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Home My WebLink About20031997.tiff RESOLUTION 5§ RE: APPROVE CANCELLATION AND RELEASE OF COLLATERAL AND ACCEPT REPLACEMENT COLLATERAL FOR GARCIA PLANNED UNIT DEVELOPMENT FINAL PLAN, #564 - HACIENDA BUILDERS, INC., C/O FRANCISCO GARCIA, JR. 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 November 22, 2002, the Department of Planning Services staff approved the application of Hacienda Builders, Inc., c/o Francisco Garcia, Jr., 914 North 5th Street, Johnstown, Colorado 80534, for a Planned Unit Development Final Plan, PF #564, on the following described real estate, to wit: Lot A of Recorded Exemption #2509; being part of the NE1/4 of Section 6, Township 4 North, Range 68 West of the 6th P.M., Weld County, Colorado, and WHEREAS, on May 19, 2003, the Board of County Commissioner of Weld County, Colorado, approved an Improvements Agreement According to Policy Regarding Collateral for Improvements (Private Road Maintenance) for Garcia Planned Unit Development Final Plan, #564, between the County of Weld, State of Colorado, by and through the Board of County Commissioners of Weld County, and Hacienda Builders, Inc., c/o Francisco Garcia, Jr. with terms and conditions being as stated in said agreement, and accept Irrevocable Letter of Credit #008, drawn on the Colorado Community Bank of Loveland, 1050 Eagle Drive, Loveland, Colorado 80537, in the amount of$64,058.00, and WHEREAS, staff from the Weld County Department of Public Works has conducted a visual inspection and recommends release of said collateral for transportation items, and to require replacement collateral, in the amount of$13,090.00 for the unfinished portions of landscaping and fencing, and . WHEREAS, Irrevocable Letter of Credit#009 has been received, in the amount of $13,090.00, drawn on Colorado Community Bank of Loveland, 1050 Eagle Drive, Loveland, Colorado 80537. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, Colorado, that the Irrevocable Letter of Credit#008, drawn on the Colorado Community Bank of Loveland, in the amount of$64,058.00, 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. BE IT FURTHER RESOLVED by the Board that replacement collateral, in the form of Irrevocable Letter of Credit#009, drawn on the Colorado Community Bank of Loveland, in the amount of$13,090.00, be, and hereby is, accepted. 11111111111IIII1111111III NOM 11111IIIIIIE Dii liii 2003-1997 PL1592 3098580 08/22/2003 11:12A Weld County, CO 1 of 2 R 0.00 D 0.00 Steve Moreno Clerk& Recorder (`C ,pt., Fresh')J £hu/ F� CANCEL COLLATERAL - HACIENDA BUILDERS, INC., CIO FRANCISCO GARCIA, JR. PAGE 2 The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 4th day of August, A.D., 2003. BOARD OF COUNTY COMMISSIONERS W COUNTY, COLORADO ATTEST: I��NA/�'[/�G,/��.cmri/( / vid E. Long, Chair Weld County Clerk to the Board Robert D. M en, ro-Tem att�a -rk to the Board . J. eile ' 1861 • ,=mow„ -- � ! C -..,.... '" Willi H. Jerke I rn-yti- ♦�►� Glenn Vaad Date of signature: -©3 111111 VIII IIII 1111111 III IIIIIIII VIII III VIII IIII IIII 2003-1997 3098580 08/22/2003 11:12A Weld County, CO PL1592 2 of 2 R 0.00 D 0.00 Steve Moreno Clerk& Recorder tilke*r) MEMORANDUM �. TO: Board of County Commissioners COLORADO DATE: July 28, 2003 FROM: Kim Ogle, Planner'., SUBJECT: Garcia PUD, Case Number PF-564 Applicant: Francisco Garcia, Jr. The Weld County Department of Planning Services received a letter from Francisco Garcia, dated July 8, 2003 requesting the release of collateral for PF-564, Garcia PUD. Per Mr. Carroll's memorandum dated June 27, 2003, all transportation items have been verified as being complete. The Department of Planning Services' was notified that the on-site fence and landscape improvements have not been installed. Lee Morrison, Assistant County Attorney, has advised that the release of funds would be in accordance with the terms of the Improvements Agreement. The Weld County Department of Public Works recommends to release the collateral for the transportation related items. The Department of Planning Services' recommends that the monies associated with the landscape improvements be retained. Monies required for collateral shall be thirteen thousand ninety ($ 13,090.00) dollars. Therefore, the Department of Planning Services and Department of Public Works recommend that sixty-four thousand fifty-eight (64.058.00) dollars and no/100s, be released. Staff's recommendation is to release the collateral, in the form of a Irrevocable Letter of Credit, number 008 from Colorado Community Bank of Loveland, 1050 Eagle Drive, Loveland, CO 80537. This release is conditioned on the posting of the warranty collateral by the applicant. The applicant has submitted a replacement Letter of Credit#000009 for thirteen thousand ninety ($ 13,090.00) dollars from Colorado Community Bank of Loveland, 1050 Eagle Drive, Loveland, CO 80537. The Department of Planning Services recommends acceptance of this Letter of Credit. 