HomeMy WebLinkAbout20001555 RESOLUTION
RE:: APPROVE IMPROVEMENTS AGREEMENT ACCORDING TO POLICY REGARDING
COLLATERAL FOR IMPROVEMENTS (PRIVATE ROAD MAINTENANCE),
AUTHORIZE CHAIR TO SIGN, AND ACCEPT FORM OF COLLATERAL FOR
LIGHTHOUSE COVE PLANNED UNIT DEVELOPMENT, S #522 - MILES/LAFAVER
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 March 3, 2000, the Department of Planning Services staff did approve
the Final Plat for Lighthouse Cove Planned Unit Development, S #522, for Donald LaFaver,
2185 Pine Drop Lane, Golden, Colorado 80401, and Chuck Miles, 4480 North 109th Street,
Lafayette, Colorado 80026, for a Planned Unit Development for ten (10) residential lots with
forty-five (45) acres of open space in the Mixed Use Development Area of on the following
described real estate, to-wit:
Lot B of Recorded Exemption #2330; part 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 certain Conditions of 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 Donald LaFaver and Chuck Miles,
with terms and conditions being as stated in said agreement, and
WHEREAS, the Board has been presented with an Irrevocable Letter of Credit from
New Frontier Bank, 2425 35th Avenue, Greeley, Colorado 80634, in the amount of
$240,515.00, and
WHEREAS, after review, the Board deems it advisable to approve said agreement and
accept said Irrevocable Letter of Credit as stated above, copies 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 Donald
LaFaver and Chuck Miles, be, and hereby is, approved.
2000-1555
PL1a03
IMPROVEMENTS AGREEMENT - MILES/LAFAVER
PAGE 2
BE IT FURTHER RESOLVED that the Irrevocable Letter of Credit from New Frontier
Bank, 2425 35th Avenue, Greeley, Colorado 80634, in the amount of$240,515.00, be and
hereby is, accepted.
The above and foregoing Resolution was, on motion duly made and seconded, adopted
by the following vote on the 26th day of June, A.D., 2000.
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO 104ATTEST: a �_ •; .r �� /i;
Barbara J. Kirkmeyer, Chair ,.
Weld County Clerk to the '.'. �
O EXCUSEDBY:
1 � � /M. J. G ile, Pro-Tem
Deputy Clerk to the Bo c ( ) / /yam t-
-.George . Baxter
APP ED AS TO FO
// Dale K. all
Attome� ` EXCUSED
Glenn Vaad
2000-1555
PL1303
1%,12/
IMPROVEMENTS AGREEMENT ACCORDING
POLICY REGARDING COLLATERAL FOR IMPROVEMENTS
(PRIVATE ROAD MAINTENANCE)
-Eh
THIS AGREEMENT, made and entered into this c2 day of %JU y , by and between
the County of Weld, State of Colorado,actin through its Board of County Commissioners,hereinafter called
"County", and L., G WC O-Ov--sc J E k,�^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:
WHEREAS, a final subdivision/PUD plat of said property, to be known is
�. Cr Kee.-Sr. 0-O J Pw Q has been submitted to the County
for approval; and
WHEREAS, of the Weld County Subdivision Ordinance provides that no final Mat
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 I.:xi-units
"A" and "B" of this Agreement.
NOW, THEREFORE, IN CONSIDERATION OF the foregoing and of the acceptance and appr n al
of said final plat, the parties hereto promise,covenant and agree as follows:
1.0 Engineering Services: Applicant shalt furnish,at its own expense, all engineering ;env ices
in connection with the design and construction of the subdivision improvements Ista 1 >n
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 Inc
standards and criteria established by the County for public improvements
1.2 The required engineering services shall consist of, but not be limited to, survays,
designs, plans and profiles, estimates, construction supervision, and the submis;im
of necessary documents to the County.
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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 his
reference, according to the construction schedule set out in Exhibit "B" also attached he eto
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 m
incorporated community located in Weld County or located in any adjacent county,
the Applicant shall he required to install improvements in accordance with we
requirements and standards that would exist if the plat were developed wi:hin we
corporate limits of that community. If the incorporated communit:,/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 standard.;, tl ese
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 est and
inspect or to require testing and inspection of material and work at Applict-ns's
expense. Any material or work not conforming to the approved plans rtd
specifications shall be removed and replaced to the satisfaction of the Count; at
Applicant's expense.
