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Home My WebLink About20000456.tiff RESOLUTION RE: APPROVE IMPROVEMENTS AGREEMENT ACCORDING TO POLICY REGARDING COLLATERAL FOR IMPROVEMENTS (PRIVATE ROAD MAINTENANCE) FOR WINTER KNOLLS PLANNED UNIT DEVELOPMENT S #510, ACCEPT COLLATERAL, AND AUTHORIZE CHAIR TO SIGN - ROBERT AND JANET WINTER 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, on January 14, 2000, the Department of Planning Services staff did approve a Site Specific Development Plan and Planned Unit Development Final Plan, S #510, for four E (Estate) zoned lots for the Winter Knolls Planned Unit Development S #510, do Robert and Janet Winter on the following described real estate, to-wit: Lot A of Recorded Exemption #1694, being part of the NW1/4 of Section 14, Township 6 North, Range 67 West of the 6th P.M., Weld County, Colorado WHEREAS, pursuant to certain Conditions of Approval in said approval, the Board has been presented with an Improvements Agreement According to Policy Regarding Collateral for Improvements (Private Road Maintenance) between the County of Weld, State of Colorado, by and through the Board of County Commissioners of Weld County, and Robert and Janet Winter, with terms and conditions being as stated in said agreement, and WHEREAS, Robert and Janet Winter have presented Irrevocable Letter of Credit#J43121243826, in the amount of $47,200.00 drawn on the Farm Credit Services of the Mountain Plains, PCA, P.O. Box 39, 2308 29th Street, Greeley, Colorado 80632, and WHEREAS, after review, the Board deems it advisable to approve said agreement, a copy of which are attached hereto and incorporated herein by reference. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, Colorado, that the Improvements Agreement According to Policy Regarding Collateral for Improvements (Private Road Maintenance) between the County of Weld, State of Colorado, by and through the Board of County Commissioners of Weld County, and Robert and Janet Winter be, and hereby is, approved. BE IT FURTHER RESOLVED that Irrevocable Letter of Credit#J43121243826, in the amount of $47,200.00 drawn on the Farm Credit Services of the Mountain Plains, PCA, P.O. Box 39, 2308 29th Street, Greeley, Colorado 80632, be, and hereby is, accepted. 2000-0456 PL1280 AGREEMENTS - S #510, WINTER KNOLLS PUD, CIO ROBERT AND JANET WINTER PAGE 2 The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 23rd day of February, A.D., 2000. BOARD OF COUNTY COMMISSIONERS WELD COUNTY, COLORADO ATTEST: i'z#r arbara J irkmeyer, hair Weld County Clerk to B. �'�� 1081 c� 'c Itv • M. J. Ge , Pro-Tem BY: Deputy Clerk to the B<< His eorg E. Baxter APPROVED AS TO FORM: D le . Hall unly t1forne� EXCUSED DATE OF SIGNING (AYE) Glenn Vaad 2000-0456 PL1280 44frell MEMORANDUM WIiVcTO: Board of County Commissioners February 16, 2000 COLORADO From: Julie A. Chester, Lead Planner ty SUBJECT: Acceptance of Collatera S-510 The Department of Planning Services, Public Works and County Attorney's offices have reviewed the On-site Improvements Agreement and are recommending the acceptance of an Irrevocable Letter of Credit in the amount of$47,200.00. This Improvements Agreement is for Winter Knolls PUD, S #510. The Planned Unit Development is located south of and adjacent to WCR 70, approximately '/z mile east of WCR 21. Thank you for your consideration in this matter. 2000-0456 ?L! 2O • i 111111111111111111 III 11111111111111111 III 11111 (III II 2752850 03/01/2000 05:59P JA Suki Tsukamoto 1 of 12 R 0.00 D 0.00 Weld County CO IMPROVEMENTS AGREEMENT ACCORDING St POLICY REGARDING COLLATERAL FOR IMPROVEMENTS (PRIVATE ROAD MAINTENANCE) THIS AGREEMENT, made and entered into this e 3 day of kThruar'yy ,;(t0by and between the County of Weld,State ofColorado,acting through its Board ofCounty Commissibiters,hereinafter called "County", and E6'jt'(t J & :/se'c't I). hereinafter called "Applicant". WITNESSETH: WHEREAS, Applicant is the owner of or has a controlling interest in the following described property in the County of Weld, Colorado: ,ref 11 of t corded Ex?mpha0 PIa n07 - IY - - le(gird i(+ fnv Nvfr `_' 5e4' 1'9 'reA/1 Re ad (th `ff WHEREAS, , a final subdivision/PUD plat of said property, to be known as Whl�ff ,Ke0/15 P' Ll t• has been submitted to the County for approval; and WHEREAS, of the Weld County Subdivision