2003-1997 Weld County Planning Department GREELEY OFFICE JUN 3 0 2003 ► � \ MEMORANDUM RECEIVED WI I C TO: Chris Gathman, Planner II DATE: June 27, 2003 Public Works Department O FROM: Donald Carroll, Engineering Administrator COLORADO SUBJECT: PF-564, Garcia PUD Inspection of Improvements I have been monitoring the construction of the Garcia PUD, which started approximately April 4, 2003. On June 20, 2002, Little Thompson Water sampled the water from the fire hydrant for purity and consumption. I have verified and watched during construction the following items identified in Exhibit A: site grade, street grade, street base, water main, fire hydrant, and street culvert. All the items listed are complete to my satisfaction. The only remaining items needed are a street name sign and a stop sign. These signs shall be installed in the appropriate locations at the intersection of WCR 3. I have notified Gerrard Excavating about the signage. All other non-transportation items should be verified by Planning Services prior to release of collateral. pc: PF-564 Carol Harding, CTB M:\PLANNING\PF-4.doc Weld County Planning Department GREELEY OFFICE H JUL 2 4 2003 Builders Inc. Francisco Garcia Jr. Phone: 970-461-2977FAR. F l EI\ , D email: K V G Tuesday,July 8,2003 Kim Ogle-Weld County Planning 1555 N. 17th Ave. Greeley,CO 80631 Dear Mr.Ogle, Per our phone conversation,I am writing this letter concerning an entrance wall for Garcia PUD. Since we did not include these walls in the plat or engineering,you recommended that I provide you with a letter of my intent for the file. The decorative walls will be of brick and will be placed in the open space area and out of the County Road 3 right of way. I will serve as a structure for the subdivision sign. As with other common areas,the walls will be the responsibility of the Homeowners Association as discussed in the recorded covenants for Garcia PUD. Sincerely, Francisco Garcia Jr.-President Hacienda Builders Inc. 970-461-2977 Hacienda ■A Btd Mc,. Phone: 970-461-2977 Francisco Garcia Jr. FAX: email: Tuesday,July 8,2003 Kim Ogle-Weld County Planning 1555 N. 17th Ave. Greeley,CO 80631 Dear Mr.Ogle, At your instruction,I am writing this letter requesting release of letter of credit for Garcia PHD. As you know the work concerning the Public Works division has been completed to the satisfaction of Donald Carroll. He has provided documentation of his approval of the road as well as water service and storm water. I am providing a new letter of credit from my bank with the remaining portion of the Private Road Agreement collateral that is on file. The remaining dollars will go towards the landscaping and fencing that is yet to be completed. Please approve this as soon as possible so I can pay my excavation subcontractor for their completed services. Sincerely, f Francisco Garcia Jr.-President Hacienda Builders Inc. 970-461-2977 rti>frajk Colorado Community Bank of Loveland • 1050 Eagle Drive IRREVOCABLE LETTER OF CREDIT NO. 009 Loveland, CO 80537 July 21, 2003 (970) 278-0040 Board of County Commissioners Attn: Clerk to the Board Po Box 758 Greeley, CO 80632 Re: Hacienda Builders, Inc To Whom It May Concern: We hereby open our Irrevocable Letter of Credit in your favor for the account of Hacienda Builders, Inc, 1959 Blanca Ct, Loveland, CO 80538, for a sum not to exceed the aggregate of thirteen thousand ninety dollars and zero cents $13,090.00. Each draft so drawn must be marked "Drawn under COLORADO COMMUNITY BANK OF LOVELAND, 1050 EAGLE DRIVE, LOVELAND, CO 80537, Letter of Credit No. 009 and be accompanied by a"signed statement from the Board of County Commissioner of Weld County, Colorado stating the borrower has committed a material breach of the Improvements Agreement According to Policy Regarding collateral for Improvements regarding the Garcia PUD dated the 3r° of April, 2003 by and between Hacienda Builders, Inc and 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 Credit, 1993 Revision, The International Chamber of Commerce Publication No. 005." We hereby agree with you that all drafts drawn under and in compliance with the terms of this credit will be duly