HomeMy WebLinkAbout20030694.tiff RESOLUTION
763
RE: APPROVE CANCELLATION AND RELEASE OF COLLATERAL FOR LATHAM VIEW
ESTATES PLANNED UNIT DEVELOPMENT FINAL PLAN, PF#633 - MICHAEL SIGG
AND DAVID KEISER
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, by Resolution dated June 21, 2002, the Department of Planning Services
approved the application of Michael Sigg and David Keiser, 5605 Ute Lane, Greeley, Colorado
80631, for a four (4) lot Residential Planned Unit Development (Latham View Estates)with 7.5
acres of open space on the following described real estate, to wit:
Lot B of Recorded Exemption #2527; being part of
the W1/2 SW1/4 of Section 10, Township 2 North,
Range 65 West of the 6th P.M., Weld County,
Colorado, and
WHEREAS, on October 7, 2002, the Board of County Commissioner of Weld County,
Colorado, approved an Improvements Agreement According to Policy Regarding Collateral for
Improvements (Private Road Maintenance) for Latham View Estates, between the County of
Weld, State of Colorado, by and through the Board of County Commissioners of Weld County,
and Michael Sigg and David Keiser with terms and conditions being as stated in said
agreement, and accepted Irrevocable Letter of Credit #000167, drawn on the Centennial Bank
of the West, Greeley, Colorado 80634, in the amount of$40,000,00, and
WHEREAS, it has been determined by the Board that the collateral being held by Weld
County is no longer necessary to secure said Improvements Agreement According to Policy
Regarding Collateral for Improvements (Private Road Maintenance) for Latham View Estates
Planned Unit Development#633, and
WHEREAS, upon recommendation of staff, the Board deems it advisable to release said
collateral.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of
Weld County, Colorado, that Irrevocable Letter of Credit#000167, drawn on the Centennial
Bank of the West, Greeley, Colorado 80634, in the amount of $40,000.00 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.
lilt 111111111H III IIIII 11111 IN III III III IIII 2003-0694
3048763
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CANCEL COLLATERAL - MICHAEL SIGG AND DAVID KEISER
PAGE 2
The above and foregoing Resolution was, on motion duly made and seconded, adopted
by the following vote on the 17th day of March, A.D., 2003.
BOARD OF COUNTY COMMISSIONERS
WE OUNTY, COL RADO
ATTEST: `fatel •�'� , La` Cu
David E. Long, Chair
Weld County Clerk tot of p,
Robert D. Masden, ro-Tem
BY: /i . i
Deputy Clerk to the Board(I 1, EXCUSED
M. J. Geile
APP D AS TO F
EXCUSED DATE OF SIGNING (AYE)
William H. Jerk
ounty Attorn y
Glenn Vaad -
Date of signature: 2
11111111111111111 III IIIII 111111111111 III 11111 IIII VIII
3048763 04/03/2003 02:17P Weld County, CO
2 of 2 R 0.00 0 0.00 Steve Moreno Clerk& Recorder 2003-0694
PL1571
MEMORANDUM
WI �. TO: Board of County Commissioners RECEIVED
COLORADO DATE: March 10, 2003 MAR 10 2003
WELD COUNTY-
FROM: Kim Ogle, Planner III Pue cY:OP.«DicPT
SUBJECT: PF-633, Latham View Estates
Release of Irrevocable Letter of Credit
At the request of Michael Sigg, in his facsimile letter dated March 6, 2003, the Departments of
Planning Services and Public Works preformed a site visit to ascertain the current status of the
transportation and non-transportation items.
Items covered include:
Street Grading August 2002 $ 2,000.00 ✓
Street Base August 2002 $ 2,000.00 ✓
Street Paving (Apron) August 2002 $ 600.00 ✓ ref ti,a3
Retention Pond August 2002 $ 8,900.00 ✓
Street Name Signs October 2002 $ 50.00
Landscaping May 2003 $ 2,700.00 —
Park Improvements - Bus Stop October 2002 $ 650.00 —
Electric September 2002 $ 6,780.00 —
Water Line Extension October 2002 $ 8,025.00 —
Total Estimated Cost of Improvements and Supervision $ 31,705.00
Given that all transportation and non-transportation items have been completed to the
satisfaction of the Departments of Public Works and Planning Services, it is recommended
that forty thousand (40,000.00) dollars and no/100s, be released. Staff's recommendation is to
release the collateral, in the form of a Irrevocable Letter of Credit, number 000167 from
Centennial Bank of the West, 2700 47th Avenue, Greeley, CO 80634.
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2003-0694
( MEMORANDUM
Wi`PC TO: Board of County Commissioners
COLORADO DATE: March 10, 2003
FROM: Kim Ogle, Planner III O,
SUBJECT: PF-633, Latham View Estates
Release of Irrevocable Letter of Credit
At the request of Michael Sigg, in his facsimile letter dated March 6, 2003, the Department of
Planning Services preformed a site visit on March 9, 2003, to ascertain the current status of the
non-transportation items.
The Department of Planning Services reviewed the site amenities including the landscaping,
and site fixtures. These elements are all part of the non-transportation portion of the Latham
View Estates, and are identified as:
Landscaping May 2003 $ 2,700.00
Park Improvements - Bus Stop October 2002 $ 650.00
Total Non-Transportation Items $ 3350.00
The Department of Planning Services' visually confirmed that the development's identification
sign is in place, however all other items have not been completed.
Given the extenuating circumstances pertaining to the droughty conditions, the applicant has
requested staff to consider releasing the landscape improvement monies, stating that the
required trees and shrubs will be planted at a time when their survival may be assured. Staff is
in support of this request, as the landscape component will only enhance this development.
Given this current condition, the Department of Planning Services recommends the release of
monies for the non-transportation items.
