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RESOLUTION
RE: APPROVE CANCELLATION AND RELEASE OF COLLATERAL, AND ACCEPT
REPLACEMENT COLLATERAL FOR IDAHO CREEK PLANNED UNIT DEVELOPMENT,
S #554, PHASE 1 - KB HOME OF COLORADO, INC.
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 March 7, 2001, the Board did approve the application of
KB Home of Colorado, Inc., do Kent Carlson, P.O. Box 247, Eastlake, Colorado 80614, for a Site
Specific Development Plan and Planned Unit Development Final Plan, S#554,for 351 Residential
lots in the Mixed Use Development area on the following described real estate, to wit:
Part of the NW1/4 NE1/4 of Section 10, Township 2
North, Range 68 West of the 6th P.M., Weld County,
Colorado, as shown On the final plat as Phase 1 of
Planned Unit Development Final Plan, S#554, Idaho
Creek, and
WHEREAS, on October 22, 2001, the Board of County Commissioner of Weld County,
Colorado, did approve an Improvements Agreement According to Policy Regarding Collateral for
Improvements (Public Road Maintenance) for Idaho Creek Planned Unit Development, S #554,
Phase 1, between the County of Weld, State of Colorado, by and through the Board of County
Commissioners of Weld County, and KB Home of Colorado, Inc., with terms and conditions being
as stated in said agreement, and accept Development Bond #26 68 23, from American Home
Assurance Company, in the amount of$2,001,967.00, and
WHEREAS, on September 23, 2002, the Board subsequently reduced the amount of said
bond to $533,454.00, and
WHEREAS, staff from the Weld County Departments of Public Works and Planning
Services have conducted a visual inspection and again recommends reduction of said collateral
to $87,030.00, and
WHEREAS, Surety Rider #26 68 23 has been submitted from American International
Companies in the amount of$87,030.00.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld
County, Colorado, that Development Bond #26 68 23, issued by American Home Assurance
Company, be, and hereby is, reduced to the amount of$87,030.00 as stated in the Surety Rider
issued on March 26, 2003, a copy of which is attached hereto and incorporated by reference.
BE IT FURTHER RESOLVED by the Board that the Chair be, and hereby is, authorized to
sign said Surety Rider accepting the reduction of said collateral to $87,030.00.
1 HI 111111111111111111 1111 III IIIII 2003-0990
3058454 05/02/2003 11:05A Weld County, CO
PL1321
1 of 2 R 0.00 D 0.00 Steve Moreno Clerk& Recorder do:
Pt, FL
CANCEL COLLATERAL - KB HOME OF COLORADO, INC. (S #554)
PAGE 2
The above and foregoing Resolution was, on motion duly made and seconded, adopted by
the following vote on the 21st day of April, A.D., 2003.
BOARD OF COUNTY COMMISSIONERS
WE COUNTY, COLO DO
ATTEST: LS
��yy��'� David E. Long, Chair
AI
Weld County Clerk to the` E
EXCUSED
4 I 61 � �3, I Robert D. M en, Pro-Te
BY: Co Cc• 3`n
Deputy Clerk to their
('1); M. J. eile
OV AST M. i 7/
Willis H. Jerke
or y l �
/ Glenn Vaad
`�lzx
Date of signature:
1111111111111111111 IIII 1111111111111111 M IIII 2003-0990
3058454 05/02/2003 11:05A Weld County, CO PL1321
2 of 2 R 0.00 D 0.00 Steve Moreno Clerk& Recorder
440ta MEMORANDUM
Ig` a TO: Board of County Commissioners
COLORADO DATE: March 10, 2003
FROM: Monica Mika, Director
SUBJECT: S-554, Idaho Creek, Filing I
Release of Collateral
The original bond was accepted for$2,001,967.00 on October 22,2001. On September 23, 2002,
the development bond was reduced to $533,454.00. The applicant is requesting release of the
remainder of the bond.
Based on a February 4, 2003, memorandum received from the Weld County Public Works
Department, most of the transportation related items have been satisfied with the exception of the
pedestrian crossing. The Department of Planning Services is recommending that the applicants
bond be reduced to eighty seven thousand and thirty dollars and no/100s ($87,030.00).
