HomeMy WebLinkAbout20012854.tiff RESOLUTION
675
RE: APPROVE CANCELLATION AND RELEASE OF COLLATERAL, AND ACCEPT
REPLACEMENT COLLATERAL FOR ELMS AT MEADOW VALE PHASE 1, FILING I,
S #506, AND MEADOW VALE PHASE 1, FILING II, S #538 - FLOYD OLIVER
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 October 21, 1999, the Department of Planning Services staff approved a
Site Specific Development Plan and Final Plat for a 74-lot Planned Unit Development, S #506,
for Floyd Oliver, 2385 Homestead Place, Longmont, Colorado 80504, on the following
described real estate, to-wit:
Part of the NW 1/4 of Section 4, Township 2 North,
Range 68 West of the 6th P.M., Weld County,
Colorado
WHEREAS, on November 17, 1999, the Board of County Commissioners of Weld
County, Colorado, did approve an Improvements Agreement According to Policy Regarding
Collateral for Improvements (Public Road Maintenance) for Meadow Vale Phase 1, First Filing,
S #506, between the County of Weld, State of Colorado, by and through the Board of County
Commissioners of Weld County, and Floyd Oliver, with terms and conditions being as stated in
said agreement, and
WHEREAS, on October 2, 2000, the Board did accept Irrevocable Letter of Credit
#8427887, drawn on the FirstBank of Longmont, 1707 North Main Street, Longmont, Colorado
80501, in the amount of$33,684.00, for Phase 1, First Filing S #506, and
WHEREAS, on August 28, 2000, the Department of Planning Services staff did approve
Planned Unit Development Final Plan, Medow Vale Phase 1, First Filing, S #538, for Elms Land
Company, LLC, do Floyd Oliver, 2385 Homestead Place, Longmont, Colorado 80504, for a 77-
lot Residential Planned Unit Development on the following described real estate, to-wit:
Part of the NW 1/4 of Section 4, Township 2 North,
Range 68 West of 6th P.M., Weld County,
Colorado
1111111 II III 1111111 1111111N lilt 2001-2854
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CANCEL COLLATERAL - ELMS AT MEADOW VALE
PAGE 2
WHEREAS, on September 27, 2000, the Board of County Commissioners of Weld
County, Colorado, did approve an Improvements Agreement According to Policy Regarding
Collateral for Improvements (Public Road Maintenance) for Meadow Vale Phase 1, Second
Filing, S #538, between the County of Weld, State of Colorado, by and through the Board of
County Commissioners of Weld County, and Floyd Oliver, with terms and conditions being as
stated in said agreement, and
WHEREAS, the Board has been presented with Irrevocable Letter of Credit#8372551
from FirstBank of Longmont, 1707 North Main Street, Longmont, Colorado 80501, in the
amount of$285,000.00, for Phase 1, Second Filing, and
WHEREAS, staff from the Weld County Department of Public Works and Department of
Planning Services have conducted visual inspection of Phases 1, Filing II, and in a
memorandum dated September 12, 2001, the Department of Public Works recommends
retaining fifty-thousand ($50,000.00) dollars for the transportation related items. The
Department of Planning Services recommends retaining fifty-three thousand ($53,000.00) for
landscaping related items, and
WHEREAS, Floyd Oliver has presented to the Board a personal check #1123, in the
amount of$103,000.00, and
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of
Weld County, Colorado, that Irrevocable Letter of Credit#8427887, drawn on the FirstBank of
Longmont, 1707 North Main Street, Longmont, Colorado 80501, in the amount of$33,684.00,
for Phase 1, First Filing, S #506, be and hereby, canceled and released, and
BE IT FURTHER RESOLVED by the Board of County Commissioners of Weld County,
Colorado, that Irrevocable Letter of Credit#8372551 from FirstBank of Longmont, 1707 North
Main Street, Longmont, Colorado 80501, in the amount of$285,000.00, for Phase 1, Second
Filing, be and hereby, canceled and released.
BE IT FURTHER RESOLVED by the Board that the Clerk to the Board be, and hereby
is, directed to return said collateral to the appropriate issuing party.
1111111111111111111 III 1111111 2001-2854
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CANCEL COLLATERAL - ELMS AT MEADOW VALE
PAGE 3
BE IT FURTHER RESOLVED that personal check #1123, from Floyd Oliver, in the
amount of$103,000.00, be and hereby is, accepted.
The above and foregoing Resolution was, on motion duly made and seconded, adopted
by the following vote on the 8th day of October, A.D., 2001.
