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RESOLUTION
RE: APPROVE CANCELLATION AND RELEASE OF COLLATERAL AND ACCEPT
REPLACEMENT COLLATERAL FOR PLANNED UNIT DEVELOPMENT FINAL PLAN,
S #506, FOR ELMS AT MEADOW VALE, FIRST FILING - 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., by Resolution dated November 17, 1999, the Board did approve an
Improvements Agreement According to Policy Regarding Collateral for Improvements (Publicly
Maintained Roads) with Floyd Oliver,2385 Homestead Place, Longmont, Colorado 80504,
concerning property described as part of the NW1/4 of Section 4, Township 2 North, Range 68
West of the 6th P.M., Weld County, Colorado , and
WHEREAS., pursuant to said Improvements Agreement, Irrevocable Letter of Credit
#8230951, drawn on the First Bank of Longmont, 1707 North Main Street, Longmont, Colorado
80501, issued through the account of Nancy and Thomas Dunn, in the amount of $300,000.00,
was submitted to Weld County, and
WHEREAS, staff from the Weld County Department of Public Works has conducted a
visual inspection of the project and recommends cancellation and release of said collateral, with
15 percent of the total amount to be retained for a one-year period, and
WHEREAS, Floyd Oliver has presented a replacement Irrevocable Letter of Credit
#8427887, drawn on the FirstBank of Longmont, 1707 North Main Street, Longmont, Colorado
80501, issued through the account of Nancy and Thomas Dunn, in the amount of$33,684.00 to
be posted as collateral for a one-year period, and
WHEREAS, the Board of County Commissioners deems it advisable to cancel and
release Irrevocable Letter of Credit #8230951, drawn on the First Bank of Longmont, 1707
North Main Street, Longmont, Colorado 80501, issued through the account of Nancy and
Thomas Dunn, in the amount of $300,000.00, and to accept replacement Irrevocable Letter of
Credit#8427887, drawn on the FirstBank of Longmont, 1707 North Main Street, Longmont,
Colorado 80501, issued through the account of Nancy and Thomas Dunn, in the amount of
$33,684.00.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of
Weld County, Colorado, that Irrevocable Letter of Credit #8230951, drawn on the First Bank of
Longmont, 1707 North Main Street, Longmont, Colorado 80501, issued through the account of
Nancy and Thomas Dunn, in the amount of$300,000.00, 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.
111111 11111 1111111 III' 111111111 1111111 III VIII 11111111
2799971 10/12/2000 04:34P JA Suki Tsukamoto
1 of 2 R 0.00 0 0.110 Weld County CO 2000-2356
PL12.54
CANCEL COLLATERAL - THE ELMS AT MEADOW VALE, C/O FLOYD OLIVER (S #506)
PAGE 2
BE IT FURTHER RESOLVED by the Board that Irrevocable Letter of Credit#8427887,
drawn on the FirstBank of Longmont, 1707 North Main Street, Longmont, Colorado 80501,
issued through the account of Nancy and Thomas Dunn, in the amount of$33,684.00, be, and
hereby is, accepted.
The above and foregoing Resolution was, on motion duly made and seconded, adopted
by the following vote on the 2nd day of October, A.D., 2000.
BOARD OF COUNTY COMMISSIONERS
WE D COUNTY, COLO ADO
ATTEST: /0740.u/ 5 1 �'' �' ,ti4Ltci ---
���� :c,--)! \-\ Barbara J. Kir eye , Chair
Weld County Clerk tot, rB °," 1 ✓r
1v i ° i ��'.C
BY: U �e raT ,,
M. J. G ile, Pro-Te
Deputy Clerk tg the =p i(I27) > -ze 4
% -__ 1""U . George . Baxter
/APBROVE�AS TC5FORM: r!E '
Da is all
C, mAttorney EXCUSED
Glenn Vaad
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4O ukamoto
2 of R 0
2000-2356
PL1254
MEMORANDUM
W . TO: Board of County Commissioners DATE September 12 2000
COLORADO FROM: Kim Ogle
SUBJECT: S-506, Elms at Meadow Vale, Phase 1, Filing 1
Release of Collateral
On September 10, 2000, the Department of Planning Services preformed a site investigation of the
completed improvements for the Elms at Meadow Vale, Phase 1. Filing 1 at the request of Floyd
Oliver, the applicant. The completed improvements for which a draw is being requested include
the construction of streets, on-site signage and landscaping.