The Department of Public Works shall verify the transportation related items prior to release of
any collateral.
•
Weld County Plaoniug Lkoriment
GREELEY OFFICE
•
61t
MAR 1 2 2003
MEMORANDUM •
' TO: Kim Ogle, Planner Ill DATE: 3/10/2003
C
• FROM: Donald Carroll, Engineering Administrator \ya"'
COLORADO `
SUBJECT: PF-633, Latham View Estates
Irrevocable Letter Of Credit #000167
On March 7, 2003, a final inspection was completed for the transportation portion of the
improvements agreement identified in Exhibit A. The street grading, street base, street
approach, retention pond, and street signs are completed. The Latham View Estates has
completed all the transportation items.
The Weld County Public Works Department recommends release of these items. The Latham
View Estates will be privately maintained and not put on a County maintenance system.
All other non-transportation items shall be verified by Planning Services prior to release of
collateral.
pc: PF-633
M:\P LAN N I N G\P F-63.d o c
' tat- uo ud ue: 43p
p. 2
March 6, 2003
Latham View Estates
LaSalle, CO
Mr. Kim Ogle, Planner
Weld County Planning Dept.
FAX#970 304-6498
RE: Irrevocable Letter of Credit#000167 expiration, and completion of improvements
At Latham View Estates PUD
Dear Mr. Ogle,
All required improvements per attached exhibit B have been completed, with the
exception of landscaping.
I have been notified by Centennial Bank that the letter of credit has expired,and can, at
this time, be either renewed or cancelled.
I would like to cancel this letter of credit upon your inspection of the improvements, and
also request that the required trees and shrubs be planted at the earliest time possible,
pending our current drought.
I assure you that we totally support the planting of the trees and shrubs, and will do so at
the first possible chance that their survival is assured.
I hope you will support this good faith agreement,and we will notify your office for the
inspection of the landscaping upon its completion.
Sincerely,
1-(1
Mike Sigg
PH0(970)302-4224
tb-;:l
CLERK TO THE BOARD
PHONE (970)336-7215, Ext. 4225
FAX: (970)352-0242
P. O. BOX 758
O GREELEY, COLORADO 80632
COLORADO
April 17, 2003
Centennial Bank of the West
2700 47th Avenue
Greeley, CO 80634
RE: Cancellation of Letter of Credit#000167
To Whom It May Concern:
Attached hereto please find your Letter of Credit#000167, as well as a copy of the Board of
County Commissioner's Resolution approving the cancellation and release of same.
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
By: / / L
Carol A. Harding,
Deputy Clerk to the Board
F 4
CENTENNIAL BANK
of the West
IRREVOCABLE LETTER OF CREDIT #000167
Date: January 25, 2002 Page 1 of 2
For the Account of Michael R Sigg gti4�
5605 Ute Lane •
tiyG��
Greeley, CO 80631 to ZS();
:)."C-
,c6:0 6110)
Beneficiary: Weld County Planning Commission ov G 1-
G
L�SSt 1. 0 O'5 to
Amount: $40,000.00 tig l� $oa
4Gs /1 a t'4, tvg.
Expiration Date: January 25, 2003 �a �o
oy P.
Gye{F
Weld County Planning Commission �� 9e'4?
We 9
We hereby extend in your favor our Irrevocable Letter of Credit, numbered as indicated
above, for a sum not exceeding the amount set forth above, available by your draft or
drafts drawn upon us at site specified below.
Draw upon order of the Weld County Planning Commission.
This letter of credit is payable to you at one time or in installments against your
presentation to us of your sight draft or drafts on us when accompanied by a signed
statement by an authority of Weld county Planning Commission requesting the draft so
that we may confirm that the draft is authentic.
We hereby further agree that:
1) Drafts drawn under, and in compliance with the terms of this Irrevocable Letter of
Credit will be duly honored if presented at our office at 2700 47th Avenue,
Greeley, CO 80634, on or before 2:00 P.M. on January 25th, 2003, upon which
date this letter of credit shall expire.
2) Funds available under this Irrevocable Letter of Credit may be drawn in such
amounts, and at such times, as determined by the Weld County Planning
Commission, in their sole discretion, provided that the amount(s) drawn shall not
exceed the aggregate amount specified herein.
CENTENNIAL BANK
of the West
Irrevocable Letter of Credit #000167
Michael R Sigg
January 25th 2002 Page 2 Of 2
3) We shall have no right, duty, obligation or responsibility to evaluate the
performance or non-performance, of any underlying agreement, contract or claim
between Michael R Sigg and the holder of this letter of credit.
4) The amount of any draft drawn hereunder must be endorsed on the reverse side
hereof All drafts must be marked " Drawn Under Irrevocable Letter of Credit
#000167, Michael R Sigg" and be accompanied by this original letter of credit.
This Irrevocable Letter of Credit is subject to the Uniform Customs and Practice for
Documentary Credits (1993 Revision), International Chamber of Commerce Publication
No. 500, and contains all the terms and conditions of this credit which shall not be
altered.
There are no other conditions to this letter of credit.
Dated this 25th Day of January 2002.
Centennial Bank of the West
By:
Timmy R Kerbs
Vice President
rs
CLERK TO THE BOARD
inipe
PHONE (970)336-7215, Ext. 4225
FAX: (970) 352-0242
P. O. BOX 758
GREELEY, COLORADO 80632
COLORADO
April 17, 2003
Michael R. Sigg
5605 Ute Lane
Greeley, CO 80634
RE: Cancellation of Letter of Credit #000167
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 was mailed on this date to Centennial Bank of the West, 2700 47th Avenue,
Greeley, CO 80634.
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
By: %G2: .1 -L 7. e,.
Carol A. Harding,
Deputy Clerk to the Board
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