HomeMy WebLinkAbout20011433.tiff RESOLUTION
RE: APPROVE IMPROVEMENTS AGREEMENT ACCORDING TO POLICY REGARDING
COLLATERAL FOR IMPROVEMENTS (PRIVATE ROAD MAINTENANCE) AND
ACCEPT FORM OF COLLATERAL FOR SITE PLAN REVIEW, SPR#345 -
WELLBORN MACHINING, 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, on May 4, 2001, the Department of Planning Services staff did approve a
Site Plan Review, SPR#345, for Wellborn Machining, Inc., 1530 Vista View Drive, Longmont,
Colorado 80504, for a Precision Machine Shop on the following described real estate, to-wit:
Lot 8, Block 2, Vista Commercial Center; part of
the S1/2 of Section 8, Township 2 North, Range 68
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 Wellborn Machining, Inc., with terms
and conditions being as stated in said agreement, and
WHEREAS, the Board has been presented with Standby Irrevocable Letter of
Credit#159 from Community First National Bank, 1610 Hover Road, Longmont, Colorado
80501, in the amount of $70,000.00, and
WHEREAS, after review, the Board deems it advisable to approve said agreement and
accept said Standby 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 Wellborn
Machining, Inc., be, and hereby is, approved.
BE IT FURTHER RESOLVED that Standby Irrevocable Letter of Credit 159 from
Community First National Bank, 1610 Hover Road, Longmont, Colorado 80501, in the amount
of$70,000.00, be and hereby is, accepted.
2001-1433
/9/ diCA 1)u-' PL1522
IMPROVEMENTS AGREEMENT - WELLBORN MACHINING, INC.
PAGE 2
The above and foregoing Resolution was, on motion duly made and seconded, adopted
by the following vote on the 30th day of May, A.D., 2001.
BOARD OF COUNTY COMMISSIONERS
WELD CO TY, COLORADO
ATTEST: ate# I I a w
, !ile'
Weld County Clerk t r`-
Glenn VaaQ`
BY:
Deputy Clerk to the l„-LA
Willis errke
APPR ED AST FQRip
Davi E L g
�ountyAtt ey
Robert D. Masden
2001-1433
PL1522
,2' /5/
46tr:
WUk. MEMORANDUM
COLORADO
To: Board of County Commissioners May 23, 2001
From: Robert Anderson, Planner
Subject: Acceptance of Irrevocable Letter of Credit
On May 21, 2001, the Department of Planning Services received an Irrevocable Standby Letter of
Credit Number 159 for NESG-XXVIII, LLC, for a Precision Machine Shop located at 1530 Vista
View Drive, Lot 8, Block 2 Vista View Commercial Center, case number SPR-345, in the amount
of Seventy Thousand Dollars and No/100s ($ 70,000.00).
Items covered under this Letter of Credit include:
On-site Paving October 2001 $ 21,113.00
Curbs, Gutters & Sidewalks October 2001 $ 28,000.00
Landscaping/Screening Requirements October 2001 $ 19,798.00
Surplus 1,089.00
Engineering and Supervision $ N/A
Total Estimated Cost of Improvements and Supervision $ 70,000.00
The Weld County Attorney, 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 a Precision Machine Shop, and the Department of Planning Services recommends
acceptance of this Letter.
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SERVICE,TEAMWORK INTEGRITY,QUALITY V ti' 1t��
2001-1433
pLi5
MEMORANDUM
TO: Diane Houghtaling, P.E., Traffic C Engineer DATE: May 17, 2001 FROM: Donald Carroll, Engineering Administrator
• SUBJECT: SPR-345, Wellborn Machining
COLORADO •
At the request of Planning Services and the applicant, I verified the transportation portion of the unit quantities and
costs submitted in Exhibit A of the Improvements Agreement According To Policies Regarding Collateral For
Improvement (Private Road Maintenance). The on-site asphalt parking lot, curb, gutter, sidewalk, and drainage
have all been verified for quantity and cost. Weld County Public Works recommends that the transportation
portion of Exhibit A be forwarded to the Board of County Commissioners with their recommendation of
acceptance.
