HomeMy WebLinkAbout810532.tiff November 12, 1981
Mr. Tom Honn
Weld County Planning Dept.
915 10th Street
Greeley, CO 80631
Ref: Performance Bond for Panoram Industrial Park Subdivision
Dear Tom:
In accordance with our telephone conversation, during the week of Nov.2 ,
1981, we are submitting the following proposals for evaluation by the
County Commissioners as a way of fulfilling the performance bond require-
ments on Panoram Industrial Park.
1. A letter signed by WRG Construction Company guaranteeing the perform-
ance on this project.
2. An off-site improvement bond furnished by St. Paul Insurance Company.
You will notice that this bond starts at $147,840.00 and is guaranteed
renewable on an annual basis with escalating amounts up to the
$250,000.00 requirement for the fifth year.
The near-impossibility of acquiring a developer's bond for the full
$250,000.00 amount was not recognized by this writer until we had ap-
proached the surety industry. Apparently many developers in the past have
not lived up to their obligations and contrary to our experience in the
contracting business, developmentf bonds are not a popular subject for
surety companies.
We appreciate the Commissioner's consideration of a modified form of
guarantee in light of the fact that the permanent improvements to roads and
drainage are not required and in fact would be detrimental to the present
use of the land. The operations of Mr. Stonebraker on the westerly
portion of this parcel would be dramatically affected by opening a public
access road on Panoram Circle. The present Precast business has it 's own
utilities and separate roads and is thus not being affected by the lack
of permanent roads. Mr. Stonebraker has approximately four years left
on his lease, which can be cancelled by me before the fourth year, but
would not serve either party's interest at this time. The development
bond is therefore not guaranteeing the completion of any facilities
until the need is there during the fifth year of this agreement.
We look forward to discussing the details of this potentially mutually
satisfactory method of covering the performance bond.
Sincerely,
/
Dale G. Harrington G/
DGH:jfh
cc: file
810532
r}t_ )31c4
Bond No. 400 GB 3134
ST. PAUL FIRE AND MARINE INSURANCE COMPANY
ST. PAUL, MINNESOTA
Property&Lambly
Insurance A CAPITAL STOCK COMPANY
KNOW ALL MEN BY THESE PRESENTS, That we, DALE G. HARRINGTON
, of
160 SOUTH HOLLAND, LAKEWOOD , COLORADO 80226 as Principal
and St. Paul Fire and Marine Insurance Company, a Minnesota Corporation, and having its principal office in
the City of St. Paul, Minnesota, as Surety, are held and firmly bound unto
COUNTY OF WELD, COLORADO , hereinafter called the Obligee, in the penal sum of
and
ONE HUNDRED FORTY SEVEN THOUSAND EIGHT HUNDRED FORTY 100
Dollars (($$ 147 ,840 . 0 9,
lawful money of the United States of America to be paid to said Obligee, for which payment well and truly
to be made, we bind ourselves, our heirs, executors, administrators, successors and assigns, jointly and sever-
ally, firmly by these presents.
13th November
Signed with our hands and sealed with our seals this, the day of
A. D. 19 81
WHEREAS, a LICENSE or PERMIT has been granted by the Obligee to the abc,ve bounden
Principal authorizing him for off site improvements located at Panorama Industrial
Park in Weld County, Colorado
Now therefore, the Condition of this Obligation is such, that if the said Principal shall faithfully ob-
serve the provisions of the Laws, Ordinances, and Resolutions, governing the issuance of this License or
Permit, then this Obligation shall be null and void,otherwise to remain in full force and effect.
Liability under this bond shall terminate as of the 13t1Uay of November 19 82
as to any acts subsequent thereto., unless said bond is continued in force from year to year by the issuance of
a continuation certificate signed by the Surety.
The Surety may cancel this bond at any time by filing with the Obligee thirty (30) days written
notice of its desire to be relieved of liability. The Surety shall not be discharged from any liability already
accrued under this bond, or which shall accrue hereunder before the expiration of the thirty day period.
DALE G. HARR INGT Principal
ST. PAUL FIR AN/) MARINE INSURANCE COMPANY
By.a.
7
J Attorney-in-fact.
11077 Ed. 2-5c Printed In U.5/A
P RA}h ARMS' F DAUL FIRE AND MARINE INSURANCE CO `ANY CERTIFICATI OF
385 Washington Street,St.Paul,Minnesota $. ,2 AUTHORITY NO.
ProinNInsinnt
GENERAL POWER OF ATTORNEY - CERTIFIED COPY 1 0((ti 9,.7 0
(Original on File at Home Office of Company. See Certification.)
