The URL can be used to link to this page

Browse Search

Home My WebLink About20011260.tiff RESOLUTION RE: APPROVE CANCELLATION AND RELEASE OF COLLATERAL, AND ACCEPT REPLACEMENT COLLATERAL FOR INDIANHEAD SUBDIVISION - SCENIC RANGE, LLC 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 January 19, 1976, the Board did approve the application of Interladco, Inc., for a Final Plat for Indianhead Subdivision on the following described real estate, to wit: NE1/4 of Section 18, Township 5 North, Range 67 West of the 6th P.M., Weld County, Colorado, and WHEREAS, on February 12, 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 Indianhead Subdivision, S #97, between the County of Weld, State of Colorado, by and through the Board of County Commissioners of Weld County, and current owner, Scenic Range, LLC, with terms and conditions being as stated in said agreement, and to accept Irrevocable Letter of Credit #115, drawn on the American Bank, 300 East 29th Street, Loveland, Colorado 80538, in the amount of$679,500.00, and WHEREAS, at the request of the current property owner, Scenic Range, LLC, 1542 Westshore Drive, Loveland, Colorado 80538, and upon recommendation of staff, the Board deems it advisable to release said Irrevocable Letter of Credit #115, drawn on the American Bank, 300 East 29th Street, Loveland, Colorado 80538, in the amount of$679,500.00, and accept a replacement Letter of Credit in the amount of$471,400.00, to be issued by American Bank, 300 East 29th Street, Loveland, Colorado 80538, upon receipt of Irrevocable Letter of Credit#115. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, Colorado, that Irrevocable Letter of Credit#115, drawn on the American Bank, 300 East 29th Street, Loveland, Colorado 80538, in the amount of$679,500.00 be, and hereby is, canceled and released. BE IT FURTHER RESOLVED by the Board that the Clerk to the Board be, and hereby is, directed to return said collateral to the appropriate issuing party. BE IT FURTHER RESOLVED by the Board that a replacement Letter of Credit in the amount of$471,400.00, drawn on American Bank, 300 East 29th Street, Loveland, Colorado 80538, be, and hereby is, accepted. l 111111 (IIII 1111111 II 1111111 IIII 1111111 111 lllll IIII I'll 2001-1260 PL1476 2850306 05/21/2001 04:43P JA Suki Tsukamoto 1 1 of 2 R 0.00 D 0.00 Weld County CO It, P/ appi • CANCEL COLLATERAL - SCENIC RANGE, LLC PAGE 2 The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 14th day of May, A.D., 2001. BOARD OF COUNTY COMMISSIONERS finess`WELD Co INTY, COLORADO ATTEST: j tent/ v � ��1/ 'n �► Geile, Chair Weld County Clerk to the Boa{ iaet J��. �l 'o ,c�.// `� 4:4,i�. 1SED DATE OF SIGNING (AYE) BY: y via; �� I �. `G�1 n Vaad, Pro-Tem Deputy Clerk to the Board `• j� /we Willi H. Jerke R D AS f2M: D 'd L ng ()Linty Attor ey Robert D. Masd bn 1111111111111111111 II 111111111111111111 MIME' 2001-1260 2850306 05/21/2001 04:43P JA Suki Tsukamoto PL1476 2 of 2 R 0.00 D 0.00 Weld County CO 4 * MEMORANDUM wok TO: Board of County Commissioner l�p j DATE: May 11, 2001 COLORADO FROM: Julie Chester, Planner III �( SUBJECT: Release of Collateral for Indianhead Subdivision The Department's of Planning Services and Public Works, and the County Attorney's Office are recommending the release of the original letter of credit, in the amount of $679,500.00, for the Indianhead Subdivision, S-97. This subdivision is located south of and adjacent to State Highway 34, west of WCR 15. The site is approximately eight miles west of the City of Greeley. A replacement letter of credit in the amount of$471,400.00 will be provided by American Bank, as indicated in their letter dated April 27, 2001. The actual release amount of$208,100.00 is for the construction of two bridges within the subdivision. The bridges have been inspected throughout construction by the Department of Public Works and are sufficient at this time. The new letter of credit ($471,400.00)will be held until the remaining items on the Improvements Agreement have been completed. Thank you for your consideration in this matter. SERVICE,TEAMWORK,INTEGRITY,QUALITY 2001-1260 fcgt\Ciring MEMORANDUM TO: Julie Chester, Lead Planner DATE: May 8, 2001 FROM: Donald Carroll, Engineering Administrator AV' CSUBJECT: Indianhead Subdivision #2 COLORADO At the written request of the applicant, I performed a site investigation to verify that the two ditch crossings were complete. I have been monitoring both structures through construction on a weekly basis. Landmark Engineering has been on site supplying concrete testing and backfill information at both locations. Concrete testing information has been forwarded to our department for verification and approval. Weld County Public Works recommends that the ditch improvement item (bridges) in the amount of$208,100.00 be released and a replacement letter of credit for the amount of$471,400.00 be reinstated for the remaining portion of the project. All other non-transportation items shall be verified prior to release. PC: Indianhead Subdivision #2 CC: Carol Harding, CTB Indianhead file m:\wpfiles\don-c\Indianheadltr.wpd WeiyCO unty p:oci n guePt. 