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Home My WebLink About20032998.tiff RESOLUTION RE: APPROVE IMPROVEMENTS AGREEMENT ACCORDING TO POLICY REGARDING COLLATERAL FOR IMPROVEMENTS (PUBLIC ROAD MAINTENANCE), AUTHORIZE CHAIR TO SIGN, AND ACCEPT COLLATERAL FOR PLANNED UNIT DEVELOPMENT FINAL PLAN, PF #1037 - STARK FARMS, 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 May 2, 2002, the Department of Planning Services staff approved a Planned Unit Development Final Plan, PF #1037, for Stark Farms, LLC, 223 North College Avenue, Fort Collins, Colorado 80524, for 38 lots with E (Estate) Zone uses on the following described real estate, to-wit: Part of the NE1/4 of Section 12, Township 7 North, Range 66 West of 6th P.M., Weld County, Colorado WHEREAS, pursuant to certain Conditions of Approval, the Board has been presented with an Improvements Agreement According to Policy Regarding Collateral for Improvements (Public Road Maintenance) between the County of Weld, State of Colorado, by and through the Board of County Commissioners of Weld County, and Stark Farms, LLC, with terms and conditions being as stated in said agreement, and WHEREAS, the Board has been presented with Irrevocable Letter of Credit#249 from New Frontier Bank, 2425 35th Avenue, Greeley, Colorado 80634, in the amount of$362,968.00, and WHEREAS, after review, the Board deems it advisable to approve said agreement and accept said Irrevocable Letter of Credit#249 as stated above, copies of which are attached hereto and incorporated herein by reference. 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 (Public Road Maintenance) between the County of Weld, State of Colorado, by and through the Board of County Commissioners of Weld County, and Stark Farms, LLC, be, and hereby is, approved. BE IT FURTHER RESOLVED that Irrevocable Letter of Credit #249 from New Frontier Bank, 2425 35th Avenue, Greeley, Colorado 80634, in the amount of $362,968.00, be and hereby is, accepted. 2003-2998 PL1548 ee /U i-%°2_( ?,Z (',) IMPROVEMENTS AGREEMENT - STARK FARM, LLC (PF #1037) PAGE 2 The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 27th day of October, A.D., 2003. BOAR OF COUNTY COMMISSIONERS „ WELD UNTY, COLO DO ATTEST: gdgio4 �\ ,,� id . )2sY- BY: Weld County Clerk to, RI O; iis2 fig Ifs Ro ert D�^ Deputy Clerk to the . J. Geile APP AST • Willia H. Jerke oun y orney Glenn Vaa / / Date of signature: '/1 2003-2998 PL1548 MEMORANDUM TO: Board of County Commissioners 10/9/03 COLORADO FROM: Chris Gathman - Planner SUBJECT: Acceptance of Collateral for PF-1037 (Stark Farm PUD) On October 2, 2003 we received an Irrevocable Letter of Credit in the amount of Three Hundred Sixty Two Thousand Nine Hundred Sixty Eight Dollars ($362,968) for collateral for the improvements agreement for PF-1037 (Stark Farm PUD). To date the following Off-Site improvements need to be completed: Site Grading estimate $ 82,292.00 Street Grading estimate $ 100,632.00 Landscaping estimate $ 124,044.00 Telephone estimate $ 56,000 Total Estimated Cost of Improvements and supervision $ 362,968 After review of the Letter by the Weld County Attorney, the Department of Public Works and the Department of Planning Services, it has been determined that the amount of the agreement will be sufficient to complete the work required for PF-1037 (Stark Farms Final Plan), and the Department of Planning Services recommends acceptance of this Letter. SERVICE,TEAMWORK,INTEGRITY,QUALITY 2003-2998 Weld County Planning Department GREELEY OFFICE AUG 19 2003 ► � MEMORANDUM RECEIVLO WI I D TO: Chris Gathman, Planner II DATE: August 15, 2003 C� " FROM: Donald Carroll, Engineering Administrator COLORADO SUBJECT: PF-1037, Stark Farms LLC Construction Update On August 13, 2002, I met with Union Colony Construction to verify that the street grading and street base has been completed. The street paving is planned for later in the summer or early fall. All other items associated with Exhibit A of the Improvements Agreement are non-transportation items and should be verified by Planning Services prior to release of any collateral. pc: Peter Schei, Public Works PF-1037 m:/planning/P F-2.doc MEMORANDUM WIIle TO: Chris