KNOW ALL MEN BY THESE PRESENTS: That St.Paul Fire and Marine Insurance Company,a corporation organized and existing under the laws of the State
of Minnesota,and having its principal office in the City of St.Paul,Minnesota,does hereby constitute and appoint:
F. E. Shellman, W. E. Haymes, Kenneth L. Brocklesby,
Barry N. Blanchard, Joyce Skaggs, Kevin M. Spellacy,
Denora May, Julie A. Evans , individually, Denver, Colorado
its true and lawful attorney(s)-in-fact to execute,seal and deliver for and on its behalf as surety,any and all bonds and undertakings,recognizances,contracts of
indemnity and other writings obligatory in the nature thereof, which are or may be allowed,required or permitted by law,statute,rule,regulation,contract or
otherwise,
UNLIMITED AS TO CHARACTER AND AMOUNT
and the execution of all such instrument(s) in pursuance of these presents, shall be as binding upon said St.Paul Fire and Marine Insurance Company,as fully
and amply,to all intents and purposes,as if the same had been duly executed and acknowledged by its regularly elected officers at its principal office.
This Power of Attorney is executed,and may be certified to and may be revoked, pursuant to and by authority of Article V,-Section 6(O, of the By Laws
adopted by the Board of Directors of ST. PAUL FIRE AND MARINE INSURANCE COMPANY at a meeting called and held on the 23rd day of January, 1970,
of which the following is a true transcript of said Section 6(C):
"The President or any Vice President,Assistant Vice President,Secretary or Resident Secretary shall have power and authority
(1)To appoint Attorneys-in-fact, and to authorize them to execute on behalf of the Company,and attach the Seal of the Company thereto,bonds
and undertakings,recognizances,contracts of indemnity and other writings obligatory in the nature thereof,and
(2)To appoint special Attorneys-in-fact, who are hereby authorized to certify to copies of any power-of-attorney issued in pursuance o' this
section and/or any of the By-Laws of the Company,and
(3)To remove,at any time,any such Attorney-in-fact or Special Attorney-in-fact and revoke the authority given him."
Further, this Power of Attorney is signed and sealed by facsimile pursuant to resolution of the Board of Directors of said Company adopted at a meeting duly
called and held on the 6th day of May,1959,of which the following is a true exerpt:
"Now therefore the signatures of such officers and the seal of the Company may be affixed to any such power of attorney or any certificate relating
thereto by facsimile, and any such power of attorney or certificate bearing such facsimile signatures or facsimile seal shall be valid and binding upon the
Company and any such power so executed and certified by facsimile signatures and facsimile seal shall be valid and binding upon the Company in the
future with respect to any bond or undertaking to which it is attached."
c• :Ott
o%
IRE SEE%/ IN TESTIMONY WHEREOF, St. Paul Fife and Marine Insurance Company has caused this instrument to be signed and its corporate
itf
aQ, *.7P seal to be affixed by its authorized officer,this 2nd day of January,A.D. 1980.
Z ST. PAUL FIRE AND MARINE INSURANCE COMPANY
Sof.
' _ �(I„ m-_
STATE OF MINNESOTA ,./�_
_6 e" _� County of Ramsey ss' ‘917, 41
'°'✓"4R ANCErillitianoo\; Vice President
On this 30th day of March ,19 81, before me came the individual who executed the preceding instrument, io me
personally known, and, being by me duly sworn,said that he/she is the therein described and authorized officer of St.Paul Fire and Marine Insurance Company;
that the seal affixed to said instrument is the Corporate Seal of said Company;that the said Corporate Seal and his/her signature were duly affixed by order of
the Board of Directors of said Company.
IN TESTIMONY WHEREOF,I have hereunto set my hand and affixed my Official Seal, at the city of St.Paul, Minnesota,the day
�I Al. se and year first above written.
C 'ereeri/C•e' l.