honored and presented for payment to our main office, COLORADO COMMUNITY BANK OF LOVELAND, 1050 EAGLE DRIVE, LOVELAND, CO 80537. This letter of credit will expire on April 3, 2004 at 5:00 p.m. This letter of credit is automatically extended without amendment, for additional one year periods from the current expiration or any future expiration date unless 60 days prior to such current expiration date COLORADO COMMUNITY BANK OF LOVELAND notifies beneficiary in writing that the letter of credit will not be renewed. In the case you receive such a notification, you may draw by presentation of the following: (a)a draft at sight on COLORADO COMMUNITY BANK OF LOVELAND; (b) a statement purportedly signed by an official of the Board of County Commissioners of Weld County, Colorado stating that we have received notice from COLORADO COMMUNITY BANK OF LOVELAND the Letter of Credit No. 009 will not be renewed and that Hacienda Builders, Inc has failed to provide proof of adequate collateral and substitution of this Letter of Credit No. 009; (c)copy of letter from COLORADO COMMUNITY BANK OF LOVELAND stating non-renewal of Letter of Credit No. 009 and the original letter of credit. Yours truly, Garrett Raetz Vice President a CLERK TO THE BOARD ' PHONE (970) 336-7215, Ext. 4225 WI D FAX: (970) 352-0242 P. O. BOX 758 C. GREELEY, COLORADO 80632 COLORADO September 8, 2003 HACIENDA BUILDERS, INC. c/o FRANCISCO GARCIA, JR. 914 North 5th Street Johnstown, Colorado 8534 RE: Letter of Credit #008 Dear Mr. Terry: Enclosed please find a copy of Resolution#2003-1997 releasing the collateral being held by Weld County for your project. The original letter of credit has been returned to Colorado Community Bank of Loveland, 1050 Eagle Drive,Loveland,Colorado 80537. If you have questions or need additional information, please do not hesitate to contact me at (970) 336-7215, Extension 4217. Very truly yours, (/;t4411 47 i/4'4- Carol A. Harding Deputy Clerk to the Board Colorado Community Bank of Loveland IRREVOCABLE LETTER OF CREDIT NO. 008 1050 Eagle Drive Loveland, CO 80537 April 3 2003 (970) 278-0040 Board of County Commissioners qy 0 og.4 Attn: Clerk to the Board tiQG9� �9 OS Po Box 758 R ter Greeley, CO 80632 \}0 0S q „sc9 Re: Hacienda Builders, Inc \P.4 G `S" $ { vQ 3 �' oa 0 ati C. O To Whom It May Concern: Gatoy0ye c c\v" We hereby open our Irrevocable Letter of Credit in your favor for the ccount of Hacienda Builders, Inc, 1959 Blanca Ct, Loveland, CO 80538, for a sum not to exceed the aggregate of sixty four thousand and fifty eight dollars and zero cents $64,058.00. Each draft so drawn must be marked "Drawn under COLORADO COMMUNITY BANK OF LOVELAND, 1050 EAGLE DRIVE, LOVELAND, CO 80537, Letter of Credit No. 008 and be accompanied by a "signed statement from the Board of County Commissioner of Weld County, Colorado stating the borrower has committed a material breach of the Improvements Agreement According to Policy Regarding collateral for Improvements regarding the Garcia PUD dated the 3rd of April, 2003 by and between Hacienda Builders, Inc and 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 Credit, 1993 Revision, The International Chamber of Commerce Publication No. 005." We hereby agree with you that all drafts drawn under and in compliance with the terms of this credit will be duly honored and presented for payment to our main office, COLORADO COMMUNITY BANK OF LOVELAND, 1050 EAGLE DRIVE, LOVELAND, CO 80537. This letter of credit will expire on April 3, 2004 at 5:00 p.m. This letter of credit is automatically extended without amendment, for additional one year periods from the current expiration or any future expiration date unless 60 days prior to such current expiration date COLORADO COMMUNITY BANK OF LOVELAND notifies beneficiary in writing that the letter of credit will not be renewed. In the case you receive such a notification, you may draw by presentation of the following: (a) a draft at sight on COLORADO COMMUNITY BANK OF LOVELAND; (b) a statement purportedly signed by an official of the Board of County Commissioners of Weld County, Colorado stating that we have received notice from COLORADO COMMUNITY BANK OF LOVELAND the Letter of Credit No. 008 will not be renewed and that Hacienda Builders, Inc has failed to provide proof of adequate collateral and substitution of this Letter of Credit No. 008; (c)copy of letter from COLORADO COMMUNITY BANK OF LOVELAND stating non-renewal of Letter of Credit No. 008 and the original letter of credit. Yours tr , al, Ha y M. M.rg.:n 0 Executive ic- President Hello