HomeMy WebLinkAbout20002174.tiff /9/ RESOLUTION
7 RE: APPROVE AMENDMENT AND MODIFICATION OF LETTER OF CREDIT FOR
EDEN'S RESERVE FINAL PLANNED UNIT DEVELOPMENT, S#500 - MARK AND
JACQUELYN EBERL
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 September 20, 1999, the Board did approve an
Improvements Agreement According to Policy Regarding Collateral for Improvements (Private
Road Maintenance) with Mark and Jacquelyn Eberl, concerning property described as part of
the NE1/4 of Section 21, Township 3 North, Range 68 West of the 6th P.M., Weld County,
Colorado, and
WHEREAS, pursuant to said Improvements Agreement, Irrevocable Letter of Credit
#378 from First National Bank of Longmont, 401 North Main Street, P.O. Box 1159, Longmont,
Colorado 80502, in the amount of$59,573.00, with the expiration date of September 10, 2000,
was submitted to Weld County, and
WHEREAS, staff from the Weld County Department of Public Works have conducted a
visual inspection of the project and determined that premature pavement failure and insufficient
asphalt base is present, and recommends reducing the collateral to $25,888.00 for street
improvements, and
WHEREAS, staff from the Weld County Department of Public Works recommends
acceptance of the Amendment and Modification of Letter of Credit#378 from First National
Bank of Longmont, 401 North Main Street, P.O. Box 1159, Longmont, Colorado 80502, in the
amount of$25,888.00, with the expiration date of September 10, 2001, be accepted, and
WHEREAS, the Board of County Commissioners deems it advisable to reduce and
accept the Amendment and Modification of Letter of Credit#378 from First National Bank of
Longmont, 401 Main Street, Longmont, Colorado 80502, in the amount of$25,888.00.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of
Weld County, Colorado, that the Amendment and Modification of Letter of Credit#378 from
First National Bank of Longmont, 401 Main Street, Longmont, Colorado 80502, in the amount of
$25,888.00, be and hereby is accepted.
1111111111111111111111111113111111111111111111 2000-2174
2795191 09/2012000 03:54P JA Sold Tsukamoto PL1311
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CANCEL COLLATERAL - MARK AND JACQUELYN EBERL (S #500, EDEN'S RESERVE
PUD)
PAGE 2
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 COMMISSIONERS
r," WELD COUNTY, COLORADO
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2795191 09/20/2000 03:54P JA Sold Taukamoto 2000-2174
2 of 2 R 0.00 D 0.00 Weld County CO PL1311
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: 378
Borrower: MARK A. EBERL AND JACQUELYN A. EBERL
Letter of Credit Dated: SEPTEMBER 10, 1999
Original Amount: $59,573.00
Current Amount Available: $59,573.00
Expiration Date: SEPTEMBER 10, 2000
Beneficiary: BOARD OF COUNTY COMMISSIONERS OF THE
COUNTY OF WELD
Borrower and Lender mutually agree that the Letter of Credit identified above is amended as follows:
1. The expiration date is extended to SEPTEMBER 10,2001
2. An extension fee of$258.88 is paid herewith.
3. Additional terms: EFFECTIVE SEPTEMBER 10, 2000 SAID LETTER OF CREDIT WILL BE
REDUCED TO A COMMITTED AMOUNT OF $25,888.00 PER A COPY OF THE ATTACHED
LETTER DATED AUGUST 11, 2000 FROM THE PUBLIC WORKS DEPARTMENT OF WELD
COUNTY, COLORADO.
The terms,definitions and conditions of the existing Letter of Credit are incorporated by this reference,
and shall remain in full force and effect except as specifically extended/amended by this Agreement.
It is acknowledged by the undersigned that the underlying promissory note hereon is valid and binding in all
respects and is in full force and effect, there are no legal or equitable defenses to bar the enforcement of the
note.
Extension/Amendment Date: AUGUST 29, 2000
Borrower:
MARK A. EBERL
JA ELYN BERL
Lender:The First National // nk of Longmont
By: /ttle-.1:- C (i
CHARLES E. ALLEN, JR.
Title: VICE PRESIDENT
AUG-16-00 WED 06:22 AM WELD COUNTY PUBLIC WKS7 FAX:9703046497 . PAGE 1
•
PUBLIC WORKS DEPARTMENT
1111 H STREET
P.O.BOX 758
GREELEY, COLORADO 80632
OWEBSITE:www.co.weld.co.us
PHONE (970)356-4000,EXT. 3750
COLORADO FAX: (970)304-6497
•
August 11,2000
Mark Eberl
P.O.Box 668
Mead, CO 80542
Re: S-500,Eden's Reserve PUT)
Dear Mr.Eberl:
hi my previous correspondence dated April 14,2000,and April 28,2000,I voiced major concerns about the asphalt
construction on the project. I requested the-first lift of asphalt be repaired so that I could inspect it before the final
lift was applied. The final lift was placed without inspection. On my July 7, 2000, inspection,I found that the
asphalt was starting to crack in the south driving lane that enters the west cul-de-sac,which is in the area that was
to be repaired. This is unacceptable on a pavement project that is only three months old and the only traffic was
from the construction of one house.
Because of the premature pavement failure, our material technician tested the project on August 2, 2000,using a
pavement deflection testing procedure and determined that an additional two inches of asphalt is required to meet
minimum standards. Also,he tested the compaction of the asphalt in the areas of the pavement failures and the tests
failed.
Collateral in the sum of$25,888 must be retained for the street base and street paving items listed in Exhibit"A"
of the Improvements Agreement. Therefore,Weld County will not release the collateral for street base or street
paving until the construction of the nine homes is completed, repairs to all distressed areas in the asphalt are
completed to Weld County's satisfaction,an additional two-inch overlay is placed on all streets, and all work is
inspected and accepted by Weld County.
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AUS-16-00 WED 06:22 AM WELD COUNTY PUBLIC WKS7 FAX:9703046497 PAGE 2
Mark Eberl
August 11,2000
Page 2
Presently you have a letter of credit with the County for surety that expires September 10, 2000. You are hereby
notified to replace the existing letter of credit with collateral in the amount of$25,888 for street base and street
paving as identified in Exhibit "A" of your Improvements Agreement According Policy Regarding Collateral for
Improvements(Private Maintenance)with Weld CountybyAugust 25,2000. If you fail to do so,I will recommend
to the Board of Weld County Commissioners to file$25,888 against the existing letter of credit.
Sincerely,
Donald Carroll
Engineering Administrator
pc:Frank B.Hempen,Jr.,Director of Public Works/County Engineer
Drew Scheltinga,Engineering Division Manager
Jim Brewer,Soils Technician Specialist
Bruce Barker,County Attorney
Lee Morrison, Assistant County Attorney
Planning Services
a, � 3 - m:lwpfiles\don-c\S-500.1et2.vvpd
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