1200 14CF 1 April 27, 2001 / VF0 Weld County Public Works P.O. Box 758 Greeley, Co. 80632 Attention: Julie Chester The two bridges at Indianhead Subdivision have been completed and are ready for final inspection by Weld County Public Works. This would reduce the original letter of credit by $208,100.00. We are also requesting that the original letter of credit in an amount of$679,500.00 be Replaced with a new letter of credit for$471,400.00. See attached Exhibit"A" for cost and Exhibit "B" on letter of credit. Scenic Range LLC Leroy P. G briel, Manager QJ� ( . . EXHIBIT"A" d • c$ • Name of Subdivision . or Planned Unit Development: Indianhead Subdivision et 0 Filing: • Being a portion of the Northeast Quarter of Section 18, Township 5 North R, Location: Range 67 West of the Sixth Principal Meridian. County of Weld. Srat-P of 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 j — not apply.) ' ° L Estimated J • Improvements Unit Cost Construction Costf Ni- Site gradine 17,000 I'1 i Street grading ZSlobt. 5.Y. .:S - s.--(. 8,500 - t Street base Street pay:- : 33lotoT ';-1,-1_,',_ O 1,1 93 ,300 _ Curbs, gut_ :.:, and culverts Sidewalk • Storm sev. '::cilities _ ;42,500 / Retention (is Ditch imr. rnents - T5RiD�e--5 208,100 Subsurfac :linage Sanitary s rs /---. Trunk am; • :ed lines Mains • Laterals (' e connected) .. On-site se facilities - •• On-site w; Supply and storage Water ma: 'ncludes bore) 132.800 • Fire hydra: . 14,300 Survey arc :et monuments and boxes 500 Street light_ , _-- Street nom! :gns 500 Fencing ret: ._rements • Landscapirr: 6,000 Park imprc•!ements Road culvert -- ,- 21,000 ' ,/ Grass lined Swale 7,000 I Telephone 9,500 i _ Gas 17, 100 i._ ._. Electric 61,700 I ' Water transfer To be negotiated by owner i SUB-TOTAL: Owner. ApproRIJ 1, i , • ,Engineering and Su Supervision Costs$ 20,200 --'I ! ,,,/J P By: i1 Yiti41 ate- :la -o.6-.0 / / (Testing, inspection,as-built plans and work in addition to preliminary and Mal plat; supervision of actual 41) construction by contractors) TOTAL ESTIMATED COST OF IMPROVEMENTS AND STJPERVISION S 679,500 Hr.;sets(WOO I I \c•rM n>nIM% %rout.W "EXHIBIT B" american bank www . bankatamerican . com american bank-main: american bank-west: 300 E.29th Street 2695 W.Eisenhower Loveland,CO 80538 Loveland,CO 80538 (970)669-1776 (970)278-1776 April 27,2001 Weld County Public Works P.O.Box 758 Greeley, CO 80632 ATTN: Julie Chester RE: Indianhead Subdivision Our letter of credit#115 in the amount of$679,500.00 Dear Ms.Chester. Please be advised that American Bank has agreed to replace the above referenced letter of credit with a new letter of credit in the amount of $471,400.00 in favor of Weld County. This new letter will be issued upon receipt by American Bank of Letter of Credit#115. Please contact me if you have questions. Sincerely, Hams M.Coe Vice President r-r /-O(la I Bank the American Way! Ea MEMBER FDIC High Touch Banking with High-Tech Support 111[[[ Pe_i 4'X° • american bank Weld County Planning Dept. \U\ `U www . bankatamerican . com 5 2001 SEC-, V J )fibviviridamerican bank-maim american bank-west: J 300 E.29"St 2695 W.EisenhowerECIVED Loveland,CO 80538538 Loveland,CO 80538 V�" I (970)669-1776 (970)278-1776 IRREVOCABLE LETTER OF CREDIT NO. 115 ISSUE DATE: 2-1-01 BENEFICIARY: APPLICANT: Board of County Commissioners Scenic Range LLC ATTN: Clerk of the Board P. O, Box 758 Greeley, CO 80632 RE: Scenic Range LLC EXPIRATION DATE: 2-1-02 AMOUNT: $679, 500.00 Dear: We hereby open our Irrevocable Letter of Credit Number 115 in your favor for the account of Scenic Range LLC, 1542 Westshore Dr. , Loveland, CO 80538, for a sum not to exceed the aggregate of Six Hundred Seventy Nine Thousand Five Hundred Dollars ($679, 500.00) . Each draft so drawn must be marked Drawn under AMERICAN BANK, 300 E. 29th Street, Loveland, CO 80538, Letter of Credit No. 115 and be accompanied by a signed statement from the Board of County Commissioners of Weld County, Colorado stating the following:Scenic Range, LLC has committed a material breach of the Improvements Agreement According to Policy Regarding collateral for Improvements regarding Indianhead Subdivision Improvement