BOARD OF COUNTY COMMISSIONERS
WELD CO NTY, COLORADO
ATTEST: ''ill/
g5rn
. J. ede, Chair
Weld County Clerk to the a. O
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Lp � r. �`q lenn Vaad, Pro- em -
BY: G. �• 'U R�
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Deputy Clerk to the Board 4l-J.•we
Willi H. Jerke
APPROVC� AST RM:
L ; � L� D- id -. on. I
` 6untAt� tornelt
Robert D. Masden
Date of signature: i%6
1111111111111111111III 1111111 IIII 111111 III11111IIII IIII 2001-2854
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At(tv'srl MEMORANDUM , : _
WWigC TO: Board of County Commissioners DATE:Sepiember 12,2000- ,
COLORADO FROM: Kim Ogle ( ) ` rL
SUBJECT: S-506, Elms at Meadow Vale, Phase 1, Filing I
Release of Collateral
S-538, Elms at Meadow Vale, Phase 1, Filing II
Release of Collateral
On September 5, 2001, the Department of Planning Services preformed a site investigation of
the completed improvements for the Elms at Meadow Vale, Phase 1, Filing I and Filing II at the
request of Floyd Oliver, the applicant. Completed improvements for Filing I include the
construction of subdivision streets, landscaping and replacement of dead and dying plant
material.
The Departments of Public Works and Department of Planning Services' recommends the
release of the Letter of Credit for thirty-three thousand six hundred eighty-four and no/100s
(33,684.00) dollars held as replacement collateral.
Filing II:
Completed improvements for Filing II include the construction of subdivision streets, fencing
and landscaping.
The Construction Plans indicate the Pearl Howlett Road and the Mail Center Park are in Phase
1, Filing II. In a memorandum dated August 29, 2001, Don Carroll, Department of Public Works
recommended retaining fifty thousand (50,000.00) dollars and no/100s for the transportation
related items associated with Phase 1, Filing II. The Department of Planning Services
recommends retaining fifty-three thousand (53,000.00) and no/100s dollars until the landscape
related items are complete.
Therefore, the Department of Planning Services and Department of Public Works recommend
that two hundred eight-five thousand (285,000) dollars and no/100s, be released. Staff's
recommendation is to release the collateral, in the form of a Letter of Credit. This release is
conditioned on the posting of the warranty collateral by the applicant. The applicant shall
submit a new Letter of Credit for one hundred three and no/100s (103,000.00) dollars for
replacement collateral.
t/- 02 85-4/
Ace*;, MEMORANDUM
Wi`Pe. TO: Board of County Commissioners DATE: September 12, 2000
COLORADO FROM: Kim Ogle Vi
SUBJECT: S-506, Elms at Meadow Vale, Phase 1, Filing I
Release of Collateral
S-538, Elms at Meadow Vale, Phase 1, Filing II
Release of Collateral
S-506:
On September 5, 2001, the Department of Planning Services preformed a site investigation of the
completed improvements for the Elms at Meadow Vale, Phase 1, Filing I at the request of Floyd
Oliver, the applicant. Staff noted that all issues pertaining to the replacement of all dead or dying
evergreen and deciduous trees and addressing areas suffering from erosion and/or containing
noxious weeds have been completed.
Given that all improvements for the Elms at Meadow Vale, Phase 1, Filing I, have been completed
to the satisfaction of the Department of Planning Services, this office recommends that the
replacement collateral of twenty-nine thousand one hundred eighty-four dollars ($ 29,184.00) be
released.
S-538:
On September 5, 2001, the Department of Planning Services preformed a site investigation of the
completed improvements for the Elms at Meadow Vale, Phase 1, Filing II at the request of Floyd
Oliver, the applicant. The completed improvements for which a draw is being requested includes
the construction of subdivision streets, on-site signage, fencing and landscaping.
Staff determined that the north half of Pearl Howlett Road has not been constructed, thus the
associated median landscape treatment is not in place. Further, the area identified as the Park
adjacent to the mail center has not been constructed.
The greenbelt areas in locations of Beasley Road, Montgomery Road at Pearl Howlett Road do not
have positive drainage and have dead or dying deciduous trees. The grass lined swales and
fencing treatment are both in place and are approximately 3/4 complete.
The Department of Planning Services recommends retaining fifty-three thousand (53,000.00) and
no/100s dollars until the landscape treatment of Pearl Howlett Road, the park open space
associated with the Mail Center, the replacement plant material and drainage swales are in place.