. / r
04.1"" 42' V.C.INNES,Notary Public,Ramsey County,MN
treOutni My Commission Expires April 27. 1983
CERTIFICATION
I, the undersigned officer of St. Paul Fire and Marine Insurance Company,do hereby certify that I have compared the foregoing copy of the Power of Attorney
and affidavit,and the copy of the Section of the By-Laws of said Company as set forth in said Power of Attorney, with the ORIGINALS ON FILE IN THE
HOME OFFICE OF SAID COMPANY, and that the same are correct transcripts thereof, and of the whole of the said originals, and that the said Power of
Attorney has not been revoked and is now in full force and effect. C '
�RE 6 L (11:11 ////� -�'
re IN TESTIMONY WHEREOF,I have hereunto set my hand this
4rvr
�?'om 13th dernr. November ,19 £51 y
ti FSec Secretary
Only a certified copy of Power of Attorney bearing the Certificate of Authority No. printed in red on the upper right corner is binding. Photocopies,carbon
copies or other reproductions of this document are invalid and not binding upon the Company.
ANY INSTRUMENT ISSUED IN EXCESS OF THE PENALTY AMOUNT STATED ABOVE IS TO'IALLY VOID AND WITHOUT ANY VALIDITY.
For verification of the authenticity of this Power of Attorney,you may telephone toll free 800-328-9821 and ask for the Power of Attorney Clerk. Please refer
to the above Certificate of Authority No.and the above named individual(s).
IA/Z4
WRG CONSTRUCTION CO. 2534 18ih Street
P.O. Box 5572
(303)455-5566 Denver, Colorado 80217
November 16, 1981
Weld County Commissioners
915 10th Street
Greeley, CO 80631
Dear Commissioners:
Dale G. Harrington has purchased the plot of land known as Panoram Industrial
Park in Weld County, State of Colorado.
It is understood that Dale G. Harrington has signed a subdivision agreement
dated Sept. 30, 1981 with Weld County acting through its board of county
commissioners.
We, as WRG Construction Company, will guarantee that Dale G. Harrington
will complete the requirements of the subdivision agreement without any
expense to Weld County, Colorado.
We enclose a copy of the latest monthly financial statement of WRG Construct-
ion Company.
Sincerely,
WRG CONSTRUCTION CO.
Dale G. Harringto
President
DGH:jfh
Enclosure
cc: file
WRG CONSTRUCTION COMPANY
Denver, Colorado
BALANCE SHEET
June 15, 1981
ASSETS: COST BASIS MARKET VALUE
Current Assets
Accounts Receivable 231,613.50 231,613.50
TOTAL CURRENT ASSETS 231,613.50 231,613.50
Property and Equipment
Land 44,743.89 63,000.00
Land Improvements 22,794.51 19,000.00
Buildings 68,553.62 66,000.00
Construction Equipment 501,201.34 583,000.00
Vehicles 7,355.80 3,800.00
644,649. 16 734,800.00
Ace ummuLaced Depreciation 457,476.78 _ -0-
PROPERTY AND EQUIPMENT (NET) 187,172.38 734,800.00
TOTAL ASSETS 418,785.88 966,413.50
LIABILITIES AND STOCKHOLDER EQUITY:
Current Liabilities
Retainage Payable 232,869.64 232,869.64
TOTAL LIABILITIES 232,869.64 232,869.64
Stockholder Equity
Common Stock
$10.00 Par Value, 40,000 shares
