HomeMy WebLinkAbout20042817.tiff RESOLUTION
RE: APPROVE IMPROVEMENTS AGREEMENT ACCORDING TO POLICY REGARDING
COLLATERAL FOR IMPROVEMENTS (PRIVATE ROAD MAINTENANCE) AND
AGREEMENT FOR IMPROVEMENTS FOR WCR 38 ROAD STABILIZATION FOR
DUST CONTROL, AUTHORIZE CHAIR TO SIGN, AND ACCEPT COLLATERAL FOR
MINOR SUBDIVISION FINAL PLAN, #MF1017 - JEFF STAMP
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, the Board of County Commissioners, on May 19, 2004, approved a Minor
Subdivision Final Plan,#MF1017,for Jeff Stamp, P. O. Box 1198, Longmont,Colorado 80502,for
a Nine(9) Lot Minor Subdivision with E(Estate)Zoning on the following described real estate,to-wit:
Lot B of Recorded Exemption #2462; part of the
SW1/4 of Section 36, Township 4 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 AgreementAccording to Policy Regarding Collateral for Improvements(Private
Road Maintenance)and an Agreement for improvements for Weld County Road 38(WCR38) Road
Stabilization for Dust Control, between the County of Weld, State of Colorado, by and through the
Board of County Commissioners of Weld County,and Jeff Stamp,with terms and conditions being
as stated in said agreements, and
WHEREAS, the Board has been presented with Irrevocable Letter of Credit #30 from
Flatirons Bank,5400 Mt. Meeker Road, Boulder,Colorado 80301,in the amount of$169,380.00,and
an Escrow Agreement between Flatirons Bank,and Jeffery and Teresa Stamp,as a guarantee that
escrowed funds will be disbursed according to the terms of the Agreement for Improvements for
WCR38 Road Stabilization for Dust Control, and
WHEREAS, after review, the Board deems it advisable to approve said agreements and
accept said Irrevocable Letter of Credit and escrow agreement as stated above, copies of which
are attached hereto and incorporated herein by reference, and
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)and said Agreement for Improvements for WCR38 Road
Stabilization for Dust Control, between the County of Weld, State of Colorado, by and through the
Board of County Commissioners of Weld County, and Jeff Stamp, be, and hereby is, approved.
BE IT FURTHER RESOLVED that Irrevocable Letter of Credit#30 from Flatirons Bank,
5400 Mt. Meeker Road, Boulder,Colorado 80301, in the amount of$169,380.00,and the attached
escrow agreement be and hereby is, accepted.
2004-2817
PL1676
: /'7 , / 2c! , T /e
IMPROVEMENTS AGREEMENT - JEFF STAMP
PAGE 2
The above and foregoing Resolution was,on motion duly made and seconded,adopted by
the following vote on the 22nd day of September, A.D., 2004.
BOARD OF COUNTY COMMISSIONERS
00 ���� W D�CO}UNTY,\C�O(L�ORADO
ATTEST: � �^4y /��!/v .J(,_ �. V�'�F/
Robert D. Masden, Chair
Weld County Clerk to the Boar
BY:
William H. rke, Pro-Tem
�s�
Deputy Clerk to the Board <�
M. J eile
O AS F Ce
David . Long
ounty Attor ey EXCUSED
Glenn Vaad
Date of signature: A® a -P9
2004-2817
PL1676
2j IMPROVEMENTS AGREEMENT ACCORDING TO
POLICY REGARDING COLLATERAL FOR IMPROVEMENTS
(PRIVATE ROAD MAINTENANCE)
THIS AGREEMENT,made and entered into this day of ,20 ,by and
between the County of Weld,State of Colorado,acting through its Board of County Commissioners,hereinafter
called"County,"and Jeff Stamp hereinafter called"Applicant."
WITNESSETH:
WHEREAS,Applicant is the owner of,or has a controlling interest in the following described property
in the County of Weld,Colorado:
Lot B, Corrected RE-2462 located in part of the SW4 36-04-68 West of the 6th P.M.,Weld County,
Colorado.
WHEREAS,a Final Subdivision/Planned Unit Development(PUD)plat of said property,to be known
as The Stamp Minor Subdivison 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.
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.
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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 AB@
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 terms 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 ofOne-Hundred percent(100%)ofthe 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.
8.1.3 The applicant may draw from the Letter of Credit in accordance with the
provisions of this policy.
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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 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.
8.2.2 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 funds 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.
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 fife hydrants are operational and state the results of fire flow tests.