Gathman, Planner II DATE: July 14, 2003 FROM: Donald Carroll, Engineering Administrator :>6 SUBJECT: PF-1037, Stark Farms--Acceptance of COLORADO Collateral (Transportation) I have reviewed the resubmitted Exhibit "A" portion of the Improvements Agreement According Collateral for Improvements (Public Road Maintenance). The site grading has been completed on site. The applicant has identified street grading, street base, and street asphalt as items. These transportation items have been verified for unit cost and quantities. The Weld County Public Works Department recommends acceptance of the transportation portion for Stark Farms, PF-1037. All other non-transportation items should be verified by Planning Services prior to scheduling acceptance of collateral. Please find enclosed the original Improvements Agreement. Please submit this to Clerk to the Board for scheduling pc: PF-1037 Carol Harding, CTB M:\PLANNING\PF-5.doc • IMPROVEMENTS AGREEMENT ACCORDING TO 123 POLICY REGARDING COLLATERAL FOR IMPROVEMENTS (PUBLIC ROAD MAINTENANCE) THIS AGREEMENT, made and entered into this 8 day of J N L.Y , 20 e 3, by and between the County of Weld, State of Colorado, acting through its Board of County Commissioners, hereinafter called"County,"and 5 TAR K FnR M LL_G. ,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: WHEREAS, a final Subdivision/Planned Unit Development (PUD) Plat of said property, to be known as S T'ARK FARM u_G ( PF-103'1 ) 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 Improvements 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 Revised 07/01/2002 M:\CTB\CTBFORMSAPUBLIC 1 1 111111 11111 III 1111111111111 IIII 111111 III 11111 IIII IIII .,2_. Tr cc 3 .2R9H • 3126123 11/13/2003 12:24P Weld County, CO a - l 1 of 15 R 0.00 D 0.00 Steve Moreno Clerk& Recorder Subdivision or Planned Unit Development to the County for approval prior to the letting of any construction contract. Before acceptance of the roads within the Subdivision or Planned Unit Development by the County,Applicant shall furnish one set of reproducible "as-built" drawings and a final statement of construction cost to the County. • 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. All such rights-of-way and easements used for the construction of roads to be accepted by the County shall be conveyed to the County and the documents of conveyance shall be furnished to the County for recording. 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"B" 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 Revised 07/012002 M:\CTB\CTBFORMS\APUBLIC 2 111111111111IIII111111111111111111ItIIII 3126123 11/13/2003 12:24P Weld County, CO 2 of 15 R 0.00 D 0.00 Steve Moreno Clerk& Recorder • 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. 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 desigp 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. 5.0 Off-Site Improvements Reimbursement Procedure: The subdivider, applicant, or owner may be reimbursed for off-site road improvements as provided in this section when it has been determined by the Board of County Commissioners that the road facilities providing access to the Subdivision or Planned Unit Development are not adequate in structural capacity,width, or functional classification to support the traffic requirements of the uses of the Subdivision or Planned Unit Development. 5.1 The subdivider, applicant, or owner shall enter into an off-site improvements agreement prior to recording the final plat when the subdivider, applicant, or owner expects to receive reimbursement for part of the cost of the off-site improvements. 5.2 The off-site improvements agreement shall contain the following: The legal description of the property to be served. The name of the owner(s)of the property to be served. A description of the off-site improvements to be completed by the subdivider,applicant,or owner. The total cost of the off-site improvements. The total vehicular trips to be generated at build-out by the Subdivision, Resubdivision, or Planned Unit Development, as specified by the ITE Trip Generation Manual, or by special study approved by the Board of County Commissioners. A time period for completion of the off-site improvements. The terms of reimbursement. The current address of the person to be reimbursed during the term of the agreement. Revised 07/01/2002 M:\CTB\CTBFORMS\APUBLIC 3 111111111111 IIII 1111111111111 IIII 111111 III IIIII IIII IIII 3126123 11/13/2003 12:24P Weld County, CO 3 of 15 R 0.00 D 0.00 Steve Moreno Clerk& Recorder Any off-site improvements agreement shall be made in conformance with the Weld County policy on collateral for improvements. 