Authorized 21, 192 Shares Issued 211,920.00 211,920.00
Market Value Capitol Acquision ( 26,003.76) 521,623.86
TOTAL STOCKHOLDERS EQUITY 185,916.24 733,543.86
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY 418,785.88 966,413.50
PERSONAL RECEIVABLES: 309,397. 14
TOTAL MARKET VALUE 1,042,941.00
BANK REFERENCES
ALAMEDA NATIONAL BANK
Attn: Mr. Norm Burkepile
(303) 922-1181
FIRST NATIONAL BANK OF ENGLEWOOD
Attn: Mr. Jerry Evans
(303) 761-1420
UNITED BANK OF LAKEWOOD
Attn: Mr. Tom Courson
Mr. Steve Breadon
(303) 936-7381
UNITED BANK OF DENVER
Attn: Mr. Pat Green
(303) 861-8811
FIRST NA'! IONAI, BANK OF DENVER
Attn: Mr. Rod Turner
(303) 893-2211
FIRST NATIONAL BANK OF CONWAY SPRINGS, KANSAS
Attn: Mr. Lawrence Bennett
(316) 456-2224
WESTERN NATIONAL BANK OF CASPER, WYOMING
Attn: Mr. Bill Miller
Mr. Bart Smith
(307) 234-1501
SURETY REFERENCES
THE TALBERT CORPORATION
Attn: Mr. Bill Clark
(303) 839-1773
FRANK B. HALL
Attn: Mr. Charlie Workman y
(303) 758-7688
SAT, NDV 7, 1981, 10:41 Av, *** 3ALAACE SHEET *** GL41
Y.R.C. CONSTRUCTION CO. -U3- PAGE 1 8/31 /L
********t***************************t **********t************* **t* ****** ***********
--- ACCOUNT NET CHANCE BALANCE
NUMB_R DESCRIPTIi3N THIS PERIOD AMOUNT
*******************t***;ile************** * ****** ***************** t*t** *********t**1
--- ASSETS ---
CURRENT AS:>ST S
CASH
1341 CASH-G_N.:RAE Sib,S1 .11 433,226.83
TOTAL CASH 5E, 1;.11 438,226.83
ACCOUNTS RECEIVABLE
1150 Cr'NTRAC7 REC-CURRENT 76,413. 2 1,J42,398.T7
1160 RETAINAGES NEC 40 ,953.00 107,509.00
TOTAL ACCOUNTS RECEIVABLE 117,355.. 2 t,145, 3C7.77
DEFERRED CONTRACT COSTS
1550 EXCESS COSTS - 4:,, 32.10 52,712.:+n .
;OTAL DEFERRED CONTRACT C 3 S 4' ,i2. ;L . 52,712.10
PREPAID EXPENSES
154 ) DEPOSITS 20 .x; 7C [ . 0
TOTAL PREPAID EXI'ENS S 21'3.'0 700.00
TOTAL CURRENT ASSETS 665,U14. 3 1,;41,54E.60
FIXED ASSFi S
PROP =►QTY, PLANT / EQUIP.210 LAND LAND _ 44,743.89
2320 LAND IMPROVEMENTS 22,794.51
235J BUILDING 68,553.52
2400 CONSTRUCTION EQUIP 51,201.34
2450 VEHICLES 7,35_.80
2500 FURN & FIXTURES 750. 20 5,75:I .GO
2632 ACC. DEP. - LAND IMP. 3,564 .340
2635 ACC. D=P. - BUILDINGS 12,361.80C
2640 ACCUM GEPRN-EQUIP 437,970.82C
2645 ACCUM DEPRN-VEHICLES 3,579.82C
TOTAL PROP:RTY, PLANT J EQUIP. 75o.or 192,922.3E
- THER ASSETS
2040 NOTES RECEIVABLE. 2a, ,10. r 300,900 .'%0
TOTAL OTHER ,ASSETS 2a,00 .70 30G,CCl .O0
TOTAL FIXED .ASSETS 25, Y5 . 492,922.38
TOTAL --- ASSET --- 69 ,764. 3 2, 134,463.98
31T, NOV 7, 1931, t _ •1 •1H * *t 8ALA'jCY SHEET *** GL41
J.R.G. C .NSTRUCTICN i.... . -U.)- PA,iE 2 8/:3I/S
**-k*** ************************* **** k****k*******x*:t**x***k******************** ****
ACCOU. T WA' CHANGE BALANCE
DUMBER CESCRIPTIrN THIS P E�'.IOD AMOUNT
--- L.IABI+ITI :.; --�
CURRENT LIABILITIF1
ACCOUNTS PAYM L=
3010 OPEN ACCOUNTS PAYABLE 29::,137.54CR 446,955.99C
3611 N/£ ACCOUNTS PAY ACCR 116,553.: 9CP 125,656.190
3020 . RLTAI`JAGES DUE I1 1YP 4,88f+.35CR 237,75P.OQC
3L25 J U PAYABLE 297,45S. 1 _ 194,727.57C