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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 t'Me,
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 hi 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.
APPLICANT:
APPLICANTØJ/1o
:
TITLE: i 12116y
Subscribed and sworn to before me this 2 1 day of , /oZi l/,/l nj ,20 au 4 C' • O./y4/‘‘�
My Commission expires: I/
Notary I i •
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1\F OF CO•ot.e
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�ATTEST: S L`/��``` BOARD OF COUNTY COMMISSIONERS
��1 WELD COUNTY,COLORADO
ps
1861 ('! �)r
Weld County Clerk to the Bo+ �� � � '�•r
. A Wk%\ 09/22/04
fC Robert D. Masden ,Chair
BY: `ii iii! iJ_i,' -,a—s�
Deputy Clerk to e Board
APPROVED AS TO FORM:
Coun mey
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[•som�..nr+m....mm.n•.•v.�nna ...asi•i1.1/2••2
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EXHIBIT A
Name of Subdivision: Stamp Minor Subdivision
Filing:
Location: Lot B,RE-2462 located in part of the SW4 36-04-68 West of the 6`"P.M.,Weld County,Colorado.
Intending to be legally bound,the undersigned Applicant hereby agrees to provide throughout this Subdivision or
Planned Unit Development the following improvements. (Leave spaces blank where they do not apply)
Improvements Quantity Units Unit Costs Estimated Construction
cQI
Site grading INCLUDED IN STREET GRADING
Street grading 2,350 Cu. Yd. $5.31 $12,500.00
Street base 1,900 Ton $11.84 $22,500.00
Street paving
Curbs,gutters,and culverts
Sidewalk
Storm sewer facilities
Retention ponds
Ditch Improvements 1 Irrigation System $13,880.00
Subsurface drainage
Sanitary sewers
Trunk and forced lines
Mains 1 $52,200.00 $52,200.00
Laterals(house connected)
On-site sewage facilities
On-site water supply and storage
Water Mains(includes bore)
Fire hydrants 2 $2,000.00 $4,000.00
Survey and street monuments and boxes
Street lighting
Street Names&Stop Signs 2 $50.00 $ 100.00
Fencing requirements
Landscaping
Park improvements
Road culvert 1 $1,700.00 $ 1,700.00
Grass lined swale 1 $500.00 $ 500.00
Telephone 8 $400.00 $32,000.00
Gas
Electric $30,000.00
Water transfer
SUB-TOTAL: $169,380.00
Engineering and Supervision Costs$
(Testing, inspection, as-built plans and work in addition to preliminary and final plat; supervision of actual
construction by contractors)
TOTAL ESTIMATED COST OF IMPROVEMENTS AND SUPERVISION $
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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 improvement l bo-eom eted according to the construction schedule set out in Exhibit B.
By:
pG a3r
Applicant
Date: //ill/ y,200
Title
(If corporation,to be signed by President and attested to by Secretary,together with corporate seal.)
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6200
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1.1
EXHIBIT B
Name of Subdivision: Stamp Minor Subdivision
Filing:
Location: Lot B,RE-2462 located in part of the SW4 36-04-68 West of the 6th P.M.,Weld County,Colorado.
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 3 years from the date of approval of the final plat.
Construction of the improvements listed in Exhibit A shall be completed as follows:
(Leave spaces blank where they do not apply.)
Improvements Time for Completion
Site grading Autumn,2004-Spring,2005
Street base Autumn,2004-Spring,2005
Street paving Autumn,2004-Spring,2005
Curbs,gutters,and culverts
Sidewalk
Storm sewer facilities
Retention ponds
Ditch improvements Autumn,2004-Spring,2005
Subsurface drainage
Sanitary sewers
Trunk and forced lines
Mains Autumn,2004-Spring,2005
Laterals(house connected)
On-site sewage facilities
On-site water supply and storage
Water mains
Fire hydrants Autumn,2004-Spring,2005
Survey and street monuments and boxes
Street lighting
Street name and Stop signs Autumn,2004-Spring,2005
Fencing requirements
Landscaping
Park improvements
Road culvert Autumn,2004—Spring,2005
Grass lined swale Autumn,2004-Spring,2005
Telephone Autumn,2004-Spring,2005
Gas
Electric Autumn,2004-Spring,2005
Water Transfer
SUB-TOTAL:
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PAM, 11 of 19
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
ApplicaL
Applicant C'L VU27 Date: � (. 20 D j% .
Title
(If corporation,to be signed by President and attested to by Secretary,together with corporate seal.)
