HomeMy WebLinkAbout20033336 RESOLUTION
RE: APPROVE IMPROVEMENTS AGREEMENT ACCORDING TO POLICY REGARDING
COLLATERAL FOR IMPROVEMENTS (PUBLIC ROAD MAINTENANCE) FOR
PLANNED UNIT DEVELOPMENT FINAL PLAN,PF#1037,AND AUTHORIZE CHAIR TO
SIGN - 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 May2,2002,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),dated December 8,2003,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,on October 27,2003,the Board accepted Irrevocable Letter of Credit#249 from
New Frontier Bank, 2425 35th Avenue, Greeley, Colorado 80634, in the amount of$362,968.00,
which staff has determined is a sufficient amount of collateral to cover the improvement agreement
previously approved on October 27, 2003, as well as the one dated December 8, 2003, and
WHEREAS,after review,the Board deems it advisable to approve said agreement,a copy
of which is attached hereto and incorporated herein by reference, with no additional collateral
required.
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),dated December 8,2003,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.
2003-3336
p PL1548
no '_ PL ICJ 7447)L at-0 f 73a/a3
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 8th day of December, A.D., 2003.
BOARD OF COUNTY COMMISSIONERS
_�D W COLN CO ORADO
ATTEST: " 9 IE iztm
David E. Lon , Chair
Weld County Clerk to th reap r�s
1/49
Robert D. Masden, Pro- em
BY: �-L7�,,�/
Deputy Clerk to the Bo EXCUSED
M. J. Geile
AP V AS TO F �„�/
Willia H. Jerke
my A orney Lug
GI nn Vaad
Date of signature: //
2003-3336
PL1548
•
• 950 IMPROVEMENTS AGREEMENT ACCORDING TO
POLICY REGARDING COLLATERAL FOR IMPROVEMENTS
(PUBLIC ROAD MAINTENANCE)
THIS AGREEMENT,made and entered into this d& day of avom r ,2C4,by and
between the County of Weld, State of Colorado, acting through its Board of County Commissioners,
hereinafter called "County," and. ,442nv/„4e_ , 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: /L / rP?c7k 5{/31---k/-0.<4,L„,_
WHEREAS, a fnal Subdivision/Planned Unit Development (PUD) Plat of said property, to be
known asr 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 uuril the Applicant has
submitted a Subdivision Improvements Agreement guaranteeing the construction u d'th -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 atI..hed 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 supei ,ision,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. Before acceptance of the roads within the Subdivision or
Planned Unit Development by the County, Applicant shall furnish one set of
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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 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
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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.
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.
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
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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, 1982)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.
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 following
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 be maintained 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
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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 appli cant(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 Nat approval, the applicant shall indicate which of the
five types of collateral 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. 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
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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 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 to 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.
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 sisal; stipulate that, in any
event,the Letter of Credit shall remain in full force and effect until after the
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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.
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.
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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 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 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 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
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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.
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 first above written. / n
APPLICANT:tS)/ r.I.x Io.LC:A.
APPLICANT:V_,----. 4.---,----
I11_LE: flfs r i Il I%__ Gl/
Subscribed and sworn to before me this 17 day of 0
My Co issio expires:
0 9A 'j O6 otary Public
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ATTEST: BOARD OF COUNTY COMMISSIONERS
WE COUNTY, COLORADO
Weld County Cler t � �` Chair
t^ .' David E.Long 12/O8/2OO3
BY:
Deputy Clerk to s tife`,
APPROVED AS TO FORM:
Coun ttorney
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0200.3-33
EXHIBIT "A"
Name of Subdivision
or Planned Unit Development: 510,4, f',ry,( PR 3
Filing:
Location: X51 47
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 Quantity Units Unit Estimated
Costs Construction Cost
Site grading
Street grading/S% % 444ta /O6ZO 4O 1/ e 27/94O
Street base & //�.ct�p /l '/,Vale 101 ,4( 7t>
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
Park improvements
Road culvert
Grass lined swale
Telephone
Gas
Electric
Water transfer
SUB-TOTAL:
Engineering and Supe ision Costs $ �� 2
(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 $ '2-2jS9 7
1 RIM 11111 IIII 111111II 1111 1111 Ell III MI IIII
Revised 07/01/2002
3138950 12/24/2003 12:25P Weld County, CO 11 MnwPFILEs\WENDRAPUBLIC
11 of 14 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: ti7 Gilt Grvt 4It
Applicant
Applicant
�vv (lrµy /%4/1_Gt/' Date: /7_/7 2003
Title V (/
(If corporation, to be signed by President and attested to by Secretary, together with corporate seal.)
