HomeMy WebLinkAbout20012149.tiff 2_ RESOLUTION
RE: APPROVE CANCELLATION AND RELEASE OF COLLATERAL FOR SOARING
EAGLE RANCH, S #549 - SOARING EAGLE, LLC, C/O SOARING HOME, 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 October 18, 2000, the Board did approve the
application of Cullison Family Farms, LLC/George A. Nelson Farm, Inc., do Everitt Companies,
3030 South College Avenue, Fort Collins, Colorado 80525, for a Site Specific Development
Plan and Planned Unit Development Final Plan, S#549, for 114 lots on the following described
real estate, to wit:
Part of Section 28 and 33, Township 7 North,
Range 67 West of the 6th P.M., Weld County,
Colorado
WHEREAS, on March 28, 2001, the Board of County Commissioner of Weld County,
Colorado, did approve an Improvements Agreement According to Policy Regarding Collateral
for Improvements (Private Road Maintenance)for Soaring Eagle Ranch, between the County of
Weld, State of Colorado, by and through the Board of County Commissioners of Weld County,
and Soaring Home, LLC, with terms and conditions being as stated in said agreement, and
accepted Letter of Credit 3196, drawn on the First National Bank, P.O. Box 272500, Fort
Collins, Colorado 80527-2500, in the amount of$496,960.00, and
WHEREAS, it has been determined by the Board that the collateral being held by Weld
County is no longer necessary to secure said Improvements Agreement According to Policy
Regarding Collateral for Improvements (Private Road Maintenance)for Soaring Eagle Ranch,
and
WHEREAS, upon recommendation of staff, the Board deems it advisable to release said
collateral.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of
Weld County, Colorado, that the Letter of Credit, drawn on the First National Bank, P.O. Box
272500, Fort Collins, Colorado 80527-2500, in the amount of$496,960.00, and all other
additional collateral under the Improvements Agreement, approved March 28, 2001, 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.
11111111111111111111111111111 IIII 111111 III 11111 DII 1111 2001-2149
2877229 08/23/2001 12:18P JA Suki Tsukamoto PL1408
1 of 2 R 0.00 0 0.00 Weld County CO
PC: PL, PCv ; 4th Ka..emca ls oo.f,w"`°t
CANCEL COLLATERAL- SOARING EAGLE, LLC, CIO SOARING HOME, LLC
PAGE 2
The above and foregoing Resolution was, on motion duly made and seconded, adopted
by the following vote on the 6th day of August, A.D., 2001.
BOARD OF COUNTY COMMISSIONERS
A n ' / p WELD COUNTY, COLORADO
ATTEST: iinte ,,d/,(/�/ E 1'4 EXCUSED
�7 ati . J. Geile, Chair
Weld County Clerk to the ,4,"�"°:
'v`'43"9 XCUSED DATE OF SIGNING (AYE)
gc� Glenn Vaad, Pro-Tem
BY: Deputy Clerk to the Boar L
Willi atiH. erke ��
APPRO S •
Ac .� q
vi Long i\i,\e„L /
Robert D. Masden
Date of signature: o8-/y- /
1111111 11111 1111111 EH HE IDI 111111 III 11111 liii liii 2001-2149
2877229 08/23/2001 12:18P JA Suki Tsukamoto PL1408
2 of 2 R 0.00 D 0.00 Weld County CO
Boardwalk Office
First I R/E Department
National EO.Box 272500
Port Collins,CO 8o52.7-2 oo
Bank , 97O28x.9680
Date: Apri16, 2001
t‘t CLERK TO THE BOARD
Z�J PHONE (970) 356-4000, EXT.4227
FAX: (970) 352-0242
915 10TH STREET
P.O. BOX 758
GREELEY, COLORADO 80632
C.
COLORADO
August 8, 2001
DONNA TAUB
FIRST NATIONAL BANK
PO BOX 272500
FORT COLLINS CO 80527
Enclosed please find the original Irrevocable Letter of Credit#3196 which was issued on
behalf of Soaring Eagle, LLC, in the amount of$496,960.00.
The Weld County Board of County Commissioners have released the letter of credit.
If you have questions or need additional information, please do not hesitate to contact me at
(970) 356-4000, Extension 4218.