All other non-transportation items shall be verified by Planning Services prior to acceptance.
cc: file
Robert Anderson, Planner I
Carol Harding, CTB
Wellbommemo.wpd
valid County Planning Dept,
RECEIVED
05/11 01 11:17 fo:Henry cooper um:-,_e Mr
IMPROVEMENTS AGREEMENT ACCORDING TO
�C' POLICY REGARDING COLLATERAL FOR IMPROVEMENTS
b7---)
�b7 3 (PRIVATE ROAD MAINTENANCE)
THIS AGREEMENT, made and entered into this 15 _day of Hay , 2001 , by
and between the County of Weld, State of Colorado, acting through its Board of County Commissioners,
hereinafter called"County."and Dan a Peggy nay 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:
1530 Vista View Dr. - Vista View Commercial Center
Lot 8, Block 2 Vista View Commercial Center Piling 1, according to
the corrected plot recorded August 28, 1997 in book1623 asreception
No. 256606 County of Weld, State of Colorado.
WHEREAS, a Final Subdivision/Planned Unit Development (Pit)plat of said property, to be
known as Wellborn Machining, Inc. 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.
1.1 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.Wav 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 famish 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.
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4.0 Release ottiability: Applicant shall indemnity and hold harmless the County front 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 fmds 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 die 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 estimatesfor the
remaining improvements are updated and collateral is provided in the amount
of One-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 flames,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 13.-
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.
XX 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
die final fifteen percent (15%), or one year from die 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 die 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
(MA.L)indicating that the value of the property encumbered in its current
degree of development is sufficient to cover One-Hundred percent(100°0)
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 die 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 die 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.
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8.14 A building permit hold shall be placed on the encumbered property.
8.3 Escrow Agreement that provides at least the following:
8.3.1 The cash in escrow is at least equal to(Me-Hundred percent(100%)of the
amount specified in the Improvements Agreement.
8.3.2 The escrow agent guarantees that the estzmwed 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 titne 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 tire
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 tire 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 detennined 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 detennined 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 Hat 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,hosen 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.
1
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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: 4o4 -r
wa.,APPLICANT: 7f - 1
T I T L E .•
Subscribed and sworn to before me this /5 day of p(/ . 20 0/
My Commission expires: ///A-444 L if 14/06, .
Notary Public
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Glenn Vaae, Chair
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Weld County Clerk h ie
186] (t 4SZP�, David F. Long
Deputy Clerk to the :�yi �� lio e . 1Miasden
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APPROVED AS TO FORM:
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EXHIBIT "A"
Name of Subdivision
o r P 1 a n n e d U n i t
Development: Vista Commercial Center
Filing: Fi 1 i ng 1
L o c a t i o n
•
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)
Estimated
Improvements on site Unit Cost Construction Cost
Parking Lot
Sitegradine a cphn l t rifling 21 , 113. 00
la/41
Street grading
Stre-et base
Stre- et paving
Vit_on site
Curbs, nutters. and culverts
1Lon site
Sidewalk 25, 000. 00
Ston- n sewer facilities
Retention ponds
Ditch improvements
Sub- surface drainage
San- itary sewers
Trunk and forced lines
Ma-ins
Late-rals(house connected)
On--site sewage facilities
On--site water supply and storage
Water mains(includes bore)
Fire- hydrants
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Survey and street monuments and boxes
Street lighting
Street name signs
Fencing requirements
Landscaping 19, 798. 00
Landscaping
Park improvements
Road culvert
Grass lined swale
Telephone
Gas
Electric
Water transfer
SUB-TOTAL:
•
Engineering and Supervision Costs $ N/A
(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 $ 68, 911 . 00
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
a gent.
Said improv ments shall be co pleted according to the construction schedule set out in Exhibit`B.'
By: Ate T✓
Applicant
p rca (,, -�
—PASS Date: 5/6/ . 20 0/ .
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: Vista Commercial Center
Filing:
Filing 1
Location: .