Ordinance provides that no final plat shall be approved by the County until the Applicant has submitted a Subdivision Improvement Agreement guaranteeing the construction of the public improvements shown on plans,plats and supporting documents of the subdivision, which improvements, along with a time schedule for completion, are listed in Exhibits "A" and "B" of this Agreement. NOW,THEREFORE,IN CONSIDERATION OF the foregoing and of the acceptance and approval of said final plat, the parties hereto promise, covenant and agree as follows: 1.0 EngineeringServices: Applicant shall furnish,at its own expense,all engineering services in connection with the design and construction of the subdivision improvements listed on Exhibit "A" which is attached hereto and made a part of this reference. 1.1 The required engineering services shall be performed by a Professional Engineer and Land Surveyor registered in the State of Colorado, and shall conform to the standards and criteria established by the County for public improvements. 1.2 The required engineering services shall consist of, but not be limited to, surveys, designs,plans and profiles,estimates,construction supervision,and the submission of necessary documents to the County. I Revised 12/95 110111 1111111 III 11111111111111111 III 11111 /iii IIII • 2752850 03/01/2000 05:59P JA Suki Tsukamoto 2 of 12 R 0.00 D 0.00 Weld County CO 1.3 Applicant shall furnish drawings and cost estimates for roads within the subdivision to the County for approval prior to the letting of any construction contract. Applicant shall furnish one set of reproducible "as-built" drawings and a final statement of construction cost to the County. 2.0 Rights-of-Way and Easements: Before commencing the construction of any improvements herein agreed upon,Applicant shall acquire,at its own expense,good and sufficient rights- of-way and easements on all lands and facilities traversed by the proposed improvements. 3.0 Construction; Applicant shall furnish and install, at its own expense, the subdivision improvements listed on Exhibit"A:which is attached hereto and made a part hereof by this reference,according to the construction schedule set out in Exhibit"B"also attached hereto and made a part hereof by this reference. 3.1 Said construction shall be in strict conformance to the plans and drawings approved by the County and the specifications adopted by the County for such public improvements. Whenever a subdivision is proposed within three miles of an incorporated community located in Weld County or located in any adjacent county, the Applicant shall be required to install improvements in accordance with the requirements and standards that would exist if the plat were developed within the corporate limits of that community. If the incorporated community has not adopted such requirements and standards at the time the subdivision is proposed, the requirements and standards of the County shall be adhered to. If both the incorporated community an the County have requirements and standards, those requirements and standards that are more restrictive shall apply. 3.2 Applicant shall employ,at its own expense,a qualified testing company previously approved by the County to perform all testing of materials or construction that is required by the County; and shall furnish copies of test results to the County. 3.3 At all times during said construction, the County shall have the right to test and inspect or to require testing and inspection of material and work at Applicant's expense. Any material or work not conforming to the approved plans and specifications shall be removed and replaced to the satisfaction of the County at Applicant's expense. 3.4 The Applicant shall furnish proof that proper arrangements have been made for the installation of sanitary sewer or septic systems, water, gas, electric and telephone services. 3.5 Said subdivision improvements shall be completed, according to the terms of this Agreement,within the construction schedule appearing in Exhibit"B". The Board of County Commissioners, at its option, may grant an extension of the time of completion shown on Exhibit"B" upon application by the Applicant subject to the terms of Section 6 herein. 