HomeMy WebLinkAbout20030662.tiff RESOLUTION
RE: APPROVE IMPROVEMENTS AGREEMENT ACCORDING TO POLICY REGARDING
COLLATERAL FOR IMPROVEMENTS(PRIVATE ROAD MAINTENANCE),AUTHORIZE
CHAIR TO SIGN, AND ACCEPT COLLATERAL FOR PLANNED UNIT DEVELOPMENT
FINAL PLAN, #1005 - PERCY HAMILTON
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 July 24,2002,the Department of Planning Services staff approved Planned
Unit Development Final Plan, PF#1005, for Percy Hamilton, 36244 Weld County Road 53, Eaton,
Colorado 80615, for five (5) residential lots and 4.7 acres of common open space on the following
described real estate, to-wit:
Lot B of Amended Recorded Exemption#2224; being
part of the SW1/4 of Section 33, Township 7 North,
Range 64 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 (Private
Road Maintenance) between the County of Weld, State of Colorado, by and through the Board of
County Commissioners of Weld County, and Percy Hamilton, with terms and conditions being as
stated in said agreement, and
WHEREAS, the Board has been presented with Irrevocable Letter of Credit #628 from
Union Colony Bank, 1701 23rd Avenue, Greeley, Colorado 80634, in the amount of $60,000.00,
and
WHEREAS, after review, the Board deems it advisable to approve said agreement and
accept said Irrevocable Letter of Credit as stated above, copies of which are attached hereto and
incorporated herein by reference.
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(Private Road Maintenance)between the County of Weld,State of Colorado, by and
through the Board of County Commissioners of Weld County, and Percy Hamilton, be, and hereby
is, approved.
BE IT FURTHER RESOLVED that Irrevocable Letter of Credit #628 from Union Colony
Bank, 1701 23rd Avenue, Greeley, Colorado 80634, in the amount of$60,000.00, be and hereby
is, accepted.
2003-0662
PL1544
or Pt, Poi, )fret, rL
•
IMPROVEMENTS AGREEMENT - PERCY HAMILTON (PF #1005)
PAGE 2
The above and foregoing Resolution was, on motion duly made and seconded, adopted by
the following vote on the 14th day of April, A.D., 2003.
BOARD OF COUNTY COMMISSIONERS
���� W COUNTY, COLORAD
ATTEST: f tegkiA�/�/ •�/!�
' h vid E. Long, Chair
Weld County Clerk to th toa : `'-
Is � R bert D. t'en
, Pro-Tem
BY: Csla Gfln ' �' . Oe t
Deputy Clerk to the \e J
1-101H /5 . J. eile
APP E S TO t via
William H. Jerke
unty Atto ne
h4
Glenn Vaad
of signature: 7
2003-0662
PL1544
779
IMPROVEMENTS AGREEMENT ACCORDING TO
POLICY REGARDING COLLATERAL FOR IMPROVEMENTS
(PRIVATE ROAD MAINTENANCE)
THIS AGREEMENT, made and entered into this Pitt day of >Qprt Z , 20 03, by and
between the County of Weld,State of Colorado,acting through its Board of County Commissioners,hereinafter
called "County,"and Percy L. Hamilton II 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:
Lot B of Amended Recorded Exemption No.2224,situate in the Southwest Quarter of Section 33,
Township 7 North,Range 64 West of the 6`"P.M.,County of Weld,State of Colorado.
WHEREAS,a Final Subdivision/Planned Unit Development(PUD)plat of said property,to be known
as MASON VIEW P.U.D.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 until the Applicant has submitted a
Subdivision Improvement Agreement guaranteeing the construction of the 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 attached hereto and incorporated herein by
reference.
1.I 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 supervision,and the submission of
necessary documents to the County.
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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. Applicant shall furnish one set of 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.
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"
which is 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.
d County, CO
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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 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.
(THERE IS NO SECTION 5)
6.0 Approval of Streets by the County: Upon compliance with the following procedures by the
Applicant,streets within a Subdivision or Planned Unit Development may be approved by the
County as public roads and will be maintained and repaired by a Homeowners Association or,in
its absence,the owners of lots within the Subdivision or Planned Unit Development.
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 approval 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 of
work on the Subdivision or Planned Unit Development improvements in that phase of
the development is 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 its streets and recommend that
the Board of County Commissioners partially approve them. Not sooner than nine
months after partial approval,the County Engineer shall,upon request by the applicant,
inspect the subject streets,and notify the applicant(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 or she shall recommend full approval.
Upon a receipt of a positive unqualified recommendation from the County Engineer for
approval of streets within the development,the Board of County Commissioners shall
fully approve said streets as public but with private pay.
