HomeMy WebLinkAbout20033429.tiff RESOLUTION
RE: APPROVE IMPROVEMENTS AGREEMENT ACCORDING TO POLICY REGARDING
COLLATERAL FOR IMPROVEMENTS(PUBLIC ROAD MAINTENANCE),AUTHORIZE
CHAIR TO SIGN, AND ACCEPT 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,on September 24,2003,the Board of County Commissioners approved a Minor
Subdivision Final Plan, MF#614, Pheasant Crest Estates,for Timothy and Lisa Brough, do Tony
Evans, P.E., P.O. Box 94, Greeley, Colorado 80632, for 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
SW1/4 of Section 6, Township 7 North, Range 67
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 Timothy and Lisa Brough,with terms and conditions
being as stated in said agreement, and
WHEREAS,the Board has been presented with Irrevocable Letter of Credit#261 from New
Frontier Bank, 1130 Main Street, Windsor, Colorado 80550, in the amount of$88,571.00, and
WHEREAS, after review, the Board deems it advisable to approve said agreement and
accept said Irrevocable Letter of Credit 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 Timothy and Lisa Brough, be,
and hereby is, approved.
BE IT FURTHER RESOLVED that Irrevocable Letter of Credit #261 from New Frontier
Bank, 1130 Main Street,Windsor,Colorado 80550,in the amount of$88,571.00, be and hereby is,
accepted.
2003-3429
PL1646
P1 Cc ti-) O/ - /9-0/
IMPROVEMENTS AGREEMENT - 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 17th day of December, A.D., 2003.
BOARD OF COUNTY COMMISSIONERS
W COUNTY COLORADO
ATTEST: a
F, D 'd E. Long, Chair
Weld County Clerk to t :teL,.��
O Robert D. M den, Pro- em
BY:
Deputy Clerk to the Boar
M. J. eile ddd
OV AS •
William H. Jerk
Atitorr yS
Glenn Vaad
/dy,
Date of signature: -x/
2003-3429
PL1646
MEMORANDUM
WI`P�. TO: Board of County Commissioners
COLORADO DATE: November 18, 2003
FROM: Kim Ogle, Planner III
SUBJECT: MF-614 - Pheasant Crest Estates
Acceptance of Irrevocable Letter of Credit
Tim and Lisa Brough, applicants
On November 14, 2003 the Department of Planning Services received an Irrevocable Letter of
Credit, number 261 from New Frontier Bank, 1130 Main Street, Windsor, CO 80550, for
Pheasant Crest Estates Minor Subdivision, case number MF-614 in the amount of eighty-eight
thousand five hundred seventy-one (88,571.00) dollars and no/100s.
Items covered under this letter of credit include:
Street Grading December 2003 $ 3,220.50
Street Base December 2003 $ 17,358.00
Street Paving December 2003 $ 35,243.00
Detention Pond December 2003 $ 1,900.00
Road Culvert December 2003 $ 2,400.00
Telephone December 2003 $ 2,250.00
Gas December 2003 $ 7,650.00
Electric December 2003 $ 13,500.00
Engineering and Supervision Costs $ 5,050.00
Total Estimated Cost of Improvements and Supervision $ 88,571.50
The Weld County Attorney, the Department of Public Works and the Department of Planning
Services, have determined that the amount of the agreement will be sufficient to complete the
work required for Pheasant Crest Estates Minor Subdivision, and the Department of Planning
Services recommends acceptance of this Letter.
2003-3429
IMPROVEMENTS AGREEMENT ACCORDING TO
POLICY REGARDING COLLATERAL FOR IMPROVEMENTS
(PUBLIC ROAD MAINTENANCE)
THIS AGREEMENT, made and entered into this in day of .� wl a. , 20 b4
by and between the County of Weld, State of Colorado, acting through its Board of County
Commissioners, hereinafter called "County,"and TIMOTH AND LISA BROUGH 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:
76 ACRES IN THE NORTHEAST CORNER OF WELD COUNTY ROAD 13 AND 84 IN THE
SOUTHWEST QUARTER OF SECTION 6, TOWNSHIP 7 NORTH, RANGE 67 WEST OF THE 6TH
PRINCIPAL MERIDIAN, WELD COUNTY, COLORADO.
WHEREAS, a Final Subdivision plat of said property, to be known as PHEASANT CREST
ESTATES 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 Improvement 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.
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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 Subdivision
or Planned Unit Development to the County for approval prior to the letting of any construction contract.
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.
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"which is 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.
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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 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 design 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.
(THERE IS NO SECTION 5)
6.0 Approval of Streets by the County: Upon compliance with the following procedures by the
Applicant, streets within a Subdivision or Planned Unit Development may be approved by the County as
public roads and will be maintained and repaired by WELD 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 approval of said portions.
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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 is 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 its streets and recommend that the Board of County
Commissioners partially approve them. Not sooner than nine months after partial approval,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 or she shall recommend full approval. Upon a receipt
of a positive unqualified recommendation from the County Engineer for approval of streets within the
development, the Board of County Commissioners shall fully approve said streets as public.
