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Home My WebLink About20000604.tiff RESOLUTION RE: APPROVE CANCELLATION AND RELEASE OF COLLATERAL FOR VISTA COMMERCIAL CENTER SUBDIVISION, 1ST FILING, S #408 - 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 Filling of Vista Commercial Center Subdivision, for a 38-lot subdivision for I-1 and C-3 uses, for Horizon Investments, LLC, 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 Commissioners of Weld County, Colorado, did approve an Improvements Agreement According to Policy Regarding Collateral for Improvements (Publicly Maintained Roads) for Vista Commercial Center Subdivision, 1st 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 accept Letter of Credit#348, drawn on the First National Bank of Longmont, 401 Main Street, Longmont, Colorado 80501, in the amount of$1,083,363.59, and WHEREAS, by Resolution dated October 27, 1997, the Board did release a portion of the collateral upon completion of all improvements, in the amount of$1,019,778.74, reducing the total of Letter of Credit #348 to $63,584.85, and WHEREAS, staff from the Weld County Departments of Public Works and Planning Services have conducted a visual inspection and recommends release of said collateral. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, Colorado, that Letter of Credit#348, drawn on the First National Bank of Longmont, in the amount of $63,584.85 be, and hereby is, canceled and released. BE IT FURTHER RESOLVED by the Board that the Clerk to the Board be, and hereby is, directed to return said collateral to the appropriate issuing party. 2000-0604 Pc �l PL0862 CANCEL COLLATERAL - HORIZON INVESTMENTS, LLC PAGE 2 The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 13th day of March, A.D., 2000. BOARD OF COUNTY COMMISSIONERS W D COUNTY, COLORADO ATTEST: AL)/ Barbara J. kmeyer, hair � Weld County Clerk to the -r• �1M O��- ` . J. e' ` ro-Tem BY: -4 ... G Pi ��► f Deputy Clerk to the Bl1�•/�� } � C 11111 eorge . Baxter APPROVED AS TO FORM: EXCUSED Dale K. Hall Count Alto r y 4 2W ,i'da{7 Glenn Vaad L� 2000-0604 PL0862 41g,tr„ MEMORANDUM WITo: Board of County Commissioners March 8, 2000 COLORADO From: Kim Ogle, Planner IINIp- Subject: S-408, Release of Collateral for On-Site Improvements for Vista Commercial Center, 1st Filing On November 24, 1999, the Departments of Planning Services and Public Works performed a site investigation of the roads in Vista Commercial, First Filing at the request of Lyle E. Dehring, Manager. The investigation revealed that no repairs are necessary. Therefore, the Department of Planning Services and Department of Public Works recommend that sixty-three thousand five hundred and eighty-four dollars and 85/100s ($ 63,584.85), fifteen percent of the total asphalt item retained, be released. Staff's recommendation is to release the remaining collateral, in the form of a Letter of Credit. Further, the Department of Public Works shall schedule placing Vista Commercial, First Filing on the County roadway system for full maintenance after the release of collateral for First Filing. c�. SERVICE,TEAMWORK,INTEGRITY,QUALITY 2000-0604 74 084,2, MEMORANDUM TO: Kim Ogle, Planner DATE: December 10, 1999 FROM: Donald Carroll, Engineering Administrator lye C. SUBJECT: S-408; Vista Commercial, 1st Filing Release of Collateral COLORADO On September 22, 1998, 1st Filing was accepted for partial maintenance. Fifteen percent of the total asphalt item was retained for a period of one year. At the request of the applicant and Planning Services, Eric and I performed a site investigation on November 24, 1999. Our investigation revealed that no repairs are necessary. I recommend that $56,707.15, 15% of the total asphalt item retained, is released. Any additional items in Exhibit A that are not transportation oriented should be verified by the Planning Department prior to the release. pc: S-408 planl6s.wpd rest MEMOR AND UI OpY TO: P ing Staff DATE: October 12, 1999 uleFROM: Donald Carroll, Engineering Administrator Lot SUBJECT: S-408: Vista Commercial, Phase I COLORADO At the request of the applicant and Planning Services, Eric Jerman and I performed a site investigation. On September 22, 1998, Phase I was accepted for partial maintenance and 15% of the total asphalt item was retained for a period of one year. Our investigation revealed no repairs are necessary so I am recommending the $46,707.15 be released and Phase I be placed on the county system for full maintenance. Any additional items in Exhibit A that are not transportation oriented should be verified by the Planning Department prior to release.cc:pian,e S-408 County Planning peat. DEC 01 1999 RECEIVE p VAACt5 ✓ rt.G"f 363/ 77-z 37-co /�3. HORIZON INVESTMENTS, L.L.C. 1835 FAITH PLACE COPY LONGMONT, COLORADO 80501 PHONE: 776-5451 September 30, 1999 Weld County Planning Department Weld County Administrative Offices 155 North 17th Ave. Greeley, CO 80631 Dear Sir: We have completed the streets in the Vista Commercial Center development South of highway 119 between Weld County road 3 and road 5. It is close to two years now since the streets were completed. Would you please inspect these