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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 Plat 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. 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 ofOne-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 Plat or Subdivision Final Plat.
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 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."
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 of 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.
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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 shall stipulate that,in any event,the 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 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.
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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.
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 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 Schedule for minimum materials sampling,testing and
inspections found in the Colorado Department of Transportation (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.
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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 paragraphs 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 approval of the streets 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 approval by the
Board of County Commissioners.
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 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(PUD)Plan,if any:
10.1 The required acreage as may be determined according to the Weld County Subdivision
Regulations 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 according to Chapter 24 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 according to Chapter 24 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.
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IN WITNESS WHEREOF,the parties hereto have caused this Agreement to be executed on the day
and year first above written.
APPLICANT: L�,-e.,7 L ILL
TITLE: ✓
4
Subscribed and sworn to before me this Z"14 day of c gbaai �, 20 03
My Commission expires: L/a ..sr t�,/�_
(((l Notary Public
1-25—b5
JAMES BUNKERS
NOTARY PUBLIC
STATE OF COLORADO
ATTEST: � � Q/f / %�.� BOARD OF COUNtI9 t;Cr MISI6 005
jyy ��JN1�� WELD COUNTY,COLORADO
•
Weld County Clerk tot .f oa o 4
David E. Long Chair
BY: (04/14/2003)
Deputy Clerk to the B A r,kci
• '��
APPROVED AS TO FORM:
County Att. y
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2760,5
EXHIBIT"A"
Name of Subdivision
or Planned Unit Development: MASON VIEW P.U.D.
Filing: N/A
Location: Situate in the Southwest Quarter of Section 33-7-64,Weld County,Colorado.
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 Construction
Costs Cost
Site grading
Street grading 5400 Sq. Yd. $2.00 $10,800.00
Street base(4") 277 Cu. Yd. $20.00 $5,544.00
Street paving
Curbs,gutters,and culverts
Sidewalk
Storm sewer facilities(manhole)
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)(6") 810 L.F. $15.00 $12,150.00
Fire hydrants 2 Each $2,500 $5,000.00
Survey and street monuments and boxes Lump $2,500.00
Street lighting
Street Name Signs 1 Each $250.00 $250.00
Fencing requirements
Landscaping(including entrance sign and shelter) Lump $5,500.00
Park improvements
Road culvert 50 L.F. $30.00 $1,500.00
Grass lined swale(re-seeding) 22,000 Sq. Ft. $0.05 $1,100.00
Telephone Lump $2,500.00
Gas
Electric Lump $9,895.00
Water transfer
SUB-TOTAL: $56,739.00
Engineering and Supervision Costs $2,500.00
(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 $59,239.00
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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: cerzeiliL al
Applican
pwkwe- Date: 212,/ ,20 03 .
Title
(If corporation,to be signed by President and attested to by Secretary,together with corporate seal.)
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EXHIBIT"B"
Name of Subdivision
or Planned Unit Development: MASON VIEW P.U.D.
Filing: N/A
Location: Situate in the Southwest Quarter of Section 33-7-64,Weld County,Colorado.
Intending to be legally bound,the undersigned Applicant hereby agrees to provide throughout this Subdivision or
Planned Unit Development the following improvements.
All improvements shall be completed within One (1) year(s) from the date of approval of the fmal 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 March 2003
Street base March/April 2003
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 March/April 2003
Fire hydrants March/April 2003
Survey and street monuments and boxes April/May 2003
Street lighting
Street name signs May 2003
Fencing requirements
Landscaping May/June 2003
Park improvements
Road culvert March 2003
Grass lined swale
Telephone April/May 2003
Gas
Electric April/May 2003
Water Transfer
SUB-TOTAL: (Estimated Completion Date) June/July 2003
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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. r /�/t//
By: re L 444.1 X 4-
Applicant
o��✓ Date: a/2'7 ,2043 .
Title
(If corporation,to be signed by President and attested to by Secretary, together with corporate seal.)
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Ate MEMORANDUM
WI �� TO: Board of County Commissioners - I F;; 11: 3
COLORADO DATE: April 1, 2003
54-
FROM: Sheri Lockman, Planner II
SUBJECT: Acceptance of Improvements Agreement According to
Policy Regarding Collateral for Improvements (Private Road
Maintenance) and Irrevocable Letter of Credit
Mason View PUD
Case Number PF-1005
Percy Hamilton, applicant
The Departments of Planning Services and Public Works have reviewed the Improvements
Agreements for Mill Creek PUD.
Items covered under the Improvements Agreement According to Policy Regarding Collateral for
Improvements (Private Road Maintenance) include:
Street grading $ 10,800.
Street base $ 5,544.
Water mains $ 12,150.
Fire hydrants $ 5,000.
