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Home My WebLink About20043074 RESOLUTION RE: APPROVE PARTIAL CANCELLATION AND RELEASE OF COLLATERAL AND ACCEPTANCE OF REPLACEMENT COLLATERAL FOR MINOR SUBDIVISION FINAL PLAN, MF #614, PHEASANT CREST ESTATES -TIMOTHY AND LISA BROUGH 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 September24,2003,the Board approved the application of Timothy and Lisa Brough, do Tony Evans, P. E., P. O. Box 94, Greeley, Colorado 80632, for a a Nine(9) Lot Minor Subdivision with E(Estate)Zone Uses on the following described real estate, to wit: Lot B of Recorded Exemption#1911;being part of the SW 1/4 of Section 6, Township 7 North, Range 67 West of the 6th P.M., Weld County, Colorado, and WHEREAS, on December 17, 2003, the Board of County Commissioner of Weld County, Colorado, approved an Improvements Agreement According to Policy Regarding Collateral for Improvements (Public Road Maintenance) for Pheasant Crest Estates, between the County of Weld, State of Colorado, by and through the Board of County Commissioners of Weld County,and Timothy and Lisa Brough with terms and conditions being as stated in said agreement, and accepted Irrevocable Letter of Credit #261, drawn on the New Frontier Bank, in the amount of $88,571.00, and WHEREAS,staff from the Weld County Department of Public Works has conducted a visual inspection and recommends partial cancellation and release of said collateral, and WHEREAS, 15%of the paving costs has been submitted as replacement collateral, in the form of Irrevocable Letter of Credit#286,drawn on New Frontier Bank, 1130 Main Street,Windsor, Colorado 80550, in the amount of$5,286.45. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, Colorado, that Irrevocable Letter of Credit#261, drawn on the New Frontier Bank, in the amount of$88,571.00, 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. BE IT FURTHER RESOLVED by the Board, that Irrevocable Letter of Credit#286, drawn on New Frontier Bank, in the amount of$5,286.45, be, and hereby is, accepted as replacement collateral. 11111111111111111111111111111 l i i i 111111 III 111111111 I I I I 3233523 11/05/2004 02:48P Weld County, CO 1 of 2 R 0.00 0 0.00 Steve Moreno Clerk& Recorder 2004-3074 PL1646 �'�" PL, {L //7,7 oaf. CANCEL COLLATERAL - TIMOTHY AND LISA BROUGH PAGE 2 The above and foregoing Resolution was,on motion duly made and seconded, adopted by the following vote on the 20th day of October, A.D., 2004. BOARD OF COUNTY COMMISSIONERS W D COUN Y, COLORADO T: iataktidiLAL Robert D. Masden, Chair ` == 'ty Clerk to the Board dN4 / 1861 19 William H. Jyfke, Pro-Tem • `O + ity Clerk to the Board M. eile 70V D AS Davi E. Long my Attor ey//! Glenn Vaad Date of signature: 42/.7k.., I IIIIII 11111 11111 IIIIIII VIII IIII FIE III (IIII IIII IIII 3233523 11/05/2004 02:48P Weld County, CO 2 of 2 R 0.00 D 0.00 Steve Moreno Clerk 8 Recorder 2004-3074 PL1646 NEW FRONTIER BANK IRREVOCABLE LETTER OF CREDIT NAME: TIMOTHY BROUGH AND LISA BROUGH DATE: OCTOBER 4, 2004 NUMBER: 286 AMOUNT: $5,286.45 EXPIRES: OCTOBER 4, 2005 Board of County Commissioners: 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. The applicant may draw from the Letter of Credit in accordance with the provisions of this policy. 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 on 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. 1 130 Main Street • Windsor, Colorado 80550 • 970.674-9080 • Fax 970-674-9090 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. 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 cent by certified mail to the Clerk to the Board of County Commissioners. This letter of Credit shall be governed by the laws of the State of Colorado, including Article Five of the Uniform Commercial Code. This Letter of Credit shall be subject to the Uniform Customs and Practice for Documentary Credits: International Chamber of Commerce Publication Number 400. Sincerely, ames A. Rutz Sr. Vice President OCT-13-04 WED 02:44 PM WELD COUNTY PUBLIC WKS7 FAX:9703046497 PAGE 1 MEMORANDUM T0: Kim Ogle, Planner III DATE: June 3, 2004 FROM: Donald Carroll, Engineering Administrator SUBJECT: MF-614, Pheasant Crest Estates Release of Collateral The applicant's,contractor and Jim Brewer, Weld County material representative, met on site and finalized the