HomeMy WebLinkAbout20002321.tiff RESOLUTION
RE: APPROVE IMPROVEMENTS AGREEMENT ACCORDING TO POLICY REGARDING
COLLATERAL FOR IMPROVEMENTS (PUBLIC ROAD MAINTENANCE) AND
ACCEPT FORM OF COLLATERAL FOR PLANNED UNIT DEVELOPMENT FINAL
PLAN, S #538, FOR ELMS AT MEADOW VALE, SECOND FILING - ELMS LAND
COMPANY, LLC, C/O FLOYD OLIVER
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 August 28, 2000, the Department of Planning Services staff did approve
Planned Unit Development Final Plan, S #538, for Elms Land Company, LLC, do Floyd Oliver,
2385 Homestead Place, Longmont, Colorado 80504, for a 77-lot Residential Planned Unit
Development on the following described real estate, to-wit:
Part of the NW1/4 of Section 4, 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
(Public Road Maintenance) between the County of Weld, State of Colorado, by and through the
Board of County Commissioners of Weld County, and Elms Land Company, LLC, c/o Floyd
Oliver, with terms and conditions being as stated in said agreement, and
WHEREAS, the Board has been presented with Irrevocable Letter of Credit#8372551
from FirstBank of Longmont, 1707 North Main Street, Longmont, Colorado 80501, in the
amount of$285,000.00, 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 (Public Road Maintenance) between the County of Weld, State of
Colorado, by and through the Board of County Commissioners of Weld County, and Elms Land
Company, LLC, c/o Floyd Oliver, be, and hereby is, approved.
BE IT FURTHER RESOLVED that Irrevocable Letter of Credit#8372551 from FirstBank
of Longmont, 1707 North Main Street, Longmont, Colorado 80501, in the amount of
$285,000.00, be and hereby is, accepted.
2000-2321
PL1254
IMPROVEMENTS AGREEMENT - ELMS LAND COMPANY, LLC, CIO FLOYD OLIVER
(S #538)
PAGE 2
The above and foregoing Resolution was, on motion duly made and seconded, adopted
by the following vote on the 27th day of September, A.D., 2000.
BOARD OF COUNTY COMMISSIONERS
WE D COUNTY, COLD O 14ATTEST: � � �T>>�:4 a / i .c
arbara J. ' meyer, hair (/
Weld County Clerk to the rci `��
G mss jai&
J. eile, Pro-Tem/
42-
Deputy Clerk to the Boa JV ' 1 ��—` _—_
9 -__ __ / & E. Baxter
APPROVED AT S' FORM: -----C—r)-) 6,k' ---
Dale K. Hall
67::6i4 Attorney EXCUSED --_
Glenn Vaad
2000-2321
PL1254
I
MEMORANDUM
Wi` a To: Board of County Commissioners September 22, 2003
COLORADO From: Kim Ogle, Planner
Subject: Acceptance of Irrevocable Letter of Credit
On September 14, 2000, the Department of Planning Services received an Irrevocable Letter of
Credit for the Elms Land Company, LLC, for the Elms at Meadow Vale, Filing 2, Phase 1 case
number S-538 in the amount of two hundred eight-five thousand (285,000) dollars and no'100s.
Items covered under this letter of credit include:
Street Paving - Final Lift Asphalt December 2000 $ 68,782.00
Street Name Signs November 2000 $ 8,000.00
Fencing Requirements March 2001 $ 77,000.00
Landscaping Requirements June 2001 $ 106,000.00
Grass Lined Swale June 2001 $ 24,508.00
Total Estimated Cost of Improvements and Supervision $ 284,290.00
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 the Elms at Meadow Vale, Filing 2, Phase 1, and the Department of Planning
Services recommends acceptance of this Letter.
5I[RVICL,TI,AMWORN,IN1I('RI FY,QUA]Il Y
2000-2321
41t MEMORANDUM
WITO: Kim Ogle, Planner II DATE: Sept. 1 7000
Q Il
FROM: Donald Carroll, Engineering Administrator P-1,•
COLORADO SUBJECT: S-538; Elms at Meadow Vale, Second Filing
I have reviewed the Improvements Agreement According Policies Regarding Collateral for public rc id
maintenance. I have verified quantities and unit costs identified with the transportation portion or Exhibit "A," a rd
I have no conflict with any item.