Survey and Street monuments and boxes $ 2,500.
Street name signs $ 250.
Landscaping $ 5,500.
Road culvert $ 1,500.
Grass lined swale $ 1,100.
Telephone $ 2,500.
Electric $ 9,895.
Engineering and supervision $ 2,500.
Total Estimated Cost of Improvements and Supervision $ 59,239.
Irrevocable Letter of Credit $ 60,000.
The Department of Public Works and the Department of Planning Services, have determined
that the amount of the agreement will be sufficient to complete the work required for Mason
View PUD. The Department of Planning Services recommends acceptance of the
Improvements Agreement According to Policy Regarding Collateral for Improvements (Private
Road Maintenance) and Irrevocable Letter of Credit.
AW3-664
15y -1
•
‘Itt' La , MEMORANDUM
WII
TO: Sheri Lockman, Planner II DATE: September 13, 2002
OFROM: Donald Carroll, Engineering Administrator Ofit
• SUBJECT: PF-1005, Mason View PUD, co Percy Hamilton
COLORADO
The Weld County Public Works Department has reviewed the Improvements Agreement According to Policies
Regarding Collateral for Improvement (private road maintenance) for Mason View PUD (PF-1005). The Exhibit
"A" portion of the transportation items have been verified by utilizing the plat drawing and calculations. The
applicant has adequate quantities and unit costs to complete the transportation portion of the proposed PUD.
All other non-transportation items shall be verified by Planning Services.
pc: PF-1005 M:\planning\PF-1.doc
y �t
UNION COLONY MAR 2 ` :-°J'
BANK -
March 24, 2003
IRREVOCABLE LETTER OF CREDIT
Weld County Colorado NUMBER: 628
Department of Planning Services AMOUNT: $60,000
(Hereinafter called beneficiary) EXPIRES: March 24, 2004
1555 N. 17th Avenue
Greeley, Colorado 80631
Attention: Board of County Commissioners
Gentlemen:
Please be advised that Union Colony Bank, A State Chartered Bank (hereinafter called the
"Issuer"), establishes an Irrevocable Letter of Credit in favor of Weld County Colorado,
Department of Planning Services for the account of Percy L. Hamilton, II and Nola L. Hamilton
(hereinafter called "Customer") up to the aggregate sum of Sixty Thousand and 00/100 Dollars
($60,000.00) available by Beneficiary's drafts at sight drawn on Issuer.
Al! drafts drawn under this Letter of Credit must bear the clause:
"Drawn under Union Colony Bank Letter of Credit No. 628 dated ":March 24, 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 - this Letter of Credit shall:
1. Expires at Issuer's counter on or before 3:00 p.m. Mountain time March 24, 2004.
2. Not be transferable;
1701 Twenty Third Avenue • Greeley _860634 80E�34 hone 970-356-7000 • Fax 970-346-5084
920 Fifty Fourth Avenue • Greeley,Lti f634 91Pfione 970-356-7000 • Fax 970-392-0504
1505 Main Street• Windsor,CO 80550 • Phone 970-686-2600 • Fax 970-686-7091
1600 East Bridge Street • Brighton,CO 80601 • Phone 303-659-1622 • Fax 303-637-0084
100 Johnstown Center Drive •Johnstown,CO 80534 • Phone 970-587-4661 • Fax 970-587-4533
3. Be governed by the laws of the State of Colorado, including Article Five of the
Uniform Commercial Code; and
4. This letter of credit is issued subject to ISP 98.
Sincerely,
Mike Nic o
Senior Vice President
MN: SJE
PLEASE RETURN UPON EXPIRATION
Page 2 of 2
a) Union Colony Bank
Post Office Box 961
Greeley, CO 80632
970-346-5050
866-241-2673
IRREVOCABLE LETTER OF CREDIT NO.628 AMENDMENT
March 24, 2004ekdat
Weld County Colorado
Department of Planning Services
(Hereinafter call beneficiary)
1555 N. 17th Avenue
Greeley, Colorado 80631
Attention: Board of County Commissioners
Gentlemen:
At the request of and for the account of our client, Percy L. Hamilton, II and Nola L.
Hamilton, Union Colony Bank establishes the following amendment to its Commercial
Irrevocable Letter of Credit No. 628 in your favor. All of the terms and conditions of our
Commercial Irrevocable Letter of Credit remain the same with the following exception:
Union Colony Bank Commercial Irrevocable Letter of Credit No. 604 is
amended to be extended to become due December 10, 2005.
I hereby certify that all other terms and conditions of Union Colony Bank Commercial
Irrevocable Letter of Credit No. 628 remain unmodified.
Sincerel ,
Mike Nichols
Senior Vice President
MN:keo
iter
LENDER FDIC
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