1530 Vista View Dr.
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 years from the date of approval of the final 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
r -5iret,Thilthr Asphalt Paving 21, 113. 00
Stre- et base
Stre- et paving
x
Curbs, gutters, and culverts
Sidewalk
28, 000. 00
Sto-rm sewer facilities
Retention ponds
Ditch improvements
Su-bsurface drainage
Sa-nitary sewers
Tru- nk and forced lines
Mains
Laterals(house connected)
On- -site sewage facilities
On-site water supply and storage
1111111 111111111111 III 11111 11111 111111III111111III III NLWPFTLESAGRErximintelviA
2856035 06/08/2001 04:32P JA Suki Tsukamoto
11 of 13 R 0.00 D 0.00 Weld County CO
05/11/01 11•.17 To:Henry cooper From:Lee 0 Morrison =az! Page 13/14
Water mains
Fire hydrants
Survey and street monuments and boxes
Street lighting
Street name signs
Fen- cing requirements
X_
Landscaping 19, 798. 00
Park improvements
Road culvert
Gra-ss lined swale
Telephone
Ga-s
Electric
Wa-ter Transfer
SUB-TOTAL: 68, 911 . 00
111111111111 1111111 III 1111111111 1111111111 111111 III IIII
2856035 06/08/2001 04:32P JA Suki Tsukamoto
12 of 13 R 0.00 0 0.00 Weld County CO
12 Revised 0' /W1
bl WYF]LEI\AGREE`.apt i vae.wpd
05/11/01 11:17 To:Henry cooper Front:lee 0 Morrison Faxl Page 14/14
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.
By: /Yo/y0
Applicant
Appl t ��,
RAZZ """o Date: '/5 . 20 O/.
Title
(If corporation, to be signed by President and attested to by Secretary. together with corporate seal.)
MID 11111 1111111 11111 11111 1111111 III BIM IIII
2856035 06/08/2001 04:32P JA Suki Tsukamoto
13 of 13 R 0.00 D 0.00 Weld County CO
Revised 01,00,00113 1 WPFTLES\AGR}:E`aps iv.Crud
cfst
Community First
Community First National Bank • Member FDIC
Issue Date: May 15, 2001
Irrevocable Standby Letter of Credit Number 159
Applicant: Beneficiary:
NESG-XXVIII, LLC Board of County Commissioners of
1731 15t St, Suite 103 Weld County/Attn: Clerk to the Board
Boulder, CO 80302 P.O. Box 758
Greeley, CO 80632
•
Amount: USD $70,000.00 Expiration: May 15, 2002
Seventy thousand dollars and Community First National Bank
no/100 United States Dollars Commercial Loan Department
1610 Hover Road
Longmont, CO 80501
At the request and on the instruction of our customers,NESG-.XXVITI, L LC ("Account
Party")we hereby establish in favor of Board of County Commissioners of Weld County,
• its successors and assigns ("Beneficiary")this irrevocable Standby Letter of Credit
("Letter of Credit") in the aggregate amount of USD $70,000.00
(Seventy thousand dollars and no/100 United States Dollars).
Subject to the further provisions of this Letter of Credit, one or more drawings
may be made by the Beneficiary hereunder by presentation of the following to
Community First National Bank, 1610 Hover Road, Longmont. CC) 80501.
(a) a certificate in the form attached as Exhibit A hereto signed by one who
states therein that he/she is a duly authorized representative of
Beneficiary, and dated the date such certificate is presented hereunder: and
(b) A draft in the form attached as Exhibit B hereto (A) Drawn by and payable
to the Beneficiary or to its order on us, (B)bearing the number of this
Letter of Credit, (C) dated the date of the certificate referred to in clause
(a) above, presented with such draft and (D)having inserted therein where
indicated a dollar amount not in excess of the aggregate maximum amount
then drawable under this Letter of Credit.
2. This Letter of Credit executed on May 15, 2001, shall have a 12 month term and
expires on May 15,2002.
Continued on page two which forms an integral part of this Letter of Credit No 159
1610 Hover Road • Longmont,Colorado 80501 • (303)651-7777 • (303)651-3177 Fax
This is page two which forms an integral part of this Letter of Credit No 159
3. This Letter of Credit sets forth in full the terms of our undertaking, and such
undertaking shall not in any way be modified or amended in any manner, unless
in writing and with Beneficiary's prior consent. We acknowledge that our
obligations hereunder to the Beneficiary are unconditional, except as set forth
herein, and represent our independent obligations to the Beneficiary.
4. This Letter of Credit is transferable by Community First National Bank and
assignable by Beneficiary. No letter of Credit should be issued as a replacement
or substitution for this Letter of Credit. This Letter of Credit will be issued by us
without your prior written consent. This Letter of Credit shall be governed by,
and construed in accordance with the terms of the Uniform Customs and Practice
for Documentary Credits (1993 revision). International Chamber of Commerce
Publication No. 599. Communications with respect to this Letter of Credit shall
be addressed to us at our address listed above specifically referring to the number
of this Letter of Credit.