111111111111111113111111111 1111111111111111 III IIII Revised 07/01/2002
3138950 12/24/2003 12:25P Weld County, CO 12 M:\WPFILES\WENOMPUBLIC
12 of 14 R 0.00 D 0.00 Steve Moreno Clerk& Recorder
EXHIBIT"B"
Name ofn dSubdivision Ut e p _ )/ � A>)
or Planned Unit Development: S7 j/'
Filing:
Location: a.4 ��j
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
Street grading r c
Street base D(
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
Fire hydrants
Survey and street monuments and boxes
Street lighting
Street name signs
Fencing requirements
Landscaping
Park improvements
Road culvert
Grass lined swale
Telephone
Gas
Electric
Water transfer
SUB-TOTAL:
HUM 11111 1111 1311111111 1111 1111111 III 111111 III IIII
Revised 07/01/2002
3138950 12/24/2003 12:25P Weld County, CO 13 M:1wrF:LEs\WENu1\AruBLlc
13 of 14 R 0.00 D 0.00 Steve Moreno Clerk& Recorder
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. TT
By: Gc�/C. y >Z2(b
Apple t
A' hcant
Date: �1 )� , 20Og .
Tit
(If corporation, to be signed by President and attested to by Secretary, together with corporate seal.)
Hill I'lll It Fill HI IIII 'llllll III IIIIII III IIII 14 M:\WPPILES\\Revised 07/01/2002
WENBI\APUBLIC
3138950 12/24/2003 12:25P Weld County, CO
14 of 14 R 0.00 D 0.00 Steve Moreno Clerk& Recorder
atirg MEMORANDUM
. TO: Board of County Commissioners 11/26/03
COLORADO 4-4
FROM: Chris Gathman - Planner u, ,
SUBJECT: Acceptance of Collateral for Off-Site Improvements 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
private (on-site) improvements agreement for PF-1037 (Stark Farm PUD). This collateral was
accepted by the Board of County Commissioners on October 27, 2003. One of the items
included in the improvements agreement and collateral amount has already been completed
(site grading). The amount allocated for site grading under the original improvements
agreement was Eighty-Two Thousand Two-Hundred Ninety-Two Dollars (82,292.00). A public
improvements agreement is required for shoulder improvements to County Road 37 as a
condition of approval for PF-1037 (Stark Farm PUD). The original Letter of Credit was been
reviewed by Lee Morrison - County Attorney who determined that the shoulder improvements to
County Road 37 (off-site improvements) could be covered under the original Irrevocable Letter
of Credit.