3.4 The Applicant shall furnish proof that proper arrangements have been made fat toe
installation of sanitary sewer or septic systems, water, gas, electric and to ephone
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.
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4.0 Release of Liability: Applicant shall indemnify and hold harmless the County from a v
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 Co.u!ty
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 wheher the
liability, loss or damage is caused by, or arises out of the negligence of county oi its
officers, agents, employees, or otherwise except for the liability, loss, or damage ari,i ig
from the intentional torts or the gross negligence of the county or its employees while ac tine
within the scope of their employment. All contractors and other employees engage in
construction of the improvements shall maintain adequate workman's compensetiim
insurance and public liability insurance coverage, and shall operate in strict accordance v th
the laws and regulations of the State of Colorado governing occupational safety anc he :Ph.
(THERE IS NO SECTION 5)
6.0 Approval of Streets by the County: Upon compliance with the following procedures bvi 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 owwrs
of lots within the subdivision.
6.1 If desired by the County, portions of street improvements may be placed in service %hen
completed according to the schedule shown on Exhibit "B", but 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 whic h s.ncet
improvements detailed herein have been started but not completed as shown on Exit bit '1 S",
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 Cot my;
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 fil ng ri a
Statement of Substantial Compliance, the applicant(s) may request in writing that he
County Engineer inspect its streets and recommend that the Board of Coy uty
Commissioners partially approve them. Not sooner than nine months after partial aoprnval,
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 sn e;ts
after notification from the applicant(s) that any deficiencies have been corrected. I 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 my
7.0 General Requirements for Collateral:
7.1 The value of all collateral submitted to Weld County must be equivalent to 100%
tt!%
of the value of the improvements as shown in this Agreement. Prior to Final Plat
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approval, the applicant shall indicated which of the five types of collateral prefered
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 shad he
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.
7.1 The applicant may choose to provide for a phased development by mean 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 portion, of the
property that are not covered by collateral which will prohibit the conveyance of tie
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 Zequust
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 V c Id
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
fo I lowing:
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 ta Vs old
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.
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8.1.4 The issuer of the Letter of Credit shall guarantee that at all times Cne
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 developmem: by the
issuer. In no case shall disbursement for a general improvement item
exceed the cost estimate in the Improvements Agreement (i.e., strcems,
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 o'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 if
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 if
Credit of the pending expiration. Said notice shall be sent by certified r Imil
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 m
appraisal is required of the property in the proposed development by a disin:ereTed
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. 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 ill is
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:
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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 Impros emcrts
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 Coloi ado
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 t ar
a portion of the project by Weld County, the Applicant must present a Staterneni of
Substantial Compliance from an Engineer registered in Colorado that the projtcct 4r a
portion of the project has been completed in substantial compliance with approved plans and
specifications documenting the following:
9. I The Engineer or his representative has made regular on-site inspections du-Mg the
course of construction and the construction plans utilized are the same i s ti o;e
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" s in
substantial compliance with the plans and specifications as approved or that my
material deviations have received prior approval from the County Engineer.
9.4 The Statements of Substantial Compliance must be accompanied, if appropr late 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 teats.
9.6 The requirements in 9.0 thru 9.5 shall be noted on the final construction plans
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9.7 Following the submittal of the Statement of Substantial Compliance and
recommendation of approval of the streets by the County, the applicant(s) nay
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 Co'laternl"
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 approve l bs the
Board of County Commissioners.
10.0 Public Sites and Open Spaces: When the Board of County Commissioners, pursuant a, a
rezoning, subdivision or planned unit development, requires the dedication, development
and/or reservation of areas or sites other than subdivision streets and utility easements of
a character, extent and location suitable for public use for parks, greenbelts or schools, ;aid
actions shall be secured in accordance with one of the following alternatives,or as soec tied
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 scncol
district, for one of the above purposes. Any area so dedicated shall be rna,ntained
by the County or school district.
10.2 The required acreage as determined according to the Weld County Suhdivi,i'rn
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 e.p ial
to the market value at the time of final plat submission of the required acreage as
determined according to the Subdivision Ordinance. Such value shalt be
determined by a competent land appraiser chosen jointly by the Board and Inc
Applicant. The cash collected shall be deposited in an escrow account a be
expended for parks at a later date.