2 Revised 12/95 1111111111111111111 11111 11111111111 DI NH IIII 1111 2752850 03/01/2000 05:59P JA Suki Tsukamoto 3 of 12 R 0.00 D 0.00 Weld County CO 4.0 Release of Liability: Applicant shall indemnify and hold harmless the County from any and all liability loss and damage county may suffer as a result of all suits,actions or claims of every nature and description caused by, arising from, or on account of said design and construction of improvements,and pay any and all judgments rendered against the County on account of any such suit, action or claim, together with all reasonable expenses and attorney fees incurred by County in defending such suit, action or claim whether the liability,loss or damage is caused by,or arises out of the negligence of county or its officers, agents, employees, or otherwise except for the liability, loss, or damage arising from the intentional torts or the gross negligence of the county or its employees while acting within the scope of their employment. All contractors and other employees engaged in construction of the improvements shall maintain adequate workman's compensation insurance and public liability insurance coverage, and shall operate in strict accordance with the laws and regulations of the State of Colorado governing occupational safety and health. (THERE IS NO SECTION 5) 6.0 Approval of Streets by the County: Upon compliance with the following procedures by the Applicant, streets within a subdivision may be approved by the County as public roads and will be maintained and repaired by a homeowners association or, in its absence,the owners of lots within the subdivision. 6.1 If desired by the County, portions of street improvements may be placed in service when completed according to the schedule shown on Exhibit"B",hut such use and operation shall not constitute an approval of said portions. 6.2 County may, at its option, issue building permits for construction on lots for which street improvements detailed herein have been started but not completed as shown on Exhibit"B", and may continue to issue building permits so long as the progress of work on the subdivision improvements in that phase of the development is satisfactory to the County; and all terms of this Agreement have been faithfully kept by Applicant. 6.3 Upon completion of the construction of streets within a subdivision and the tiling of a Statement of Substantial Compliance, the applicant(s) may request in writing that the County Engineer inspect its streets and recommend that the Board of County Commissioners partially approve them. Not sooner than nine months after partial approval, the County Engineer shall, upon request by the applicant, inspect the subject streets, and notify the applicant(s) of any deficiencies. The County Engineer shall reinspect the streets after notification from the applicant(s)that any deficiencies have been corrected. If the County Engineer finds that the streets are constructed according to County standards, he shall recommend full approval. Upon a receipt of a positive unqualified recommendation from the County Engineer for approval of streets within the development, the Board of County Commissioners shall fully approve said streets as public but with private pay. 7.0 General Requirements for Collateral: 7.1 The value of all collateral submitted to Weld County must be equivalent to 100% of the value of the improvements as shown in this Agreement. Prior to Final Plat approval,the applicant shall indicated which of the five types of collateral prefered 3 Revised 12/95 111111 IIIII 1111111 III 11111111111111111 2752850 03/01/2000 05:59P JA Suki Tsukamoto 4 of 12 R 0.00 D 0.00 Weld County CO to be utilized to secure the improvements subject to final approval by the Board of County Commissioners and the execution of this Agreement. Acceptable collateral shall be submitted and the plat recorded within six (6) months of the Final Plat approval. If acceptable collateral has not been submitted within six(6)months then the Final Plat approval and all preliminary approvals shall automatically expire. An applicant may request that the County extend the Final Plat approval provided the cost estimates are updated and the development plans are revised to comply with all current County standards, policies and regulations. The improvements shall be completed within one (1) year after the Final Plat approval (not one year after acceptable