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Home My WebLink About20041431.tiff RESOLUTION � RE: APPROVE CANCELLATION AND RELEASE OF COLLATERAL FOR INDIANHEAD SUBDIVISION, S #97 -SCENIC RANGE, LLC WHEREAS, the Board of County Commissioners of Weld County, Colorado, pursuant to Colorado statute and the Weld County Home Rule Charter, is vested with the authority of administering the affairs of Weld County, Colorado, and WHEREAS, by Resolution dated January 19, 1976, the Board did approve the application of Interladco, Inc., for a Final Plat for Indianhead Subdivision on the following described real estate, to wit: NE1/4 of Section 18, Township 5 North, Range 67 West of the 6th P.M., Weld County, Colorado, and WHEREAS, on February 12, 2001, the Board of County Commissioners of Weld County, Colorado, did approve an Improvements Agreement According to Policy Regarding Collateral for Improvements (Public Road Maintenance) for Indianhead Subdivision, S #97, between the County of Weld, State of Colorado, by and through the Board of County Commissioners of Weld County, and Interladco, Inc., and accepted collateral for said agreement, and WHEREAS, through subsequent actions, the Board has released collateral and currently is holding Irrevocable Letter of Credit#122, drawn on the American Bank, 300 East 29th Street, Loveland, Colorado 80538, in the amount of$13,000.00, and WHEREAS, staff from the Weld County Departments of Public Works and Planning Services have conducted a visual inspection and recommend release of said collateral. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, Colorado, that the Irrevocable Letter of Credit#122, drawn on the American Bank, in the amount of$13,000.00 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. 111111111111111111111111111111111111111III1111111111111 3183081 05/25/2004 11:45A Weld County, CO 1 of 2 R 0.00 D 0.00 Steve Moreno Clerk& Recorder 2004-1431 PL1476 (k ; IL F7 �K� 6S— CANCEL COLLATERAL - SCENIC RANGE, LLC (INDIANHEAD SUBDIVISION, S #97) PAGE 2 The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 17th day of May, A.D., 2004. BOARD OF COUNTY COMMISSIONERS �� WELD(�COUNTY, COLORADO L. ' l lV ]E� N�N/,/��, Robert D. Masden, Chair lerk to the Board test n` � - William H. J <e, Pro-Tem �u�' i.,.._-I . % .f�� it ��• �" ? - •. ► irk to the Board M. . ile APP AS TO David Lon ty Att rn Y Glenn Vaad Date of signature: 4/ -ce'` 111111111111IIlt11111111111IN1111111 III 11111IIII1111 3183081 d Coun 2004-1431 2 of 2 R 0.00 D 0.00 Steve Moreno Clerk:Recorder PL1476 #tom MEMORANDUM Wiipe TO: Board of County Commissioners COLORADO DATE: May 11, 2004 FROM: Kim Ogle, Planning Manager SUBJECT: Indian Head Subdivic;„.on Case Number S-97 do Scenic ange_.Li C 'Leroy Gabriel / Larry Heckel On May 11, 2004, the Departments of Public Works and Planning Services performed a site investigation of the completed improvements for the Indian Head Subdivision at the request of Leroy Gabriel and Larry Heckel, applicants. Completed improvements include the construction of subdivision streets, bridges, utilities, and ditch improvements. On this date, May 11, 2004, the Department of Planning Services visited the site to determine if two non-transportation items were completed for the landscaping and the grass lined swale. Both of these items have been completed. Given this circumstance, the Department of Planning Services recommends to release the thirteen thousand (13,000.00) and no/100s dollars as all transportation and non-transportation related items are complete. The Department of Planning Services and Department of Public Works recommend to release the collateral, in the form of a Letter of Credit. 2004-1431 i CLERK TO THE BOAR D IDFA.x: PHONE (970) 336-7215 Ext. 4225 (970) 352-0242 P. O. BOX 758 WI g O GREELEY, COLORADO 80632 • COLORADO May 27, 2004 Scenic Range, LLC 1542 Westshore Drive Loveland, Colorado 80538 RE: Cancellation and release of Collateral for Scenic Range, LLC Letter of Credit#122 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 your collateral. The original Irrevocable Letter of Credit No. 122 has been returned to American Bank, 300 E. 29th Street, Loveland, Colorado 80538. 