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Home My WebLink About20031415.tiff 383 RESOLUTION RE: APPROVE CANCELLATION AND RELEASE OF COLLATERAL, AND ACCEPT REPLACEMENT COLLATERAL FOR SITE PLAN REVIEW, SPR#352 -JEFFREY WIKRE AND BEACON STORAGE, 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, on July 25, 2002, the Department of Planning Services staff approved Site Plan Review#352, for Jeffrey Wikre and Beacon Storage, LLC, 124 North County Road 21, Berthoud, Colorado 80513, for an Indoor RV, Boat, and Mini Storage Facility on the following described real estate, to-wit: Lot 6, Block 2, Rademacher Business Park amended Plat; being part of the NW1/4 of Section 23, Township 3 North, Range 68 West of 6th P.M., Weld County, Colorado WHEREAS, on October 16, 2002, the Board of County Commissioner of Weld County, Colorado, approved an Improvements Agreement According to Policy Regarding Collateral for Improvements (Private Road Maintenance) for Site Plan Review, SPR#352, between the County of Weld, State of Colorado, by and through the Board of County Commissioners of Weld County, and Jeffrey Wikre and Beacon Storage, LLC, with terms and conditions being as stated in said agreement, and accepted Irrevocable Letter of Credit#000205 from Centennial Bank of the West, 3561 Stagecoach Road, Longmont, Colorado 80504, in the amount of $94,614.00, and WHEREAS, staff from the Weld County Department of Public Works has conducted a visual inspection and recommends partial release of said collateral, and WHEREAS, the Board has been presented with Amended Irrevocable Letter of Credit #000205, from Centennial Bank of the West, 3561 Stagecoach Road, Longmont, Colorado 80504, in the amount of$31,690.00. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, Colorado, that Irrevocable Letter of Credit#000205 from Centennial Bank of the West, 3561 Stagecoach Road, Longmont, Colorado 80504, in the amount of$94,614.00 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 that Amended Irrevocable Letter of Credit#000205, from Centennial Bank of the West, 3561 Stagecoach Road, Longmont, Colorado 80504, in the amount of $31,690.00, be and hereby is accepted. 111111111111111111111111 III 111111111111 III 1111111111111 2003-1415 3075383 06/23/2003 11:29A Weld County, CO PL1634 1 of 2 R 0.00 D 0.00 Steve Moreno Clerk& Recorder (0 ; PL, E--z aA-4) CANCEL COLLATERAL - JEFFREY WIKRE AND BEACON STORAGE, LLC (SPR#352) PAGE 2 The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 4th day of June, A.D., 2003. BOARD OF COUNTY COMMISSIONERS il WELfS QU ( COLORADO ATTEST: �i1': 't E A., acid avid E. L ng Chair Weld County Clerk to th •,,. . �\ 3\1\ • Robert D. sden, Pro-Tern r Deputy Clerk to the Bo'i$ �'. ,ti�;'1`1�,•>r d cd 1 s� M. J Geile AP O D AS TO Willing H. Jerky �� unty Attorne f etti �leic Glenn Vaad< < Date of signature: 6fa 1BIN 111111111111III111111111111III1111111111111 3075383 06/23/2003 11:29A Weld County, CO 2 of 2 R 0.00 D 0.00 Steve Moreno Clerk& Recorder 2003-1415 PL1634 MEMORANDUM hiDe COLORADO To: Board of County Commissioners Date: May 2, 2003 From: Kim Ogle, Planner IIl 't Subject: Site Plan Review 352, Jeffrey Wikre Release of Irrevocable Letter of Credit Wikre/Beacon Storage LLC On April 19, 2003, the Department of Planning Services performed a site investigation of the completed improvements for Wikre/Beacon Storage LLC, an Indoor RV, Boat and Mini Storage Facility located at 4059 Camelot Circle Longmont, CO 80504, Case number SPR-352, at the request of Jeff Wikre. Don Carroll of Weld County Department of Public Works has inspected the items, and in the memorandum of April 8, 2003, recommends the release of the transportation collateral for street grading, street base, street paving and the outlet culvert. The Department of Planning Services' reviewed the completion of the on-site improvements and found them to not be complete specific to the landscape improvements. Lee Morrison, Assistant County Attorney, has advised that the release of funds would be in accordance with the terms of the Improvements Agreement. The Weld County Department of Public Works recommends to release the collateral for the transportation related items, referenced previously. The Department of Planning Services' recommends the withholding of monies associated with the landscape improvements be retained. Monies required