I performed a site investigation to verify items that were complete prior to submittal. In the transportatior porti n,
the curb, gutter, sidewalk, the bottom lift of the asphalt paving, and the final lift of asphalt must be completed p ur
to any release from the asphalt item.
pc: Planning Services
Clerk to the Board
Floyd Oliver
S-538
plant 9s vmpd
EXHIBIT " A
NAME OF SUBDIVISION: The Elms at Meadow Vale Filing 2
LOCATION: PART OF NW 1/4 SEC. 4, T2N, R68 W
intended to be legally bound, the undersigned Applicant hereby agrees to provide
throughtout this subdivision and as shown of the subdivision final plat County
dated 19 , recorded on .19 , in Book , Page No
, Reception No. , the following improvements
ITEM NO. OF UNITS - - ---U,C. TOTAL COST
ENGINEERING Completed
SURVEY AND CONSTRUCTION STAKING Completed .
SANITARY SEWER Completed
WATER MAINS Completed
GRADING Completed .
FENCING 11,000 Ft. : 7 .- 77.000.00, _
GUTTER SIDEWALK Completed
NATURAL GAS Completed
ELECTRICITY Completed
Landscaping Grass Seeding 490,174 S. F. $0.05 24,508.70 - _
Final Lift Asphalt Paving 19,652 S. Y. 3.50- 68,782.00 ___
Trees. Flowers and Schrubs 52,000 00 „_
Telephone Completes
Street Signs 8.000.00
Total Estimate cost of improvements and supervision $230,290.00
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.
Prior to the issuance of building permits on any phase, a Letter of Credit equal to that
portion of the improvements not completed as shown hereon shall be provided to Weld
Couny.
Said improvements shall be completed according to the construction schedule set out it
Exhibit "B".
2, 21)00
ELM LA C MP ANY LLC
EXHIBIT "B"
Nane of Subdivision: THE ELMS AT MEADOW VALE
Filing: 3rd Filing
Location: NW 1/4, Sec. 4, T2N, R68W (WCR 5.5 &WCR 26)
Intending to be legally bound, the undersigned Applicant hereby agrees to construct the
improvements shown on the final subdivision plat of Meadow Vale Farm Subdivisior.
datec 19 . Recorded on
in Book . Page No. , Reception No. J__, the following
schedule. . ---
Ali improvements shall be completed within one year of final plat.
Construction of the improvements listed in Exhibit "A" shail be completed as follows_
ImprovementsTime of Completion
Fencing March 2001
Landscaping seeding grass June 2001
Final Lift Asphalt Dec. 2000
Trees Flowers and Schrubs June 2001
Street Signs Nov. 2O00
.7 _- Date 3)29 vu
EMS L a Company LLC
-3,10
IMPROVEMENTS AGREEMENT ACCORDING
POLICY REGARDING COLLATERAL FOR IMPROVEMENTS
(PUBLIC ROAD MAINTENANCE)
THIS AGREEMENT,made and entered into this 27th day of September ,20j _, by and
between the County of Weld, State of Colorado, acting through its Board of County Commissioners,
hereinafter called "County,"and Elms Land Company, LLC , 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:
Lots 1-5 Block 17, Lot 1 Block 18, Lots 1-6 Block 19. Lots 1-6 Block 20, Lot 1
Block 21 , Lots 1-3 Block 22, Lots 1-6 Block 23, Lots 1-6 Block 24, Lots 1 -5 flock
25, Lots 1-4 Block 26, Lots 1-5 Block 27, Lots 1-3 Block 28, Lots 1-5 Block 23,
Lots 1-7 Block 30, Lots 1-13 Block 31 , Lot 1 Block 32, together with common caen
space ,J, H, I and G all of the Elms At Meadow Vale Second Filing, a re: danti. al
subdivision in Weld County, Colorado.
WHEREAS, a final Subdivision/Planned Unit Development (PUD) Plat of said property, to be
known as the Elms At Meadow Vale Second has been submitted to the County for approval; and
Filing
WHEREAS,relevant Weld County Ordinances provide that no Subdivision Final Plat,Planned Unit
Development Final Plat, or Site Plan shall be approved by the County until the Applicant has submitted a
Subdivision Improvements Agreement guaranteeing the construction of the public improvements shown on
plans,plats and supporting documents of the Subdivision Final Plat,Planned Unit Development Final Plat,
or Site Plan,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 Engineering Services: Applicant shall furnish,at its own expense,all engineering services
in connection with the design and construction of the Subdivision or Planned Unit
Development improvements listed on Exhibit "A," which is attached hereto and
incorporated herein by 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.
