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Home My WebLink About20033116.tiff O91RESOLUTION RE: APPROVE CANCELLATION AND RELEASE OF COLLATERAL FOR PLANNED UNIT DEVELOPMENT FINAL PLAN, S #579, FOR THE ELMS AT MEADOW VALE, THIRD FILING - ELMS LAND COMPANY, LLC, C/O FLOYD OLIVER 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 November 30,2000,the Department of Planning Services staff approved a Planned Unit Development Final Plan,S#579,for the Elms at Meadow Vale,Third Filing,for Elms Land Company, LLC, do Floyd Oliver, 2385 Homestead Place, Longmont, Colorado 80504,for a Planned Unit Development Final Plan on the following described real estate, to-wit: Part of the NW1/4 of Section 4, Township 2 North, Range 68 West of the 6th P.M., Weld County, Colorado, and WHEREAS, on July 18, 2001, the Board of County Commissioners of Weld County, Colorado, approved an Improvements Agreement According to Policy Regarding Collateral for Improvements(Public Road Maintenance)for The Elms at Meadow Vale,Third Filing,between the County of Weld, State of Colorado, by and through the Board of County Commissioners of Weld County,and Elms Land Company, LLC,c/o Floyd Oliver,with terms and conditions being as stated in said agreement, and accepted a Deed of Trust for said property, and WHEREAS, on July 24, 2002, the Board of County Commissioners of Weld County, Colorado, cancelled and released said Deed of Trust and accepted Irrevocable Standby Letter of Credit #FGAC-02119, drawn on the Fidelity Guaranty and Acceptance Corporation, Box 2863, Houston,Texas 77252-2863,in the amount of$889,000.00,as replacement collateral for said Deed of Trust, and WHEREAS, staff from the Weld County Departments of Public Works and Planning Services have conducted visual inspections and recommend the cancellation and release of said Irrevocable Standby Letter of Credit, in the amount of$889,000.00. NOW,THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, Colorado, that Irrevocable Standby Letter of Credit#FGAC-02119, drawn on the Fidelity Guaranty and Acceptance Corporation, Box 2863, Houston,Texas 77252-2863, in the amount of $889,000.00,from Elms Land Company, LLC,for the Elms at Meadow Vale, Third Filing, County of Weld, State of Colorado be, and hereby is, canceled and released. BE IT FURTHER RESOLVED by the Board that the Clerk to the Board be, and hereby is, directed to return said collateral to the appropriate issuing party. 111111111111 IIII 11111111 Ell inn III 11111 IIII III 2003-3116 3137097 12/19/2003 10:51A Weld County, CO PL1254 1 of 2 R 0.00 D 0.00 Steve Moreno Clerk & Recorder n0 " a, �zC2.6�1) / 3 CANCEL COLLATERAL - ELMS LAND COMPANY, LLC, C/O FLOYD OLIVER PAGE 2 The above and foregoing Resolution was,on motion duly made and seconded,adopted by the following vote on the 10th day of November, A.D., 2003. BO OF COUNTY COMMISSIONERS WEL OUN , COLOR DO �' ATTEST: FLY .�".4'��%�� G David E. Long, Ch it Weld County Clerk o Robert D. den, Pro-Tem BY: ,c►A Deputy Clerk to t: M. J. Geile APP V D AS TO FO %/ � William H. Jerke untrAttorney Glenn Vaad Date of signature: 1% 1111111111111 11111111 2003-3116 3137097 12/19/2003 10:51A Weld County, CO PL1254 2 of 2 R 0.00 D 0.00 Steve Moreno Clerk& Recorder o MEMORANDUM_ TO: Board of County Commissioners COLORADO. DATE: November 3, 2003 FROM: Kim Ogle, Planner Ilhfl SUBJECT: S-579, Elms at Meadow Vale, Third Filing Release of Collateral On October 10, 2003,the Department of Planning Services preformed a site investigation with Don Carroll, Department of Public