Sincerely,
faadAti
Donald D. Warden
Clerk to the Board
7/‘1. 11- -X/7416d—
by: Kimberlee Schuett
Deputy Clerk to the Board
cc: Mr. Don Hoff, Attorney
,wc r -aH9
Boardwalk Office
• First R/E Department
r P.O.Box 272500
National Fort Collins,CO 80517-2500
Bank 970.282.9680
Date: April 6, 2001
Weld County
915 10th Street
Greeley, Co 80634
Dear Sirs:
We hereby establish, at the request and for the account of Soaring Eagle, LLC, a
Colorado Limited Liability Company in your favor as beneficiary, our Irrevocable Letter
of Credit No. 3196, in the amount of Four Hundred N ety Six Thousand Nine Hundred
Sixty Dollars and no/100 ($496,960.00) (as more 1 escribed below), effective
immediately and expiring at the close of b• . •g b s on April 6, 2003, at our office
at 155 E. Boardwalk, Fort Collins, Co 8052
This Letter of Credit is intended for the So P Ffime, LLC, A Colorado Limited
Liability Company Development Proj-ct (" ► elopment Project") for the assurance of
the completion of the construction an •e !s•in -nance and repair of the public
infrastructure in connection with the�lt. , 'aid development project and its associated
development agreement and dev- • . -' t construction permit. Funds under this Letter of
Credit are available to you for o• • more drawings prior to the close of business on
April 6, 2003, against sight• (j n an aggregate cumulative amount not to exceed
$496,960.00 , dated L d',pl •resentment, drawn on our office referred to above,
referring there. - o the \ ' •-r of this Letter of Credit and accompanied by your written
certificate sign,d .y 'u n •d acknowledged as therein provided in the form of Exhibit 1
hereto.
Presentation of su aft and certificate shall be made at our office referred to above.
Upon the earlie of(i) our honoring your draft(s)totaling $496,960.00 in the aggregate
presented on • before this Letter of Credit expires pursuant to the terms herein or(ii) the
surrender to s by you of this Letter of Credit for cancellation, this Letter of Credit shall
automatic ly terminate.
This 1: er of credit shall be subject to the Uniform Commercial Code as in effect in the
Stat: of Colorado, and ,to the extent not inconsistent with the terms of this Letter of
Cr it and the Uniform Commercial code,the Uniform Customs and Practice for
Documentary Credits, 1993 revision, ICC publication number 500.
This Letter of Credit is not transferable.
02a77/—t9e
instrument or agreement referred to herein, except only the certificate and draft(s)
referred to herein; and any such reference shall not be deemed to incorporate herein by
reference any document, instrument or agreement except for such certificate or draft(s).
hcerely,
a L.
First Natio B
STATE OF COLORADO)
COUNTY OF LARIMER)
Skibiscribed and svo9 to before me this day of Ci h l X , (
by n DOL. L .-1auh , as Vice President, First Natio 1 Bank.
Witness my hand and official seal. r
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rPp.ANN \‘\1 l "I -03 N tary Public
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My Commission Expires 05/19/2003
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AUG-02-2001 THU 11:35 AM EVERITT COMPANIHS FAX NO. 19702234156 P. 01
E CuMIPI°1NIts
August 2,2001
Mr. Lee Morrison
Weld County Attorney
915 101° St
Greeley, Co 80634
VIA FACSIMILE: 970-352-0242
Re: Soaring Eagle Ranch
Dear Lee:
Thank you for your call this morning. I have reviewed the Letters of Credit and the
Improvement Agreement with Alan Line of our office. You were correct in noting that the
collateral conditions of the Improvement Agreement will need to be released by Weld County
since the County no longer has jurisdiction over this project now annexed to Sevcraxige.
Please include in your letter to First National Bank a"release of all collateral under the
Improvement Agreement dated March 12,2001." 1'he Town of Severance is only requiring a
new LOC for the$496,960 warranty amount. This should release the County from any
obligations to inspect or enforce under the Improvement Agreement
I will be on vacation 8/3 through 8/8 so please contact Alan Line if you have questi ns.
Thanks,Lee.
Sincerely,
!%1
Dianne Rule
dr
2001-2149
Corporate Offices
3030 South Collage Avenue•Pon Collins•Colorado•80525
MailingAddn,er:P.O.Dun 2'25•Fun Collins•Colorado•8(1522
Telephone:(970)226.1500•VAX:(970)223-0 156
AUG- 2-01 THU 9:38 WILLIAM H SOUTHARD, ATTY FAX NO. 970 353 7504 P. 02
D ON
-II HOFF
1025 9TH Av NE Sit 309 . GRE.ELEY COLORADO 00631
ATTORNEY AT LAW TELEPHoNE 970-356-6767 • TELEcomiEn 970-353-7504
August 2, 2001
Lee Morrison
Office of the County Attorney
VIA FACSIMILE. 352-0242
RE: SOARING EAGLE (SOARING HOME, LLC) LETTER OF CREDIT
Dear Lee :
The Town of Severance arrangement with Soaring Home, LLC calls
for a new Letter of Credit to be issued in favor of the Town of
Severance in an amount the Town believes is equal to the amount of
the project yet to be completed.
The First National Bank has agreed to issue that new Fetter of
Credit to the Town of Severance as soon as Weld County releases the
existing Letter of Credit .
To the extent that the Town of Severance is involved in this
matter, the Town has no objection to the release of the 4ptter of
Credit posted by the First National Bank guarant.e0ing the
performance of Soaring Home, LLC and in favor of Weld County.