collateral is submitted) unless the applicant(s) requests that this Agreement be renewed at least thirty (30) days prior to its expiration and further provides that cost estimates for the remaining improvements are updated and collateral is provided in the amount of 100% of the value of the improvements remaining to be completed. If improvements are not completed and the agreement not renewed within these time frames, the County, at its discretion, may make demand on all or a portion of the collateral and take steps to see that the improvements are made. 7.2 The applicant may choose to provide for a phased development by means of designating filings of a Planned Unit Development Plan or Final Plat Subdivision. The applicant would need only to provide collateral for the improvements in each filing as approved. The County will place restrictions on those portions of the property that are not covered by collateral which will prohibit the conveyance of the property or the issuance of building permits until collateral is provided or until improvements are in place and approved pursuant to the requirements for a Request for Release of Collateral. 7.3 The applicant intends to develop in accordance with Exhibits "A" and "B". 8.0 Improvements Guarantee: The five types of collateral listed below are acceptable to Weld County subject to final approval by the Board of County Commissioners. 8.1 An irrevocable Letter of Credit from a Federal or State licensed financial institution on a form approved by Weld County. The letter of credit shall state at least the following: 8.1.1 The Letter of Credit shall be in an amount equivalent of 100% of the total value of the improvements as set forth in Section 6.0 and exhibits "A" and "B„ 8.1.2 The Letter of Credit shall provide for payment upon demand to Weld County if the developer has not performed the obligations specified in the Improvements Agreement and the issuer has been notified of such default. 8.1.3 The applicant may draw from the Letter of Credit in accordance with the provisions of this policy. 4 Revised 12/95 1111111 11111 HU 1111111111111111111111111111111111 2752850 03/01/2000 05:59P JA Suki Tsukamoto 5 of 12 R 0.00 D 0.00 Weld County CO 8.1.4 The issuer of the Letter of Credit shall guarantee that at all times the unreleased portion of the Letter of Credit shall be equal to a minimum of 100%of the estimated costs of completing the uncompleted portions of the required improvements, based on inspections of the development by the issuer. In no case shall disbursement for a general improvement item exceed the cost estimate in the Improvements Agreement (i.e., streets, sewers, water mains and landscaping, etc.). The issuer of the Letter of Credit will sign the Improvements Agreement acknowledging the agreement and its cost estimates. 8.1.5 The Letter of Credit shall specify that 15% of the total Letter of Credit amount cannot be drawn upon and will remain available to Weld County until released by Weld County. 8.1.6 The Letter of Credit shall specify that the date of proposed expiration of the Letter of Credit shall be either the date of release by Weld county of the Final 15%, or one year from the date of Final Plat approval, whichever occurs first. Said letter shall stipulate that, in any event, the Letter of Credit shall remain in full force and effect until after the Board has received sixty (60) days written notice from the issuer of the Letter of Credit of the pending expiration. Said notice shall be sent by certified mail to the Clerk to the Board of County Commissioners. 8.2 Trust Deed upon all or some of the proposed development or other property acceptable to the Board of County Commissioners provided that the following are submitted: 8.2.1 In the event property within the proposed development is used as collateral, an appraisal is required of the property in the proposed development by a disinterested M.A.I. member of the American Institute of Real Estate Appraisers indicating that the value of the property encumbered in its current degree of development is sufficient to cover 100% of the cost of the improvements as set forth in the Improvements Agreement plus all costs of sale of the property. 