11.0 Successors and Assigns: This Agreement shall be binding upon the heirs, ex,ecu.ors,
personal representatives, successors and assigns of the Applicant, and upon recording b:. 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.
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BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
y 4 / / XAbuts.A---
Barbara J. Kirkme}3er, Cha, - {06 26/2000)
,��
{� EXCUSEDLe
LCD ® M. Gene, Pebair Prci-Tem
ATTEST: tiy ' e c xt r i- r , ---
Mr � :
eo e E. Ba
Weld County Clerk to th- o • ) ,:�Of i r
•Deputy Clerk to the Board` k1 A) JCUSED
enn Vaad
APPROVED AS TO FORM: ) z ,
County S.ttbmey
APPLICANT \—•C.-WC\ aU-S`. Co y e l—LC
BY:� ' —
(title)
Subscribed and sworn to before me this ;/C day of )(Aft( ,}9 c26)06 3' .
My Commission expires: f1,tx/ 1))tom 1(C e
_2//1‘V 7� N6tary Public
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My Commission bps, ,P! U7.,
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M:FORM\APRNATEDB
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EXHIBIT-"A"
Name of Subdivision: Lighthouse Cove/ Don LaFaver - Chuck Miles
Filing: S-522
Location: West of and adjacent to WCR7;approximately 1/4 mile north of WCR 2) 1/2
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 Ni .
, the following improvements.
(Leave spaces blank where they do not apply)
Estimated
Improvements Unit Cost Units Construction Cosi
Street grading 5 cy. , 562 2,810.00
Street base 5 s.y. 1,572 7,860,00
Street paving 1.01 s.f 34 .000 34,'3 40 HO _
Curbs.gutters, & culverts 10 1 .f. 3,800 38,000 00
Sidewalk 2.66 s,f, 10,400 27,644. 00
Storm sewer facilities
Retention facilities
Ditch improvements
Subsurface drainage
Sanitary sewers 25 1. f. 1 ,496 37.400 00
Trunk & forced lines (man holes1 1,40.0 ea 6 8,400.00
Mains
Laterals (house connected) 110.05 1 ,f. 540 5,427. 00
On-site sewage facilities
On site water supply & storage
Witter mains-Includes Bore (Fittings) 5,633 5,633.00
Fire hydrants 2,000 ea 3 6,000.00
Survey & street monuments & boxes
Street lighting __-
Street name signs 300 ea 2 600.00
Fencing requirements
Landscaping
Park improvements
Road culvert
Grass lined swale 1 1.f. 940 940.00
Telephone 6 1.f. 1,550 9,300.00. _
Ga_s 10. 22 1 .f. 1,550 15,841 .00 _
Electric 6 1.f. 1 ,550 9,300.00
Water Transfer 20 1 f. 1.550 31,000.00
Traffic Signal
Crosswalks, sign,and stripe _
SLB-TOTAL $240,515.00
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Engineering and Supervision Costs included in construction cost.-
(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 s 240,51S.0c
The above improvements shall be constructed in accordance with all County requirements and specification,
and conformance with this provision shall be determined solely be Weld County,or its duly authorized agent.
Said improvements shall be completed according to the constructtti 1 schedule set out in Exhibit `F'
(In corporation, to be signed by President and attested to by Secretary, together with corporate seal.)
Date:
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EXHIBIT "B"
Name of Subdivision: Lighthouse Cove/Don LaFaver - Chuck Miles
•
Filing: S-522
Location: West of and adjacent to WCR7;approximately 1/4 mile north of WC; 2( 1/2
Intending to be legally bound, the undersigned Applicant hereby agrees to construct the improvements
shown on the final subdivision plat of Subdivision, dated
, 19 , Recorded on_ X9 20Q(l'n Book
Page No. , Reception No. , the following schedule.
All improvements shall be completed within_ 1 years from the date of approval of the
final plat.
Construction of the improvements listed in Exhibit "A" shall be completed as follows:
(I,eave spaces blank where they do not apply.)
Improvements Time for Completion
Site grading Summer 2000
Street base Summer 2000
Street paving Summer 2000
Clubs, gutters, and culverts Summer 2000
Sidewalk Sunnier 2000
Storm sewer facilities
&tention ponds _
Ditch improvements
Subsurface drainage
Sanitary sewers Fall 2000 _
Trunk and forced lines Fall 20(10 _
Mains _
Laterals(house connected) Fall 2000
Qt-site sewage facilities _
Q-site water supply and storage Summer 2000
Water mains Summer 2000
Eke hydrants Summer 2000 _
Si ivev & street monuments & boxes _
Street lighting _
Street name signs Summer 200O _
Fencing requirements _
Landscaping
Palk improvements
Telephone Summer 2000
Gas Summer 200.0
EJe;ctric Summer 2000
Water Transfer Summer 2000
Sub-Total
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13 Revised 6,9 7
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.