transportation Items associated with Pheasant Crest Estates (MF-614). Pheasant Crest Estates is proposed to be maintained by Weld County and was built to the County's•Paved Road Standard. Weld County Public Works is retaining 15%of the paving item ($5;286:4 )for a period of one year as a warranty on the pavement section. If no repe{*s are needed and if there is no distress associated with the pavement section after one:year,:'15% shall be returned. At that time, the Public Works Department will recommend that Pheasant Crest Estates is placed on the County's road maintenance system for full maintenance. All other nton-transportation items shall be verified by Planning Services prior to release of additional,o0uateral. • pc:MF•&.16'. M:\PLANSNV-DEVELOPMENT REVIEW\3-Phal PIN(PF,MF)UAF-614.Pheasant Crest Estates doe Post4r Fax Note 7671 Dee/Q./3 I4► '�.. Te CA4.0 l., 4.J From DO^S-telt Ca./Depl era_ cro 1:l Phone D Phono {rax! Fax MEMORANDUM IIiDcTO: Board of County Commissioners COLORADO DATE: October 14, 2004 FROM: Kim Ogle, Planning Manager SUBJECT: MF-614 - Pheasant Crest Estates Release of Irrevocable Letter of Credit Tim and Lisa Brough, applicants On June 3, 2004, the Department of Planning Services received a memorandum from Don Carroll, Weld County Department of Public Works acting on the request of Tim Brough, applicant, for the release of collateral for Pheasant Crest Estates, Case number MF-614. The Department of Planning Services reviewed the non-transportation items associated with the Improvements Agreement to verify that all improvements have been completed. In conversation with the applicant, Mr. Brough stated that all utilities associated with this development, i.e., telephone, gas and electric were installed in February 2004. Given that the utility component of the non-transportation items have been installed, the Department of Planning Services defers to the Department of Public Works on the release of collateral. CLERK TO THE BOARD PHONE (970) 336-7215, Ext. 4225 I FAX: (970) 352-0242 WI D P. O. BOX 758 O GREELEY, COLORADO 80632 COLORADO November 12, 2004 New Frontier Bank 1130 Main Street Windsor, Colorado 80550 RE: Cancellation and release of Collateral - Timothy and Lisa Brough To Whom It May Concern: Attached hereto please find a copy of the Board of County Commissioner's Resolution approving the cancellation and release of collateral, as referenced above. The original Irrevocable Letter of Credit No. 261 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: Carol A. Harding, Deputy Clerk to the Board 44 . o w �ti�Gv49 r � NEW FRONTIER BANK �o�w4 p �04' 0 Zw49 Ni 4S, �e IRREVOCABLE LETTER OF CREDIT #261 ti V• Gatio Timothy and Lisa Brough Dated: November 14, 2003 Expires: November 7, 2004 Number: 261 Board of County Commissioners: The Letter of Credit shall be in the amount of$88,571.00. 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. The applicant may draw from the Letter of Credit in accordance with the provisions of this policy. 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 on 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. 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, 1130 Main Street • Windsor, Colorado 80550 • 970-674-9080 • Fax 970-674-9090 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. This letter of Credit shall be governed by the laws of the State of Colorado, including Article Five of the Uniform Commercial Code. This Letter of Credit shall be subject to the Uniform Customs and Practice for Documentary Credits: International Chamber of Commerce Publication Number 400. S cerely, mRutz ice President jil(tea CLERK TO THE BOARD PHONE (970) 336-7215, Ext. 4225 FAX: (970) 352-0242 P. O. BOX 758 111 O GREELEY, COLORADO 80632 COLORADO November 12, 2004 Timothy and Lisa Brough c/o Tony Evans, P. E. P. O. Box 94 Greeley, Colorado 80632 RE: Cancellation and release of Collateral To Whom It May Concern: Attached hereto please find a copy of the Board of County Commissioner's Resolution approving the partial cancellation and release of your collateral. The original Irrevocable Letter of Credit No. 261 has been returned to: New Frontier Bank, 1130 Main Street, Windsor, Colorado 80550. 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: %it -1 1/ Carol A. Hardi g, Deputy Clerk to the Board Hello