8.2.2 In the event property other than the property to be developed has been accepted as collateral by Weld County,then an appraisal is required of the property by a M.A.I. member of the Institute of Real Estate Appraisers indicating that the value of the property encumbered in its current state of development is sufficient to cover 100% of the cost of the improvements as set forth in the Improvements Agreement plus all costs of sale of the property. 8.2.3 A title insurance policy insuring that the Trust Deed creates a valid encumbrance which is senior to all other liens and encumbrances. 8.2.4 A building permit hold shall be placed on the encumbered property. 8,3 Escrow Agreement that provides at least the following: 5 Revised 12/95 1111111111111111I III HIE 11111IlllpIIIHIIIIIIIIIII 2752850 03/01/2000 05:59P JA Suki Tsukamoto 6 of 12 R 0.00 0 0.00 Weld County CO 8.3.1 The cash in escrow is at least equal to 100% of the amount specified in the Improvements Agreement. 8.3.2 The escrow agent guarantees that the escrowed funds will be used for improvements as specified in the agreement and for no other purpose and will not release any portion of such funds without prior approval of the Board. 8.3.3 The escrow agent will be a Federal or State licensed bank or financial institution. 8.3.4 If the County of Weld County determines there is a default of the Improvements Agreement, the escrow agent, upon request by the County, shall release any remaining escrowed funds to the County. 8.4 A surety bond given by a corporate surety authorized to do business in the State of Colorado in an amount equivalent to 100% of the value of the improvements as specified in the Improvements Agreement. 8.5 A cash deposit made with the County equivalent to 100%of the value of the improvements. 9.0 Request for Release of Collateral: Prior to release of collateral for the entire project or for a portion of the project by Weld County, the Applicant must present a Statement of Substantial Compliance from an Engineer registered in Colorado that the project or a portion of the project has been completed in substantial compliance with approved plans and specifications documenting the following: 9.1 The Engineer or his representative has made regular on-site inspections during the course of construction and the construction plans utilized arc the same as those approved by Weld County. 9.2 Test results must be submitted for all phases of this project as per Colorado Department of Transportation Schedule for minimum materials sampling, testing and inspections found in CDOT Materials Manual. 9.3 "As built" plans shall be submitted at the time the letter requesting release of collateral is submitted. The Engineer shall certify that the project "as built" is in substantial compliance with the plans and specifications as approved or that any material deviations have received prior approval from the County Engineer. 9.4 The Statements of Substantial Compliance must be accompanied, if appropriate,by a letter of acceptance of maintenance and responsibility by the appropriate utility company, special district or town for any utilities. 9.5 A letter must be submitted from the appropriate Fire Authority indicating the fire hydrants are in place in accordance with the approved plans. The letter shall indicate if the fire hydrants are operational and state the results of fire flow tests. 9.6 The requirements in 9.0 thru 9.5 shall be noted on the final construction plans. 6 Revised 12/95 1111111111111111111 Ili 11111111111 on III 111111011111 • 2752850 03/01/2000 05:59P JA Suki Tsukamoto 7 of 12 R 0.00 D 0.00 Weld County CO 9.7 Following the submittal of the Statement of Substantial Compliance and recommendation of approval of the streets by the County, the applicant(s) may request release of the collateral for the project or portion of the project by the Board. This action will be taken at a regularly scheduled public meeting of the Board. 9.8 The request for release of collateral shall be accompanied by"Warranty Collateral" in the amount of 15%of the value of the improvements as shown in this Agreement excluding improvements fully accepted for maintenance by the responsible governmental entity, special district or utility company. 9.9 The warranty collateral shall be released to the applicant upon final approval by the Board of County Commissioners. 