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Pnor 17 of 17
•
5400 Mt. Meeker Road, Boulder, CO 80301
FLATIRONS 303/530-4999 • Fax 303/530-4735
BANK
IRREVOCABLE LETTER OF CREDIT NO 30
N
August 23, 2004
a c
MI -.
., = J
Board of County Commissioners Letter of Credit No. 30
ATTN: Clerk to die Board Issue Date: August 23, 2 ,Q r
P.O. Box 1190 Exp. Date: August 23, 2004 1
Greeley, CO 80632 Amount: $169,380.00 vi
(One hundred and sixty nine
thousand three hundred and eighty
dollars and no/100)
RE: A. Jeffrey and Teresa M. Stamp
Dear:
We hereby open our Irrevocable Letter of Credit in your favor for the account of A.
Jeffrey and Teresa M. Stamp, 5301 Weld County Road 38, Platteville, CO 80651, for
a sum not to exceed the aggregate of One hundred and sixty nine thousand three
hundred and eighty dollars and no/100.
Each draft so drawn must be marked drawn under FLATIRONS BANK, 5400 Mt.
Meeker Rd, Boulder, CO 80301, Letter of Credit No. 30 and be accompanied by a
signed statement from the Board of County Commissioners of Weld County, Colorado
stating A. Jeffrey and Teresa M. Stamp have committed a material breach of the
Improvements Agreement According to Policy Regarding collateral for Improvements
regarding, Site specific development plan and minor subdivision final plan, MF
#1017, for nine lots with E (estate) zoning-Jeff Stamp dated the 15th day of May,
2004 by and between A. Jeffrey and Teresa M. Stamp 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, 1993 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 our main
office, FLATIRONS BANK, 5400 Mt Meeker Road, Boulder, CO 80301. This letter of
credit will expire on 8/18/2006 at 5:00P.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 FLATIRONS BANK 5400 Mt. Meeker Rd, Boulder,
CO 80301, notifies beneficiary in writing that the letter of credit will not be renewed.
www.FlatIronsBank.com
HUM 11111 11111 11111111111 MN" III 111111111 IIII
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In the case you receive such a notification you may draw by presentation of the
following:
a) A draft at sight on FLATIRONS BANK.
b) A statement purportedly signed by an official of the Board of Commissioners
of Weld County, Colorado stating that we have received notice from
FLATIRONS BANK the Letter of Credit No. 30 will not be renewed and that A.
Jeffrey and Teresa M. Stamp has failed to provide proof of adequate collateral
and substitution of this Letter of Credit No. 30
c) Copy of letter from FLATIRONS BANK stating non-renewal of Letter of Credit
No. 30 and the original letter of credit.
Yours truly,
//J
ant 17-t..>
Tom Chesney
CEO/President
111111111111111111111111111111111111111III 111111 III till
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263
AGREEMENT FOR IMPROVEMENTS FOR WCR 38
ROAD STABILIZATION for Dust Control
THIS AGREEMENT is made and entered into this _ day of , in the year
2004, by and between Jeffrey A. Stamp and Teresa M Stamp , developer of Stamp Minor
Subdivision , hereinafter referred to as "Developer", with an address P. O. Box 1198. Longmont
8502, Weld County Colorado, and the County of Weld, State of Colorado, by and through the
Board of County Commissioners of Weld County, Colorado, hereinafter referred to as "County,"
with offices located at 915 - 10th Street, Greeley, Colorado 38631.
WITNESSETH:
WHEREAS, the Developer has obtained approval for a Subdivision Final Plat for 9 lots
for Stamp Minor Subdivision, hereinafter referred to as the "Development," and
WHEREAS, WCR 38 from WCR 13 west to the westerly limit of the "Development,"
hereinafter referred to as `the Road", will need ROAD STABILIZATION for dust control, in part,
due to the increased traffic generated by the Development, a distance of approximately three-
fourths mile, and
WHEREAS, WCR 38 abuts a portion of Stamp Minor Subdivision , 9 of the lots will
need WCR 38 for access to the Development, and
WHEREAS, Stamp Minor Subdivision , requires 3.960-feet of WCR 38 and
will constitute 50 percent of the participation for the Road, and
WHEREAS, the proportional costs of STABILIZATION for the Road attributable to the
traffic generated by the lots in the Development using the Road, is estimated to be $2.248.00
per lot.