Original Bond 2,001,967.00
Practical Release of Collateral (9-23-02) 1,468,513.00
Remaining collateral 533,454.00
Uncompleted items:
Pedestrian cross walk 20,000.00
Phase I transportation (On-site) 25,000.00
Offsite improvements 6,300.00
Native Seeding 12,071.00
Sod, Top Soil, Trees and Shrubs 10,774.00
Replacement Nontransportation (15%) 12,886.00
87,030.00
Based on the above, the Department of Planning Services staff request that four hundred forty six
thousand four hundred and twenty-four (446,424.00) dollars and no/100s be released. Staff's
recommendation is to released the collateral, in the form of a Letter of Credit. This release is
conditioned on the posting of a new form of collateral by the applicant.
2003-0990
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KB
February 27, 2003
Monica Daniels-Mika
Weld County Planning Dept. Weld County Planning Department
1555 N. 17th Ave GREELEY OFFICE
Greeley, CO 80631
MAR 3 2003
RE: Idaho Creek Subdivision, Phases 1 &2
RECEIVED
Dear Monica,
KB Home Colorado Inc. has completed the improvements associated with the Idaho Creek
Subdivision, Phases 1 &2 with the minor exceptions of the street trees and sod located in Tract N
(Park) and Tracts D, E &F in Phase 2. These items will be installed as soon as weather and
irrigation water will allow.
KB Home is requesting Acceptance of Streets for Maintenance by the County in accordance with
Section 6.0 of the Improvements Agreement According to Policy Regarding Collateral for
Improvements.
KB Home is also requesting a reduction in collateral for the completed improvements in Phase 1
& Phase 2.
If you have any questions or comments, please feel free to contact me at (970) 567-3379.
Thank you.
Sincerely,
Ken Lambrecht, Development Manager
KB Home Colorado Inc.
(970) 567-3379
KB HOME COLORADO INC. 8401 E. BELLEVIEW AVENUE SUITE 200 DENVER, CO 80237
TEL 303 220 6000 FAX 303 773 1930 KBHOME.COM
Weld County Planning Department
GREELEY OFFICE
ia MEMORANDUM FEB 0 2003
' RECEIVED
TO: Monica Daniels-Mika DATE: February 4, 2003
O Planning Services Director
L
COLORADO FROM: Donald Carroll, Engineering Administrator p ,f
SUBJECT: S-554, Idaho Creek, Phase II
Release of Collateral (public road maintenance)
On January 31, 2003, an inspection was completed for the transportation portion of Exhibit A,
Phase II. The following items have been verified as being complete:
A. Site grading
B. Street grading
C. Street base
D. Street paving
E. Curbs, gutters, and culverts
F. Sidewalks
G. Surveying and street monuments and boxes
H. Street name signs/stop signs
The pedestrian crossing has not been constructed.
WCR 7.5 south of Idaho Creek Parkway, Phase II, has been paved including curb, gutter, and
sidewalk. A type II barricade has been placed at the south end of the property blocking the
extension of WCR 7.5 to future development.
In the Improvements Agreement, Item Nos. 8.1.5 and 8.1.6 state that 15% collateral shall be
retained for a period of one year. At the end of one year and if there is no distress or repairs
needed to the asphalt, the 15% ($14,000) for the internal road system Phase II shall be
released. I am presently holding $25,000 for Phase I and $6,300 for WCR 7.5 off-site
improvements at this time.
I recommend release of the above items identified in Exhibit A, Phase II, as being completed.
All remaining items identified in Exhibit A, Phase II, should be complete prior to release.
All other non-transportation items shall be verified by Planning Services.
pc: S-554 file Phase I and Phase II
m:/planning/S-1.doc
kw/ 10, L VV.'. 14:03 FAA 4U3Y080400 CANON DIV 20 4006
EXHIBIT"A"
•
PHASE 2
Name of Subdivision
or Planned Unit Development: Idaho Creek
Filing: 1
Location: Weld County 7%:south of Highway 119
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.) w 0 a
7 t
Estimated n n.
