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Home My WebLink About20002491.tiff RESOLUTION RE: APPROVE CANCELLATION AND RELEASE OF COLLATERAL AND ACCEPT REPLACEMENT COLLATERAL FOR LIGHTHOUSE COVE FINAL PLANNED UNIT DEVELOPMENT, S #522 - MILES/LAFAVER ()l2 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 June 26, 2000, the Board did approve an Improvements Agreement According to Policy Regarding Collateral for Improvements (Privately Maintained Roads) with Donald LaFaver, 2185 Pine Drop Lane, Golden, Colorado 80401, and Chuck Miles, 4480 North 109th Street, Lafayette, Colorado 80026, for a Planned Unit Development on the following property described as, Lot B of Recorded Exemption #2330; pan of the N1/2 NE1/4 of Section 16, Township 2 North, Range 68 West of 6th P.M., Weld County, Colorado WHEREAS, pursuant to said Improvements Agreement, an Irrevocable Letter of Credit from New Frontier Bank, 2425 35th Avenue, Greeley, Colorado 80634, in the amount of $240,515.00, was presented, and WHEREAS, staff from the Weld County Departments of Public Works and Planning Services 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, Donald LaFaver and Chuck Miles have presented an Irrevocable Letter of Credit in the amount of $18,091.00 to Weld County 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, in the amount of $240,515.00 drawn on the New Frontier Bank, 2425 35th Avenue, Greeley, Colorado 80634, and to accept a Irrevocable Letter of Credit in the amount of$18,091.00 from Donald LaFaver and Chuck Miles. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, Colorado, that Irrevocable Letter of Credit, in the amount of$240,515.00 drawn on the New Frontier Bank, 2425 35th Avenue, Greeley, Colorado 80634, 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 Irrevocable Letter of Credit in the amount of $18,091.00 from Donald LaFaver and Chuck Miles, be, and hereby is, accepted. 1EMI 1111111 IIII 11111111111 2000-2491 2804061 11/01/2000 03:56P JA Suki Tsukamoto f PL1303 1 of 2 R 0.00 0 0.00 Weld County CO PI : Pi 341 CANCEL COLLATERAL - LIGHTHOUSE COVE (S #522) PAGE 2 The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 16th day of October, A.D., 2000. BOARD OF COUNTY COMMISSIONERS /� � '� WE C UNTY, DO ATTEST: `I/`v J IE`! ------ ,fT Barbara J. i meyer, Chair Weld County Clerk to t lao: ' „'�t. � �� /2 7 r . eil , Pro-Tern7 BY: YDeputy Clerk to the B.% I! ac-0--21f, 6 Baxter 4,41,4 A AP2ROVED AS TO FO ' '/ / Dale K. Hall / ' l O6unty Attorne AV‘-e[ci fit-4-4 Glenn Vaad I IIIIII I1Il1IEEE EVpiIIII IIIp III VIII IIII it2804061 111011 2000 2 of 2 R 0.00 0 0.00 Weld County CO 2000-2491 PL1303 74i441 MEMORANDUM TO: Board of County Commissioners • COLORADO FROM: Julie Chester, Lead Planner SUBJECT: Release collateral and eplacement Letter of Credit The Department of Planning Services received a letter from Jon Deshayes, E.I.T., on Septemoer 14, 2000 requesting a release of collateral for Lighthouse Cove Planned Unit Development. S-522. The Department of Public Works inspected the site and determined an additional 1 1/2 ,aches of asphalt was required on the road. Don LaFaver, applicant, indicated that they did not want to lay the additional asphalt until after construction trucks would no longer be traveling on the subcivision road. Don Carroll, Department of Public Works, has requested 15% of the total asphalt [tern ($5151.00) be retained, in addition to$12,000.00 for the 1 %inches of asphalt required to complete the road. The grass lined swale has not been completed, therefore Department of Planring Services' is requesting the original item amount of$940.00 also be retained for one year to aloes for completion of that item. The total amount retained is $18,091.00, which has been submitted by the applicant in the form of an Irrevocable Letter of Credit. The Departments of Planning Services and Public Works are recommending that this new letter be accepted by the Board of County Commissioners, and release the original Letter of Credit in the amount of $240.515.0,) Thank you for your consideration in this matter. sr RVICE.ILA AI MURK,IM IS RI[, Vt'AIL[V Cc, 7 1 t Weld Colrnt.,° PI t•r.ni e • MEMORANDUM Qu :.,)0'7 R. E C ! ✓ ;)CI?:'4:1111, TO: Julie Chester, Lead Planner DATE: October 5 20G: dJ OFROM: Donald Carroll, Engineering Administrator F ,. • SUBJECT: S-470; Lighthouse Cove COLORADO (Private Road Maintenance—Release of Collateral At the request of the applicant, an inspection of the site was performed. The Weld County Public Works Department recommends the release of the transportation collateral f it st grading, street base, curb, gutter, culverts, sidewalks, street name. All but $17,151 is being retainer on to stn. paving item. This dollar amount will be retained for one year. At the erd of the one year and ii no CCir:tres )r repairs are needed to the asphalt, the collateral ($17,151) sl'all be released. All other non-transportation items shall be verified by Planning Services prior to release. pc: Carol Harding, CTB S-470 p an6s.wpd L 7 NEW FRONTIER BANK IRREVOCABLE LETTER OF CREDIT 10-00-00 Board of County Commissioners ATTN: Clerk to the Board P.O. Box 758 Greeley. Colorado. 