NOW, THEREFORE, in consideration of the mutual promises and covenants contained
herein, the parties hereto agree as follow:
1. TERM
A. The term of this Agreement shall be from the date first written above to
the completion of STABILIZING the Road and final accounting by County
and payment of all land development charges by the Developer for the 9
lots accessing the Road, or five years if WRC 38 is not STABILIZED.
2. OBLIGATIONS OF THE COUNTY
A. Weld County shall STABILIZE the road, within five years of the date first
written above, the Road at a current estimated cost of $40,448.00. The
stabilization improvements are anticipated to be for two 12-foot travel
lanes designed in accordance with generally accepted engineering
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practices but the actual design shall be at the discretion of Weld County.
B. Design, construction, and maintenance of this portion of Road shall be the
responsibility by the County.
C. County or Developer must STABILIZE the roads within ire years of the
date first written above or forfeit all rights to land development charges,
which are the obligation of the Developer whether already in escrow or
remaining to be paid.
D. Weld County shall perform a final accounting once STABILIZATION is
complete and may collect from the escrow account (or from the developer
if the amount in the escrow is insufficient to satisfy developers obligation)
up to 50 percent of the total cost of STABILIZING WCR 38. If additional
traffic is generated prior to STABILIZING WCR 38, such that the
percentage of traffic generated by the development is less than 50 percent,
the County shall adjust the percentage charged to the developer
proportionately. Any amount which must be collected from the developer,
which is not paid within 45 days of final accounting, shall be assessed
interest in the amount of 8 percent per annum.
3. OBLIGATION OF THE DEVELOPER
A. Developer agrees to pay the amount of$ 2.248.00 per each lot accessing
the Road. The actual amount shall be determined in accordance with
paragraph 2.D.
B. The Developer agrees to escrow monies as follows at the sale of the first
lot $2.248.00, at the sale of the second lot $2.248.00, at the sale of the
third lot $ 2.248.00 , at the sale of the fourth lot $ 2.248.00, at the sale of
the fifth lot $ 2.248.00. at the sale of the sixth lot $ 2.248.00, at the sale
of the seventh lot $ 2.248.00, at the sale of the eighth lot $ 2.248.00, at the
sale of the ninth lot $ 2.248.00. The escrow account shall be set up
according to paragraph 4 herein.
C. The Developer shall not be released from this obligation unless County
does not STABILIZE the road within the time frame set forth in paragraph
2.C. herein. In no event shall Developer's obligation under this Agreement
exceed $ 20.232.00 subject to adjustment to a higher or lower figure from
the first quarter of 2004 to the year and quarter in which the contemplated
work is being performed based on "The State Highway Bid Price index
contained in the "Quarterly Cost report" of The Engineering News-Record
as published by The McGraw-Hill Companies.
4. ESCROW AGREEMENT, the terms of which will be subject to review by the
County that provides at least the following:
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A. The cash in escrow when fully funded is $ 20,23 2.00.
B. The escrow agent guarantees that the escrowed funds will be disbursed
according to the terms of this agreement and will not release any portion
of the funds without prior written approval of the Weld County Board of
County Commissioners.
5. SEVERABILITY
If any term or condition of this Agreement shall be held to be invalid, illegal, or
unenforceable, this Agreement shall be construed and enforced without such
provision to the extent that this Agreement is then capable of execution within the
original intent of the parties hereto.
6. NO THIRD PARTY BENEFICIARY ENFORCEMENT.
It is expressly understood and agreed that the enforcement of the terms and
conditions of this Agreement, and all rights of action relating to such
enforcement, shall be strictly reserved to the undersigned parties and nothing in
this Agreement shall give or allow any claim or right of action whatsoever by any
other person not included in this Agreement. It is the express intention of the
undersigned parties receiving services of benefits under this Agreement shall be
an incidental beneficiary only.
7. MODIFICATION AND BREACH
This Agreement contains the entire agreement and understanding between the
parties to this Agreement and supersedes any other agreements concerning the
subject matter of this transaction, whether oral or written. No modification,
amendment, notation, renewal, or other alteration of or to this Agreement shall be
deemed valid or of any force or effect whatsoever, unless mutually agreed upon in
writing by the undersigned parties. No Breach of any term, provisions, or clause
of this Agreement shall be deemed waived or excused, unless such waiver or
consent shall be in writing and signed by the party claimed to have waived or
consented. Any consent by any party hereto, or waiver of, a breach by any other
party, whether express or implied, shall not constitute a consent to waiver of, or
excuse for any other different or subsequent breach.