Agreement dated the 1st day of February, 2001 by and between Scenic Range,LLC and the Board of County Commissioners of the County of Weld. This credit is subject, so far as applicable to The Uniform Customs and Practice for Documentary Credits, 1983 Revision, The International Chamber of Commerce Publication No. 400. We hereby agree with you that all drafts drawn under and in compliance with the terms of this credit will be duly honored and presented for payment to our main office, AMERICAN BANK, 300 E. 29h Street, Loveland, CO 80538 . This letter of credit will expire on February 1, 2001 at 5:00 P.M. This letter of credit is automatically extended without amendment, for additional one year periods from the current expiration or any future expiration date unless 60 days prior to such current expiration date AMERICAN BANK notifies beneficiary in writing that the letter of credit will not be renewed. In case you receive such a notification, you may draw by presentation of the following: (a) a draft at sight on AMERICAN BANK; (b) a statement purportedly signed by an official of the Board of County Commissioners of Weld County, Colorado stating that we have received notice from AMERICAN BANK the Letter of Credit No. 115 will not be renewed and that Scenic Range LLC has failed to provide proof of adequate collateral and substitution of this Letter of Credit No. 115; (c) copy of letter from AMERICAN BANK stating non- renewal of Letter of Credit No. 115 and the original letter of credit. Yours truly, Am ri n Banls by — '''Harris M. Coe, Vice President t o ize signator Name and Title of Authorized Signator Bank the American Way! ° MEMBER FDIC High Touch Banking with High-Tech Support eamerican bank www . bankatamerican . com american bank-main: american bank-west: 300 E.296 Street 2695 W.Eisenhower Loveland,CO 80538 Loveland,CO 80538 (970)669.1776 (970)278-1776 IRREVOCABLE LETTER OF CREDIT NO.117 ISSUE DATE:4-15-O1 iiFNFFICIARY: APPLICANT: Board of County Commissioners Scenic Range LW ATTN:Clerk of the Board P.O.Box 758 Greeley,CO 80632 RE:Scenic Range LLC EXPIRATION DATE:2-1&2 AMOUNT: $171400.00 Gentlemen: We hereby open our Irrevocable Letter of Credit Number 117 in your favor for the account of Scenic Range LLC, 1542 Westahore Dr., Loveland,CO 80538,for a sum not to exceed the aggregate of Four Hundred Seventy One Thousand Four Hundred Dollars(5471,400.00). Each draft so drawn must be marked Drawn under AMERICAN BANK,300 E.29°1 Street,Loveland,CO 80538,Letter of Credit No.117 and be accompanied by a signed statement from the Board of County Commissioners of Weld County,Colorado stating the following:Scenic Range,LW has committed a material breach of the Improvements Agreement According to Policy Regarding collateral for Improvements regarding Indiantread Subdivision Improvement Agreement dated the 1e day of February,2001 by and between Scenic Range,LLC and the Board of County Commissioners of the County of Weld. This credit is subject,so far as applicable to The Uniform Customs and Practice for Documentary Credits,1983 Revision,The tntemational Chamber of Commerce Publication No.400. We hereby agree with you that all drafts drawn under and In compliance with the terms of this credit will be duly honored and presented for payment to our main office,AMERICAN BANK,300 E.29"Street,Loveland,CO 80538. This letter of credit will expire on February 1,2001 at 5:00 P.M. This letter of credit is automatically extended without amendment,for additional one year periods from the current expiration or any future egliration date unless 60 days prior to such current expiration date AMERICAN BANK notifies beneficiary in writing that the letter of credit will not be renewed. In case you receive such a notification,you may draw by presentation of the following:(a)a draft at sight on AMERICAN BANK;(b)a statement purportedly signed by an official of the Board of County Commissioners of Weld County,Colorado stating that we have received notice from AMERICAN BANK the Letter of Credit No. 115%Ill not be renewed and that Scenic Range LLC has failed to provide proof of adequate collateral and substitution of this Letter of Credit No. 117;(c)copy of letter from AMERICAN BANK stating non- renewal of Letter of Credit No.117 and the original letter of credit. This Letter of Credit replaces Letter of Credit#115 dated February 1,2001. Acceptance of this Letter of Credit voids Letter of Credit#115. Yours truly, Amen Bank , by: 1u � �C/ ----AWlwrtred signaler Ham M.Coe,Vice President Name and Title of Authorized Signator 1 21 Bank the American Way! ',Q, MEMBER FDIC High Touch Banking with High-Tech Support Hello