Improvements Unit Cost Construction Cost c^
Site grading $ 162,293.00 ✓i
Street grading $ 21,144.00 ✓ ✓
Street base 13349 x$6.00/SY $80,094.00 ,�
Street paving 13349 x$7.20/SY $96,112.80 ✓ ✓•
Curbs,gutters and culverts Included
Sidewalk $130,747.00 ✓✓
Storm sewer facilities $51,460.00
Sanitary sewers Mains $89,118.75
Laterals (house connected) $80 025.00
Water mains(includes bore) $83,808.45
Fire hydrants 5 x$2,200.00/FA $11,000.00 (
Survey and street monuments and boxes 13 x$200.00/EA $2,600.00 1✓ v
Street lighting 15 x$1,200.00/EA $18,000.00
Street name signs 7 X$100/EA $700.00
✓/-
.
Pedestrian Crossing 1 $20,000 I y
Ground Coverage(Rock and Edging) LS $9,274
Native Seeding $0.41/sf x 29442sf $12,071
Top Sol!or Organic Matter at Seeded Area $18.50/cy x 545cy $10,083
Sod, Top Soil,Trees and Shrubs LS $30,774
Irrigation LS $23,708
Split Rail Fencing $12.00/if x 7521f $9,024
6'Privacy Fence $20.00/If x 133011 $26,600 I
SUB-TOTAL: $159,534
Engineering and Supervision Costs: $57,572.25
(Testing,inspection,as-built plans and work in addition to preliminary and final plat; supervision of actual construction by
contractors)
TOTAL ESTIMATED COST OF IMPROVEMENTS AND SUPERVISION$ 1.026.209
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Weld County Planning Department
°Sr GREELEY OFFICE
JAN 2 8 2003
HALL—XRWIN RECEIVED
CONSTRUCTION DIVISION
P.O. Box 2150 Office: 3026 4th Avenue Office Phone (970) 352-6057
Greeley, CO 80632 Greeley, CO 80631 Denver Line (303) 654-1684
January 27,2003
Monica Daniels-Mika,Director
Department of Planning Service
Weld County Administrative Offices
1555 N. 17th Avenue
Greeley,Co 80631
Re: Substantial Completion Idaho Creek Phase II
Dear Monica:
This letter is formally requesting your approval for Substantial Completion for the public improvements completed on Phase
II of Idaho Creek. Attached are the acceptance letters from Left Hand Water District and St.Vrain Sanitation.
Please let me know if there are any outstanding issues or concerns with the above reference project.
V 4 / •
Sincerely,
Rob Neiberger
01/24/03 FRI 08:24 FAX 3035305252 Left Hand Water District 2001
LEFT HAND WATER DISTRICT
January 23, 2003
KB Home
5975 S. Quebec Street, Ste. 300
Centennial, CO 80111
Attn: Craig Campbell
Re: Idaho Creek subdivision - Phase II
TO WHOM IT MAY CONCERN:
The above referenced project has satisfactorily passed all necessary tests and inspections, and
the required documents and drawings have been received.
Therefore, the two-year warranty period to be provided by the developer shall commence as of
January 23. 2003 .
Thank you.
Sincerely,
4cCPeterson
District Manager
cc: Jim Carver, Hall-Irwin
Rob Neiburger, Hall-Irwin
Connie F.
Todd P.
Chris S.
P.O.Box 210 •Niwot CO. 80544•(303)530-4200 •Fax (303)530-5252
11202002 04:23 ST VRRIN SANITATION -4 +9703526284 NO.023 P02
U • • io23'7 t3. 10
St. Vain
SANITATION
DISTRICT
November 19,2002
Mr.Bob Caravona
KB Rome Colorado Inc.
8401 E.Belleview Ave., Suite 200
Denver, CO 80237
Re: Idaho Creek,Phase 2
Dear Mr. Caravona,
Sewer collection lines in the Idaho Creek Subdivision,Phase 2 have been inspected,
tested and are with this letter, accepted by the St.Vrain Sanitation District The two-year
warranty period begins as of this date.
Thank you for your cooperation.
Sincerely,
James Ste Beck
District Manager
436 Coffman Sheet Suites 203&204 P.O.Box 417 Longmont,CO 80502-0417
AIU Insurance Company Worldwide
American Home Assurance Company �� Bonding
Granite-State Insurance Company American International Companies
The Insurance Company of the State of Pennsylvania
National Union Fire Insurance Company of Pittsburgh, Pa. Principal Bond Office
New Hampshire Insurance Company 70 Pine Street. New York. N.Y. 10270
SURETY RIDER
To be attached to and form a part of Bond No. 26 68 23 dated October 24. 2001
executed by KB HOME Colorado Inc. as Principal,and
American Home Assurance Company
as Surety,in favor of
County of Weld
as Obligee.