1.3 Applicant shall furnish drawings and cost estimates for roads within the Subdivision
or Planned Unit Development to the County for approval prior to the letting of any
construction contract. Before acceptance of the roads within the Subdivision or
Planned Unit Development by the County, Applicant shall furnish one set of
0..vued 03/00
111111111111111111 IIII 11111111111 11111 III 111111111 IIII 1 M ICr9ICTfirON,U.UP09rIC
2799320 10/10/2000 02:47P JA Suki Tsukamoto
1 of 14 R 0.00 D 0.00 Weld County CO
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.
All such rights-of-way and easements used for the construction of roads to be accepted by
the County shall be conveyed to the County and the documents of conveyance shall be
furnished to the County for recording.
3.0 Construction: Applicant shall furnish and install, at its own expense, the Subdivision or
Planned Unit Development improvements listed on Exhibit "A," which is attached hereto
and incorporated herein by reference, according to the construction schedule set out in
Exhibit"B"also attached hereto and incorporated herein by 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 or Planned Unit Development 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 or Planned Unit Development is proposed, the requirements -md
standards of the County shall be adhered to. If both the incorporated community
and 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 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 or Planned Unit Development 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.
4.0 Release of Liability: Applicant shall indemnify and hold harmless the County twin any and
all liability loss and damage County may suffer as a result of all suits, actions or claims of
1111111 11111 1111111 1111 1111111111111111 III 11111 11111111 2 RCN 1St ki B,c,nruR.,9,Y illlJ(
2799320 10/10/2000 02:47P JA Suki Tsukamoto
9 nt 14 R 0.00 D 0.00 Weld County CO
every nature arid description caused by, arising from, or on account of said design and
construction of improvements,and pay any and all judgments rendered against the Count y
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 the 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 worker's compensation insurance
and public liability insurance coverage, and shall operate in strict accordance with tl e law s
and regulations of the State of Colorado governing occupational safety and health.
5.0 Off-Site Improvements Reimbursement Procedure: 'the subdivider,applicant,or owner may
be reimbursed for off-site road improvements as provided in this section when it has been
determined by the Board of County Commissioners that the road facilities providing access
to the Subdivision or Planned Unit Development are not adequate in structural capacity,
width, or functional classification to support the traffic requirements of the uses of the
Subdivision or Planned Unit Development.
5.'1 The subdivider, applicant, or owner shall enter into an off-site improvements
agreement prior to recording the final plat when the subdivider,applicant,or owner
expects to receive reimbursement for part of the cost of the off-site improvements.
5.2 The off-site improvements agreement shall contain the following:
The legal description of the property to be served.
- The name of the owner(s) of the property to be served.
- A description of the off-site improvements to be completed ry the
subdivider, applicant, or owner.
- The total cost of the off-site improvements.
- The total vehicular trips 10 be generated at build-out by the Subdivision,
Resubdivision,or Planned Unit Development,as specified by the 17E Trip
Generation Manual, or by special study approved by the Board of County
Commissioners.
- A time period for completion of the off-site improvements.
- The terms of reimbursement.
- The current address of the person to be reimbursed during the tern of the
agreement.
- Any off-site improvements agreement shall be made in conformance with
the Weld County policy on collateral for improvements.
5.3 If the subdivider, applicant, or owner fails to comply with the improvements
agreement, the opportunity to obtain reimbursement under this section is forfeit ei
5.4 When it is determined by the Board of County Commissioners that vehicular traffic
from a Subdivision, Resubdivision, or Planned Unit Development will use a road
improvement constructed under an improvements agreement, the subsequent
subdivider, applicant, or owner shall reimburse the original subdivider, applicant,
or owner, for a portion of the original construction cost. In no event shall the
original subdivider, applicant, or owner collect an amount which exceeds the total
AIM 1111111 IIII EMI 1111111111 1111111111 1111 3 NVCrHFOR.'r wPIvised NI IC
2799320 10/10/2000 02:47P JA Suki Tsukamoto
3 of 14 R 0.00 0 0.00 Weld County CO
cost of improvements less the pro rata share of the total trip impacts generated by
the original development. Evidence that the original subdivider,applicant,or owner
has been reimbursed by the subsequent subdivider, applicant or owner shall be
submitted to the Department of Planning Services prior to recording the
Subdivision, Resubdivision, or Planned Unit Development Final Plat.
