HomeMy WebLinkAbout20031255.tiff RESOLUTION
RE: APPROVE AMENDMENT TO AGREEMENT FOR IMPROVEMENTS FOR WCR 40.5,
AUTHORIZE CHAIR TO SIGN, AND ACCEPT FORM OF COLLATERAL FOR A FIVE-
LOT PLANNED UNIT DEVELOPMENT WITH ESTATE ZONE USES, S#625 -HOSKINS
CONSTRUCTION, INC., C/O DAVID HOSKINS
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 March 13, 2002, by Resolution #2002-0618, the Board of County
Commissioners approved an Agreement for Improvements for Weld County Road 40.5, in
conjunction with Dove Haven Planned Unit Development Final Plan, S #625 for Hoskins
Construction, Inc., do David Hoskins, 1511 Weld County Road 40.5, Berthoud, Colorado 80513,
and
WHEREAS, the Board has been presented with an amendment to said agreement for
improvements, a copy of which is attached hereto, and
WHEREAS,the Board has been presented with Irrevocable Letter of Credit#34541461-167,
drawn on the Premier Members Federal Credit Union, from the account of David G. and Deann
Hoskins / Hoskins Construction, Inc., in the amount of$70,000.00, and
WHEREAS, after review, the Board deems it advisable to approve said amendment and
accept said collateral, as stated.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld
County, Colorado, that the Amendment to Agreement for Improvements for Weld County Road
40.5, in conjunction with Dove Haven Planned Unit Development Final Plan, S #625 for Hoskins
Construction, Inc., do David Hoskins, be, and hereby is, approved.
BE IT FURTHER RESOLVED Letter of Credit #34541461-167, drawn on the Premier
Members Federal Credit Union, from the account of David G. and Deann Hoskins / Hoskins
Construction, Inc., in the amount of$70,000.00 be and hereby is, accepted.
2003-1255
, APPL, FJ Cuff) PL1568
P(_
AMEND AGREEMENT FOR IMPROVMENTS - WCR 40.5
PAGE 2
The above and foregoing Resolution was, on motion duly made and seconded, adopted by
the following vote on the 19th day of May, A.D., 2003.
BOARD OF COUNTY COMMISSIONERS
I� ` WEL OUNT COLORADO
ATTEST: Lk/ �s 1l, ,
aG
avid E. Long, Chair
Weld County Clerk to th p. Vi
tNilL9
Robert D. M en, Pro- e
Deputy Clerk to the Bo��� � 777 iG../
M. J. eile
\
APPR VED AS T FORM: - , /21f tt/
Willii��. Jerke ,
c ounty Attorney Uy /
Glenn Vaad —
dE
Date of signature:
g�
2003-1255
PL1568
66
AMENDMENT TO AGREEMENT FOR IMPROVEMENTS FOR WCR 40.5
THIS AGREEMENT is made and entered into this /gay of May, 2003 by and between
Hoskins Construction Incorporated, A Colorado Corporation, developer of Dove haven P.U.D.,
hereinafter referred to as"Developer",with an address of 1561 Dove Haven Lane,Berthoud,80513,
Weld County Colorado, and the County of Weld, State of Colorado, by and through the Board of
County Commissioners of Weld County,Colorado,hereinafter referred to as"County",with offices
located at 915 10`h Street Tenth Street, Greeley, Colorado 80631.
WITNESSETH:
WHEREAS, the Developer has an agreement with the County for improvements for WCR
40.5 dated the 13th Day of March 2002 titled"Agreement for improvements for WRC 40.5," and
WHEREAS,paragraph 4 of said agreement to be amended by the addition of a paragraph C
as follows:
C. A letter of credit in the amount of$70,000 with an expiration date of March 13,2007 may
be substituted for the escrow agreement.
IN WITNESS WHEREOF the parties hereto have signed this Amendment this lq day of
By: �-�v
Hoskins Construction In
By David G. Hoskins, President:
SUBSCRIBED AND SWORN to before 's /-) day of 2002,
By David G. Hoskins •0•52...1/41
•
WITNESS my hand and official al O
SHARON
KAHL
LLeY G
—47; Not • lie
My commission expires:
My Commission Expires May 16 2006
1111111111111111111111111111111111I1111III11111 IIII IIII
3068665 06/03/2003 02:29P Weld County, CO
1 of 2 R 0.00 D 0.00 Steve Moreno Clerk& Recorder 2003-1255
ATTEST: Mid"
COUNTY OF WELD, STATE OF
1 fLa COLORADO, by and through the Board of
► mmis``sioners of Weld County
d
1861JQ .�
t / i . • I r_ If
lerk to the Board ►� F `� David E. Long, Chairm. O
APPROVED AS TO F
Co ttome
1 NI 1111 111111 1111 1111 I I 1111 1111 1111
3068665 06/03/2003 02:29P Weld County, CO
2 of 2 R 0.00 D 0.00 Steve Moreno Clerk& Recorder
62003-- JAS
-71,
PREMIERmembers
FEDERAL CREDIT UNION
IRREVOCABLE LETTER OF CREDIT
April 25, 2003
Longmont Office
2142 North Main TO: Board of County Commissioners
Longmont,CO 80501
Attn: Clerk of the Board
South Longmont Office PO Box 758
600 S.Airport Road
Longmont,CO 80503 Greeley, CO 80632 •
ce
54955 Arapahoe Avenue Boulder ph
5 LETTER OF CREDIT NO: 34541461-167
o
&adder.Co 80303 FOR THE ACCOUNT OF: David G and Deann Hoskins/Hoskins Construction Inc.