TOTAL ACCOUNTS PAYABLE 119,715.79CR 1,005,129.65C
PAYR?LL AND SALES TAXES
3151 ACCRUED SALARIES 104,3I9.61CR 104,519.b1C
3220 UN MPLOYM:NT TAX PAYABLE 11,31G. .4C
3233 FICA TAX PAYABLE 8,445.x.4
324 FED INC TAX J/H 11,821.12
3413 DLNV:.R CITY TAX Will PAY 336.':tCR 52t'.3GC
3507 COLO IMC TAX 1J/H 12,871.5SCIt 1e,666.9%C
wTAL PAYW3LL AND SALES TA1:: S 97,45..-1CR 135,71T.21C
MISCZLLANEOUS PAYABLS
3490 EXCESS BILLINGS 494,767 . 0CR 495,57&.00C
TOTAL MISC_LLANECUS PAY ,A L=S 4y4, ► 67.Gi�CF: +fin s,57fs.30C
TOTAL Csi;''R€NT LIABILI TI 711,`343.20CR - - 1, 63 ,424. 6C
LONG TERM LIABILITIIIS
4020 NOTES PAYABLE—LONG TERP 334, G00.Cs1C
,"CTRL LNG 'i i?t1 LIAB:3LTTIE3 3n,Oo('.^LC
I TAL --- LIASIL.ITIES --- 711, 43.2C,. 1,936,424. 6C
STOCKHOLDERS EQUITY
STOCK
-
4210 C':M )N STOCK ISSU'=D 211 ,920.01C
429 i LASURY STOCK 26.,003.76
c;TAL STOCK 185*916.24C
RETAINED EARNINGS
:S99999 C(JRENT FISCAL YEARS INC . 21 ,178.57 12,127.88C
i CTAL RETAINED EARNIT3 21,173.37 12,127.8SC
TOTAL STOCKAOLL RS EQUITY ?1,$'.79.37 1`?8,044 .12C
'A-1-, NOV 7, iVts1, 10:41 Am *** BALA•C : SH=_T ** * CL41
Q.R.S. CONSTRUCTION CO. —UT:-. Pa = n/31/
*****t* #***** ********it***'**#* *** ****# k***t* k ***#*f ** * **************** k t*#* * k k*******
ACCOUNT NET ChA JG[ h?ALA' C�
`,UMBER GSCR IPT1 `.t Tt IS #'ERIaO AMOUIT
********t*****t** t**:1**t x#*k **ti k*#*t*** k* **** 1******** ** kttt*# *t*** ***k** ***t i
TOTAL LIABILITTtS / EQUITY o ' ti64. " JrL: 2: 134,4 c.`8C
111 }...1 ) i Oi7 i .. ' .r. •
X CF INC ;F1t *'k Ii C )!'_ ; TAT=.MLIT ** GL`i11
A.R.O. CONSTRUCTION Cf.. -U3- PAGE P 'IIGD F. NOI:VG 8/31/E
k****tit*fit***fir*********•*•**t**** k***** * ***kit** ****iii************** *******************
ACCOUNI CU1k_4T % :.sF r=:AR % CF
NUMBER DESCRIPTION PE.ti:)D 1NC,)H` TO DAT7 INCOME
INCOME ------------
.)ARECT SALES
4510 CONTRACT BILLING`.'. .74,:193.740 l.)7.274 1,775,021 .35'CR 133.24%
4511 :_XCESS COST 194,767.0 ` .12, 495,57S..C• J 57. 2 %
4512 EXCZSS BILLINGS . 4 ,d3?.3CCR 7.8`_=2 52 ,712.00Cit 3.961
TOTAL DIarCT SAL'LS 320,11 3.14 R 1:- J.{'C% 1,332. 155 .39CR 1CD. U ;%
--
TOTAL INCOME 520,134.74CR 12. 1 1,332,155.39CR 1N)O. Q %
COST )F SALE
)IRECT dOd COST/COST OF SAL 3
4 731 CONST COST LABOR - 345, 544.E4 67.2F.% 529 , 373.1L 39.061
4752 CONST COST MATERIAL 187,756.11 36.100% 317,15;:.05 236. 1%
4753 CONST Ct)ST EQUIP 124,636.71 23. ?: X 162,4;:i.2 12.1 %
4754 CONST COST SUBS 412,35 . C; 7'3.:?7% 41 ,47:3.52CR 3.11%
4755 CONST COST OTHER 2:3,3'.3 .01 5.46% 6� ,u'3: .e:5 4.56%
4757 LABOR BURDEN 137 ,51 .15 `6.44% 204 ,:3!''3.4 .5 15.34%
4755 ACCRUED PAYROLL 1G4,2S 2.A5 21. 4% 13, 7£+4.9"! $.1;=%
'OTAL DIRECT JOB COST/COST OF SAL 320,13'3.17 1P0.:1 % 1,332,15 ,.26 100.0 %
TOTAL COST OF SALES 2 ,1 . 1-' 1's^. 1 1,332 ,136.26 100. 0 _%
7-----
k ** SRO : PROFIT .'=3 % .'3 7 %
!ARIAI:LE OVERHEAD
6E)20 ADVERTISING 3
4
RTISING 2::!!5y0.0 . :,% 2:i�a.: . 2.6:-“,U6, U AUTO EXPENSE '. Cul • 11 1e4 .8 . 01%
6U60 BID EXPENSE 18 ).03CR .0S% 4`;4.OG :.
