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Home My WebLink About20051581.tiff 767 RESOLUTION RE: APPROVE CANCELLATION AND RELEASE OF COLLATERAL FOR SITE PLAN REVIEW#358 - RICK WALLACE 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 March 4, 2003, the Department of Planning Services staff approved the application of Rick Wallace, 3434 West 35th Street, for a Dwelling Unit Structures of two (2) or more units per legal lot in the R-4 (High Density Residential) Zone District on the following described real estate, to wit: Lot 2, Block 2, Carriage Estates, First Filing; being part of the W1/2 SW1/4 of Section 24, Township 5 North, Range 66 West of the 6th P.M.,Weld County, Colorado, and WHEREAS, on June 4, 2003, the Board of County Commissioner of Weld County, Colorado, approved an Improvements Agreement According to Policy Regarding Collateral for Improvements (Private Road Maintenance) for Site Plan Review #358, between the County of Weld, State of Colorado, by and through the Board of County Commissioners of Weld County, and Rick Wallace with terms and conditions being as stated in said agreement, and accept Irrevocable Standby Letter of Credit, drawn on the Cache Bank and Trust, 4601 West 20th Street, Greeley, Colorado 80634, in the amount of$5,000.00, and WHEREAS, it has been determined by the Board that the collateral being held by Weld County is no longer necessary to secure said Improvements Agreement According to Policy Regarding Collateral for Improvements (Private Road Maintenance) for Site Plan Review#358, and NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, Colorado, that the Irrevocable Standby Letter of Credit, drawn on the Cache Bank and Trust, in the amount of$5,000.00 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. HBO "IIIVIIIIIIIIIVIIIIIII1111111IIIVIIIIIIIIIII 3293767 06/10/2005 01:05P Weld County, CO 1 of 2 R 0.00 D 0.00 Steve Moreno Clerk& Recorder 2005-1581 PL1671 ee ; T 2, f1 cc+f) Qlo •d3 -� CANCEL COLLATERAL - RICK WALLACE PAGE 2 The above and foregoing Resolution was,on motion duly made and seconded, adopted by the following vote on the 25th day of May, A.D., 2005. BOARD OF COUNTY COMMISSIONERS WELD COUNTY, COLORADO ATTEST: Ltdle v�� %! IE ' C ��- illiam H. rker Weld County Clerk to the ft:Y:1432 or. . J 'le, •role( Deputy Clerk to the Boar:!' � {� Da ' E Long \�,` n / AP ED AS T • 1\c' V Robert D. Masden ounty ARo ey Glenn Date of signature: � 1101111111111111111111111111111111111111111111111101 11111111111I I I I 11111111111111111111111I I 1111111111I I I! 3293unty, CO 2 of767 2 R 0.00/2D 0.00 005 1Steve Moreno:05P Weld oClerk& Recorder 2005-1581 PL1671 r CACHE BANK&TRUST - I`IL_' . May 17, 2005 Weld County Board of County Commissioners 915 10t° Street P 0 Box 758 Greeley, CO 80632 Re: Release of Letter of Credit/Rick Wallace Cache Bank and Trust is hereby giving written notice, as instructed, to the Clerk of the Board of County Commissioners that Irrevocable Standby Letter of Credit No. 206 dated April 25, 2003 in the amount of$5,000 has expired, as Final Plat approval for the project has been issued. By acknowledging the Return Receipt as instructed in the expiration instructions regarding the letter of credit, the receipt of the acknowledgment to Cache Bank and Trust regarding the release of the terms and conditions of the Letter of Credit validates the Letter of Credit has expired and is hereby not valid, in full force, or effect. I can be contacted at 970-506-7117 if you have any questions regarding the information in the release of the Letter of Credit. Sincerely, . . .Cle--e-----O7 David Thompson Senior Vice President Cache Bank and Trust P.O. Box 337060 • Greeley,CO 80633 • 4601 West 20th Street • 924 11th Street • (970)351-8600 • Fax: (970)351-7878 100 South College Avenue • Fort Collins,CO 80524 • (970)493-4111 • Fax: (970)493-1324 410 17th Street,Suite 100 • Denver,CO 80202 • (303)572-8600 • (303)572-8601 www.cachebankandtrust.com • IRREVOCABLE STANDBY LETTER OF CREDIT April 25, 2003 WELD COUNTY Board of County Commissioners 915 Tenth Street PO Box 758 Greeley CO 80632 Amount: $5,000.00 (One hundred percent (100%) of the total value of the improvements as set forth in Section 6.0 and Exhibits "A" and "B" of Improvements Agreement Executed Aprila5, 2003 between Rick Wallace and the County of Weld. We hereby authorize you to draw on Cache Bank & Trust for the account of Rick Wallace up to the aggregate amount of$5,000.00 (Five thousand and no/100) available by your drafts at sight accompanied by: • 1) Statement that developer has not performed the obligations specified in the Improvements Agreement. This Letter of Credit is not transferable. Cache Bank & Trust will guarantee that, at all times the unreleased portion of this 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 Cache Bank & Trust. 