5.3 If the subdivider, applicant, or owner fails to comply with the improvements agreement, the opportunity to obtain reimbursement under this section is , forfeited. 5.4 When it is determined by the Board of County Commissioners that vehicular traffic from a Subdivision,Resubdivision, or Planned Unit Development will use a road improvement constructed under an improvements agreement, the • . subsequent subdivider, applicant, or owner shall reimburse the original subdivider, applicant,or owner,for a portion of the original construction cost. In no event shall the original subdivider, applicant, or owner collect an amount which exceeds the total cost of improvements less the pro rata share of the total trip impacts generated by the original development. Evidence that the original subdivider, applicant, or owner has been reimbursed by the subsequent subdivider, applicant or owner shall be submitted to the Department of Planning Services prior to recording the Subdivision, Resubdivision, or Planned Unit Development Final Plat. 5.5 The amount of road improvement costs to be paid by the subsequent subdivider, applicant, or owner of a Subdivision, Resubdivision, or Planned Unit Development using the road improvements constructed under a prior improvement agreement will be based upon a pro rata share of the total trip impacts associated with the number and type of dwelling units and square footage and type of nonresidential developments intended to use the road improvement. The amount of road improvement costs shall also consider inflation as measured by the changes in the Colorado Construction Cost Index used by the Colorado Division of Highways. The cost of road improvements may be paid by cash contribution to the prior subdivider, applicant or owner, or by further road improvements which benefit the prior subdivider, applicant, or owner's property. This decision shall be at the sole discretion of the Board of County Commissioners based upon the need for further off-site road improvements. 5.6 The report entitled TRIP GENERATION(Third Edition, 19821 of the institute of Transportation Engineers shall normally be used for calculating a reasonable pro rata share of the road improvement construction costs for all Subdivisions, Resubdivisions, or Planned Unit Developments. A special transportation study shall be used for land uses not listed in the ITE Trip Generation Manual. Any question about the number of trips a Subdivision,Resubdivision,or Planned Unit Development will generate shall be decided by the County Engineer. 5.7 ' The term for which the subdivider, applicant, or owner is entitled to reimbursement under the off-site improvements agreement, entered into between the subdivider and the County, is ten years from the date of execution of a contract for road improvements. Revised 07/01/2002 4 M:\CTB\CTBFORMS\APUBLIC 1 11111 1111 1111 111111 1111 1111 111111 III 1111111111111 3126123 11/13/2003 12:24P Weld County, CO 4 of 15 R 0.00 D 0.00 Steve Moreno Clerk& Recorder 5.8 This provision is not intended to create any cause of action against Weld County or its officers or employees by any subdivider, applicant, or owner for reimbursement, and in no way is Weld County to be considered a guarantor of the monies to be reimbursed by the subsequent subdividers, applicants, or , owners. 6.0 Acceptance of Streets for Maintenance by the County: Upon compliance with the folloyving procedures by the Applicant, streets within a Subdivision or Planned Unit Development may be accepted by the County as a part of the County road system and will bamaintained and repaired by the County. 