8. NO WARRANTY.
Neither County nor Developer, by virtue of their entering into this Agreement and
upon their promises to perform the work described herein, make warranties, either
express or implied, that the improvement work and/or maintenance of these roads
meet standards other than those generally required for counties and cities of the
size and type similar to County.
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9. BINDING
This agreement shall be binding on the heirs, successors, and assigns of the
parties.
IN WITNESS WHEREOF the parties hereto have signed this Agreement this 2e day
of , 2004.
BY: F R a TERESA ,Vi STAMP
ATTEST: BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
09/22/04
Chair, Robert D. Masden
II C
1861r� � M44%
• eld County erk to the Board
9
-•. ty Cler o"the Board
ORM:
CP my Atto ey
1111111 11111 11111 111111 111111 1111111111 111 VI11 IIII IIII
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Page 4 of 5
Cost Estimating for Offsite Improvements Agreement 27-Jan-2004 DRM
Weld County Road 38 stabilization for one-mile west of CR 13. Messner Engineering, Inc.
Two 12-foot lanes= 24-feet.
one-mile estimate one-mile 75%
Material Quantity Units Cost per Unit Total Cost Percent Cost
Street Grading 2,347 Cu. Yd. $2.50 Cu. Yd. $5,866.67 $4,400.63
Street Base (Class 6) 2,347 Cu. Yd. $15.00 Cu. Yd. $35,205.00 $26,403.75
Chemical Stabilization 14,080 Sq. Yd. $0.80 Sq. Yd. $11,264.00 $8,448.00
(DC2000)
Engineering &Supervision Costs (fixed) $1,200 $1,200.00
Grand Total = I $53,535.671 $40,452.381 =°/0 Total
Estimate of Quantities
Material Length Width Depth Area Area Volume Volume Weight
feet feet feet Sq. Ft. Sq. Yd. Cu. Ft. Cu. Yd. ton
Street Grading 5,280 24 0.5 - - 63,360 2,347 -
Class 6 5,280 24 0.5 - - 63,360 2,347 -
Chemical 5,280 24 126,720 14,080 -
- -
Percentage of the Section Mile
Applicant Part.(ft.) Total ft. Percentage Participation
3,960 5,280 75%
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Page 5 of 5
ESCROW AGREEMENT, made and entered into as of the 17`n day of September, 2004 by and
between Flatirons Bank, a Colorado corporation (Escrow Agent), and A. Jeffery and Teresa M.
Stamp of (Company).
Deposit Procedure:
The Escrow Agent shall maintain an appropriate segregated account (Escrow Account) designed
as A. Jeffery and Teresa M. Stamp by Flatirons Bank,Escrow Agent, Account Number 1601608.
The proportional costs of STABILIZATION for the Road attributable to the traffic generated by
the lots in the Development using the Road, is estimated to be $2,248.00 per lot. Total lots for
the Stamp Minor subdivision will equal 9. Flatirons Bank will receive a check in the amount of
$2,248.00 for each lot sold and will be held in the account for the Stamp Minor Subdivision on
WCR 38 by Flatirons Bank, Escrow Agent. Total cash in escrow when fully funded is
$20,232.00.
The Escrow Agent guarantees that the escrowed funds will be disbursed according to the terms
of the AGREEMENT FOR IMPROVEMENTS FOR WCR 38 ROAD STABILIZATION FOR
DUST CONTROL. Flatirons Bank will not release any portion of the funds without prior
written approval of the Weld county Board of County Commissioners.
Term:
The term of this Agreement shall be from the date first written above to the completion of
Stabilizing the Road and final accounting by County and payment of all land development
charges by the Developer of the 9 lots accessing the Road or FIVE years if WRC 38 is not
Stabilized.
Books and Records:
The Escrow Agent shall maintain accurate records of all transactions hereunder. Promptly upon
the termination of escrow, or as may reasonably be requested by the Company prior thereto, the
Escrow Agent shall provide the Company with a complete copy of such records, certified by the
Escrow Agent to be a complete and accurate account of all such transactions. The authorized
representatives of the Company shall also have access to such books and records at all
reasonable times during normal business hours upon reasonable notice to the Escrow Agent.
General Provisions:
a) This Agreement expressly sets forth all the duties of the Escrow Agent with respect to ay
and all matters pertinent hereto.
b) The Escrow agent shall not be liable, except for its own negligence or willful misconduct
and, except with respect to claims based upon such negligence or willful misconduct that
are successfully asserted against the Escrow Agent. The Company shall indemnify and
hold harmless the Escrow Agent (and any successor Escrow Agent) from and against any
and all losses, liabilities, claims, actions, damages and expenses, including reasonable
attorneys' fees and disbursements, arising out of and in connection with this Agreement.