for collateral shall be thirty one thousand six hundred ninety ($ 31,690.00) dollars. Therefore,the Department of Planning Services and Department of Public Works recommend that Ninety-four thousand six hundred fourteen and No/100s ($94,614.00)dollars, be released. Staff's recommendation is to release the collateral, in the form of a Irrevocable Letter of Credit, Number 000205. This release is conditioned on the posting of the warranty collateral by the applicant. The applicant has submitted an Amended Letter of Credit#000205 for thirty one thousand six hundred ninety ($ 31,690.00) dollars. SERVICE,TEAMWORK,INTEGRITY,QUALITY 2003-1415 Weld County Planning Department GREELEY OFFICE ctie APR 1 0 2003 MEMORANDUM RECEIVED TO: Kim Ogle, Lead Planner DATE: 4/8/2003 C� FROM: Donald Carroll, Engineering Administrator COLORADO SUBJECT: SPR-352- Jeffrey Wikre Zeek Properties, LTD At the written request of the applicant, I performed a site investigation to verify completion of the items identified in Exhibit A of the Improvements Agreement (Phase l). The site grading, street grading, street base, street paving, and the outlet culvert in the retention area have all been completed for Phase I. The Weld County Public Works Department recommends release of collateral for these items. All other non-transportation items for Phase I should be verified by Planning Services prior to release of collateral. pc: Carol Harding, CTB SPR-352 M'\,PLANNING\SP It-2.doc Weld County Planning Department GREELEY OFFICE MAY 2 2 2003 CENTENNIAL BANK RECEIVED of the West May 20,2003 Mr.Kim Ogle,Planner Ill Weld County Planning Department 1555 North 17th Ave. Greeley,CO 80631 RE:Wikre/Beacon Storage,LLC Dear Mr.Ogle: Please find enclosed the original Letter of Credit#000205(Amended)for Wilcre/Beacon Storage as required by Weld County for certain improvements. This Letter of Credit shall replace and substitute as collateral the original Letter of Credit No.205 in the amount of$94,614.00. Per your memorandum of May 2,2003 to the Board of County Commissioners,it is appropriate to release collateral for work completed. It is your recommendation that the liability under the original Letter of Credit be reduced to$31,690.00. Thus,this revised Letter of Credit has been issued. Please return to me the original Letter of Credit No.205 in the amount of$94,614.00. This document should be mailed to my attention at 3561 Stagecoach Road,Longmont,CO,80504. Please find attached a self addressed,stamped envelope for this purpose. Upon final completion of this project and cancellation of this Letter of Credit,please return this revised original to me at Centennial Bank of the West,3561 Stagecoach Road,Longmont,CO 80504. Please call me at 970-494-2238 with any questions. Sincerely Robin M.Golden Senior Vice President CENTENNIAL. BANK of the West IRREVOCABLE LETTER OF CREDIT NO. 000205(Amended) - May 20,2003 Board of County Commissioners ATTN: Clerk to the Board P.O.Box 758 Greeley,CO 80632 RE: Wikre/Beacon Storage,LLC Dear Members of the Board of County Commissioners: We hereby re-issue our Amended,Irrevocable Letter of Credit in your favor in the account of Jeff Wilcre/Beacon Storage,LLC, 124 North County Road#21,Berthoud,Colorado 80513,for a sum not to exceed the aggregate of Thirty One Thousand Six Hundred Ninety and no/100's Dollars($31,690.00). Per Kim Ogle's Memorandum to the Board of County Commissioners dated May 2,2003,this Amended Letter of Credit shall replace Centennial Bank of the West letter of Credit Number 205 for$94,614.00 issued on September 24,2002. The amount of this Letter of Credit is reduced per this amendment as collateral is to be released for work completed. Each draft so drawn must be marked"Drawn under Centennial Bank of the West,3561 Stagecoach Road,Longmont, CO 80504,Letter of Credit NO.000205(Amended)and be accompanied by a"signed statement from the Board of County Commissioners of Weld County,Colorado stating that Jeff Wikre/Beacon Storage,LLC has committed a material breach of the Improvements Agreement According to Policy,Regarding collateral for Improvements regarding The Site Plan Review,dated the 8th day of September,2002,by and between Jeff Wilcre/Beacon Storage,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 Practices 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 the credit will be duly