C 7 o2ta
(If corporation, to be signed by President and attested to by Secretary, together with corporate seal )
Date: / i1
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14 Revised 6;9'
(4007 ; MEMORANDUM
To: Board of County Commissioners June 19, 2000 •
Wine
COLORADO From: Julie Chester, Planner_P
Subject: Acceptance of Irrevocable Letter of Credit
On May 3, 2000 the Department of Planning Services' received an Irrevocable Letter of Credit
from New Frontier Bank on behalf of Chuck Miles and Don LaFaver for Lighthouse Cove PUD
located at 9777 Weld County Road 7, Longmont, Colorado, case number S-522, in the amount
of two hundred forty thousand five hundred fifteen and no/100s (240,515.00 dollars).
Items covered under this letter of credit include:
Street Grading $ 2,810.00
Street Base $ 7,860.00
Street Paving $ 34,340.00
Curbs, Gutters & Culverts $ 38,000.00
Sidewalk $ 27,644.00
Sanitary Sewers $ 37,400.00
Trunk and forced lines (manholes) $ 8,400.00
Laterals (house connected) $ 5,427.00
Water mains - Includes Bore (Fittings) $ 5,633.00
Fire Hydrants $ 6,000.00
Street Name Signs $ 600.00
Grass lined Swale $ 940.00
Telephone $ 9,300.00
Gas $ 15,841.00
Electric $ 9,300.00
Water Transfer $ 31,000.00
Total Estimated Cost of Improvements and Supervision $240,515.00
The Weld County Attorney, the Department of Public Works and the Department of Planning
Services', have determined that the amount of the agreement will be sufficient to complete the
work required for Lighthouse Cove PUD located at 9777 Weld County Road 7, Longmont and
the Department of Planning Services' recommends acceptance of this Letter.
SERVICE.TEAM WORK,IN EIT(RITY,QUALITY
2000-1555
.)/_
any("<77 .L 7
NEW FRONTIER BANK
IRREVOCABLE LETTER F CREDIT
05-12-1)0
Board of County Commissioners
ATTN: Clerk to the Board
V.G. Box 758
Greeley, Colorado. 80632
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 7, Longmont Colorado Weld County Colorado, to
sum not to exceed the aggregate of Two Hundred Forty Thousand Five Hundred Fifteen
Thousand and no cents. (S240,515.00)
Each draft so drawn must be marked "Drawn under New Frontier Bank, 2425 35"' Avenue.
Greeley, Colorado. 80634. This Letter of Credit must be accompanied by a"signed stateme:ii
from the Board of County Commissioners of Weld County, Colorado starting the 12th of M 11' 1,as
committed a material breach of the Improvements Agreement According to Policy Regarding
collateral for Improvements regarding Lighthouse Cove dated the 12`h day of May 2000 by and
between Lighthouse Cove and the County Commissioners of the County Weld"
This credit is subject, so far as applicable to "The Unifomi Customs and Practice for
Documentary Credits, 1983 Revision,The International Chamber of Commerce Publication N.,
z100"
'Ale hereby agree with you that all drafts drawn under and in compliance with the terms of this
credit will be duly honored and presented for payment to our main office,NEW FRONTIER
BANK, 2425 35th Avenue, Greeley, Colorado 80634. This letter of credit will expire on
September 30, 2000. At 5:00 PM
This letter of credit is automatically extended without amendment for additional one year periods
Torn 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 eredit
will not be renewed. In the case you receive such a notification you may statement purportedly
u r may draw presentation of
the following; (a) a draft at sight on NEW FRONTIER BANK; (b) rP Y
signed by an official of the Board of County Commissioners of Weld County, Colorado sUR:nr
2425 35th Avenue • Greeley, Colorado 80634 • 970-339-5100 • fax 970-339-5200
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 sta..iu,_
non-renewal of the Letter of Credit and the original Letter of Credit.
Yo ly
Fred Allison
Vice President
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