Sincerely,
Don J. Ho
Attorney for the
Town of Severance
DJH-th
•
AUG-01-2001 WED 03:30 PM EVERITT COMPANIES FAX NO. 19702234156 P. 02/02
E(�h111�1NItJ
August 1,2001
Mr.Don 11off,Attorney
Town of Severance
1025 9m Ave.,Suite 309
Greeley, CO 80631
WA FACSIMILE: 970-353-7504
Re: Soaring Eagle Ranch
Dear Don:
Attached are copies of the Sample Letter of Credit to be issued by First National B I for
Soaring Eagle Ranch in the amount of$496,960. Donna Taub has notified me that the LOC has
already been signed and that she will forward it to you as soon as Weld County returns the
previous LOC to her.
If you have not already done so,will you please authorize Lee Morrison to return their LOC to
Donna Taub.
Thanks again for your assistance,
Sincere y,
Dianne Rule
dr
cc: Lee Morrison
COON'S(Nutty
3030 South College Avenue•Fon Collins•Colorado•80525
Mailing Address:P.O.Box 2125•rod Collins•Colorado•80522
Telephone:(970)226.1500 FAX:(970)22.3-0156
JUL-30-2001 MON 01:33 PM EVERITT COMPANIES FAX NO. 19702234156 P. 01
III
E Ms
July 30,2001
Mr.Lee Morrison
Weld County Attorney
P.O. Box 1948
Greeley,CO 80634
Re: Soaring Eagle Ranch
Dear Mr. Morrison:
As you know, Soaring Eagle Ranch has just been annexed to the Town of Severanc
(recorded at#2867340 registered 7/20/01 on the Plat.)
Since the original Improvement Agreement and the Letter of Credit was written wit Weld
County in mind, we would like to request that you issue a letter to First National B K releasing
the County's interest in the Letter of Credit dated April 6, 2001 for Soaring Home, Il,C in the
amount of$3,810,023.00.
Please fax this release to Donna Taub at First National Bank at 970-229-9104; and tail a copy
to her at P.O.Box 272500,Fort Collins, CO 80527.
We would greatly appreciate your attention to this,Lee,as soon as possible.
Thanks for your help.
Sincerely izig2aDianne Rule
Everitt Companies
Corporelo Offices
3030 South College Avow•Fort Collins•Colorado•80525
Mailing Address:P.O.Bon 2125-Foil Collins•Colorado•80522
Telephone;(970)2.26.1500•FAX:(070)223-4156
AUG-01-2001 WED 09:53 AM EVERITT COMPANIES FAX NO. 19702234156 P. 03
JUL-3'-''1 TUE 16:32 WILLIAM H SOUTHARD, ATTY FAX NO, 870 353 7504 P, 02
F t+ 1025 9TH UNUE, Su,TS 80 G s r ouen.eo. 80531
�r--- AV �� ``�
ATTORNEY AT LAW TELBPHoNr 970-356-6757 • T[LccoP.a' 970-373-7304
July 31, 2001
Stanley R. Everitt PIA FACST$n
Everitt Companies 970-223-4156
P.O. Sox 2125
Pt. Collins, CO 80522
Dear Stan:
I received a phone call from the County Attorney' office
earlier today indicating that they are holding a $3.8 million
dollar Irrevocable Letter of Credit and that apparently someone
from your office has requested a release of that latter.
'The County Attorney indicated that he wanted somethinl from me
in writing before he would release the Letter of Credit. Please
advise as to how you wish to proceed with the assig tent of
$496,960.00 of that Irrevocable Letter of Credit to the of
of
severance.
Upon the proper posting ostin of the Letter of Credit, I wilZ advise
the County Attorney to proceed with the release.
Sincerely,
`-r r Doh J H� !f
Dax:th
•
AUG-01-2001 WED 09:53 AM EVERITT COMPANIES FAX NO. 19702234156 P. 02
August 1,2001
Mr. Don Hoff Attorney
1025 9'h Ave. Suite 309
Greeley,CO 80631
VIA FACSIMILE: 970-353-7504
Re: Soaring Eagle Ranch Letter of Credit
Dear Don:
Thank you for your letter yesterday regarding the Letter of Credit for Soaring Eagle ranch.
I spoke with Donna Taub of First National Bank this morning concerning the reissue klf the
Letter of Credit.The bank requires that the Letter of Credit held by Weld County be returned to
the bank for reissue in the new amount in favor of the Town of Severance.
Would you please authorize Weld County to return the LOC immediately to:
Donna Taub
First National Bank
Y.O. Box 272500
Fort Collins, CO 80527
A copy of the new LOC in the amount of$490,960.00 will be forwarded to you for view.
Thanks for your help,Don.
Sincere
Dianne Rule
dr
cc: Donna Taub
Corporate Mica
3030 South College Avenue•Fan Collins•CulMMado•80525
Mailing Addn ss:P.U.Doc 2125•Rd Collins•Colin:We•$0522
Telephone:(970)226-1500•FAX:(970)223-4156
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