5. We agree to pay on sight drafts duly presented by Beneficiary hereunder by
payment to Beneficiary directly or to any account in the name of the beneficiary
at any bank designated by Beneficiary. Beneficiary shall designate such account
upon presentation of the draft. If a demand for payment made by Beneficiary
hereunder does not, in any instance conform to the terms and conditions of this
Letter of Credit, we shall give Beneficiary immediate notice that its purported
negotiation of this Letter of Credit was not effected in accordance with the terms
and conditions of this Letter of Credit, stating the reasons therefor and that we are
holding any documents at its disposal or are returning the same to Beneficiary.
6. Lender shall honor the drafts submitted by Beneficiary under the following terms
and conditions: Lender shall be permitted to pay any draft submitted pursuant to
this Irrevocable Letter of Credit only if the draft is issued pursuant to the
authority, direction and order of the Beneficiary.
Continued on page three which forms an integral part of the Letter of Credit No. 159
This is page three.which forms an integral part of this Letter of Credit No. 159
7. A copy of this Letter of Credit must accompany each draft and the amount of each
draft shall be marked on the draft. Beneficiary shall maintain possession of Letter
of Credit until the full amount of this Letter of Credit has been drawn. Once the
full amount is drawn, Beneficiary shall return the Letter of Credit to Lender.
Partial draws are permitted under this Letter of Credit. Lender's honor of a draw
shall automatically reduce the amount of credit available under this Letter.
8. Assignment or Transfer: The right to draw under this Letter of Credit shall be
nontransferable, except for:
A: A transfer by direct operation of law to the original beneficiary's
administrator, executor, bankruptcy trustee, receiver, liquidator, successor,
or other representatives at law; and
B: . The first immediate transfer by such legal representative to a third
party after express approval of a governmental body (judicial,
administrative, or executive).
Please direct any inquiries with regard to this Letter of Credit to Community First
National Bank, Commercial Loan Department, 1610 Hover Road, Longmont, Co 80501
(303-651-7777). ,.
Very Truly Yours,
By: u_
Print Name: 2) / 97_0(1
/op, ,/ f_iF
Title
CO Community First
Community First National Bank•Member FDIC
Exhibit A to Irrevocable Standby Letter of Credit
Number 159
Certificate
The undersigned, a duly authorized representative of Beneficiary hereby certifies as
follows with respect to:
(i) that certain Irrevocable Standby Letter of Credit No. 159 dated May 15,
2001, (the "Letter of Credit"), issued by Community First National Bank
in favor of Board of County Commissioners of Weld County and its
successors and assigns ("Beneficiary") for the account of NESG-XXVIII,
LLC ("Account Party"), and
(ii) one or more agreements by and between Board of County Commissioners
of Weld County and Account Party and any amendments or supplements
thereto and any guarantees, documents or agreements executed in
connection therewith (collectively the "Agreements"):
1. The account Party has failed to pay or perform under the terms of
one or more of the Agreements, and/or
2. The Letter of Credit has not been renewed or replaced or, Account
Party has failed to provide sufficient proof to Beneficiary that the
Letter of Credit was renewed or replaced within thirty (30) days
prior to its expiration date, with any renewal or replacement in a
form and in substance and from a bank satisfactory to the Board of
County Commissioners of Weld County.
3. The amount of the draft presented with this Certificate does not
exceed the aggregate maximum amount drawable under the Letter
of Credit as provided therein.
In Witness whereof, this Certificate has been executed , 19,
Board of County Commissioners of Weld County
(Beneficiary)
Beneficiary
By:
Authorised Representative
1610 Hover Road • Longmont,Colorado 80501 • (303)651-7777 • (303)651-3177 Fax
Community First
Community First National Bank•Member FDIC
Exhibit B to Irrevocable Standby Letter of Credit
Draft
Pay on Presentation to the order of The Board of County Commissioners of Weld
County (Beneficiary) the sum:
[Not to exceed Seventy thousand dollars and no/100 ($70,000.00)]
Drawn on Community First National Bank(Lender), 1610 Hover Road, Longmont, Co
80501 .
Reference: Irrevocable Standby Letter of Credit No 159 dated May 15, 2001.
Board of County Commissioners of Weld County
(Beneficiary)
By:
Authorized Representative
1610 Hover Road • Longmont,Colorado 80501 • (303)651-7777 • (303)651.3177 Fax
CLERK TO THE BOARD
PHONE (970)336-7215, Ext. 4225
FAX: (970) 352-0242
P. O. BOX 758
C. GREELEY, COLORADO 80632
COLORADO
August 5, 2005
NESG-XXVIII, LLC, dba Wellborn Machining, Inc.