honored and presented for payment to our office,Centennial Bank of the West,3561 Stagecoach Road,Longmont, Colorado 80504. This Letter of Credit will expire on September 24,2003 at 5:00 P.M. This Letter of Credit is automatically extended without amendment,for an additional one-year period from the current expiration date unless 60 days prior to such current expiration date,Centennial Bank of the West notifies beneficiary in writing that the Letter of Credit will not be renewed. In the case you receive such a notification,you may draw by presentation of the following: (a)a draft at sight on Centennial Bank of the West;(b)a statement purportedly signed by an official of the Board of County Commissioners of Weld County,Colorado stating that we have received notice form Centennial Bank of the West the Letter of Credit No.000205 will not be renewed and that Jeff Wilcre/Beacon Storage, LLC has failed to provide proof of adequate collateral and substitution of this Letter of Credit No.000205;(c)copy of letter from Centennial Bank of the West stating non renewal of Letter of Credit No.000205,and the original letter of credit. Sincerely Ro in M.Golden Senior Vice President te.i a 4;‘ ," CLERK TO THE BOARD IDFAX: PHONE (970)336-7215, Ext. 4225 (970) 352-0242 P. O. BOX 758 O GREELEY, COLORADO 80632 COLORADO June 26, 2003 JEFF WIKRE/BEACON STORAGE, LLC 124 NORTH COUNTY ROAD #21 BERTHOUD, CO 80513 RE: Letter of Credit No. 000205 Dear Mr. Wikre: Enclosed please find a copy of Resolution #2003-1415 releasing the collateral being held by Weld County for your project. The original Letter of Credit #000205 has been returned to Centennial Bank of the West, Attention: Robin Golden, 3561 Stagecoach Road, Longmont, Colorado 80504. If you have questions or need additional information, please do not hesitate to contact me at (970) 336-7215, Extension 4217. Very truly yours, 11 Carol A. Harding— Deputy Clerk to the Board CEN'TENNIA.I. BANK of the West *611 Y o4 o IRREVOCABLE LETTER OF CREDIT NO. 000205 G �4�Y September 24,2002 } 455fr�, Board of County Commissioners 1'y�' 4- aSa %oOS" A l IN: Clerk to the Board P.O. Box 758 Greeley,CO 80632 Q" p Y �t GaSoe RE: Wikre/Beacon Storage,LLC Dear Members of the Board of County Commissioners: We hereby open our Irrevocable Letter of Credit in your favor in the account of Jeff Wikre/Beacon Storage,LLC, 124 North County Road#21,Berthoud,Colorado 80513,for a sum not to exceed the aggregate of Ninety Four Thousand, Six Hundred Fourteen and no/100's Dollars($94,614.00). Each draft so drawn must be marked"Drawn under Centennial Bank of the West,3561 Stagecoach Road,Longmont, CO 80504,Letter of Credit NO.000205 and be accompanied by a"signed statement from the Board of County Commissioners of Weld County,Colorado stating that Jeff Wikre/Beacon Storage,LLC has committed a material breach of the Improvements Agreement According to Policy,Regarding collateral for Improvements regarding The Site Plan Review,dated the 8th day of September,2002,by and between Jeff Wikre/Beacon Storage,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 Practices 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 the credit will be duly honored and presented for payment to our office,Centennial Bank of the West,3561 Stagecoach Road,Longmont, Colorado 80504. This Letter of Credit will expire on September 24,2003 at 5:00 P.M. This Letter of Credit is automatically extended without amendment,for an additional one-year period from the current expiration date unless 60 days prior to such current expiration date,Centennial Bank of the West notifies beneficiary in writing that the Letter of Credit will not be renewed. In the case you receive such a notification,you may draw by presentation of the following:(a)a draft at sight on Centennial Bank of the West;(b)a statement purportedly signed by an official of the Board of County Commissioners of Weld County,Colorado stating that we have received notice form Centennial Bank of the West the Letter of Credit No.000205 will not be renewed and that Jeff Wikre/Beacon Storage, LLC has failed to provide proof of adequate collateral and substitution of this Letter of Credit No.000205;(c)copy of letter from Centennial Bank of the West stating non renewal of Letter of Credit No.000205,and the original letter of credit. Sincerely-- Robin M.Golden Vice President Hello