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.). Fifteen percent (15%) of the total of this Letter of Credit ($750.00) cannot be drawn upon and will remain available to Weld County until released by Weld County. We hereby engage with you that all drafts and documents drawn under and in compliance with the terms of this Letter of Credit will be duly honored if drawn and presented for payment at this office (4601 West 20`h Street, Greeley, CO 80634) on or before the expiration date of this Letter of Credit. The expiration date of this Letter of Credit shall be either the date of release by Weld County of the final fifteen (15%), or one year from the date of Final Plat approval, whichever occurs first. Cache Bank &Trust will send written notice by certified mail to the Clerk to the Board of County Commissioners giving notice of the pending expiration sixty (60) days prior to the expiration. Until a Return Receipt Acknowledgment of said notice, this Letter of Credit shall remain in full force and effect. The amount of any draft drawn under this credit must be endorsed on the reverse side hereof. Drafts must bear the clause; "Drawn under Cache Bank & Trust's Letter of Credit No. 026. 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", or any subsequent revision thereto. CACHE BANK &TRUST avid A. Thompson Vice President Q IMPROVEMENTS AGREEMENT ACCORDING TO POLICY REGARDING COLLATERAL FOR IMPROVEMENTS (PRIVATE ROAD MAINTENANCE) THIS AGREEMENT,made and entered into this /4 day of Apia.; ,20 6 3 by and between the County of Weld,State of Colorado,acting through its Board ofCounty Commissioners,hereinafter called"County," and gic JC vdaLLau'4 t n.s7 hereinafter called"Applicant." SC�.wc-iQlp-- WITNESSETH: WHEREAS,Applicant is the owner of,or has a controlling interest in the following described property in the County of Weld,Colorado: bo / 2, 73‘K Z) CA/a 24.4 elcrien2-5' ,l Lir f /- L�.,�f' LJcLJ eo Aft/ , C° otean id, kriost.J 4S' . 35137 !Ain-r- g s tirff WHEREAS, a Final Subdivision/Planned Unit Development(PUD)plat of said property, to be known as 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 chall 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 oty 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. Applicant shall furnish 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 CACHE BANK & TRUST avid A. Thompson Vice President CLERK TO THE BOARD PHONE (970)336-7215, Ext. 4225 FAX: (970)352-0242 P. O. BOX 758 WI O GREELEY, COLORADO 80632 COLORADO June 28, 2005 Rick Wallace 3434 West 35th Street Greeley, Colorado 80634 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 Cache Bank and Trust, 2601 West 20th Street, Greeley, Colorado 80634. 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. Harding, Deputy Clerk to the Board CLERK TO THE BOARD PHONE (970) 336-7215, Ext. 4225 Il FAX: (970)352-0242 P. O. BOX 758 WI O GREELEY, COLORADO 80632 COLORADO June 28, 2005 Cache Bank and Trust 2601 West 20th Street Greeley, Colorado 80634 RE: Cancellation and release of Collateral - Rick Wallace 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) 356-4000, Extension 4217. Very truly yours, BOARD OF COUNTY COMMISSIONERS By: 4 7- Carol A. Harding, Deputy Clerk to the Board C� IRREVOCABLE STANDBY LETTER OF CREDIT April 25, 2003 1> WELD COUNTY aeAet c? Board of County Commissioners > 2S y c TT PO Box 58915 Tenth treet 2 osk ro c�LLe� Greeley CO 80632 he d q� o Amount: $5,000.00 (One hundred percent(100%) of the total value of the im o ents L-tecks, 4.0 a set forth in Section 6.0 and Exhibits "A" and "B" of Improvements Agreeme Ex uted Aprilas 2003 between Rick Wallace and the County of Weld. We he by authorize you to draw on Cache Bank & Trust for the account of Rick Wallace to the aggregate amount of$5,000.00 (Five thousand and no/100) available by your dr s at sight accompanied by: 1) Sta ment that developer has not performed the obligations specified in the Impr vements Agreement. This Letter of Credi is not transferable. Cache Bank & Trust w 1 guarantee that, at all times the unreleased portion of this Letter of Credit shall be equal t a minimum of One-hundred percent (100%) of the estimated costs of completing the un mpleted portions of the required improvements, based on inspections of the developm t by the Cache Bank & Trust. In no case shall disbursement for a general improvement ite exceed the cost estimate in the Improvements Agreement (i.e., streets, sewers, water main and landscaping, etc.). Fifteen percent(15%) of the total o his Letter of Credit ($750.00) cannot be drawn upon and will remain available to Weld Co ty until released by Weld County. We hereby engage with you that all drafts d documents drawn under and in compliance with the terms of this Letter of Credit will b duly honored if drawn and presented for payment at this office (4601 West 20th Street, reeley, CO 80634) on or before the expiration date of this Letter of Credit. The expiration date of this Letter of Credit shall be ither the date of release by Weld County of the final fifteen(15%), or one year from t date of Final Plat approval, whichever occurs first. Cache Bank & Trust will send ritten notice by certified mail to the Clerk to the Board of County Commissioners giving otice of the pending expiration sixty(60) days prior to the expiration. Until a Return Rec t Acknowledgment of said notice, this Letter of Credit shall remain in full force and of et. The amount of any draft drawn under this credit must be endors d on the reverse side hereof. Drafts must bear the clause; "Drawn under Cache Bank & Trust's Letter of Credit No. 026. This credit is subject, so far as applicable to "The Uniform Customs an Practice for Documentary Credits, 1983 Revision, The International Chamber of Co erce Publication No. 500", or any subsequent revision thereto. CACHE BANK & TRUST 0,O 7t7i70-0-191^- avid A. Thompson Vice President Hello