HomeMy WebLinkAbout20002172.tiff RESOLUTION
RE:: APPROVE CANCELLATION AND RELEASE OF COLLATERAL FOR VISTA
COMMERCIAL, FIRST FILING - HORIZON INVESTMENTS, 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 15, 1997, the Board did approve the
application of Horizon Investments, LLC, 1835 Faith Place, Longmont, Colorado 80501, for a
Site Specific Development Plan and Planned Unit Development Final Plan, S #408, First Filing
of Vista Commercial Center Subdivision, for a 38-lot subdivision I-1 and C-3 uses on the
following described real estate, to wit:
A portion of the S1/2 of Section 5, and a portion of
the N1/2 of Section 8, both located in Township 2
North, Range 68 West of the 6th P.M., Weld
County, Colorado, and
WHEREAS, on May 19, 1997, the Board of County Commissioner of Weld County.
Colorado, did approve an Improvements Agreement According to Policy Regarding Collateral
for Improvements (Publicly Maintained Roads) for Vista Commercial Center Subdivision, First
Filing, S #408, between the County of Weld, State of Colorado, by and through the Board of
County Commissioners of Weld County, and Horizon Investments, LLC with terms and
conditions being as stated in said agreement, and accepted Letter of Credit#349, drawn on the
First National Bank of Longmont, 401 Main Street, Longmont, Colorado 80501, in the amount of
$125,507.02, and
WHEREAS, staff from the Weld County Department of Public Works has conducted a
visual inspection and recommends release of said collateral.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners cf
Weld County, Colorado, that the Letter of Credit #349, drawn on the First National Bank of
Longmont, 401 Main Street, Longmont, Colorado 80501, in the amount of$125,507.02, 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.
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CANCEL COLLATERAL - HORIZON INVESTMENTS, LLC
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The above and foregoing Resolution was, on motion duly made and seconded, adopted
by the following vote on the 11th day of September, A.D., 2000.
BOARD OF COUNTY COMMISS€ONERS
WE D COUNTY, COLORADO
ATTEST: II��SJ �/, �J Q=A_=__
,=`b i Barbara J. Ki eyer, Ch it
Weld County Clerk to th > l
4
- ) . ,7-4re/./;- '
/ IM. J. �e Pro-Tem
BY a, . . . / ..�7�1 .L�
�llV c. /Jn- c _
Deputy Clerk to the B uV
_. eorge . Baxter
APPROVED AS TO RM: ,t �e
`Dale K. Hall
/'` 6- -. Gam,
County iAtf6r ey
Glenn Vaad
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MEMORANDUM
' TO: Carol Harding, Clerk to the Board DATE Augu>t 8, 20' 0
OFROM: Donald Carroll, Engineering Administrator .�
COLORADO SUBJECT: S-408, Vista Commercial, 15' Filing
At your request, I reviewed the Road and Improvements Agreement(off-site)for Vista Commercia , 1 Filing, he
primary access to the Planned Unit Development. The improvements were identified as WCR. 3 5 and WCI; 5
and the intersection of State Highway 119. On March 13, 2000, the collateral was held for the internal rc ad
systems and improvements Letter of Credit No. 348 was released. On August 8, 2000, I verified that all off-dite
improvements show no distress or repairs needed.
I recommend that the remaining collateral from Letter of Credit No. 348, Off-Site Improvements, s ret:,asec.
pc: Planning Services
S-408
planl5s.wpd
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•
2.100 72
First h'at'anal
dl vhm ( . I I
44tr First National L0ng9I I
April 28, 1997 I I.
Clerk to the Board of County Commissioners Ftrsl Na„mW
-
915 10th Street, PO Box C I I�
Greeley, CO 80632 :I
LETTER OF CREDIT
ATTN: Donald L. Warden
We hereby open our irrevocable Letter of Credit in your favo or the account of Horizon
Investments, LLC for a sum not to exceed the aggregate of 125,507.02. Which amount shall be
paid at sight and is available by benefici 's draft or drq s.
Each draft so drawn must be marked " a n under irst National B of Longmont, 401 Main
St., Longmont, CO , Letter of Credit# nd be c parried y7 "si ed statement from the
Board of County Commissioners of Co y, Co radio stat g zon Investments, LLC
has committed a material breach o mpr em is gree t cording to Policy Regarding
collateral for Improvements at Vst o ercial er v i n-at Weld County Road _i 1/2
and State Highway 119. "iSu g me ate 8ta a April, 1997 by and between the
Board of County Commi s'ol{r oft unt Well".
This credit is subiec , s as a licable ' 'The' Uniform Customs and Practice for
Documentary Cr2Yr 19 Rev sion The International Chamber of Commerce Publication No.
400." \ /
We hereby agree with yo thaitidrafts drawn under and in compliance with the terms of this
credit will be duly hon ed and presented for payment to our main office, First National Bank of
Longmont, 401 Mai t., Longmont, CO 80501. This letter of credit will expire on April, 2'3,
1.998.
This letter of cra'dit is automatically extended for additional one year periods from he current
expiration an 'future expiration unless 60 days prior to such expiration date First National Bank
notifies ben,Yiciary in writing that the letter of credit will not be renewed. In the case you.
receive su9h notification, youemay draw by presentation of the following: (a)a draft on First
National Bank of Longmont; (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
First National Bank of Longmont the Letter of Credit No. 349 will not be renewed and that
Horizon Investments, LLC has failed to provide proof of adequate collateral and substitution of
this Letter of Credit No.b 349 (c) Copy of letter from First National Bank stating non-renewal of
Letter of Credit No. 349 and accompanied by the original Letter of Credit.
Yours truly,
Gordon T. Hills
Vice President
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