Denver Office AMOUNT: $70,000.00 Seventy Thousand Dollars and NO/100ths
6850 S.Yosemite EXPIRATION DATE: March 13, 2007
Englewood,CO 80112
IBM Plant Office To Whom It May Concern:
P.O.Box 9030
Boulder,CO 80301
We herewith open our Irrevocable Letter of Credit in your favor for the above account in the
Storagerek Plant Office maximum aggregate amount stated above, available by your draft at sight bearing this credit
1 StorageTek&roc
Lousiville,CO 80028 number.
Each draft so drawn must be marked Drawn under PREMIER MEMBERS FCU Attn: VP of
Lending, at 5495 Arapahoe Ave. Boulder, CO 80303, Letter of Credit Number 34541461-
167 and be accompanied by a "signed statement from the Board of County Commissioners
of Weld County, Colorado stating Hoskins Construction Inc. has committed a material
breach of the Improvements Agreement According to Policy Regarding collateral for
Improvements regarding the Agreement for Improvements for WCR 40.5 dated the 13'h day
of March, 2003 by and between Hoskins Construction Inc. and the Board of County
Commissioners of the County of Weld.
This credit is subject, so far as applicable, to "The Uniform Customs and Practice for
Documentary Credits, 1993 Revision, The International Chamber of Commerce Publication
No. 500."
This Letter of Credit is not transferable.
Partial drawings hereunder shall be permitted.
This Letter of Credit shall be subject to the laws of the State of Colorado and to the Uniform
Commercial Code as adopted therein.
We agree with the drawers, endorsers,and good faith holders of drafts properly drawn under
and in compliance with the terms and conditions of this Letter of Credit that we will duly
honor such drafts uppn presentation to this office on or before the Expiration Date.
J
Sincerely,
eg Hil
Vice President of Lending
800.468.0634 I 303.449.9600
WWW.PREMLERMEMBERS( RG
•
1:((tiTh4
CLERK TO THE BOARD
PHONE (970)336 7215,Ext.4225
FAX: (970)352-0242
WI P. O. BOX 758
C. GREELEY, COLORADO 80632
COLORADO
August 3, 2005
Premier Members Federal Credit Union
2142 North Main
Longmont, Colorado 80501
RE: Cancellation and release of Collateral - Hoskins Construction, Inc., do Dave Hoskins
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 is enclosed.
If you have questions or need additional information, please do not hesitate to contact me at
(970)358.4000, Extension 4217.
Very truly yours,
BOARD OF COUNTY COMMISSIONERS
By:
Carol A. Harding,
Deputy Clerk to the Board
02093- O55
TA. wig"
(> , .19.
REM1ERrnembers-
ED [ RAL eeEnI , " , on ti4°- to
.a�So,• roes
4
TO: Board of County Commissioners NtO4 St
I()minion!Office Attu: Clerk of the Board 4O 4` £5'
)142 North Main PO Box 758 P G
kurlgutom.CO 80501 Greeley,CO 80632 0 9
South Longmont Office eQ
601 Smth Airport Road
Longmont.CO 80501
Boulder Office IRREVOCABLE LETTER OF CREDIT
1495 Arapahoe Avenue
Booklet Co 803(1]
Oenwr Olrce LETTER OF CREDIT NO: 34541461-168-1
4701 South Syracuse Street FOR THE ACCOUNT OF: David G.Hoskins and Deann Hoskins/Hoskins Construction Inc.
Illenwr 3 eeh Center)
I)tnw,.CO 80211
18M Maul olliee
1'0.Box 1)030 AMOUNT: S70,000.00
Kinkier.Cl) BOW EXPIRATION DATE: March 13,2007
Stnra}P4ck Plant Office
I Storage lek OTT To Whom It May Concern:
Ix,uisvilk,CO 80025
We herewith open our Irrevocable Letter of Credit in your favor for the above account in the
maximum aggregate amount stated above, available by your draft at sight bearing this credit
number and accomplished by the following document:
Each draft so drawn must be marked Drawn under Premier Members Federal Credit Union Ann:
WP of Lending,at 5495 Arapahoe Ave,Boulder,CO 80303,Letter of Credit Number 34541461-
168-1 and be accompanied by a"signed statement from the Board of County Commissioner of
Weld County,Colorado stating Hoskins Construction Inc. has committed a material breach of the
Improvements Agreement according to policy regarding collateral for improvements regarding the
Agreement for Improvements for WCR 40.5 dated the l3°day of March, 2003 by and between
Hoskins Construction Inc.and the Board of County Commissioners of the County of Weld.