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 acceptance 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 are 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 the streets and recommend that the Board of County Commissioners accept them for partial maintenance by the County. Partial maintenance consists of all maintenance except for actual repair of streets, curbs and gutters, and related street improvements. Not sooner than nine months after acceptance for partial maintenance of streets,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 shall recommend acceptance of the streets for full maintenance. Upon a receipt of a positive unqualified recommendation from the County Engineer for acceptance of streets within the development, the Board of County Commissioners shall accept said streets as public facilities and County property, and shall be responsible for the full maintenance of said streets including repair. 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 Revised 07/012002 M:\CTB\CTBFORMS\APUBLIC 5 111111111111 IIII1111111111111It 11111 11111 3126123 11/1312003 12:24P Weld County, CO 5 of 15 R 0.00 D 0.00 Steve Moreno Clerk& Recorder 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. An 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 of One-Hundred percent (100%) of the 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 Plan or Subdivision Final Plan. 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." The costs of the improvements described in Exhibit "A" will be adjusted higher or lower for 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. The applicant has provided cost estimates for all phases of the development which will be adjusted in accordance with The State Highway Bid Price Index at the time of posting of collateral for each phase. 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 to One-Hundred percent (100%) of the total value of the improvements as set forth in Section 6.0 and Exhibits "A"and"B." Revised 07/01/2002 MACTB\CTBFORMS\APUBLIC 6 111111111111 IIII 1111111111111 IIII 111111 III 11111 EI 1111 3126123 11/13/2003 12:2412 Weld County, CO 6 of 15 R 0.00 D 0.00 Steve Moreno Clerk& Recorder 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. 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 hnpiovements 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 Revised 07/01/2002 7 MACTB\CTBFORMS\APUBLIC 111111111111IIII 1111111 111111 TEEM 11111 3126123 11/13/2003 12:24P Weld County, CO 7 of 15 R 0.00 0 0.00 Steve Moreno Clerk& Recorder 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. 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 the State of 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 (CDOT) Schedule for minimum materials Revised 07/01/2002 M:\CTB\CTBFORMS\APUBLIC 8 111111111111 /III 1111111111111 /III111111IIIIIIII /III /III 3126123 11/13/2003 12:24P Weld County, CO 8 of 15 R 0.00 D 0.00 Steve Moreno Clerk& Recorder sampling,testing and inspections found in 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 fire hydrants are operational and state the results of fire flow tests. 9.6 The requirements in Sections 9.0 thin 9.5 shall be noted on the final construction plans. 9.7 Following the submittal of the Statement of Substantial Compliance and recommendation of acceptance of the streets for partial maintenance 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 acceptance by the Board of County Commissioners for full maintenance under Section 5.3 herein. 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 plan,if any: • 10.1 The required acreage, as may be determined by relevant Sections of the Weld County Code,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. Revised 07/01/2002 9 M:\CTS\CTBFORMS\APUBLIC 111111111111IIII1111111111111IIII111111 III HUMID' 3126123 11/13/2003 12:24P Weld County, CD 9 of 15 R 0.00 D 0.00 Steve Moreno Clerk 8 Recorder • 10.2 The required acreage, as determined by relevant Sections of the Weld County Code 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, In 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 by relevant Sections 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. IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed on the day and year fast above written. APPLICANT: c?i¢,^4. i77i4ccs L-C aA/2O/,-- TITLE: APPLICANT: Subscribed and sworn to before me this ( 5 day of ,20 My Commission expires: I}t Notary Public -2 9-.2D0 ,may l'RII A. 3iiU.IW1 CYST^" Revised 07/01/2002 M:\CTB\CTBFORMS\APUBLIC 10 1 11111 11111 1111 BIB 111111 I I I 1111111 I I 1111111 I I I III I 3126123 11/13/2003 12:24P Weld County, CO 10 of 15 R 0.00 D 0.00 Steve Moreno Clerk& Recorder ATTEST:fate#4/ BOARD OF COUNTY COMMISSIONERS WELD COUNTY,COLORADO %.