5.5 The amount of road improvement costs to be paid by the subsequent subdivider,
applicant,or owner of a Subdivision,Resubdivision,or Planned Unit Development
using the road improvements constructed under a prior improvement agreement will
be based upon a pro rata share of the total trip impacts associated with the number
and type of dwelling units and square footage and type of nonresidential
developments intended to use the road improvement. The amount of road
improvement costs shall also consider inflation as measured by the changea in the
Colorado Construction Cost Index used by the Colorado Division of highway,.
The cost of road improvements may be paid by cash contribution to the prior
subdivider,applicant or owner,or by further road improvements which benefit the
prior subdivider, applicant, or owner's property. This decision shall beat the sole
discretion of the Board of County Commissioners based upon the need for further
off-site road improvements.
5.6 The report entitled TRW GENERATION (Third Edition, 1982) of the institute of
Transportation Engineers shall normally be used for calculating a reasonable lino
rata share of the road improvement construction costs for all Subdivisions,
Resubdivisions, or Planned Unit Developments. A special transportation study
shall be used for land uses not listed in the ITE Trip Generation Manual. Any
question about the number of trips a Subdivision, Resubdivision, or Planned Unit
Development will generate shall he decided by the County Engineer.
5.7 The term for which the subdivider.applicant,or owner is entitled to reimbursement
under the off-site improvements agreement,entered into between the subdivider and
the County, is ten years from the date of execution of a contract for road
improvements.
5.8 This provision is not intended to create any cause of action against Weld County or
its officers or employees by any subdivider,applicant,or owner for reimbursement,
and in no way is Weld County to be considered a guarantor of the monies to he
reimbursed by the subsequent subdividers, applicants, or owners.
6.0 Acceptance of Streets for Maintenance by the County: Upon compliance wtth the fol towing
procedures by the Applicant,streets within a Subdivision or Planned Unit Development may
be accepted by the County as a part of the County road system and will be maintained and
repaired by the County.
6.1 If desired by the County,portions of street improvements maybe placed in >en ice
when completed according to the schedule shown on Exhibit"B,"but such use and
operation shall not constitute an acceptance 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 show n
on Exhibit"B,"and may continue to issue building permits so long as the prop ess
111111111111111111 IIII IS AMU" III 11111 IM IIII 4 ClRCBF R%Ft Ft',Ne AMR'03 ipli
If0
2799320 10/10/2000 02:47P JA Suki Tsukamoto
4 of 14 R 0.00 0 0.00 Weld County CO
of work on the Subdivision or Planned Unit Development improvements in that
phase of the development are 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 s ithin a Subdivision or Planned Unit
Development and the filing of a Statement of Substantial Compliance, the
applicant(s)may request in writing that the County Engineer inspect the streets and
recommend that the Board of County Commissioners accept them for partial
maintenance by the County. Partial maintenance consists of all maintenance except
for actual repair of streets,curbs and gutters,and related street improvement s. Not
sooner than nine months after acceptance for partial maintenance of streets, 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 applicants) that any deficiencies have been
corrected. If the County Engineer finds that the streets are constructed according
to County standards, he shall recommend acceptance of the streets for full
maintenance. Upon a receipt of a positive unqualified recommendation from the
County Engineer for acceptance of streets within the development, the Board of
County Commissioners shall accept said streets as public facilities and County
property,and shall be responsible for the full maintenance of said streets inc hiding
repair.
7.0 General Requirements for Collateral:
7.1 The value of all collateral submitted to Weld County must be equivalent to One-
Hundred percent (100%) of the value of the improvements as shown in this
Agreement. Prior to Final Plat approval, the applicant shall indicate which of the
five types of collateral preferred 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 preli ninary
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(icier 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 rep aining
improvements are updated and collateral is provided in the amount of One_
Hundred percent (100%) of the value of the improvements remainitjg 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 o all or
a portion of the collateral and take steps to see that the improvements are nade.
7.2 The applicant may choose to provide for a phased development by means of
designating filings of a Planned Unit Development Final Plan or Subdivision Final
Plan. The applicant would need only to provide collateral for the improver)ents in
each filing as approved. The County will place restrictions on those port ion;of the
property that are not covered by collateral which will prohibit the conveyance of the
Hill 111NMI FWD I11 11111HIE11 s NI ACM C fNrO H,r dAPU III:I(
2799320 10/10/2000 02:47P JA Suki Tsukamoto
5 of 14 R 0.00 D 0.00 Weld County CO
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." The
costs of the improvements described in Exhibit"A"will be adjusted higher or lower
for the year and quarter in which the contemplated work is being perforated based
on"The State Highway Bid Price Index"contained in the"Quarterly Cost Report"
of The Engineering News-Record as published by The McGraw-Hill Companies.