Works,of the completed improvements for the Elms at Meadow Vale, Third Filing at the request of Floyd Oliver, applicant. The completed improvements for which a draw is being requested includes both transportation and non-transportation items Don Carroll of Weld County Department of Public Works has inspected the items, and in his memorandum of October 27, 2003, recommends the release of collateral, for the transportation items, 3rd Filing, the Elms at Meadow Vale, S-579. Further, the Department of Public Works recommends that all roads in the 3r° Filing be placed on the County road system for full maintenance as open and maintained public right-of-way/roads. The Department of Planning Services' in their memorandum of October 10, 2003 recommends the release of all non-transportation monies held for the 3r° Filing, Elms at MeadowVale, S-579. Therefore, the Department of Planning Services and Department of Public Works recommends that eight hundred eighty-nine thousand and no/100s (889,000.00) dollars, be released. Staff's recommendation is to release the collateral, in the form of a Letter of Credit number FGAC- 02119, drawn on the Fidelity Guaranty and Acceptance Corporation. 2003-3116 Pt_O5y SERVICE,TEAMWORK,INTEGRITY,QUALITY 46F , rnieg MEMORANDUM Wi` a TO: Board of County Commissioners COLORADO DATE: October 10, 2003 FROM: Kim Ogle, Planner III *0 SUBJECT: S-579, Elms at Meadow Vale, Third Filing Site Visit for compliance with Landscape Plan On October 10, 2003, the Department of Planning Services preformed a site investigation with Don Carroll, Department of Public Works, of the completed improvements for the Elms at Meadow Vale, Third Filing at the request of Floyd Oliver, applicant. The completed improvements for which a draw is being requested includes both transportation and non- transportation items. The Department of Planning Services noted there are several areas where there appears to be overwatering occurring on lands within the common open space and on adjacent properties where there is newly installed turf and landscape materials. Given that this is not an on-going situation, the Department of Planning Services' recommends to release the collateral held for non-transportation items, 3r° Filing, Elms at MeadowVale, S- 579. MEMORANDUM Wille TO: Kim Ogle, Planner III DATE: 10/27/2003 FROM: Donald Carroll, Engineering Administrator toe COLORADO SUBJECT: S-579, Elms at Meadow Vale, 3rd Filing On October 24, 2003, I performed a follow-up inspection to verify the transportation portion items identified on Kim Ogle's memo dated October 10, 2003. All items have been completed to my satisfaction. The water valves were readjusted to the existing grade of the pavement at numerous locations. The stop signs and street name signs identified have been readjusted to the proper height. The pavement, sidewalk, curb, and gutter have been in place for at least one year, and there is no distress or apparent failure. I will recommend release of collateral, the transportation items, and 3rd Filing, the Elms at Meadow Vale, S-579, be placed on the County road system for full maintenance as open and maintained public right-of-way/roads. pc: Frank B. Hempen, Jr. P.E., Director of Public Works/County Engineer Keith Meyer, Engineering Division Manager Matt Dixon, GIS Tech Marc Street, Maintenance Support Supervisor Dean Dreher, Engineering Mel Everhart, Motor Grader Supervisor S-579 Elms at Meadow Vale, 3rd filing M:\PLANNING\S-1 DONALD Carroll - Re: Elms at Meadow Vale 3rd Filing Page 1 From: DONALD Carroll To: Ogle, Kim Subject: Re: Elms at Meadow Vale 3rd Filing Reset Water Valve height to match existing pavement. I will fax you MUTCD stantands for signing. >>> Kim Ogle 10/10/03 04:48PM >>> Ashton at Beaseley Road need stop sign SW quadrant Check height of Stop signs all locations Beaseley @ River View- reset Valve height Beaseley @ Pearl Howlett- reset Valve height Circle @ Riverside-reset Valve height FROM : MEADOW URLE FARM PHONE NO. : 970 339 8556 Nov. 03 2003 02: 19AM P2 ELMS LAND COMPANY LLC 2385 Homestead Place Longmont, CO 80504 Nov. 3, 2003 Weld County Planning 1555 N. 17th Street Greeley, CO 80631 Via: Fax Dear Kim, I am aware that some trees need to be replaced and that some spot seeding is necessary in the Elms 3rd. This work will be done in Mid April 2004. The irrigation system has been shut down for he winter and I do not want to replace trees until they can be properly watered Concerning the letter from Frank Johnson, Elms Community Association. There is nothing wrong with the sprinkling system in the 3rd Filing. The irrigation system has been in operation for all of the 2003 season and it has performed as designed. The problem rests with the residential homes at 11755, 11753 and 11751 Center Drive. At different times during the summer of 2003 each of these homes installed sod in the lots. They then watered non stop to establish the sod. The soil in the area is heavy clay and it will not absorb that much water. The lots are above the open space so the excess water runs off into the open space. In addition when we watered the open space to germinate our seeding this adds to the excess water in a small portion of the open space. The area effected was approximately 1500 square feet. There is no leak in the system nor any need to do anything except for the residences to water less. Now that the sod is established, in the irrigation season of 2004 I'm sure the residences will be watering less and the problem will go away. If I need to I can limit the amount of watering that the residences do. Please schedule Collateral Release with the Broad of Commissioners. Since the collateral is a performance bond all that is needed is a letter to The Genesee Company showing the reduction in collateral. Please send this letter to me as I am responsible for the development in behalf of Genesee Company. Thank you for your cooperation in this, and if you have any questions please give me a call. Sincerely, Floyda 61inti eE TihsQtrmrilyAte► 11816 Pt ViswRioly kanaintelait Laxjr** Cotrat8104 October 26, 2003 Mr. Kim Ogle Weld County Planning Services1555 N. 17th Street Greeley, Colorado 80631 Subject: Return of Reserves/F. Oliver Dear Mr. Ogle, Reference our conversation on Friday October 24, 2003 regarding the request of Mr. Oliver for return of reserves for landscaping of section III at The Elms at Meadowvale located West of Weld County Road 51/2. There are several issues I would like to bring to the Planning Services attention. Mr. Oliver executed a supplemental declaration giving the Genesee Company declaration powers for Section III at the Elms at Meadowvale. I also believe that Genesee contracted with F. Oliver to install the landscaping for Section III. The Genesee Company decided to annex Section III lots into the Elms Community Association in blocks of 12. The Genesee Company has not annexed the open space into the Association as of this date. There are problems with the irrigation system servicing section III There is an area between N. Beasley and Center streets that