*N Long County Clerk t .the o�rct David E.--� ,Chair p rE r' 1;:-? OCT 2 7 2003 BY: c Deputy Clerk to the Bo raj, ' .. APPROVED AS TO FORM: o Attorney Revised 07/01/2002 11 M:\COB\CTBFORMS\APUBLIC IRO 111111III 1111111 111111 IIII IBM IM MO' 11II 3126123 11/13/2003 12:24P Weld County, CO 11 of 15 R 0.00 D 0.00 Steve Moreno Clerk& Recorder ;200 3-°2948 EXHIBIT"A" Name of Subdivision orPlannedUnitDevelopmenttS fro (Air are , ,y Filing: Location: s4t.L f 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 Ouantity Units Unit Estimated Costs Construction Cost Site grading /z 2)-2- S't a. 1$ cA, 29 2- Street grading / 9373 St/ ), at" /c 432— Street base Street paving Curbs, gutters,and culverts Sidewalk Storm sewer facilities Retention ponds Ditch Improvements Subsurface drainage Sanitary sewers Trunk and forced lines Mains Laterals(house connected) On-site sewage facilities On-site water supply and storage Water Mains(includes bore) Fire hydrants Survey and street monuments and boxes Street lighting Street Names Fencing requirements Landscaping �te>` /,2 L peen e' Park improvements Road culvert Grass lined swale Telephone 574 0027 Gas Electric Water transfer SUB-TOTAL: SC 2..cl(08 O^ 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 $ 3t 7I 5Ce 1111111111111111111111111111111111111111111111111111111 9 Revised 07/01/2002 M:\WPFILES\WENDP,APRIVATE 3126123 11/13/2003 12:24P Weld County, CO 12 of 15 R 0.00 D 0.00 Steve Moreno Clerk& Recorder 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 improvements shall be completed according to the construction schedule set out in Exhibit"B." By: t ) 4 •/�t�r fvrs Appliccaa. Applicant Date: -/5 , 20 Title • (If corporation, to be signed by President and attested to by Secretary, together with corporate seal.) HID Hilt MINI IM111111 �� 111111 �� 3126123 11/13/2003 12:24P Weld County, CO 13 of 15 R 0.00 D 0.00 Steve Moreno Clerk 8 Recorder Revised 07/01/2002 10 M:\WPFILES\WENDRAPRIVATE • EXHIBIT "B" • Name of Subdivision or Planned Unit Development: �O�S'w. v1 Filing: I Location: ► 'U(f- All improvements shall be completed within 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 l.w{ Street grading Street base 03 Street paving d3 Curbs,gutters,and culverts Sidewalk Storm sewer facilities Retention ponds '`"L' O 3 Ditch improvements Subsurface drainage Sanitary sewers Trunk and forced lines d i.i~ 493 Mains c2.:3 Laterals(house connected) On-site sewage facilities On-site water supply and storage arm 03 Water mains Fire hydrants �cti•/ Survey and street monuments and boxes ©c D`3 Street lighting Street name signs ©c.At- 03 Fencing requirements ©�`1 ©3 Landscaping /UDC) ©2 Park improvements Road culvert Grass lined swale © ,i- 03 Telephone ©d-v-- O3 Gas V1t. O 3 Revised 07/01/2002 14 M:\CTB\CTBFORMS\APUBI,IC 1111111 11111 11111111111 111111 liii 111111 III 1111111111111 3126123 11/13/2003 12:24P Weld County, CO 14 of 15 R 0.00 D 0.00 Steve Moreno Clerk& Recorder Electric Water transfer SUB-TOTAL: 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: Li-m`/ _ £/mss 'L Applican Applicant Date: ' /S ,20 03 . Title (If corporation,to be signed by President and attested to by Secretary,together with corporate seal.) Revised 07/01/2002 M:\CPB\CTBFORMS\APUBLIC 15 11111111111 It 1111111111111 I I I 1111111 I I 1111111 I I I III I 3126123 11/13/2003 12:24P Weld County, CO 15 of 15 R 0.00 D 0.00 Steve Moreno Clerk& Recorder At ", 1'Veld ( .,�1 "' "°r rtment fJ �� I ?003 / D RICEW"ED NEW FRONTIER BANK IRREVOCABLE LETTER OF CREDIT BENEFICIARY: WELD COUNTY DATE: SEPTEMBER 10, 2003 (hereafter called"Beneficiary") ADDRESS: 1551 N. 17`h AVENUE NUMBER: 249 GREELEY, CO 80634 EXPIRES: SEPTEMBER 10, 2004 AMOUNT: $362,968:00 