streets and accept them so we may have the bond released. Sincerely, 461 fir 0 Ar veld County Planning [ e� OCT 05 1999 RECE V r' 3 MEMORANDUM WWpmC. TO: Board of County Commissioners October 23, 1997 COLORADO From: Todd A. Hodges, Current Planner II SUBJECT: S-408, Reduction of Letter of Credit for On-Site Improvements Agreement for Vista Commercial Subdivision 1st Filing. The Department of Planning Services, Public Works Department and Attorneys office have reviewed the request for the reduction of the Letter of Credit for On-Site improvements. The request is to reduce the original Letter of Credit in the amount of $1,083,363.59 to $63,584.85 which is %15 of the total internal road improvements. The amount of$63,584.85 shall be held for a period of one year. At the completion of one year and at the request of the applicant, a representative of the Public Works Department will reinspect the internal road work for release of the remaining collateral. The Department of Planning Service's staff recommends that the Board of County Commissioners reduce the original Letter of Credit for On-Site Improvements to $63,584.85. i 4to arii, MEMORANDUM c®PY ' TO: Todd Hodges, Current Planner II DATE: September 22, 1997 Ill C FROM: Don Carroll, Project Administrator “10• SUBJECT: S-416; Horizon Investments, Vista Commercial Center, COLORADO First Filing, Partial release of Collateral for Improvements (Publicly maintained roads) ' At the request of the applicant/engineer, I completed a field investigation on the Exhibit A items in the Improvements Agreement. All the above ground items were visible and verified. Any underground items, such as water and storm sewer, should have documentation provided to the Weld County Planning Department stating that the installation is completed. Regarding collateral for improvements, 15% of the asphalt items totaling $56,707.15 should be retained for a period of one year. At the completion of one year and at the request of the applicant, I will reinspect the first filing. If no repairs are required, the collateral will be released. cc: Commissioner Harbert S-418 pianl2 /3- Exhibit "A" Name of Subdivision: VISTA COMMERCIAL CENTER Filing: 3'-7 Location: S1/2 of 5.5 &NI/2 of 5.8,T2N,R68W, 6th PM, Weld County, Colorado • South side SH#119 between WCR 3 &WCR 5 • Intending to be legally bound,the undersigned Applicant hereby agrees to provide throughout this subdivision and as shown on the subdivision final plat County dated , 19 , recorded on , 19 , in Book ,Page No. , Reception No. the following improvements. SITEWORK Quantity Unit Unit Cost Total General Conditions Move In/Out 1 Lump Sum $3,298.40 $3,298.40 Sub-Total: $3,298.40 Earthwork . Cut to Fill 32000 C.Y. $1 .16 $37,120.00 Cut to Stockpile 22000 C.Y. $0.66 $14,520.00 Pre C & G 2380 L.F. $0.87 $2,070.60 Fine Grade Ponds 4 Each $1,261.26 $5,045.04 Fine Grade Borrow Ditches 11200 L.F. $0.22 $2,464.00 Sub-Total: $61,219.64 \_ Street Work \11 Street Subgrade Prep 33653 Sq. Yds. $0.93 $31,297.29 Weedkill 33653 Sq. Yds. $0.19 $6,394.07 0 8:5" Grade C Asphalt 6363 Sq. Yds. $11 .85 $75,401.55 r' 8" Grade C Asphalt 27290 Sq. Yds. $11 .09 5392;646.10 / I- ft �l Raise Manholes 22 Each $203.26 $4,471 .72 Raise Valves 25 Each $147.53 •$3,688.25 17 Sub-Total: $423,898.98 2549895 B-1608 P-163 05/27/1997. 03 :13P PG 10 OF 14 Page 10 of 14 The First National Bank of Longmont 401 Main Street, P.O. Box 1159, Longmont, Colorado 80502-1159 (303) 776-5800 AMENDMENT AND MODIFICATION OF LETTER OF CREDIT Existing Information: Letter of Credit Number: 348 Borrower: HORIZON INVESTMENTS L.L.C. i Letter of Credit Dated: 4-28-97 / Original Amount: $1,083,363.59 /,/ / Current Amount Available: $1,083,363.59 , Expiration Date: 4-28-98 / Beneficiary: COUNTY OF WE , Borrower and Lender mutually agree that e Letter f Cr i died above is amended as follows: 1. The expiration date is extend to 1 28 2. An extension fee of$ 0. is p ' erewith. 3. Additional terms: ORIGINA 9v1OUNT IS HEREBY REDUCED TO $63,584.85 The terms, definitions and conditions of the xisting Letter of Credit are incorporated by this reference, and shall remain in full force and effe/except as specifically extended/amended by this Agreement. Extension/Amendment Date:/10-28-97 Borrower: ORIZON ES ME L.L.C.i By:( .i le i / / Title: Manager // `tender: The First National Bank of Longmont 67 Bye-- ° o.1�! _ / T-d- Gordon T. Hills Title: Vice President DEPARTMENT OF FINANCE AND ADMINISTRATION Kit PHONE (970)356-4000, EXT.4218 FAX: (9(970)352-0242 9'15 10TH STREET P.O. BOX 758 GREELEY, COLORADO 80632 C. COLORADO March 22, 2000 THE FIRST NATIONAL BANK OF LONGMONT 401 MAIN STREET P.O. BOX 1159 LONGMONT CO 80502-1159 RE: Cancellation of Letter of Credit Number 348 Enclosed you will find your original Letter of Credit Number 348 which was issued for Horizon Investments LLC on April 28, 1997. The Letter of Credit was released by the Board of County Commissioners on March 13, 2000. Enclosed is a copy of the resolution. Should you have any questions, please call me at 970-356-4000 Ext. 4227. Thank you for your assistance. Kimberlee A. Schuett Deputy Clerk to the Board cc: Horizon Investments LLC Hello