6080 COMPUTER SERVICE EXP 1,862.63 .3 •% 4,3d2. 1 .37%
6130 UUCS & SUBSCRIPTIONS 3'5.CC . % S01.9 C . 5%
6150 SEMINAR/CONVEP TIN EXP 215.00 .04% 21.:.O'_' . 02%
617C EMPLOYEE EXP'NSE 47.36 .91% 47.3:4 .01%
623C LICCNSE FEE & PROP TAX 41°5. 'D . . 8% 41E .? '. .CZ%
6250 LEGAL & PROFESSIPNAL !F^. z .:i1% 36 .5 . 03%
. 627') OFFICE EQUIP LEA TO 73.,34 .^ % 717.34 . i)5%
6310 OFFICE SUPPLIES & .XF 1,233.46 o';141 2, 304.34 .171
6335 OFFICE RENT % 5C- .00 . 4%
6340 POSTAGE & F;1EIGHT S.3Y.C '. X 257.2" .02%
6360 REPAIRS & MAI?V.UACE 306. IG .IX 92; ,29 . 07%
639 TELEPHONE EXPENSES 4.47C': % 828.g': .C6%
6513 PAYROLL CLEANING '.17.20 .3'% 16.5F X
6303 ADMIN`J.I STR,TIV'_ SPLARI 3, 2d! .') * S3% 4, (31.c•'' .3 %
6730 AOMN P/R TAX & INS 217.6q .04% 2'f0 .::':' . 6 %
676 3AF-TY 112..6, .CZ% 112.36 .0'1
AT, ILV : $ ' 1 1 { i;'
OF INC:)r'4E *** IYC:)P1 STATEMENT *** G1411
a.R.G. CONSTRUCTION Cl. —U i-- PAdE P=-RirC ENDING F/31/E
ACC'3UNT CURRENT % OF Y::AR % CF
AMBER D SCRIFTIN PERIOD INCOME TO DATE INCCM
i OTAL VAr,IABLE niEi HEAD 3,53?,.44 1 ..34% 17,2 6.". 3 1.3U%
IXED OVERHEAD
571G . C+DLO P/R TAX & IN 37,272. 3 11.01 % 82,')b2.84 ii.Ic�'1'.
51310 COLO UNI7N FRINGES 73,173. . .E 1?.9::N 93 ,133.06 6. 99%
5980 FIR TAX & INS APPLI:D 75, '69.74CR 14.43% 111 ,485.2218 8.37%
5990 UNION FRINGES A?PLITD 52,6 .`31Cf 12. ;;% 93,103.06CR •_-.. 99%
rCTAL FIXTJ OVERH AO 12,;39.4 `_ 2.'f % 2 i,422 .3CR 2.21%
C DTAL OVERHEAD 21,178.14 4. i% 12,126.351 R .91%
*** NET rP:RATING INCOME 21 ,17:. 7 4.,-Y% 12,125.4 CR . 91%
CITF;_i2
,THER INCOME
4650 DISCOUNTS EARNED % 2.4 .R %
•
f OTAL OTHER INCOME..
2.4CR X
TOTAL OTHER X 2.4CCR %
** NET I MC' M (C ) c,a L^:� i 21 ,178.57 .".i7% 12,127.8RC:t . 1%
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December 7, 1981
Mr. Tom Honn
Weld County Planning Dept.
915 Tenth Street
Greeley, Colorado 80631
Ref: Performance Bond for
Panoram Industrial Park Subdivision
Dear Tom:
In accordance with our recent conversation, we are submitting the
attached copy of a purchase and sale agreement for lots 14, 15, 16, and
17 in Panoram Industrial Park Subdivision.
You will note that on page two of this agreement (Subparagraph D) that
the purchaser agrees to make no demand whatsoever upon Weld County for
the installation of such improvements and this restriction sy be
included in the deed from seller to purchaser. )(
Since this form of agreement and restriction in the deed seems to
satisfy the requirements of the county attorney, and is acceptable to
the purchasers of these initial parcels, we believe that this document,
along with the performance bond, as presently in your possession, should
allow us to proceed with the recording of the final plat.