111111111111111111111111111111111111111 I I 11111 1111101
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c) The Escrow Agent shall be entitled to rely upon any order, judgment, certification,
demand, notice, instrument or other writing delivered to it hereunder without being
required to determine the authenticity or the correctness of any fact stated therein or the
propriety or validity of the service thereof. The Escrow Agent nay act in reliance upon
any instrument or signature believed by it to be genuine and may assume that any person
purporting to give notice or advice, or to accept and acknowledge receipt, or to make any
statement or execute any documents in connection with the provisions of this Agreement
has been duly authorized to do so.
d) In the event that the Escrow Agent shall be uncertain as to its duties arising under this
Agreement or shall receive instructions from the Company as to the funds held in the
Escrow Account that, in its opinion, are inconsistent with each other or are in any conflict
with any of the provisions of this Agreement, the Escrow Agent shall be authorized to
hold any and all Proceeds received by it, together with any other amounts that shall
accrue to or be deposited in the Escrow Account, pending the settlement of any such
controversy by final adjudication of a court of competent jurisdiction, or the Escrow
Agent may, at its option, deposit such funds with the clerk of a court of competent
jurisdiction, in an appropriate proceeding to which all parties in interest are duly joined.
e) The Escrow Agent (and any successor escrow agent) may at any time resign as such by
delivering all amounts held in the Escrow Account to any successor escrow agent
designated by the company in writing, or to any court of competent jurisdiction,
whereupon the Escrow Agent shall be discharged of and from any and all further
obligations arising in connection with this Agreement. The resignation of the Escrow
Agent will take effect (i) upon the appointment of a successor (including a court of
competent jurisdiction) or (ii) thirty (30) days after the date of delivery of its written
notice of resignation to the Company, whichever first occurs. If at such time the Escrow
Agent has not received a written designation of a successor e scrow agent, the Escrow
Agent's sole responsibility thereafter shall be to safekeep the funds held in the Escrow
Account until receipt by it of a written designation by the Company or a successor
escrow agent or a final order of a court of competent jurisdiction.
f) The parties hereto hereby irrevocably submit to the jurisdiction of any Colorado state
court or federal court sifting in Colorado in any action or proceeding arising out of or
relating to this Agreement, and the parties hereby irrevocably agree that all claims in
respect of such action or proceeding shall be heard and determined in such state or
federal court. T he p arties t o t his A greement h ereby consent t o and g rant t o any s uch
court jurisdiction over the persons of such parties and over the subject matter of any such
dispute and agree that delivery or mailing of any process, instrument or other paper in
connection with any such action or proceeding in the manner provided in this Agreement,
or in such other manner as may be permitted by law, shall be valid and sufficient service
of such process, instrument or other paper.
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g) This Agreement shall be binding upon and inure solely to the benefit of the parties hereto
and their respective successors and assigns, and shall not be enforceable by or inure to the
benefit of any third party. Except as provided herein with respect to a resignation by the
Escrow Agent, no party hereto may assign any of its rights or obligations under this
Agreement without the prior written consent of the other parties hereto.
BINDING:
This agreement shall be binding on the heirs, successors, and assigns of the parties.
IN WITNESS WHEREOF the parties hereto have signed this Agreement this /(p day of
September, 2004.
BY:
A. p, Developer
Teresa M tamp, eveloper
STATE OF COLORADO
COUNTY OF Li e d� ,1
The foregoing instrument was acknowledged before me this \tday of co t,r, 2004
by V S S\a„r,p andd".o(ti so- M . •
My Commission Expires
My Commission expires May 10,21M8 -
ftY PV'
Witness my hand and official seal O ), 2 \%.•
to It
Notary Public , SANDRA M
OLSON
ESCROW AGENT: 9A:pF -pPP-r
Flatirons Bank
5400 Mt. Meeker Rd.
Boulder CO 80301 .t1•T kp
% 'e S. Karlstrum (litQO
President/Cashier 71041-1" der
OF GOB
My «.
aaiaRV 17,2007
HBO 1111111111111111111111 I I I I 111111 I I I I I I I I I I I 11111 r�"i6,
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#At41:
MEMORANDUM
WID� TO: Board of County Commissioners 9: 5?