10.0 Public Sites and Open Spaces: When the Board of County Commissioners, pursuant to a rezoning, subdivision or planned unit development, requires the dedication, development and/or reservation of areas or sites other than subdivision streets and utility casements of a character, extent and location suitable for public use for parks, greenbelts or schools, said actions shall be secured in accordance with one of the following alternatives,or as specified in the PUD plan, if any: 10.1 The required acreage as may be determined according to the Weld County Subdivision Regulations shall be dedicated to the County or the appropriate school district, for one of the above purposes. Any area so dedicated shall be maintained by the County or school district. 10.2 The required acreage as determined according to the Weld County Subdivision Regulations, may be reserved through deed restrictions as open area, the maintenance of which shall be a specific obligation in the deed of each lot within the subdivision. 10.3 In lieu of land,the County may require a payment to the County in an amount equal to the market value at the time of final plat submission of the required acreage as determined according to the Subdivision Ordinance. Such value shall be determined by a competent land appraiser chosen jointly by the Board and the Applicant. The cash collected shall be deposited in an escrow account to be expended for parks at a later date. 11.0 Successors and Assigns: This Agreement shall be binding upon the heirs, executors, personal representatives,successors and assigns of the Applicant,and upon recording by the County, shall be deemed a covenant running with the land herein described, and shall be binding upon the successors in ownership of said land. IN WITNESS WHEREOF,the parties hereto have caused this Agreement to be executed on the day and year first above written. 7 Revised 12/95 1111111111111111111 I I 111111111111111111111 11111 I I I I I I I I 2752850 03/01/2000 05:59P JA Suki Tsukamoto 8 of 12 R 0.00 D 0.00 Weld County CO BOARD OF COUNTY COMMISSIONERS WELD COUNTY, COLORADO B bara . Kirkme er, Cha' (02/23/00) !Co . Geile, Pro-T ATTEST: 4)X i Geo $gxK Weld County Clerk to th : sat = Q' Q` - .t � i"i;, i 1 Hale A. Ha1 L i i C/ / BY: „ o u/ gitee Deputy Clerk to the Boar [UN[Q N Glenn Vaad APPROVED AS TO FORM: 1 AttorMcy — APPLICANT L2 BY: &(OA)Pry, (title) Subscribed and sworn to before me this /jam day of .�/' 1rGt.14, ,, 2OCC My Commission expires: � 71 Sa.; SI PO H. Notary Public i • I EOM L GUIDE l , . OF At Commission issbn ern_t . Is.N0? M FORMMPRI VATS.DR 8 Revised 12/95 f 111111 ll1111111111111111111 liii 111111 III 11111 iii lilt 2752850 03/01/2000 05:59P JA Suki Tsukamoto {HIBIT"A" 9 of 12 R 0.00 D 0.00 Weld County CO Name of Subdivision: tfr k/lek, i• ti� Filing: __ Location: IV V '/: J, Is�► / , 16/` 1 W� 6 t4 P// 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. (Leave spaces blank where they do not apply) Estimated Improvements Unit Cost Construction Cost Street grading ,)r0 CI `' dC 2/ woo Street base 76t' 7.011 7 Be y 'ia.ec Street paving Curbs,gutters, & culverts Sidewalk Storm sewer facilities Retention ponds Ditch improvements Subsurface drainage Sanitary sewers Sanitary sewers Trunk & forced lines Mains Laterals (house connected) On-site sewage facilities On-site water supply&storage Water mains-Includes Bore jet' L.F 41 20,00 /6' G'O0,g Fire hydrants l E-4 �/ ?era ?I Zee ,00 Survey& street monuments & boxes Street lighting Street name signs I Ea 6) 3e0. C'0 3061. CO Fencing requirements Landscaping Li.(,np 5a, if Sete. Park improvements Road Culvert 5'O L.F & yC,QO 1, ?C'C.CO Grass Lined Swale 1306 L.F 0 ?.ee z `06'-t7C Telephone 608.00 2 yeti-r70 Gas 9 /c s lee.a 21 q .4G'. Electric L/ rt I (1 Set 8C 3 2G'O a Water Transfer SUB-TOTAL 7d'0,-CC 9 Revised 12/95 9 Engineering and Supervision Costs 7. 5T©o.OV (testing, inspection, as-built plans and work in addition to preliminary and final plat; supervision of actual construction by contractors) TOTAL ESTIMATED COST OF IMPROVEMENTS AND SUPERVISION $ ill 7 2er:eV The above improvements shall be constructed in accordance with all County requirements and specifications, and conformance with this provision shall be determined solely by Weld County,or its duly authorized agent. ' improvements shall be completed according tothee ctnstr cti n s�,ltedulesee out in Exhibit "B". -4141 "A' _.,- '2, i-ei/17,-7 In corporation, to be signed by President and attested to by Secretary, together with corporate seal.) Date: /j'- /7 , 19 1/ . 