1530 Vista View Drive
Longmont, Colorado 80504
RE: Cancellation and release of Collateral
To Whom It May Concern:
Attached hereto please find copies of the Board of County Commissioner's Resolution approving
the cancellation and release of collateral, as referenced above. The original Letter of Credit was
returned to First National Bank of Longmont, P. O. Box 1159, Longmont, Colorado 80502-1159.
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: —cat?c61/ 97; —ca/
Carol A. Harding,
Deputy Clerk to the Board
20or /(133
CLERK TO THE BOARD
PHONE (970)336-7215, Ext. 4225
C
' FAX: (970)352-0242
P. O. BOX 758 GREELEY, COLORADO 80632
COLORADO
August 5, 2005
Community First National Bank
1610 Hover Road
Longmont, Colorado 80501
RE: Cancellation and release of Collateral NESG-XXVIII, LLC, dba Wellborn Machining, Inc.
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 collateral, as referenced above. The original Irrevocable Letter of
Credit is 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 UN � COMMISSIONERS
By: �� �d 111
Carol A. Har ing,
Deputy Clerk to the Board
- ii Community First
Community First National Bank• Member FDIC / VP13(21 (
Issue Date: May 15, 2001
tst
J
Irrevocable Standby Letter of Credit Number 159 1.7
Applicant: Beneficiary:
NESG-XXVIII, LLC Board of County "ommissioners of
1731 15th St., Suite 103 Weld County /Attn: Clerk to the Board
Boulder, CO 80302 P.O. Box 75
Amount: USD $70,000.00 Expira 'on: May 15, 2002
Seventy thousand dollars and Com unity First National Bank
no/100 United States Dollars Co ercial Loan Department
1 0 Hover Road
.ongmont, CO 80501
At the request and on the instruction of o customers,NESG-XX`✓III, LLC. ("Account
Party") we hereby establish in favor of oard of County Commissioners of Weld County,
its successors and assigns ("Benefici9 y") this irrevocable Standby Letter of Credit
("Letter of Credit") in the aggregat amount of USD $70,000.00
(Seventy thousand dollars and no/.00 United States Dollars)
1 . Subject to the further ovisions of this Letter of Credit, one or more drawings
may be made by the eneficiary hereunder by presentation of the following to
Community First tional Bank, 1610 Hover Road, Longmont, CO 80501.
(a) a certifi to in the form attached as Exhibit A hereto signed by one who
states erein that he/she is a duly authorized representative of
Ren ne1ary anrd d ,:e htt h efitifiCiSn e lcd hereunnder `nd
(b) draft in the form attached as Exhibit B hereto (A) Drawn by and payable
o the Beneficiary or to its order on us, (By bearing the number of this
Letter of Credit, (C) dated the date of the certificate referred to in clause
(a) above, presented with such draft and (D) having inserted therein where
indicated a dollar amount not in excess of the aggregate maximum amount
then drawable under this Letter of Credit.
2. This Letter of Credit executed on May 15, 2001, shall have a 12 month term and
expires on May 15, 2002.
- Continued on page two which forms an integral part of this Letter of Credit No 159
1610 Hover Road • Longmont,Colorado 80501 • (303)651-7777 • (303)651-3177 Fax
This is page two which forms an integral part of this Letter of Credit No 159
3. This Letter of Credit sets forth in full the terms of our undertaking, and such
undertaking shall not in any way be modified or amended in any manner, unless
in writing and with Beneficiary's prior consent. We acknowledge that our
obligations hereunder to the Beneficiary are unconditional, except as set forth
herein, and represent our independent obligations to the Beneficiary.
4. This Letter of Credit is transferable by Community First National Bank and
assignable by Beneficiary. No letter of Credit should be issued as a replacement
or substitution for this Letter of Credit. This Letter of Credit will be issued by us
without your prior written consent. This Letter of Credit shall be governed by,
and construed in accordance with the terms of the Uniform Customs and Practice
for Documentary Credits (1993 revision). International Chamber of Commerce
Publication No. 599. Communications with respect to this Letter of Credit shall
be addressed to us at our address listed above specifically referring to the number
of this Letter of Credit.