The applicant has provided cost estimates for all phases of the development which
will be adjusted in accordance with The State Highway Bid Price Index at tt e time
of posting of collateral for each phase.
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 east itut:on
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 to One-Hundred
percent (100%) of the total value of the improvements as set: tbrth 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 specifies in the
Improvements Agreement and the issuer has been notified of such defauh.
8.1.3 The applicant may draw from the Letter of Credit in accordance with the
provisions of this policy.
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
One-Hundred percent (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 fifteen percent (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 fifteen percent (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
111111111111111111 IIII 1111111111111111111 11111 11111111 6 c,n,rrxroa,I,,,vru,iC
2799320 10/10/2000 02:47P JA Suki Tsukamoto
6 of 14 R 0.00 D 0.00 Weld County CO
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 follow,ing are
submitted:
8.2.1 In the event property within the proposed development is used as col latera I,
an appraisal is required of the property in the proposed development by a
disinterested Member of the American Institute of Real Estate Appraisers
(M.A.1.)indicating that the value of the property encumbered in its current
degree of development is sufficient to cover One-Hundred percent t 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 Member of the Institute of Real Estate Appraisers (M.A.I.)
indicating that the value of the property encumbered in its current ;tare tf
development is sufficient to cover One-Hundred percent(100%)oft he cost
of the improvements as set forth in the Improvements Agreement )lu:-all
costs of sale of the property.
8.2.3 A title insurance policy insuring that the Trust Deed creates r 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:
8.3.1 The cash in escrow is at least equal to One-Hundred percent(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 approva of the
Weld County Board of Commissioners.
8.3.3 The escrow agent will be a Federal or state-licensed bank or financial
institution.
8.3.4 If Weld County determines there is a default of the Improvements
Agreement,the escrow agent,upon request by the County,shall release arty
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 One-Hundred percent(100°/1)of the \alue of
the improvements as specified in the Improvements Agreement.
2799320 10/10/2000 02:47P JA Suki Tsukamoto P.,;,�
1111111 111111111111 III1 � 1111111111111111 III IIII1111111 MA(TRV(TBI ORi11 iA‘PI'III l('
8.5 A cash deposit made with the County equivalent to One-Hundred percent ;1004;)
of the value of the improvements.
9.0 Request for Release of Collateral: Prior to release of collateral for the entire project or tor
a portion of the project by Weld County, the Applicant must present a Statement of
Substantial Compliance from an Engineer registered in the State of Colorado that the project
or a portion ofthe project has been completed in substantial compliance with approved p I ans
and specifications documenting the following:
9.1 The Engineer or his representative has made regular on-site inspections duing.the
course of construction and the construction plans utilized are 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(CDOT)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 appropt 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 tests.
9.6 The requirements in Sections 9.0 thru 9.5 shall he noted on the final construction
plans.
9.7 Following the submittal of the Statement of Substantial Compliance and
recommendation of acceptance ofthe streets for partial maintenance 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 fifteen percent(15%) of the value of the improvements a: 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 acceptInce by
the Board of County Commissioners for full maintenance under Section 5.3 herein.
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 or Planned Unit Development
HIE Hill 1111111 IIII 1111111111111111 III 11111 IIII IIII 8 evelBlpli�RSvied IIII I
I,,011t
2799320 10/10/2000 02:47P JA Suki Tsukamoto
8 of 14 R 0.00 D 0.00 Weld County CO
streets and utility easements 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 Planned Unit Development plan, if any:
10.1 The required acreage as may be determined according to Section S-15-B of the
Weld County Subdivision Ordinance 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 Section 8-15-B of the Weld
County Subdivision Ordinance 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 or Planned Unit Development.
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 Section 8-15-B of the Weld County 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 he
binding upon the successors in ownership of said land.
111111 11111 1111111 III' 111111 VIII VIII III 11111 1111 1111 9 TI:\ TB\CTB ORNS\\PI BI If
2799320 10/10/2000 02:47P JA Suki Tsukamoto
9 of 14 R 0.00 D 0.00 Weld County CO
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed on the
day and year first above written.
Elms land Company, TLc
APPLICANT: _
9
��'
APPLICANT: 24G -%
TITLE: Manager !!!
Subscribed and sworn to before me this 12 day of>43 Y� --� _ , 20O( .k )My Commission expires: 1/4rj k-�1' cc��7�Qtf'� (\�R.