To Whom It May Concern: Please be advised that New Frontier Bank, A State Chartered Bank(hereinafter called the "Issuer"), establishes an irrevocable Letter of Credit in favor of the Beneficiary for Stark Farms, LLC (hereafter called"Customer") up to the aggregate sum of Three Hundred Sixty Two Thousand Nine Hundred Sixty Eight Dollars and no/100t Dollars ($362,968.00) available by Beneficiary's drafts at sight drawn on Issuer. All drafts drawn under this Letter of Credit must bear the clause: Drawn under"New Frontier Bank"Letter of Credit No. 249 dated September 10, 2003. Issuer hereby agrees with Beneficiary that drafts drawn strictly in compliance with the terms of the credit will be duly honored upon due presentation to Issuer. Other terms and conditions: 1. This instrument shall expire at Issuer's counter on or before 4:00 p.m. Mountain time September 10, 2004; 2. This instrument shall not be transferable; 3. This instrument shall be governed by the laws of State of Colorado, including Article Five of the Uniform Commercial Code; 2425 35th Avenue • Greeley, Colorado 80634 • 970-339-5100 • Fax 970-339-5200 4. This instrument shall be subject to the Uniform Customs and Practice for Documentary Credits; International Chamber of Commerce Publication Number 400. 5. 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 of the Board of County Commissioners. We hereby agree with you that all drafts under and in compliance with the terms of this Letter of Credit will be duly honored within 15 days of drawn and presented for payment at our office. Sincerely, Brian Hundertmark Vice President FDIC Federal Deoosit Insurance Corooration 1601 Bryan Street,Dallas,TX 75201 Division of Resolutions and Receiverships July 21, 2009 CERTIFIED MAIL RETURN RECEIPT REQUESTED RECEIPT NO. 7OO7 OaQD OOOO 6709 $,$$c,/ Weld County Board of County Commissioners ATTN: Clerk of the Board P.O. Box 758 Greeley, CO 80623 Subject: 10050—New Frontier Bank Greeley, CO—In Receivership Closing Date: April 10, 2009 Claims Bar Date: 90 Days From the Date of this Letter Irrevocable Letter of Credit No. 249 Dear Sir or Madam: The above-captioned institution (the "Institution") was closed on the Closing Date referenced above and the Federal Deposit Insurance Corporation was appointed as receiver of the Institution (the "Receiver"). Under the laws of the United States, the Receiver is charged with the duty of winding up the affairs of the Institution. In order to achieve this goal, the Receiver is given the right under 12 U.S.C. Section 1821(e) to repudiate undertakings entered into by the Institution where it finds such undertakings to be burdensome and where such repudiation will promote the orderly administration of the Institution's affairs. The Institution's records indicate that you may be a beneficiary of a letter of credit as referenced above. The Receiver has determined that the above-described letter of credit is burdensome and that disaffirmance of said letter of credit will promote the orderly administration of the Institution's affairs. The purpose of this letter is to inform you that the Receiver has elected to disaffirm the above-referenced letter of credit to the full extent, if any, that it represents an enforceable obligation of the Institution or the Receiver. You may determine that the Receiver's decision to disaffirm your letter of credit gives you a claim against the receivership estate. If so, you must file a Proof of Claim in writing, together with proof thereof, by the Claims Bar Date referenced in the caption hereof. Under federal law, with certain limited exceptions, failure to file claims by the Claims Bar Date will result in disallowance by the Receiver, the disallowance will be final, and further rights or remedies with regard to claims will be barred. A Proof of Claim form may be obtained by calling 1-888- 206-4662 or visiting www.fdic.gov. aoo3- a �' aoo� p� /5/J' If you have any further Questions concerning the claims process, you may direct your inquiry to Bart Jones at 970-339-5100 ext. 414. Federal Deposit Insurance Corporation as Receiver of New Ffontier Bank a?&L By: Gary ebenforcher Title: Post Closing Asset Manager Hello