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 coliateral preferred to be utilized to
secure the improvements 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. 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.
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7.2 The applicant may choose to provide for a phased development by means of
designating filings of a Planned Unit Development Final Plat or Subdivision Final Plat. 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."
8.0 Improvements Guarantee: The five types of collateral listed below are acceptable to Weld
County subject to final 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 of One-Hundred
percent(100%) of the total value of the improvements as set forth in Section 6.0 and Exhibits"A" and "B."
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.
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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 Improvements 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 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.
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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 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 Schedule for minimum materials sampling, testing and inspections found in
the Colorado Department of Transportation (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.
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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 paragraphs 9.0 thru 9.5 shall be noted on the final construction
plans.
9.7 Following the submittal of the Statement of Substantial Compliance and
recommendation of approval of the streets 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 approval by the
Board of County Commissioners.
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 (PUD) Plan, if any:
10.1 The required acreage as may be determined according to the Weld County
Subdivision Regulations 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.
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10.2 The required acreage as determined according to Chapter 24 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 according
to Chapter 24 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 first above written.
APPLICAN
APPLICANT: Y I 1 E yy
TITLE:
Subscribed and sworn to before me this 1O= day of October , 20 03
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tali 4.,.
My Commission expires: LESLI A �fi10�e_
H0WE 1 Notary Public
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ATTEST: gu/�� � � E[(,aa BOARD OF COUNTY COMMISSIONERS
r
WELD COUNTY, COLORADO
1861 ' ' ''�n fi,.-_
Weld County Clerk to the Board . :.
A- David Long , C it DEC i 7 2003
BY: /tint,'11- (r 1--- rt
Deputy Clerk to the Board -------
APPROVED AS TO FORM: 2.----__________
Co Attorney
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EXHIBIT "A"
Name of Subdivision : PHEASANT CREST ESTATES
Filing: FIRST FILING
Location: SOUTHWEST QUARTER OF SECTION 6, TOWNSHIP 7 NORTH, RANGE 67 WEST
Intending to be legally bound, the undersigned Applicant hereby agrees to provide throughout this
Subdivision the following improvements. (Leave spaces blank where they do not apply)
Improvements Quantity Units Unit Costs Estimated Construction Cost
Site grading
Street grading 4294 SQYD $0.75/SQYD $3,220.50
Street base 1795 TON $9.67/TON $17,358.00
Street paving 897 TON $39.29/TON $35,243.00
Curbs, gutters, and culverts
Sidewalk
Storm sewer facilities
Detention pond 2000 CUYD $0.95/CUYD $1,900.00
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
Park improvements
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Road culvert 1 LS 24"CMP $2,400.00
Grass lined swale
Telephone 9 EA $250 $2,250.00
Gas 9 EA $850 $7,650.00
Electric 9 EA $1500 $13,500.00
Water transfer
SUB-TOTAL: $83,521.5
Engineering and Supervision Costs$ $5,050.00
(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 $ $88,571.50
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 imp ovemeR shall be completed according to the construction schedule set out in Exhibit"B."
Applicant
C-CiLna C. 3 tt
Applicant
Ti
Date: /� �y , 20 OZ.
Ti e�
(If corporation, to be signed by President and attested to by Secretary, together with corporate seal.)
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EXHIBIT "B"
Name of Subdivision : PHEASANT CREST ESTATES
Filing: FIRST FILING
Location: SOUTHWEST QUARTER OF SECTION 6, TOWNSHIP 7 NORTH, RANGE 67 WEST
Intending to be legally bound,the undersigned Applicant hereby agrees to provide throughout this
Subdivision or Planned Unit Development the following improvements.
All improvements shall be completed within 1_year 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
Street 15 DAYS
Base 10 DAYS
Street paving 10 DAYS
Curbs, gutters, and culverts
Sidewalk
Storm sewer facilities
Detention pond 30 DAYS
Ditch improvements
Subsurface drainage
Sanitary
sewers
Trunk and forced lines
Mains
Laterals (house
connected)
On-site sewage facilities
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On-site water supply and storage
Water mains
Fire hydrants
Survey and street monuments and
boxes
Street lighting
Street name signs 2 DAYS
Fencing requirements
Landscaping
Park improvements
Road culvert
Grass lined swale
Telephone 10 DAYS
Gas 10 DAYS
Electric 10 DAYS
Water Transfer
SUB-TOTAL: 197 DAYS
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.
B
Applicant
TLba. a
r-LtYRt
Applicant
Date: /O i%fr 20 O-J
Title
(If corporation, to be signed by President and attested to by Secretary, together with corporate seal.)
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14-j4-11A-1 LN At; i
L
NEW FRONTIER BANK
IRREVOCABLE LETTER OF CREDIT#261
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,
1 130 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,
m Rutz
ice President
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