In consideration of the premium charged,it is understood and agreed that,effective on March 10, 2003
The Bond Amount be reduced
FROM: Five Hundred Thirty Three Thousand Four Hundred Fifty Four and NO/000
($533,454.00)
TO: Eighty Seven Thousand Thirty and NO/000 ($87,300.00)
Provided, however,that the liability of the Surety under the attached bond and under the attached bond as changed by this rider shall not be
cumulative.
Nothing herein contained shall be held to vary, waive, alter or extend any of the terms, conditions, agreements or warranties of the above-
mentioned bond,other than as stated above.
Signed.sealed and dated March 26. 2009
KB HOME Colorado Inc.
War r l) (Seal)
Accepted:
Derr sh, eSder\t (Title)
County of Weld American Home Assurance Company
(Obligee) urem
By By
nur
33012(3/84) (Title)(Title) Tracy ton Aney-i^-Fact
CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT
State of California
County of Los Angeles
On March 26, 2003 before me, Joyce M. Herrin, Notary Public, personally
appeared Tracy Aston, personally known to me to be the person whose name is
subscribed to the within instrument, and acknowledged to me that she executed
-the same in her authorized capacity, and that by her signature on the instrument
the person, or the entity upon behalf of which the person acted, executed the
instrument.
WITNESS my hand and official seal.
y l ^^ JOYCE M.HERRIN
- w _o .,,� _ COMM.#1323695 9
cr NOTARY PUBLIC-CALIFOANIA Jo ce M. Herrin
I I- r LOS ANGELES COUNTY
I My Comm.Expires Oct.4,2005 I{
American Home Assurance Company POWER OF ATTORNEY
National Union Fire Insurance Company of Pittsburgh,Pa.
Principal Bond Office: 70 Pine Street,New York,N.Y. 10270 No.05-B-01233
KNOW ALL MEN BY THESE PRESENTS:
That American Home Assurance Company, a New York corporation, and National Union Fire Insurance Company of Pittsburgh, Pa., a
Pennsylvania corporation,does each hereby appoint
---Tracy Aston,Peter Arkley,C. K.Nakamura,E.S.Albrecht,Jr.,Lisa L.Thornton,
William A.Sadler,Dennis T. Menard III,Maria Pena,Betty Walker,Tom Branigan,
Marina Tapia,Clarice Lee, Richard E. Bigley,Joyce Herrin: of Los Angeles,California--
its true and lawful Attorney(s)-in-Fact, with full authority to execute on its behalf bonds, undertakings, recognizances and other contracts of
indemnity and writings obligatory in the nature thereof, issued in the course of its business,and to bind the respective company thereby.
IN WITNESS WHEREOF,American Home Assurance Company and National Union Fire Insurance Company of Pittsburgh,Pa.have each
executed these presents
ox,,,F F this 9th day of November,2001
a
f „. if "
% �/
� `(�' a lonee Vice President
\Aurox.x~
4144%.".d
STATE OF NEW YORK } - n
t
COUNTY NEW YORK }ss. t
On this 9th day of November, 2001 before me came the , /Q
above named officer of American Home Assurance Company and
National Union Fire Insurance Company of Pittsburgh, Pa., to me
personally known to be the individual and officer described herein, D0R0THYI.PA�KER
P Y NotaryPublic.Slateo New Yak
and acknowledged that he executed the foregoing instrument andPAti06063�
affixed the seals of said corporations thereto by authority of his uguni9M1&pies
tRit
office.