5. We agree to pay on sight drafts duly presented by Beneficiary hereunder by
payment to Beneficiary directly or to any account in the name of the beneficiary
at any bank designated by Beneficiary. Beneficiary shall designate such account
upon presentation of the draft. If a demand for payment made by Beneficiary
hereunder does not, in any instance conform to the terms and conditions of this
Letter of Credit, we shall give Beneficiary immediate notice that its purported
negotiation of this Letter of Credit was not effected in accordance with the terms
and conditions of this Letter of Credit, stating the reasons therefor and that we are
holding any documents at its disposal or are returning the same to Beneficiary.
6. Lender shall honor the drafts submitted by Beneficiary under the following terms
and conditions: Lender shall be permitted to pay any draft submitted pursuant to
this Irrevocable Letter of Credit only if the draft is issued pursuant to the
authority, direction and order of the Beneficiary.
Continued on page three which forms an integral part of the Letter of Credit No. 159
This is page three,which forms an integral part of this Letter of Credit No. 159
7. A copy of this Letter of Credit must accompany each draft and the amount of each
draft shall be marked on the draft. Beneficiary shall maintain possession of Letter
of Credit until the full amount of this Letter of Credit has been drawn. Once the
full amount is drawn, Beneficiary shall return the Letter of Credit to Lender.
Partial draws are permitted under this Letter of Credit. Lender's honor of a draw
shall automatically reduce the amount of credit available under this Letter.
8. Assignment or Transfer: The right to draw under this Letter of Credit shall be
nontransferable, except for:
A: A transfer by direct operation of law to the original beneficiary's
administrator, executor, bankruptcy trustee, receiver, liquidator, successor,
or other representatives at law; and
B: The first immediate transfer by such legal representative to a third
party after express approval of a governmental body (judicial,
administrative, or executive).
Please direct any inquiries with regard to this Letter of Credit to Community First
National Bank, Commercial Loan Department, 1610 Hover Road, Longmont, Co 80501
(303-651-7777).
Very Truly YoUrs,
By: /
Print Name: NNrpll
(DMA,-tZc_a2t( Loki OF-c.
Title
C1Community First
Community First National Bank•Member FDIC
Exhibit A to Irrevocable Standby Letter of Credit
Number 159
Certificate
The undersigned, a duly authorized representative of Beneficiary hereby certifies as
follows with respect to:
(i) that certain Irrevocable Standby Letter of Credit No. 159 dated May 15,
2001, (the "Letter of Credit"), issued by Community First National Bank
in favor of Board of County Commissioners of Weld County and its
successors and assigns ("Beneficiary") for the account of NESG-XXVIII,
LLC ("Account Party"), and
(ii) one or more agreements by and between Board of County Commissioners
of Weld County and Account Party and any amendments or supplements
thereto and any guarantees, documents or agreements executed in
connection therewith(collectively the "Agreements"):
1. The account Party has failed to pay or perform under the terms of
one or more of the Agreements, and/or
2. The Letter of Credit has not been renewed or replaced or, Account
Party has failed to provide sufficient proof to Beneficiary that the
Letter of Credit was renewed or replaced within thirty (30)days
prior to its expiration date, with any renewal or replacement in a
form and in substance and from a bank satisfactory to the Board of
County Commissioners of Weld County.
3. The amount of the draft presented with this Certificate does not
exceed the aggregate maximum amount drawable under the Letter
of Credit as provided therein.
In Witness whereof, this Certificate has been executed , 19
Board of County Commissioners of Weld County
(Beneficiary)
Beneficiary
By:
Authorized Representative
1610 Hover Road • Longmont,Colorado 80501 • (303)651-7777 • (303)651-3177 Fax
COO Community First
Community First National Bank-Member FDIC
Exhibit B to Irrevocable Standby Letter of Credit
Draft
Pay on Presentation to the order of The Board of County Commissioners of Weld
County (Beneficiary)the sum:
[Not to exceed Seventy thousand dollars and no/100 ($70,000.00)]
Drawn on Community First National Bank(Lender), 1610 Hover Road, Longmont, Co
80501 .
Reference: Irrevocable Standby Letter of Credit No 159 dated May 15, 2001.
Board of County Commissioners of Weld County
(Beneficiary)
By:
Authorized Representative
1610 Hover Road • Longmont,Colorado 80501 • (303)651-7777 • (303)651-3177 Fax
COLLATERAL RELEASED
IN CONJUNCTION WITH
OTHER CASES
SEE #2005-2091
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