This credit is subject, so far as applicable , to "The Uniform Customs and Practice for
Documentary Credits, 1993, Revision, The International Chamber of Commerce Publication No.
500."
This Letter of Credit is 944 transferable.
Partial drawings hereunder shall be permitted.
This Letter of Credit shall be subject to the laws of the State of Colorado and to the Uniform
Commercial Code as adopted therein.
We agree with the drawers,endorsers,and good faith holders of drafts properly drawn under and
in compliance with the terms and conditions of this Letter of Credit that we will duly honor such
drafts upon presentation to this office on or before the Expiration Date.
Very truly yours,axisaLtaj
a
ica A.Wilensky w
Financial Specialist
800.468.0634 I 1111.444.46tH)
W W W . P R E M 1 E R M E M B E R S . 0 R G
EXHIBIT"A"TO LETTER OF CREDIT
No.34541461-168-2
The Letter of Credit shall be governed by the following Special Conditions:
1. This Letter of Credit is subject to the International Standby Practices
1998,International Chamber of Commerce Publication No.590.
2. Issuer agrees that it may not defer honor beyond the close of the first
banking day after presentment of a sight draft drawn hereunder and
accompanying documents.
3. This Letter of Credit shall be transferable and assignable,without charge,
to any person or entity who is the successor or assignee of Beneficiary's
interest under the Lease entered into on or about M3 Properties,LLC and
David Hoskins. Such transfer shall be accomplished by providing
Premier Members Federal Credit Union with the appropriate transfer
from and original Letter of Credit for endorsement;provided,however,
that such transfer shall not be subject to the approval of Premier
Members Federal Credit Union.
C�)7
REM1ERmembers
IRREVOCABLE LETTER OF CREDIT
April 25,2003
Longmont Office
2142 Numb Main TO: Board of County Commissioners
Lamson,CO B0wI
Attu: Clerk of the Board
South Longmont Office PO Box 758
6005.Airport Road
Longmont,CO 80503 Greeley,CO 80632
Boulder Office
5495 Anpahor Avenue LE 1 t'1:R OF CREDIT NO: 34541461-167
eo,da.r•CO 50303 FOR THE ACCOUNT OF: David G and Deann Hoskins/Hoskins Construction Inc.
Denver Office AMOUNT: 570,000.00 Seventy Thousand Dollars and NO/100ths
haws.Yosemite EXPIRATION DATE: March 13,2007
Engkwoad,CO 80112 -
ISM want office To Whom It May Concern:
P.O.8089030
Scudder,co 80301 We herewith open our Irrevocable Letter of Credit in your favor for the above account in the
SYongcT&want oaks maximum aggregate amount stated above,available by your draft at sight bearing this credit
I SrorageTele Drive
Lousivak,CO 80028 nnmiler.
Each draft so drawn must be marked Drawn under PREMIER MEMBERS FCU Attn:VP of
Lending, at 5495 Arapahoe Ave. Boulder,CO 80303,Letter of Credit Number 34541461-
167 and be accompanied by a"signed statement from the Board of County Commissioners
of Weld County, Colorado stating Hoskins Construction Inc. has committed a material
breach of the Improvements Agreement According to Policy Regarding collateral for
Improvements regarding the Agreement for Improvements for WCR 40.5 dated the 13th day
of March, 2003 by and between Hoskins Construction Inc. and the Board of County
Commissioners of the County of Weld.
This credit is subject, so far as applicable, to "The Uniform Customs and Practice for
Documentary Credits, 1993 Revision,The International Chamber of Commerce Publication
No.500."
This Letter of Credit is ad transferable.
Partial drawings hereunder shall be permitted.
This Letter of Credit shall be subject to the laws of the State of Colorado and to the Uniform
Commercial Code as adopted therein.
We agree with the drawers,endorsers,and good faith holders of drafts properly drawn under
and in compliance with the terms and conditions of this Letter of Credit that we will duly
honor such drafts upon presentation to this office on or before the Expiration Date.
Sincerely,
Hil
Vice President of Lending
800.468.0634 I 303.449.9600
W W W.PREMIERMEMBERS.ORG
CLERK TO THE BOARD
PHONE (970)336-7215,Ext. 4225
FAX: (970)352-0242
VI P. O. BOX 758
C• GREELEY,COLORADO 80632
COLORADO
August 3, 2005
Hoskins Construction, Inc.
do Dave Hoskins
1511 Weld County Road 40.5
Berthoud, Colorado 80513
RE: Cancellation and release of Collateral
To Whom It May Concern:
Attached hereto please find copies of the Board of County Commissioner's Resolution approving
the cancellation and release of collateral,as referenced above. The original Letter of Credit was
returned to Premier Members Federal Credit Union,2142 North Main,Longmont,Colorado 80501.
If you have questions or need additional information,please do not hesitate to contact meat(970)
3564000, Extension 4217.
Very truly yours,
BOARD OF COUNTY COMMISSIONERS
•
By:
Carol A. a ing,
Deputy Clerk to the Boar
COLLATERAL RELEASED
IN CONJUNCTION WITH
OTHER CASES
SEE #2005-2091
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