80032 RE: Lighthouse Cove Improvement agreement. Dear Board of County Commissioners, We hereby open our Irrevocable Letter of Credit in your favor for the account of Lighthouse Cove located at 9777 Weld County Road Longmoct Colorado Weld County Colatado, 'CC:r a sum not to exceed the ae_regate of Eighteen Thousand Ninety One and no cents (Q 18.09 . )to Each draft so drawn must he marked "Drawn under New Frontier Bank, 2423 35(11 Avenue. Greeley. Colorado. 80634. This Letter of Credit must be accompa:lied by a "signed state:ne at from the Board of County Commissioners of Weld County, Colorado starting the 6' of(*lobe' that there has been a material breach of the improvements Agreement According tc Po:j y Regarding collateral for Improvements regarding Lighthouse Covo dated the 6th day of Octobei 2000 by and between Lighthouse Cove and the County Commissioners of the County 7tient" This credit is subject, so far as applicable to "The Uniform Customs and Practice for Documentary Credits, 1983 Revision, The International Chamber of Commerce Publicat.or No 400" We hereby agree with you that all drafts drawn under and in compliance with the terms of t tis credit will be duly honored and presented for payment to our main office, NEW FRONTIER BANK, 2425 35.11 Avenue, Greeley, Colorado 80634. This letter of credit will expire on Ap:il 30. 2001. At 5:0) PM 2425 35th Avenue • Greeley, Colorado 80634 • 970-339-5 '.00 • Fax 970-339-520C• '['his 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 NEW FRONTIER BANK notifies beneficiary in writing that the letter of credit not be renewed. In the case you receive such a notification you may draw by presentatiLn of the following: (a) a draft at sight on NEW FRONTIER BANK; (b) a statement purportedl} signed by an official of the Board of County Commissioners of Wald County, Colo ado scat that we have receive notice from NEW FRONTIER BANK the Letter of Credit will not be renewed and that Lighthouse Cove has failed to provide proof of adequate collateral and substitution of this Letter of Credit . (c) copy of letter from NEW FRONTIER BANK static: non-renewal of the Letter of Credit and the original Letter of Credt. Yo• s 1 Fred Allison Vice President Weld County Planning DeptSINSIMISM SENS • --MESS`OFP 14 2000 - - RECEIVED ThttleApplegate,lnc. Consultants for Land, Mineral and Water September 13, 2000 Weld County Department of Building and Planning 1555 North 17ih Avenue Greeley, CO 80631 Attn: Julie Chester Re: Lighthouse Cove Release of Collateral Dear Julie, This letter is in regards to the above-mentioned development project in Weld County. The roadway improvements to Lighthouse Court and the utility services for the ten residential lots on this property have been completed per the approved development plans. At this time we are requesting on behalf of our client, Lighthouse Cove, LLC, that Weld County staff perform the appropriate inspections to substantiate the release of collateral for the project based upon substantial compliance with the approved development plan. Thank you for your assistance in this matter. Please feel free to contact us with any future regards on this matter. Respectfully, Tuttle Applegate, Inc. rJ lion Deshayes, E.I.T. Cc: Don LaFaver, Charles Miles, TA File#99-223 O (3r int SI • Suite 304 • Denver. CC. 80233 5441 Boeing Drive • Suite 200 • Lat./0pit C " Sfl5 9' 6 ( 5 3) 4tie 061 • I a; (303) 152-2759 (970) 461-9884 • Fax (970) 613-1177 . 1 1?-30-7995 8 24P FROM P =; Murphy Asa ll © IMERARSO MOWN•OVERLAYS•NSW INSTALL• SIALCOATING CRACltfLL•STRIPING•CONCRETE PLATOON( ass 0.weina all Daeaar.Cabala owns,(70A1 S .FAX(303). lNNMS oea: QOM HOUSE egg Work Localiow r at mot "211 O MS" 4480N.100TH ST. PM* aar LAFAYETTE LIMIT HOUSE COVE n t CO ar DDS MOD N.1050 187. 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