1111111111111111111III111111 INFIRM 111111III1111 2752850 03/01/2000 05:59P JA Suki Tsukamoto 10 of 12 R 0.00 D 0.00 Weld County CO 10 Revised 12/95 EXHIBIT"B" Name of Subdivision: Wp11fr /tit,ult) PUP Filing: Location: 41W /y Sec �q, TIN gp ] l9 Intending to be legally bound, the undersigned Applicant hereby agrees to construct the improvementsshown on the final subdivision plat of Subdivision, dated , 19 , Recorded on , 19 , in Book , Page No. , Reception No. , the following schedule. All improvements shall be completed within years from the date of approval of the final plat. Construction of the improvements listed in Exhibit "A" shall be completed as follows: (Leave spaces blank where they do not apply.) Improvements Time for Completion Site grading Uec on Street base Dec 1799 - :Tfill Oda Street paving Curbs, gutters, and culverts Culv!(F bet 1997 Sidewalk Storm sewer facilities Retention ponds Ditch improvements Subsurface drainage Sanitary sewers Trunk and forced lines Mains Laterals (house connected) On-site sewage facilities On-site water supply and storage Water mains Dec (71? - Tap Z0s0 Fire hydrants Pic - Tas 290"0 Survey & street monuments & boxes moviih enc Street lighting Street name signs more 2900 Fencing requirements Landscaping Jrlkir6 - 4y 2880 Park improvements Telephone 7614 -fripyd 2600 Gas jam - nor elope Electric fan - M3/411 2000 Water Transfer Sub-Total • 111111 IIIII 0111 III !UJJL 111Q1LJ" 05: 11 of 12 R 0.00 D 0.00 Weld County CO 11 Reviscd 12/95 The County, at its option, and upon the request by the Applicant, may grant an extension of time for completion for any particular improvements shown above, upon a showing by the Applicant that the above_schedule cannot be met. Ytyr•ti Q LOAA.AL.L AA/La (If corporation, to be signed by President and attested to by Secretary, together with corporate seal.) Date: I/ - , 19 91 . m:fmm\aprivate dr, I HID 11111 ILO III Hilt Ell III BB III 1111 2752850 03/01/2000 05:59P JA Suki Tsukamoto 12 of 12 R 0.00 D 0.00 Weld County CO 12 Revised 12/95 2308 29th Street jf Greeley.CO 80631 A P.O. Box 39 Greeley,CO 80632 `, w Farm Credit Services (970) 330-4071 i HATE Plains,FLBNPCA ® www.ifeedtheworld.com MOB' IRREVOCABLE LE I I ER OF CREDIT Farm Credit Services of the Mountain Plains, PCA Letter of Credit No. P.O.Box 39 143 12 1243826 2308 29d'Street Amount: U.S.$47,200.00 Greeley,CO 80632 (Forty Seven Thousand (970)330-4071 Two Hundred Dollars) Beneficiary: Borrower: Weld County, Colorado Robert and Janet Winter 33652 WCR21 Windsor,CO 80550 Date of Issue: February 3,2000 Expiration Date: February 3,2001 Dear sir: We hereby issue and establish our Irrevocable Letter of Credit,the amount of which is available by beneficiary's draft or drafts drawn upon us,which shall be paid at sight,when accompanied by the following document: A written statement from Weld County Planning Department and signed by an authorized Weld County employee certifying that he/she is a duly authorized official acting on behalf of Weld County,Colorado, and that the amount of the accompanying sight draft is due and payable to Weld County pursuant to applicable provisions of the Development Approval and that Robert and Janet Winter have neglected, failed,or refused to pay such amount requested to do so by the County. Each sight draft so drawn and presented shall be honored by us,if presented prior to the close of business on the expiration date of this Letter of Credit. This Letter of Credit refers solely to the Development Proposal between Robert and Janet Winter and Weld County. This 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 FARM CREDIT SERVICES OF THE MOUNTAIN PLAINS notifies beneficiary in writing that the letter of credit will not be renewed. The original signed Letter of Credit will be presented to the PCA by the Beneficiary along with any draft presented pursuant to this Letter of Credit, and will be surrendered to the Bank with any draft which draws the full amount,or the balance remaining available,under the Letter of Credit. Farm Credit Services of the mountain Plains,PCA By: vi,i,ti'( i i -'?l • ii. l.l - • Anthony L.Miller,Assistant Vice President the Farm Credit System Hello