continually floods when the irrigation system is in operation and when it rains. These issues may or may not have any relevance to the return of the reserve funds. However the Association will not have any say in the maintenance and appearance of the open space until annexation does occur. Please contact me if there are questions regarding this letter. Thank you, Franklin Johnson, President, The Elms HOA rif CLERK TO THE BOARD ' PHONE (970) 336-7215, Ext. 4225 FAX: (970)352-0242 P. O. BOX 758 O GREELEY, COLORADO 80632 COLORADO January 5, 2004 Blaine Garrett 9990 Park Meadow Drive Lonetree, Colorado 80124 RE: Cancellation and release of Letter of Credit#FGAC-02119 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 your Letter of Credit referenced above. The original Letter of Credit is also enclosed. If you have questions or need additional information, please do not hesitate to contact me at (970) 356-4000, Extension 4217. Very truly yours, BOARD OF COUNTY COMMISSIONERS Carol A. Harding, Deputy Clerk to the Board FIDELITY GUARANTY AND ACCEPTANCE CORP. Box 2863,HousroN,TFxAs 77252-2863 (713)599-2575 �4 p IRREVOCABLE STANDBY LETTER OF CREDIT(LOC) 4 o• �V LETTER OF CREDIT NO.FGAC-02119 EXPIRATION DATE: JUNE 30,2003 q4 p\ - A, ELMS AT MEADOW VALE THIRD FILING q+ ti\� ti aAC4O 49-* v JUNE 28,2002 BENEFICIARY: WELD COUNTY �p4 tip ti 1555 N. 17TH AVENUE vpyAb VYe GREELEY,CO 80631 yp 4 eft LADIES AND GENTLEMEN: 44 1. WE HEREBY OPEN IN YOUR FAVOR,AT THE REQUEST AND FOR THE ACCOUNT OF THE GENESEE COMPANY LLC, THIS IRREVOCABLE STANDBY LETTER OF CREDIT IN AN AGGREGATE AMOUNT NOT TO EXCEED $889,000.0, TO BE AVAILABLE FOR PAYMENT OF YOUR DRAFTS DRAWN AT SIGHT ON US AND ACCOMPANIED, IN THE CASE OF EACH DRAFT, BY YOUR JOINTLY SIGNED WRITTEN STATEMENT, EXECUTED BY BENEFICIARY AND THE GENESEE COMPANY LLC, ADDRESSED TO US STATING: THE AMOUNT REPRESENTED BY THE DRAFT ACCOMPANYING THIS STATEMENT IS THE AMOUNT REQUIRED TO BE PAID TO BENEFICIARY ON ACCOUNT OF THE DEFAULT OF THE GENESEE COMPANY LLC IN THE COMPLETION OF CERTAIN PUBLIC AND PRIVATE IMPROVEMENTS RELATED TO THE ELMS AT MEADOW VALE THIRD FILING,PLANNING SERVICES CASE NUMBER S-379. 2. THIS CREDIT SETS FORTH IN FULL THE TERMS OF OUR UNDERTAKING, AND SUCH UNDERTAKING SHALL NOT IN ANY WAY BE MODIFIED, AMENDED, AMPLIFIED OR LIMITED BY ANY DOCUMENT, INSTRUMENT OR AGREEMENT REFERRED TO HEREIN, OR IN WHICH THIS CREDIT IS REFERRED TO, OR TO WHICH THIS CREDIT RELATES; AND NO SUCH REFERENCE SHALL BE DEEMED TO INCORPORATE HEREIN BY REFERENCE ANY SUCH DOCUMENT,INSTRUMENT OR AGREEMENT. 3. THIS CREDIT SHALL INCLUDE THE FOLLOWING SPECIAL CONDITIONS: PARTIAL DRAWINGS SHALL BE PERMITTED. ALL BANK CHARGES OTHER THAN THOSE OF FIDELITY GUARANTY AND ACCEPTANCE CORP. ARE FOR THE ACCOUNT OF THE BENEFICIARY. 4. THIS CREDIT SHALL EXPIRE ON JUNE 30, 2003 UNLESS EXTENDED AS PROVIDED HEREIN. 5. DRAFTS MUST BE MARKED "DRAWN UNDER IRREVOCABLE STANDBY LETTER OF CREDIT NO.FGAC-02119". 6. WE HEREBY AGREE TO HONOR EACH DRAFT DRAWN UNDER AND IN COMPLIANCE WITH THE TERMS OF THIS CREDIT IF DULY PRESENTED AT OUR OFFICES AT 10707 CLAY ROAD,HOUSTON,TEXAS 77041 ON OR BEFORE THE CLOSE OF BUSINESS ON THE EXPIRATION DATE. OUR REFERENCE NO.FGAC-02119 PAGE 2 7. THIS CREDIT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS, INTERNATIONAL CHAMBER OF COMMERCE PUBLICATION NO. 500 (1993 REVISION) AND, TO THE EXTENT NOT INCONSISTENT THEREWITH,THE LAWS OF THE STATE OF COLORADO. VERY TRULY YOURS, FIDELITY GUARANTY AND A C PTANCE RP. /3J/4 - 0 WILLIAM D.G UM,VICE P SI ENT 13-S91' -as-7s- PHONE Hello