Please let me know if any additional information or discussion is
needed.
Sincerely,
Dale G. Harrington
DGH:jfh
Attachment
cc: file
I l ' )\
PURCHASE AND SALE AGREEMENT
THIS AGREEMENT, made and entered into this / er
day of
, 1981, by and between DALE G. ! ARRINGTON,
Post Office Box 5572 , Denver, Colorado 80217, hereinafter
referred to as Seller, and Precast Corporation, a Colorado
corporation, :' .:', •. . li. . 'c - /
hereinafter referred to as Purchaser .
Seller agrees to sell and convey to the Purchaser and
Purchaser agrees to purchase and pay for certain real prop-
erty consisting of approximately fifteen (15) acres situated
in Weld County, Colorado, described as follows:
Lots 14 , 15, 16 , and 17,
Block 1 , Pan O Ram
Industrial Park Subdivision
Together with all rights, easements, reservations, rights-of-
way and appurtenances pertaining to or benefiting the land
conveyed.
The purchase price for the property shall be $300, 000 . 00
payable as follows:
a. ) $50, 000 . 00 by Purchaser 's execution and delivery
to Seller at closing of a promissory note for the amount and in
the form attached hereto as Exhibit A and hereby incorporated
by reference. The note shall be secured by a deed of trust to
the Public Trustee of Weld County for the benefit of Seller
covering the property in the form attached hereto as Exhibit 13 and hereby incorporated by reference.
b. ) Issuance of 200, 000 shares of common stock of
Purchaser to Seller at closing. The stock has no par value
but is valued at $1 . 00 per share for the transaction. Purchaser
shall deliver to Seller at closing the properly executed stock
certificate together with support documents of Purchaser show-
ing corporate authority to issue the shares as partial payment
for the property.
c. ) Assumption by Purchaser of $50, 000. 00 of that
debt currently owed by Seller to Austin P. Stonebraker, said
debt evidenced by a first deed of trust on the property that
is the subject of this Agreement, together with other adjacent
property. Assumption of the $50, 000. 00 debt shall be by Pur-
chaser ' s execution and delivery to Austin P. Stonebraker at
closing a promissory note for the amount and in the form hereto
attached and expressly incorporated as Exhibit C. The Stone-
braker deed of trust to be subordinated to the deed of trust
described above to be issued by Purchaser to Seller. Purchaser
�v 4 1
shall receive a release of this deed of trust upon payment of
the promissory note described in this paragraph c, as it per-
tains to the subject property.
The parties acknowledge the existance of a deed of trust
encumbering the subject property made by Seller in favor of
Pyro-Mech, Inc . , on December 1, 1980, and recorded at Book 922 ,
Reception No. 1843706 on December 9 , 1980 . Seller shall obtain
a partial release of that deed of trust as it relates to the
property which is the subject of this contract at such time as
the promissory note from Purchaser to Austin P. Stonebraker is
paid in full . Seller also agrees to obtain a Subordination
Agreement with Pyro-Mech, Inc. , whereby the deed of trust of
Pyro-Mech, Inc. , is subordinated to the deeds of trust issuing
from Purchaser to Seller.
Subject to the payment of the purchase price herein set
forth and performance of all other terms and conditions of
this Agreement Seller warrants:
a. ) That Seller has merchantable title to the prop-
erty to be sold hereunder, free and clear of all liens and
encumbrances, except as provided herein, and there exists no
restriction on the right of Seller to transfer and assign the
property and convey good title thereto to Purchaser as herein
contemplated except as set forth in this Agreement.
b. ) That there is no pending or threatened litiga-
tion, proceeding or investigation by any governmental authority
or any other person known to Seller against or otherwise af-
fecting the property nor does Seller know of any ground for
any such litigation, proceeding or investigation.
c. ) That Seller has received no written or official.
notice of any condemnation proceedings against the whole or any
part of the property.
d. ) Seller will install standard street improvements
as required by Weld County within ten years unless otherwise
agreed upon between the parties. Purchaser agrees to make no
demand whatsoever upon Weld County for the installation of such
improvements and this restriction may be included in the deed
from Seller to Purchaser.
