilities
On-site water supply and storage • "7/1n/05
Water mains
Fire hydrants
Survey and street monuments and boxes
Street lighting
Street name signs
Fencing requirements
Landscaping 10/1/n5
Park improvements
Road culvert 7/1/05
Grass lined swale
Telephone
Gas
Electric
Water Transfer
SUB-TOTAL:
AID VIIIVIII1111111IIIIIIlI 1VIIIIII111111IIIIIII
3298585 06/29/2005 11:55A Weld County, CO Revised 03/09/2004
11-of 12 R OAO D 0.00 Steve Moreno Clerk& Recorder VIPORARYINTERNETFILE toLx23CArxtvwrE.noc
77 =H� ALT?R17 1W7 17 Try 9)LE0E PE :80 5003/03/50
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.
BY: C7fYtUsa E Ct S i R
Applicant A
Applicant
1
rnttabi s Date: ALA le)" , 2005- .
Title
(If corporation,to be signed by President and attested to by Secretary, together with corporate seal.)
4IjII1 11111111111111111 III 111111111111III111111 III IIII
585 06/29/2005 11:55A Weld County, CO
12 of 12 R 0.00 D 0.00 Steve Moreno Clerk& Recorder
•
12
Revised 03/09/2004
CADOCUMENTS AND SETTINGSVIIATCH\LOCAL SETTINGS\TEMPORARY INTERNET FILES\OLK23C\APRIVATE.DOC
Home State
BANK
IRREVOCABLE LETTER OF CREDIT NO. 514
June 1,2005
Board of County Commissioners
Attn: Clerk to the Board
PO Box 758
Greeley,Co. 80632
Re: GALT Properties LLC
Dear:
We hereby open our Irrevocable Letter of Credit in your favor for the account of GALT Properties LLC,
8475 W 125 Frontage Rd No.200,Longmont,Co. 80504 for a sum not to exceed the aggregate of
$146,222.00. One hundred forty six thousand two hundred twenty two dollars and 00/100.
Each draft so drawn must be marked"Drawn under HOME STATE BANK, 935 N Cleveland Ave.,
Loveland, Co. 80537, Letter of Credit No. 514 and must be accompanied by a"signed statement from the
Board of County Commissioners of Weld County, Colorado stating the GALT Properties LLC has
committed a material breach of the Improvements Agreement According to Policy Regarding collateral
for Improvements regarding 1736 Vista View Drive, Longmont, Co. 80504 dated the day of
, 20 by and between GALT Properties LLC and the Board of County Commissioners
of the County of Weld.
This credit is subject, so far as applicable,to"The Uniform Customs and Practice for Documentary
Credits, 1983 Revision,The International Chamber of Commerce Publication No. 500."
We hereby agree with you that all drafts drawn under and in compliance with the terms of this credit will
be duly honored and presented for payment to out main office,HOME STATE BANK, 935 N Cleveland
Ave.,Loveland, Co. 80537.This letter of credit will expire on 5/31/06 at 5:00 P.M.
This letter of credit is automatically extended without amendment, for additional one year periods from
the current expiration or any future expiration date unless 60 days prior to such current expiration date
HOME STATE BANK notifies beneficiary in writing that letter of credit will not be renewed. In the case
you receive such a notification,you may draw by presentation of the following; (a) a draft at sight on
HOME STATE BANK; (b)a statement purportedly signed by an official of the Board of County
Commissioners of Weld County, Colorado stating that we have received notice from HOME STATE
BANK the Letter of Credit No. 514 will not be renewed and the GALT Properties LLC has failed to
provide proof of adequate collateral and substitution of this Letter of Credit No. 514; (c)copy of letter
from HOME STATE BANK stating non-renewal of Letter of Credit No. 514 and the original letter of
credit.