CERTIFICATE
Excerpts of Resolutions adopted by the Boards of Directors of American Home Assurance Company and National Union Fire Insurance Company of
Pittsburgh,Pa.on May 18, 1976:
"RESOLVED,that the Chairman of the Board,the President,or any Vice President be,and hereby is,authorized to appoint Attorneys-in-Fact to represent and
act for and on behalf of the Company to execute bonds, undertakings, recognizances and other contracts of indemnity and writings obligatory in the nature
thereof,and to attach thereto the corporate seal of the Company,in the transaction of its surety business;
"RESOLVED, that the signatures and attestations of such officers and the seal of the Company may be affixed to any such Power of Attorney or to any
certificate relating thereto by facsimile, and any such Power of Attorney or certificate bearing such facsimile signatures or facsimile seal shall be valid and
binding upon the Company when so affixed with respect to any bond, undertaking,recognizance or other contract of indemnity or writing obligatory in the
nature thereof;
"RESOLVED, that any such Attorney-in-Fact delivering a secretarial certification that the foregoing resolutions still be in effect may insert in such
certification the date thereof,said date to be not later than the date of delivery thereof by such Attorney-in-Fact."
I,Elizabeth M.Tuck, Secretary of American Home Assurance Company and of National Union Fire Insurance Company of Pittsburgh,Pa.do hereby certify
that the foregoing excerpts of Resolutions adopted by the Boards of Directors of these corporations, and the Powers of Attorney issued pursuant thereto,are
true and correct,and that both the Resolutions and the Powers of Attorney are in full force and effect.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the facsimile seal of each corporation
this 26th day of March 2003
x`px IMF O�
ra,/ Elizabeth M.Tuck,Secretary
65166(4/99)
POLICYHOLDER DISCLOSURE STATEMENT
UNDER
TERRORISM RISK INSURANCE ACT OF 2002
In accordance with the Terrorism Risk Insurance Act of 2002 (the "Act"), we are
providing this disclosure notice for bonds for which a member company of the American
International Companies is the surety. "Terrorism"is defined in the Act as an act certified by
the Secretary ofthe Treasury(i)to be an act of terrorism,(ii)to be a violent act or an act that
is dangerous to (A)human life, (B) property or (C) infrastructure, (iii) to have resulted in
damage within the United States,or outside of the United States in case:of an air earlier or
vessel or the premises of I U.S.mission and(v)to have been committed by an individual or
individuals acting on behalf of any foreign person or foreign interest, as part of an effort to
coerce the civilian population of the United States or to influence the policy or affect the
conduct of the United States Government by coercion. You should mad the Act for a
complete description of its coverage. The Secretary's decision to certify or not to certify an
event as an Act of Terrorism and thus covered by this law is final and not subject to review.
There is a$100 billion:dollar annual capon all losses resulting from Acts of Terrorism above
which no coverage will be provided under this policy and under the Act unless Congress
makes some other detern3ination.
For your inftfrmation,coverage provitieri.by this policy for tosses caused by an Act of
Terrorism may be partially reimbursed by the United.States tinder a formula established by
the Act Under this formula the United States pays 90% of.terrorisni losses covered by this
law exceeding a statutorily established deductible that mustbemet by the insurer; and which
deductible is based on a percentage of the insurer's direct earned premiums for the year
preceeding'the Act.of Terrorism.
Acts of Terrorism are not excluded from any surety bonds issued on your behalf and
your charge for Tt-uunibut coverage is,0%of what:would have been your final premium.
INFonce/wm-i EXCLUSION
Weld County Planning Department AON
GREET` OFFICE
APR 1 4 2003 Joyce Herrin
I.ECii:IV D CommePhone: 213-630-3321al Surety 1artment
Fax: 213-689-9731
March 26, 2003
Ms. Katie Schiel
KB HOME
5975 S. Quebec St., Suite 300
Centennial, CO 80111
RE: RIDER(Bond Decrease)
Bond No.: 26 68 23
OBLIGEE: County of Weld
Dear Katie:
Please find enclosed the executed rider(s) and copy(ies) pursuant to your request. We
urge that you recheck all signatures, dates, and verify that the information on the rider(s)
is correct. The rider(s) must be filed with the Obligee as part of the original bond(s).
The copy that is stamped DUPLICATE must be signed by the'Obligee to show their
acceptance and returned to us in the attached returned envelope.
If you have any questions, please give me a call.
Sincerely,
• yc errin •
urety Analyst J'
g103,
Enclosure(s) •
Aon Risk Services,Inc. of Southern California Insurance Services
707 Wilshire Boulevard•Suite 6000•Los Angeles,California 90017•Mailing P.O. Box 54670•Los Angeles,California 90054-0670
tel:213.630.3200•fax: 213.689.4450
License No.0530733
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