Don Carroll of Weld County Department of Public Works has inspected the items, and in nis
memorandum of September 1, 2000, indicates he has no conflict with the release of funds. The
Department of Planning Services' in their memorandum of September 12, 2000 recommends the
withholding of the improvements collateral until the dead, dying or missing landscape items have
been replaced and all areas suffering from erosion and/or containing noxious weeds have been
addressed. Lee Morrison, Assistant County Attorney, has advised that the release of funds would
be in accordance with the terms of the Improvements Agreement.
The Departments of Public Works and Department of Planning Services' has indicated that it s
stated in Improvements Agreement item numbers 8.1.5 and 8.1.6, that fifteen (15) percent of the
asphalt pavement item shall be retained for a period of one year. At the end of the one year if no
distress or repairs are needed to the asphalt, the fifteen (15) percent collateral shall be released
Monies required for replacement collateral shall be four thousand five hundred ($4,500.00) dollar).
Further, fifteen (15) percent of the landscape item shall be retained for a period of one year At the
end of the one year if no replacement of plant material, including the native grass areas are needed
to the site, the fifteen (15) percent collateral shall be released. Monies required for replacement
collateral shall be twenty-nine thousand one hundred eighty-four dollars ($ 29,184.00). Materials
that shall be replaced include all dead or dying evergreen and deciduous trees, and addressing all
areas suffering from erosion and/or containing noxious weeds.
Therefore, the Department of Planning Services and Department of Public Works recommend that
three hundred thousand dollars and no/100s($300,000.00), 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 thirty-three thousand six hundred eighty-four and no/100s (33,684.00) dollars for
replacement collateral.
I.ANIWORK,IN I NLRITV,QUA!ITV
2000-2356
Weld County Plar ping D !p+.,
Kat cerk:4;t:
MFMORA JDUM SEP 05 2000
RECEIVED
' TO: Kim Ogle, Planner II DATE: Sept. 1 2000
OFROM: Donald Carroll, Engineering Administrator t�'4
COLORADO. SUBJECT: S-506; Elms at Meadow Vale, Phase I
At your request of the applicant, Floyd Oliver, and Planning Services, I performed a site investiga:ic n. T e
following items are totally complete and may be released: curb,gutter, sidewalk, asphalt paving, and sti eet sign s
These are all part of the transportation portion of the Elms at Meadow Vale, Phase I.
The off-site improvements associated with the Elms at Meadow Vale, Phase I, include upgrading and paving jf
WCR 5.5. The following items have been completed: rough grading of WCR 5.5, curb, gutter. sidewalk, a d
asphalt paving. In the Improvements Agreement under Item Nos. 8.1.5 and 8.1.6, it states that 15%of he asph lit
paving item shall be retained for a period of one year. If there is no distress and no repairs are needed, the 1 'rh
($4,500) shall be released at that time.
The Planning Services shall verify any non-transportation items identified in Exhibit "A" prior to release
The Elms at Meadow Vale roadways were built to county standards within the MUD,were dedicated for public u a,
and are maintained by the County.
pc: Planning Services
Clerk to the Board
Floyd Oliver
S-506
planl8s.wpd
1�BBENEFICIARY � ,
County Of Weld u
IRREVOCABLE
LETTER OF ti a3/4
FirnRank Of Longmont CREDIT
1707 North Main Street
Longmont CO 80501
(3031772-5500 "LENDER" ADDRESS
1555 North 17Th Avenue NO.: 8427887
'Greeley, CO 80631
TELEPHONE NO. - IOENTIFICATIONNO. •
(970) 353-610O
CUSTOMER EXPIRATION DATE
Elms Land Company, LLC -A Colorado
Limited Lisbitlity Company This Letter of Credit shall expire upon the earlier of:
Thomas L. Dunn 1. the close of business onNancy J. Dunn
September 28, 2001_
and all drafts and accompanying statements or documents
ADDRESS. must be presented to Lender on or before that time;or
1216 Twin Peaks Circle , 2. the day that Lender honors a draw under which the full
Longmont, CD 80503
TELEPHONE NO IDENTIFICATION NO. amour I Of this Letter of C'edit has been drawn.
(303) 772-8842
Lender hereby establishes at the request and for the account of Customer,an Irrevocable Letter of Credit in favor of Beneficiary for a
sum of _.Thirty Three Thousand Six Hundred Eighty Four and no/100
Dollars ($_.33,684.00
These funds shall be made available to Beneficiary upon Lender's receipt from Beneficiary of sight drafts drawn on Lender at I ender's
address indicated above (or such other address that Lender may provide Beneficiary in wit!ng) during regular business hour. 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 LE TTER
OF CREDIT CAN BE AMENDED. OTHERWISE,YOU WILL RISK LOSING PAYMENT UNDER THIS LETTER OF CREDIT FOR FAII.UPIT 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 r lot 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 ureft 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 nor
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 I are permitted IXi 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, tender may
issue a substitute Letter of Credit to Beneficiary in the amount shown above,less any pa'tial draw(s).