Yours ly,
Karen Boye7
Assistant Vice President
(970)203-6100
www.homestatebank.com
Cr
300 E.29th Street 935 N.Cleveland 1355 E.Eisenhower 2695 W.Eisenhower 303 E.Mountain 3227 Timberline ixoex
Loveland.CO 80538 Loveland.CO 80537 Loveland.CO 80537 Loveland.CO 80537 Fort Collins.CO 80524 Fort Collins.CO 80525 Member FDIC
Colorado Secretary of State
4-Ft lod Date and Time: 10/13/2004 11:27 AM
Document Processing Fee Entity Id: 20041357007
If document is on paper: $50.00
If document is filed electronically: $ .99 Document number: 20041357007
Fees are subject to change.
For electronic filing and to obtain
copies of filed documents visit
www.sos.state.co.us
Deliver paper documents to:
Colorado Secretary of State
Business Division
1560 Broadway,Suite 200
Denver,CO 80202-5169
Paper documents must be typed or machine printed. ABOVE SPACE FOR OFFICE USE ONLY
Articles of Organization
filed pursuant to 7-90-301, et seq. and §7-80-204 of the Colorado Revised Statutes(C.R.S)
1. Entity name:
GALT PROPERTIES LLC
(The name of a limited liability company must contain the term or abbreviation "limited
liability company" "ltd liability company" "limited liability co." "ltd.liability co.",
"limited", "llc", "tic.",or"ltd."§7-90-601.C.RS)
2. Use of Restricted Words(if any of these
terms are contained in an entity name,true 0 "bank"or"trust"or any derivative thereof
name of an entity, trade name or trademark O "credit union" O "savings and loan"
stated in this document,make the applicable O "insurance","casualty","mutual",or"surety"
selection):
3. Principal office street address: 1798 Meadow Vale Road
(Street name and number)
Longmont CO 80504
(City) (State) (Postal/Zip Code)
(Province-if applicable) (Country-ifnot US)
4. Principal office mailing address
(if different from above): (Street name and number or Post Office Box information)
(City) (State) (Postal/Zip Code)
(Province—ifapplicable) (Country—if not US)
5. Registered agent name (if an individual):
(Last) (First) (Middle) (Suffix)
OR(if a business organization):
Galt Properties LLC
6.The person identified above as registered agent has consented to being so appointed.
7. Registered agent street address: 1798 Meadow Vale Road
(Street name and number)
Longmont CO 80504
Rev.6/14/2004
1 of
(City) (State) (Postal/Zip Code)
8. Registered agent mailing address
(if different from above): (Street name and number or Post Office Box information)
(City) (State) (Postal/Zip Code)
(Province—if applicable) (Country—if not US)
9.Name(s)and mailing address(es)
of person(s)forming the limited
liability company:
(if an individual): Wolfe Kenneth C.
(Last) (First) (Middle) (Suffix)
OR(if a business organization):
1008 Centre Ave.
(Street name and number or Post Office Box information)
Fort Collins CO 80526
80526
(City) Unffta States (Postal/Zip Code)
(Province-if applicable) (Country-ifnot US)
(if an individual)
(Last) (First) (Middle) (Suffix)
OR(if a business organization)
(Street name and number or Post Office Box information)
(City) UnfigStates (Postal/Zip Code)
(Province-if applicable) (Country-if not US)
(if an individual)
(Last) (First) (Middle) (Suffix)
OR(if a business organization)
(Street name and number or Post Office Box information)
(City) Unite(1 States (Postal/Zip Code)
(Province—if applicable) (Country—if not US)
(If more than three persons are forming the limited liability company,mark this box❑ and include an attachment stating the true
names and mailing addresses of all additional persons forming the limited liability company)
Rev.6/14/2004
2 of 3
10.The management of the limited liability company is vested in managers ❑
OR is vested in the members El.
11.There is at least one member of the limited liability company.
12. (Optional) Delayed effective date:
(mm/dd/y)yy)
13. Additional information may be included pursuant to other organic statutes such as title 12, C.R.S. If
applicable, mark this box ❑ and include an attachment stating the additional information.