To date the following Off-Site improvements need to be completed:
Street Grading (shoulder work) estimate $ 2,217.60
Street Base estimate $ 18,585.60
Engineering & Supervision estimate $ 2,784.00
Total Estimated Cost of Improvements and supervision $ 23,587.20
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
t , a
eito k
MEMORANDUM
WI I
TO: Chris Gathman, Planner II . DATE: July 14, 2003
CFROM: Donald Carroll, Engineering Administrator dite
COLORADO SUBJECT: PF-1037, Stark Farms--Acceptance of
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\P F-5.tloc
Wald County
Planning Department
EN OFFICE
/^
OCT 02Z003 �
L
RECEIVED
NEW FRONTIER BANK
IRREVOCABLE LETTER OF CREDIT
BENEFICIARY: WELD COUNTY DATE: SEPTEMBER 10, 2003
(hereafter called"Beneficiary")
ADDRESS: 1551 N. 17th 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/100th 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 rime 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, Cole..ado ti0534 ?-'fl-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
Nov 14 03 04 : 47p Lyle Luckeroth 9703560218 p. 2
larialibEr
*
P.O. Box 336399
Greeley,Co. 80633
t pion Colony (Office)356.7122
Excavating Inc. (Fax)356 0218
QUOTATION and CONTRACT
TO: Dan Wilson DATE: 11/14/2003
REFERENCE: Stark Farm Offsite
PLANS:
DATED:
ITEM} DESCRIPTION I UNIT I QUANTITY) UNIT BID I TOTAL
Strip shoulder for base on county RD. 6" depth If 10560.00 $0.21 $2,217.60
Place road base 6" Deep X 4'Wide If 10560.00 $1.76 $18,585.60 _
Traffic Control day 4.00 $696.00 _$2,7„0,4„QO
TOTAL $23,587.20
WE HEREBY PROPOSE TO FURNISH ALL LABOR AND MATERIAL NECESSARY FOR THE
COMPLETION OF THE ABOVE MENTIONED ITEMS. UNIT COSTS SHALL APPLY WHEN APPLICABLE.
OWNER RESPONSIBLE FOR ALL ENGINEERING, GRADE STAKING, COMPACTION TESTING,
PERMITS AND INSPECTION FEES, UNLESS OTHERWISE INCLUDED IN BID PRICE. IF HAZARDOUS
OR CONTAMINATED MATERIALS AND/OR DIRT IS ENCOUNTERED, IT IS THE OWNERS
RESPONSIBILITY. IF UNFORESEEN UNSTABLE SUBGRADE AND/OR UNSTABLE SOILS ARE
ENCOUNTERED, UNION COLONY SHALL NOT BE LIABLE FOR STABILIZATION OR IMPORT
MATERIAL TO STABILIZE THESE AREAS. IN ADDITION UNION COLONY WILL NOT BE LIABLE FOR
CONFLICTS WITH EXISTING UTILITIES NOT SHOWN ON THE CONSTRUCTION DRAWINGS. UNLESS
INCLUDED AS A LINE ITEM DEWATERING IS EXCLUDED. ANY COSTS INCURRED IN CORRECTING
ANY OF THESE PROBLEMS WILL BE PAID BY THE OWNER ON A COST PLUS BASIS. ALL UNIT
COST ITEMS TO BE FIELD MEASURED TO DETERMINE FINAL PRICING.
PAYMENT TO BE MADE AS FOLLOWS: MONTHLY PROGRESS PAYMENTS BASED ON
PERCENTAGE OF COMPLETION. FINAL PAYMENT DUE UPON COMPLETION WITH ALL
RETENTION IF APPLICABLE. ACCOUNTS EXTENDING PAST 30 DAYS ARE SUBJECT TO
INTEREST CHARGES OF 1.5% PER MONTH ON OUTSTANDING BALANCE. ANY ALTERATION OR
DEVIATION FROM SPECIFICATIONS INVOLVING EXTRA COSTS, WILL BE EXECUTED ONLY UPON WRITTEN
CHANGE ORDER AND WILL BECOME AN EXTRA CHARGE OVER AND ABOVE THE ESTIMATE. ALL
AGREEMENTS CONTINGENT UPON STRIKES, DELAYS OR ACCIDENTS BEYOND OUR CONTROL. UNION
COLONY TO CARRY WORKMAN'S COMPENSATION AND PUBLIC LIABILITY INSURANCE ON ABOVE WORK
IF NOT ACCEPTED WITHIN 30 DAYS OF PROPOSAL DATE UNION COLONY MAY WITHDRAW THIS
PROPOSAL.
BY: BY:
(SEAL) ATTEST: ATTEST: (SEAL)
FDIC
Federal Deposit 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 67O7 831
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.
,7&),_5i-
/02
15Vd'
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 Frontier Bank
O
By: Gary/enforcher v
Title: Post Closing Asset Manager
Hello