COLORADO. DATE: September 10, 2004
FROM: Sheri Lockman, Planner II
SUBJECT: Acceptance of Improvements Agreement According to
Policy Regarding Collateral for Improvements (Private Road
Maintenance), and Agreement for Improvements for Weld
County Road 38 Road Stabilization for Dust Control
Stamp Minor Subdivision
Case Number MF-1017
Jeff Stamp
The Departments of Planning Services and Public Works have reviewed the Improvements
Agreements for Stamp Minor Subdivision.
Items covered under the Improvements Agreements include:
Street grading $ 12,500.
Street base $ 22,500.
Ditch Improvements $ 13,880.
Mains $ 52,200.
Fire hydrants $ 4,000.
Street name signs/stop sign $ 100.
Road culvert $ 1,700.
Grass lined swale $ 500.
Telephone $ 32,000.
Electric $ 30,000.
Total Estimated Cost of Improvements $169,380.
County Road 38 Stabilization and Dust Control $ 20,232.
The Department of Public Works and the Department of Planning Services, have determined
that the amount of the agreements will be sufficient to complete the work required for Stamp
Minor Subdivision and County Road 38. The Department of Planning Services recommends
acceptance of the Improvements Agreement According to Policy Regarding Collateral for
Improvements (Public Road Maintenance) and Agreement for Improvements for Weld County
Road 38 Road Stabilization for Dust Control.
MEMORANDUM
ritt;-).„ TO: Peter Schei DATE: February 20,2004
FROM: Donald Carroll, Engineering Administrator
1119€ SUBJECT; MF-1017, Jeff Stamp, Minor Subdivision
•
COLORADO --.-
At your request, I have reviewed the Improvements Agreement According to Policy Regarding Collateral for
Improvements (private road maintenance)and Agreement for Improvements for W CR 38 road stabilization for
dust control.
In utilizing the plat drawing of the Onsite Improvements Agreement for(private road maintenance) I verified
quantities and unit costs for estimated construction costs,site grading,street grading,street bryse,fire hydrants,
street name signs, stop signs, and culverts. All units costs appear to be adequate to compl•,te the project. I
recommend acceptance of the transportation portion of the Exhibit"A."
All other non-transportation items should be verified by Planning Services prior to scheduling,
In the Road Stabilization Improvements Agreement,the developer agrees to pay the amount(1$2,248 for each
lot,which is identified on Page 2 of 5, Item 3A. In checking the calculation in Item No 3C, tha lot commitment
does not add to the number that appears in the agreement, I have contacted Todd Hodges Design to rework
the figures to match the total requirement of $20,232. Once this has been recalculated rnd submitted for
verification, I recommend acceptance of this Improvements Agreement at that time.
pc: MF-1017
Sheri Lockman, Planner II
M:\PLANNING-DEVELOPMENT REVIEw\MF\Mr-1017.doc
aVVd L6b9b0E0L6,XVd LSXM OIIHnd LAND GJ3M WV S It IEJ 60-01-d3S
SEP-10-04 FRI 11 :30 AM WELD COUNTY PUBLIC WKS7 FAX:9703046497 PAGE 8
(Fr: IS 104
MEMORANDUM
TO: Peter Schei DATE: March 12. 2004
FROM Donald Carroll, Engineering Administratorn y �/� o
COLORADO SUBJECT: MF-1017, Jeff Stamp, Minor Subdivision
Road Stabilization and Improvements Agreement
Messnei.Engineering has recalculated Item No. 3C. in the Improvements Agreement for WCR
30, Road Stabilization for Dust Control. The $20, 232 matches the cash in the escrow when
fully funned,
This agreement for Improvements for WCR 38 Road Stabilization for Dust Control needs to be
signed by the developer prior to scheduling with the Board of County Commissioners.
Please sign this document and forward it to Peter Schei, Weld County Public Works, for
scheduling with the Board of weld County Commissioners.
pc: Shej Lockman, Planning
PettxSchei, Public Works
MF-1017
M;\PLANNING DEVELOPMENT REVIEWI3-Final Plat(PF,MF)1MF-1017,Jeff Stamp.DOC
✓ MF.^bkle.P-.._. 3.- 15,- 04-
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Phone 0 Phone#
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w y 'ul et 4"a af A' ; ,.... 5400 Mt. Meeker Road, Boulder, CO 80301
303/530-4999 • Fax 303/530-4735
FLATIRONS
BANK
November 10, 2004
Board of County Commissioners
Attn: Clerk to the Board
P.O. Box 1190
Greeley, CO 80632
Re: A. Jeffrey and Teresa M. Stamp Letter of Credit
To Whom It May Concern:
Enclosed is an updated replacement of our original Letter of Credit number 30 issued
August 23, 2004. The original letter of credit contained a typographical error in the
expiration date at the top of the page. We have issued Letter of Credit number 32 as a
replacement. Please sign the lower portion of this letter and return this along with the
original Letter of Credit number 30 back to Flatirons Bank.