Notice:
Causing this document to be delivered to the secretary of state for filing shall constitute the affirmation or
acknowledgment of each individual causing such delivery,under penalties of perjury,that the document is the
individual's act and deed, or that the individual in good faith believes the document is the act and deed of the
person on whose behalf the individual is causing the document to be delivered for filing,taken in conformity
with the requirements of part 3 of article 90 of title 7,C.R.S.,the constituent documents,and the organic
statutes,and that the individual in good faith believes the facts stated in the document are true and the
document complies with the requirements of that Part,the constituent documents, and the organic statutes.
This perjury notice applies to each individual who causes this document to be delivered to the secretary of
state,whether or not such individual is named in the document as one who has caused it to be delivered.
14.Name(s)and address(es)of the
individual(s)causing the document Wolfe Kenneth C.
to be delivered for filing:
1008 C6ih`f(/e Ave. (First) (Middle) (Suffix)
(Street name and number or Post Office Box information)
Fort Collins CO 80526
80526
(City) Uft71LetO States(Postal/Zip Code)
(Province-if applicable) (Country-if not US)
(The document need not state the true name and address of more than one individual However,if you wish to state the name and address
of any additional individuals causing the document to be delivered for filing,mark this box e7 and include an attachment stating the name
and address of such individuals.)
Disclaimer:
This form, and any related instructions,are not intended to provide legal,business or tax advice, and are
offered as a public service without representation or warranty. While this form is believed to satisfy minimum
legal requirements as of its revision date,compliance with applicable law,as the same may be amended from
time to time,remains the responsibility of the user of this form. Questions should be addressed to the user's
attorney.
Rev.6/14/2004
3 of 3
•
Statement of Authority
(Section 38-30-172,C.R.S.)
1.This Statement of Authority relates to an entity named
GALT PROPERTIES, LLC
2. The type of entity is a LIMITED LIABILITY COMPANY
3. The entity is formed under the laws of COLORADO
4. a mailing address of the entity is:
h, fox e-qO-7 r
LOnemnnf-, CO a
5. The name and position of each person authorized to execute instruments conveying,
encumbering, or otherwise affecting title to real property on behalf of the entity is:
SHAUNA L. CUSTER MEMBER
VINCENT W. GREB MEMBER
6. The authority of the foregoing person(s)to bind the entity is limited as follows:
*At c rwire s repir�
7,This Statement of Authority is executed on behalf of the entity pursuant to the
provisions of S 38-30-172, C.R.S.
8. This Statement of Authority amends and supersedes in all respects any prior Statement
of Authority executed on behalf of the entity.
Executed this 16th day of MARCH , 20 05 .
Name:
U . STER
Name: '7�n F iv,Y4uA
VINCENT W. GREG
STATE OF COLORADO )
)ss.
COUNTY OF BOULDER
The foregoing instrument was acknowledged before me this 16th day of
MARCH 20 05 by SHAUNA L. CUSTER AND VINCENT W. GREB
Witness my hand and official seal.
My commission expires:
.\..,\Zb
Page 1 of 1
Carol Harding
To: Chris Gathman
Subject: RE: Collateral for SPR-385 (Galt Properties)
It looks okay to me, I'll put it on Monday's agenda. I need to have the case file for SPR 385, though, prior to
scheduling. Can you get that to me before 5 today?
Thanks
Carol
From: Chris Gathman
Sent: Wednesday, June 01, 2005 2:02 PM
To: Carol Harding
Subject: Collateral for SPR-385 (Galt Properties)
Carol,
I dropped off some collateral for you this afternoon. They are hoping to start construction the beginning of next
week and I told them we need the collateral and agreement by today to go before the Board next week. It is a
little unique in that they added a 5% contigency to the total amount of the collateral above and beyond the cost of
their improvements. Their letter of credit follows the form required by the County Attorney's Office. If there are
any issues regarding this let me know.
Thanks,
Chris
6/2/2005
Hello