3. PERMITTED TRANSFEREES
If checked,this letter of Credit may be transferred by Beneficiary upon prior written notice to Lender of the transfer. The I ransferee
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 vathout any
further obligation of Lender to the original Beneficiary.
I1] If checked,the right to draw under this I otter of Credit shall be nontransferable,except lc r:
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 entirely, but not in part) by such .egal representative to a third party after express approval of a
governmental body(judicial,administrative,or executive).
4. TRANSFEREE'S REQUIRED DOCUMENTS
When the presenter is a permitted Transferee under pal agraph 3 above,the documents required for a draw shall include:
A. All documents required elsewhere in this Letter of Credit,except that such documents-nay be in the name of and executed try either
the original Beneficiary or the presenter permitted by paragraph 3;and
B. When the presenter is a permitted Transferee under paragraph 3.A.or a third party under paragraph 3.B.,a certified copy of the one
or more documents which show the presenter's authority to claim through or to act with authority for the original Beneficiary.
5. TIMING OF DISHONOR
Lender may rely upon any reason for dishonor which it communicates to Beneficiary or the presenter within three(3)13anking Days altei
Lender has received the last document forming Beneficiary's presentment(the"Three-Day Period"). Lender shall be entitled to rely upor
such reason without regard to either (i)the timing of any presentment made before the Expiration Date, or (ii) the timing inside the
Three-Day Period of any preliminary communication(s)from Lender concerning the dishonor decision or any reason for dishonor. Foi
any reason for dishonor given during the Three-Day Period, Lender shall be conclusively deemed to have met the'reasonable time"
"without delay" and other timing requirements as the Uniform Customs and Practice for Documentary Credits, 1993 Revision, ICC.
Publication No 500, as most recently published by the International Chamber of Commerce(the"UCP") may impose. The Expiratior
Date shall not tie extended to accommodate a presentment made less than three (3) Banking Days before the Expiration Date, ant.
Beneficiary shall not be entitled to submit a draw request or provide Lender with any documents in support of a draw after the Expiratior
Date. Lender shall not be required to communicate a dishonor decision or its reasons within a time less than the Three-Day Period
"Banking Day"means any day,except Saturday,on which commercial banks located in Colorado _- ae open
6. COMPLIANCE BURDEN
Lender is not responsible for any impossibility or other difficulty in achieving strict compliance with the requirements of this Letter e'
Credit precisely as written. Beneficiary understands and acknowledges: (i) that unless and until the present wording of this Letter of
Credit is amended with Lender's prior written consent, the burden of complying strictly with such wording remains solely upon.
Beneficiary;and(ii)that Lender is relying upon the lack of such amendment as constituting Beneficiary's initial and continued approval
of such wording.
�. NON-SEVERABILITY
If any aspect of this Letter of Credit is ever declared unenforceable for any reason by any court or governmental body having junsdictior,
lender's entire encagement under this Letter of Credit shall be deemed null and void ab initio,and both Lender and Beneficiary shall be
restored to the position each would have occupied with all rights available as though this Letter of Credit had never occurred. This
non-severability provision shall override all other provisions in this Letter of Credit, no matter where such provision appears within this
letter of Credit.
8. CHOICE OF LAW/JURISDICTION
This Letter of Credit is subject to the UCP. This Letter of Credit shall be governed by and construed in accordance with the laws of the
State of _Color ado , United States of America,except to the extent such laws are inconsistent with the UCP. Lender
and Beneficiary consent to the jurisdiction and venue of any court selected by Lender in its discretion located in the State of
Colorado . in the event of any legal proceeding under this Letter of Credit.
9. EXPIRATION
Lender hereby agrees with Beneficiary that drafts drawn under and in compliance with the terms of this Letter of Credit wil be du
honored if presented to the Lender on or before the Expiration Date.
Dated: September 28, 2000
LENDER: FirstBeink Of Longmont
Senior . i �s �t�l/
Sete ie J. Hr1
dent
ENDORSEMENT OF DRAFTS DRAWN:
Amount Amount
Date Negotiated By__. In Words _ In Figures •
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