We appreciate your assistance. If you have any questions, please feel free to contact us at
303-530-4999. Thank you.
Sincerely,
Tom Chesney
President/CEO
We acknowledge receipt of the Letter of Credit number 32 as a replacement to previous
Letter of Credit number 30. We acknowledge the original Letter of Credit number 30 has
been cancelled and we are returning it back to Flatirons Bank.
\\,1/41/= -" Date:Iif
Board of Commissioners
www.F1atlronsBank.corn
Member FDIC
Y
5400 Mt. Meeker Road, Boulder, CO 80301
FLATIRONS 303/530-4999 • Fax 303/530-4735
BANK
IRREVOCABLE LETTER OF CREDIT NO 30
August 23, 2004
(I . NO
Board of County Commissioners Letter of Credit No. 30
ATTN: Clerk to the Board Issue Dote: August 23, 2001
P.O. Box 1190 '�'
Greeley, CO 80632 Amount:Date: 69,380 .0023, 2064
$169,380.00 i„
(One hundred and sixty nine
thousand three hundred and eighty
dollars and no/100)
RE: A. Jeffrey and Teresa M. Stamp
Dear:
We hereby open our Irrevocable Letter of Credit in your favor for the account of A.
Jeffrey and Teresa M. Stamp, 5301 Weld County Road 38, Platteville, CO 80651, for
a sum not to exceed the aggregate of One hundred and sixty nine thousand three
hundred and eighty dollars and no/100.
Each draft so drawn must be marked drawn under FLATIRONS BANK, 5400 Mt.
Meeker Rd, Boulder, CO 80301, Letter of Credit No. 30 and be accompanied by a
signed statement from the Board of County Commissioners of Weld County, Colorado
stating A. Jeffrey and Teresa M. Stamp have committed a material breach of the
Improvements Agreement According to Policy Regarding collateral for Improvements
regarding, Site specific development plan and minor subdivision final plan, MF
#1017, for nine lots with F (estate) zoning-Jeff Stamp dated die 19" day of May,
2004 by and between A. Jeffrey and Teresa M. Stamp 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, 1993 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 our main
office, FLATIRONS BANK, 5400 Mt Meeker Road, Boulder, CO 80301. This letter of
credit will expire on 8/18/2006 at 5:00P.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 FLATIRONS BANK 5400 Mt. Meeker Rd, Boulder,
CO 80301, notifies beneficiary in writing that the letter of credit will not be renewed.
www.F1atlronsBank.corn
Member FDIC
In the case you receive such a notification you may draw by presentation of the
following:
a) A draft at sight on FLATIRONS BANK.
b) A statement purportedly signed by an official of the Board of Commissioners
of Weld County, Colorado stating that we have received notice from
FLATIRONS BANK the Letter of Credit No. 30 will not be renewed and that A.
Jeffrey and Teresa M. Stamp has failed to provide proof of adequate collateral
and substitution of this Letter of Credit No. 30
c) Copy of letter from FLATIRONS BANK stating non-renewal of Letter of Credit
No. 30 and the original letter of credit.
Yours truly,
Tom Chesney
CEO/President
Rep
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Page 1 of 1
•
Donna Bechler
From: Donna Bechler
Sent: Wednesday, July 15, 2009 10:19 AM
To: 'kro40@starband.net'
Cc: Donald Carroll
Subject: Escrow Agreement
Attachments: Stamp.pdf
Jeff,
I am sending this to Don Carroll as well, so I will explain a little bit of what is happening.
Don,
I called Flatirons Bank to see if the Escrow Account for Jeffrey and Teresa Stamp was still in place. Irene, in the
loan department, was not able to find any information regarding an Escrow account, so she called Jeff, and he
called me. I am e-mailing a copy of the Escrow Agreement to him, and he would like you to call him at 303-931-
8951, to figure this out. I am attaching a copy of the Resolution and Escrow Agreement from 09/22/2004. The
Irrevocable Letter of Credit was released 01/19/2005.
Thanks,
Donna
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kroyo ge5tar.b and, net
303 93i p95/
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7/15/2009
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