S-579:
Elms at Meadow Vale, Phase 1, Filing III. Activity associated with landscape treatment to be
completed by June 2002 has not commenced.
SERVICE,TEAMWORK,INTEGRITY,QUALITY
ItIBANt BENEFICIARY
County Of Weld
//flat d' . IRREVOCABLE
LETTER OF
1707 ank Of LongmontStreet CREDIT
1707 North Main Street
Longmont CO 80501 Rplla&SS
(303)772-5500 "LENDER" 1555 North 17Th Avenue NO,: 8372551
Greeley, CO 80631
TELEPHONE NO. IDENTIFICATION NO
(970) 353-6100
CUSTOMER EXPIRATION DATE
Elms Land Company, LLC, A Colorado
Limited Liability Company This Letter of Credit shall expire upon the earlier of:
Thomas L. Dunn 1. the close of business on
Nancy J. Dunn
September 13, _ 2001_ _.. . _. .
and all drafts and accompanying statements or documents
ADDRESs must be presented to Lender on or before that time; or
1216 Twin Peaks Circle 2. the day that Lender honors a draw under which the full
Longmont, CO 80503 amount of this Letter of Credit has been drawn.
TEiEPH0NE NO. IDENTIFICATION Na
(303) 772-8842 _ ....
Lender hereby establishes at the request and for the account of Customer, an Irrevocable Letter of Credit in favor of Beneficiary for a
sum of Two Hundred Eighty Five Thousand and no/100
Dollars ($. 285,000.00 ).
These funds shall be made available to Beneficiary upon Lender's receipt from Beneficiary of sight drafts drawn on Lender at Lender's
address indicated above (or such other address that Lender may provide Beneficiary in writing) during regular business hours and
accompanied by the signed written statements or documents indicated below.
WARNING TO BENEFICIARY: PLEASE EXAMINE THIS LETTER OF CREDIT AT ONCE. IF YOU FEEL UNABLE TO MEET ANY OF ITS
REQUIREMENTS, EITHER SINGLY OR TOGETHER, YOU SHOULD CONTACT THE CUSTOMER IMMEDIATELY TO SEE IF THE LETTER
OF CREDIT CAN BE AMENDED. OTHERWISE,YOU WILL RISK LOSING PAYMENT UNDER THIS LETTER OF CREDIT FOR FAILURE TO
COMPLY STRICTLY WITH ITS TERMS AS WRITTEN.
1. DRAFT TERMS AND CONDITIONS
Lender shall honor drafts submitted by Beneficiary under the following terms and conditions:
Each Draft must be accompanied by a written statement signed by a duly authorized
officer of County of Weld, stating that this draw pertains to the obligations
specified in the Improvements Agreements for the Elms at Meadow Vale and that Elms
Land Company, LLC has not performed the obligations as specified.
Upon Lender's honor of such drafts, Lender shall be fully discharged of its obligations under this Letter of Credit and shall not be
obligated to make any further payments under this Letter of Credit once the full amount of credit available under this Letter of Credit has
been drawn. If a non-conforming demand is made, Lender shall notify Beneficiary of its dishonor on or before the time specified in
Paragraph 5 below.
Beneficiary shall have no recourse against Lender for any amount paid under this Letter of Credit once Lender has honored any draft or
other document which complies strictly with this Letter of Credit, and which on its face appears otherwise in order but which is signed,
issued, or presented by a party or under the name of a party purporting to act for Beneficiary, purporting to claim through Beneficiary, or
posing as Beneficiary without Beneficiary's authorization. By paying an amount demanded in accordance with this Letter of Credit, Lender
makes no representation as to the correctness of the amount demanded and Lender shall not be liable to Beneficiary, or any other person,
for any amount paid or disbursed for any reason whatsoever, including, without limitation, any nonapplication or misapplication by
Beneficiary of the proceeds of such payment. By presenting upon Lender or a confirming bank,Beneficiary certifies that Beneficiary has not
and will not present upon the other, unless and until Beneficiary meets with dishonor. Beneficiary promises to return to Lender any funds
received by Beneficiary in excess of the Letter of Credit's maximum drawing amount.
2. USE RESTRICTIONS
All drafts must be marked"DRAWN UNDER FirstBank Of Longmont
IRREVOCABLE LETTER OF CREDIT NO. 8372551 DATED
September 13, 2000 ," and the amount of each draft shall be marked on the draft. Only Beneficiary or Beneficiary's
Transferee (if this Letter of Credit is transferable) may complete a draft and accompanying statements or documents required by this
Letter of Credit and make a draw under this Letter of Credit. This original Letter of Credit must accompany any draft drawn hereunder.