Seller shall obtain at its expense, and deliver to Purchaser,
on or before December 1 , 1981, a certificate of taxes due on
the property and a current commitment from Transamerica Title
Insurance Company or any other title insurance company satis-
factory to Purchaser, committing said company to issue its
standard A.L.T.A. owner' s title insurance policy, following
closing date, to Purchaser in the amount of the purchase price
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described in this Agreement, insuring good and marketable
title in fee simple to the subject property in Purchaser.
It is expressly understood between the parties that:
a. ) Purchaser takes title subject to all ease-
ments, rights-of-way, covenants, restrictions, reservations,
applicable zoning laws and regulations and applicable build-
ing codes existing or of record;
b. ) No mineral or water rights shall pass from
Seller to Purchaser;
c. ) The property shall be subject to all mineral,
oil and gas leases in effect and hereafter entered into by
the owners of the oil, gas and mineral rights;
d . ) The property shall also pass subject to rights
to subjacent support as set forth in that deed recorded April
24 , 1946, Book 1177, Page 561, Reception No. 023308, Weld
County records; such easements as may be necessary to convey
water from a well site, permit #016278-F, to property in
deed. recorded March 29, 1979, in Book 864 , Reception No. 1785776
and necessary to fulfill a water rights Agreement concerning
Flatiron Pre-Mix Concrete Company dated March 28, 1979 .
Subject to payment or tender as above provided and com-
pliance with the other terms and conditions hereunder by
Purchaser, the Seller shall execute and deliver a good and
sufficient general warranty deed to said Purchaser on December
1 , 1981, or, by mutual agreement, at an earlier date, conveying
said property free and clear of all taxes, except the general
taxes for 1981, payable January 1, 1982.
General taxes for the year of closing shall be apportioned
to date of delivery of deed based on the most recent levy and
the most recent assessment.
The hour and place of closing shall be as designated by
mutual agreement.
Possession of premises shall be delivered to Purchaser on
closing subject to no lease or tenancy.
In the event the premises are substantially damaged by
fire, flood or other casualty between the date of this Agree-
ment and the date of possession or the date of delivery of
deed, whichever shall be earlier, this Agreement may, at the
option of the Purchaser herein, be declared null and void and
any deposit herein made shall be immediately returned to Pur-
chaser.
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Time is of the essence hereof, and if any payment or any
other condition hereof is not made, tendered or performed as
herein provided, there shall be the following remedies. In
the event a payment or any other condition hereof is not made,
tendered or performed by the Purchaser, then this Agreement
shall be null and void and of no effect, and both parties hereto
released from all obligations hereunder , and all payments made
hereon shall be retained on behalf of the Seller as liquidated
damages. In the event that the Seller fails to perform any
condition hereof as provided herein, then the Purchaser may,
at his election, treat the contract as terminated, and all pay-
ments made hereunder shall be returned to the Purchaser: pro-
vided, however, that the Purchaser may, at his election, treat
this contract as being in full force and effect with the right
to an action for specific performance and damages.
Except as stated herein, if title is not merchantable and
written notice of defect (s) is given by the Purchaser or Pur-
chaser ' s agent to the Seller or Seller ' s agent within the time
herein provided for delivery of deed and shall not be rendered
merchantable within 30 days after such written notice, then
this contract, at Purchaser ' s option, shall be void and of
no effect and each party hereto shall be released from all ob-
ligations hereunder and the payments made hereunder shall be
returned forthwith to Purchaser upon return of the abstract, if
any, to Seller; provided, however, that in lieu of correcting
such defect (s) , Seller may, within said 30 days, obtain a com-
mitment for owner ' s title insurance policy in the amount of the
purchase price reflecting title insurance protection in regard
to such defect (s) , and the Purchaser shall have the option of
accepting the then existing insured title in lieu of such mer-
chantable title. The Seller shall pay the full premium for
such owner ' s title insurance policy, and the abstract, if any,
shall be returned by the Purchaser.
If this proposal is accepted by the Seller in writing on
or before it /1 /?•' i , this instrument shall become a
contract between Seller and Purchaser and shall inure to the
benefit of the heirs, successors and assigns of such parties.
' /'._. ,,,_ /r' dl� , e.l/ / L // �L? /
Purchaser date
Seller f! ` date
Purchaser ' s address
. .5 / l.- . cam.-, c ,� i;nA;•,
, coa.c,
Seller ' s address r. ;;. y� ._„), ..
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