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: /7 .-1.4,-{ „/,'" Carol A. Harding, Deputy Clerk to the Board CLERK TO THE BOARD PHONE (970) 336-7215, Ext. 4225 FAX: (970) 352-0242 P. O. BOX 758 O GREELEY, COLORADO 80632 COLORADO May 27, 2004 American Bank 300 East 29th Street Loveland, CO 80538 RE: Cancellation and release of Collateral for Scenic Range, LLC Letter of Credit#122 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 your collateral. The original Irrevocable Letter of Credit No. 122 is enclosed. If you have questions or need additional information, please do not hesitate to contact me at (970) 3564000, Extension 4217. Very truly yours, BOARD OF COUNTY COMMISSIONERS By: A,'tLG /T %z.r . Carol A. Harding, —may Deputy Clerk to the Board american bank 300 E. 29th Street Loveland, Co 970.669.1776 64. (S' GF G1,- O /At IRREVOCABLE LETTER OF CREDIT NO. 122 c-S'S4,'D ISSUE DATE:5/20/02 G tiR� r O BENEFICIARY: APPLICANT: 'S'ti4 tia LLC �,K' Board of County Commissioners Scenic Range " I yt `: ATTN:Clerk of the Board 'w 'I P.O.Box 758 9e,4 vs." i� . RE: Scenic Range LLC 9�� ' y '�. EXPIRATION DATE:5/20/03 AMOUNT: $13,000.00 `}1•. "' To iv \\..49110i Gentlemen: We hereby open our Irrevocable Letter of Credit Number 122 in your favor for the account of Scenic Range LLC, 1542 • • _sr '1. r Loveland,CO 80538,for a sum not to exceed the aggregate of Thirteen Thousand Dollars($13,000.00). � Each draft so drawn must be marked Drawn under AMERICAN BANK, 300 E.29th Street, Loveland,CO 80538,Letter of Credit No. 122 and be accompanied by a signed statement from the Board of County Commissioners of Weld County,Colorado stating the following: Scenic Range, LLC has committed a material breach of the Improvements Agreement According to Policy Regarding collateral for Improvements regarding Indianhead Subdivision Improvement Agreement dated the 1st day of February, 2001 by and between Scenic Range,LLC and the Board of County Commissioners of the County of Weld. This credit is subject,so far as applicable to The Uniform Customs and Practice for Documentary Credits, 1983 Revision,The International Chamber of Commerce Publication No.400. 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,AMERICAN BANK,300 E.29th Street, Loveland,CO 80538. This letter of credit will expire on May 20, 2003 at 5:00 P.M. This letter of credit is automatically extended without amendment,for additional one year periods from the current expiration or any future expiration date unless 60 days prior to such current expiration date AMERICAN BANK notifies beneficiary in writing that the letter of credit will not be renewed. In case you receive such a notification,you may draw by presentation of the following: (a)a draft at sight on AMERICAN BANK;(b)a statement purportedly signed by an official of the Board of County Commissioners of Weld County, Colorado stating that you have received notice from AMERICAN BANK the Letter of Credit No. 122 will not be renewed and that Scenic Range LLC has failed to provide proof of adequate collateral and substitution of this Letter of Credit No. 122; (c)copy of letter from AMERICAN BANK stating non- renewal of Letter of Credit No. 122 and the original letter of credit. This Letter of Credit replaces Letter of Credit#117 dated April 15,2001. Acceptance of this Letter of Credit voids Letter of Credit#117. Yours truly, 6 Ameri Bank f by: % Areorized signator Ifarri o , Senior Vice President Name and Title of Authorized Signator Branch Locations 2695 W.Eisenhower Blvd. Mortgage Loan Offices Loveland,CO 80538 3227 Timberline Road,Fort Collins,CO 80525 303 E.Mountain Ave,Port Collins,CO 80524 300 E.29th Street,Loveland,CO.80538 2695 W.Eisenhower Blvd,Loveland,CO.80538 Nimbi-ter FDIC www.am-bk.com Hello