Partial draws Li are permitted it are not permitted under this Letter of Credit. Lender's honor of a partial draw shall
correspondingly reduce the amount of credit available under this Letter of Credit. Following a partial draw, Lender shall return this
original Letter of Credit to Beneficiary with the partial draw noted hereon; in the alternative, and in its sole discretion, Lender may
issue a substitute Letter of Credit to Beneficiary in the amount shown above, less any partial draw(s).
3. PERMITTED TRANSFEREES
Li If checked,this Letter of Credit may be transferred by Beneficiary upon prior written notice to Lender of the transfer. The Transferee
shall be deemed the new Beneficiary of this Letter of Credit and the documents of the Transferee, including drafts required under
this Letter of Credit,will be processed by Lender(or any ir4ermediary)without the original Beneficiary's intervention and without any
further obligation of Lender to the original Beneficiary. s
X If checked,the right to draw under this Letter of Credit shall be nontransferable, except for:
A. A transfer (in its entirety, but not in part) by direct operation of law to the original Beneficiary's administrator, executor, bankruptcy
trustee, receiver, liquidator, successor, or other representative at law; and
B. The first immediate transfer (in its entirety, but not in part) by such legal representative to a third party after express approval of a
governmental body(judicial,administrative,or executive).
MAST802 lt'FoIMAtIon Technologies,Inc. (§/§(§§) (8001 937 3799
BENEFICIARY
County Of Weld
$2 .' IRREVOCABLE
(�/n o�g LETTER OF
107 FirstBank Of Longmonte ✓�� CREDIT
1707 North Main Street
Longmont CO 80501
(303)772-5500 LENDER" W1DRESS
1555 North 17Th Avenue NO.: 8427887
Greeley, CO 80631
TELEPNONE710. IDENTIFICATIONNO.
(970) 353-6100
CUSTOMER EXPIRATION DATE
Elms Land Company, LLC -A Colorado
Limited Liablility Company This Letter of Credit shall expire upon the earlier of:
Thomas L. Dunn
Nancy J. Dunn 1. the close of business on
September 28, 2001
and all drafts and accompanying statements or documents
moans must be presented to Lender on or before that time; or
1216 Twin Peaks Circle 2. the day that Lender honors a draw under which the full
Longmont, CO 80503
-minnow to. 10ENTIFICAt10N No, amount of this Letter of Credit has been drawn.
(303) 772-8842
Lender hereby establishes at the request and for the account of Customer, an Irrevocable Letter of Credit in favor of Beneficiary for a
sum of Thirty Three Thousand Six Hundred Eighty Four and no/100
._... Dollars ($_ 33,684.00
These funds shall be made available to Beneficiary upon Lender's receipt from Beneficiary of sight drafts drawn on Lender at Lender's
address indicated above (or such other address that Lender may provide Beneficiary in writing) during regular business hours and
accompanied by the signed written statements or documents indicated below.
WARNING TO BENEFICIARY: PLEASE EXAMINE THIS LETTER OF CREDIT AT ONCE. IF YOU FEEL UNABLE TO MEET ANY OF ITS
REQUIREMENTS, EITHER SINGLY OR TOGETHER,YOU SHOULD CONTACT THE CUSTOMER IMMEDIATELY TO SEE IF THE LETTER
OF CREDIT CAN BE AMENDED. OTHERWISE,YOU WILL RISK LOSING PAYMENT UNDER THIS LETTER OF CREDIT FOR FAILURE TO
COMPLY STRICTLY WITH ITS TERMS AS WRITTEN.
1. DRAFT TERMS AND CONDITIONS
Lender shall honor drafts submitted by Beneficiary under the following terms and conditions:
Each Draft must be accompanied by a written statement signed by a duly authorized
officer of County of Weld, stating that this draw pertains to the obligations
specified in the Improvements Agreements for the Elms at Meadow Vale and that Elms
Land Company, LLC has not performed the obligations as specified.
Upon Lender's honor of such drafts, Lender shall be fully discharged of its obligations under this Letter of Credit and shall not be
obligated to make any further payments under this Letter of Credit once the full amount of credit available under this Letter of Credit has
been drawn. If a non-conforming demand is made, Lender shall notify Beneficiary of its dishonor on or before the time specified in
Paragraph 5 below.
Beneficiary shall have no recourse against Lender for any amount paid under this Letter of Credit once Lender has honored any draft or
other document which complies strictly with this Letter of Credit, and which on its face appears otherwise in order but which is signed,
issued, or presented by a party or under the name of a party purporting to act for Beneficiary, purporting to claim through Beneficiary, or
posing as Beneficiary without Beneficiary's authorization. By paying an amount demanded in accordance with this Letter of Credit, Lender
makes no representation as to the correctness of the amount demanded and Lender shall not be liable to Beneficiary, or any other person,
for any amount paid or disbursed for any reason whatsoever, including, without limitation, any nonapplication or misapplication by
Beneficiary of the proceeds of such payment. By presenting upon Lender or a confirming bank, Beneficiary certifies that Beneficiary has not
and will not present upon the other, unless and until Beneficiary meets with dishonor. Beneficiary promises to return to Lender any funds
received by Beneficiary in excess of the Letter of Credit's maximum drawing amount.
2. USE RESTRICTIONS
All drafts must be marked"DRAWN UNDER_ FirstBank Of Longmont
IRREVOCABLE LETTER OF CREDIT NO. 8427887 _ DATED
September 28, 2000 ," and the amount of each draft shall be marked on the draft. Only Beneficiary or Beneficiary's
Transferee (if this Letter of Credit is transferable) may complete a draft and accompanying statements or documents required by this
Letter of Credit and make a draw under this Letter of Credit. This original Letter of Credit must accompany any draft drawn hereunder.
Partial draws ❑ are permitted �xJ are not permitted under this Letter of Credit. Lender's honor of a partial draw shall
correspondingly reduce the amount of credit available under this Letter of Credit. Following a partial draw, Lender shall return this
original Letter of Credit to Beneficiary with the partial draw noted hereon; in the alternative, and in its sole discretion, Lender may
issue a substitute Letter of Credit to Beneficiary in the amount shown above,less any partial draw(s).
3. PERMITTED TRANSFEREES
L 1 If checked,this Letter of Credit may be transferred by Beneficiary upon prior written notice to Lender of the transfer. The Transferee
shall be deemed the new Beneficiary of this Letter of Credit and the documents of the Transferee, including drafts required under
this Letter of Credit,will be processed by Lender(or any intermediary)without the original Beneficiary's intervention and without any
further obligation of Lender to the original Beneficiary.
X If checked,the right to draw under this Letter of Credit shall be nontransferable,except for:
A. A transfer (in its entirety, but not in part) by direct operation of law to the original Beneficiary's administrator, executor, bankruptcy
trustee, receiver, liquidator,successor,or other representative at law; and
B. The first immediate transfer (in its entirety, but not in part) by such legal representative to a third party after express approval of a
governmental body(judicial, administrative,or executive).
MA916022'FomAllon Technologlea,Inc. (9/3/981 (800)937-3799
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Ccan y Izlnning Dept.
4---H. - ,-MEMORANDUM '. .,'
II
C• ay. io D
FROM TO: Kim
Do Ogle,
d CarroPlanner Engineering Administrator ust 29, 2001
COLORADO SUBJECT: S-506,Filing I and S-538, Filing II
Elms at Meadow Vale
At the request of the applicant and Planning Services, I performed a site investigation to verify the transportation
items for final release of collateral.
Filing I: The asphalt has been down approximately a year with no distress or repairs needed. The curb, gutter,
sidewalks, and drainage ways are complete and functioning well. All street signs, stop signs, cedar fence, and
entryway signs are in place.
All street sections were built to MUD standards with curb, gutter, and sidewalk at all locations.
I would recommend the release of the collateral being held for The Elms at Meadow Vale, Phase I, and that Filing
I be placed on the County road system for full maintenance.
Filing II: The construction plans identify that both sides of Pearl Howlett Road and the mail center are in Filing
II. The north half of Pearl Howlett and the mail center parking lot have not been constructed.
The remaining road portion of Filing II is complete with curb, gutter, and sidewalk. Appropriate street signs and
stop signs are in place.
The out lot and drainage areas are 3/4 complete.
Landscaping shall be verified by Planning Services.
I would recommend retaining $50,000.00 until the north half of Pearl Howlett Street curb, gutter, sidewalk, the
remaining drainage areas, and the parking lot at the mail center are complete.
Filing III: I have verified on Filing III that Pearl Howlett Road is indeed within Filing II. Construction on Filing III
has started. Sewer and water lines are being installed.
pc: files
Jeff Jerome
Drew Scheltinga
planl9s.wpd
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