Notary Public
02/02/02 M;ova:1 r ,,,
`J
lc",ate"'•^eg:;Zeitr
e.
r : -O-4-tri t*
1(D i\ }O I BOARD OF COUNTY COMMISSIONERS
S,..9jti.^..,,,..^/09 WELD COUNTY, COLORADO
Sx . O Cow°
'5''nnaeim /' /
i)¢,1,4 WC'CI, ' 1. 7) r u, Li;L4-
'Barbara J. nfineyer, Chair, (09/6g7 NO
1
/'!"� � G-t(
M. J. eile, Chair ro-Tem
t
/ st --a,_-(.4-.,
�/
ATTEST: D S ��i%j �✓`r' r`'I
9 A r E. Baxterry'/, 17
ISG3 r t . �n ,/ JT �I r
Weld County Clerk to the ar \ yi:w - C 1�ti C(� N ______
01 ` 1. Dale K. Hall
L )I/ <U Si,,''r
BY: ≥d &Cn /cc?: v. ��/ '1'1 < EXCUSED _Deputy Clerk to the Board ` 1- -"- Olenn Vaad
-- _ 2
APPROVED AS TO FORM:
County Attorney
111111111111111111111111111111111111111III 111111 III IIII
2799320 10/10/2000 02:47P JA Suki Tsukamoto 10 M tlCTR\CIRPORMSIAPRIVATE
10 of 14 R 0.00 D 0.00 Weld County CO
EXHIBIT "A"
Name of Subdivision
or Planned Un it Development: The Elms At Meador Vale Second Filing
Filing: Second Filing
Location: Part of the Northwest Quarter of Section 4, Township 2 North, Ra:zge b8 We ;t
of the 6th P.M. , Weld County, Colorado.
Intending to be legally bound, the undersigned Applicant hereby agrees to provide throughout this
Subdivision or Planned Unit Development the following improvements. (Leave spaces blank where they do
not apply)
Estimated
Improvements Unit Cost Construction Cost
Site grading -----
Street grading ---Street base -----
StreetpavingFinal lift asphalt 19,652 sq yd 83.50 $ 68,782.0C_
Curbs, gutters and culverts 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(includes bore) —_--._
Fire hydrants ----
Survey and street monuments and boxes --_--._—
Street lighting -----
Street name signs 8,000.00'Fencing requirements 3 rail fencing 11 ,000 ft 87.00/1n ft 77,000.0C
Landscaping Trees, flowers and Shrubs 106,000.0_
Park improvements
Road culvert ----
Grass lined swale Landscaping grass seeding 490, 174 sq ft $.05/ft 24,508.00
Telaphone ----
Gas ------
Electric -----
W ater transfer ------—
SUB-TOTAL: $284,290.00 —
Engineering and Supervision Costs $ _
(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 $ 284,290.00
11111111111 111 1111 IIII Ililll VIII IIIiI III 111111 III IIII M TB\CIBFORA linoed UK®
UPRR ATE
2799320 10/10/2000 02:47P JA Suki Tsukamoto 11
11 of 14 R 0.00 D 0.00 Weld County CO
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.
Said improvements shall be completed according to the construction schedule set out in Exhibit "B."
Elms Land Company, LLC
By:
Applicant
��
Applica�
Manager Date: 91/Z , 20 O U
Title
(If corporation, to be signed by President and attested to by Secretary, together with corporate seal.)
HUM III 111111 III I'll
2799320 10/10/2000 02:47P JA Suki Tsukamoto
12 nt 14 R 0.00 0 0.00 Weld County CO 12 MdCfgC BF(IRMSAPRI\'ATE
EXHIBIT "B"
Name of Subdivision
or Planned Unit Development: The Elms At Meadow Vale Second Filing _
Filing: Second Filing
Location: Part of the Northwest Quarter of Section 4, Township 2 North, Range 6i Wee
of the 6 P.M. , Weld County, Colorado.
Intending to be legally bound, the undersigned Applicant hereby agrees to provide throughout this
Subdivision or Planned Unit Development the following improvements.
All improvements shall be completed within one (1 ) 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
Street base
Street paving Final lift asphalt December 2000
Curbs, gutters and culverts
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
Fire hydrants
Survey and street monuments and boxes
Street lighting
Street name signs November 2000
Fencing req!iirements March 2001
Landscaping referring to Trees, flowers & shrubs June 2001
Park improvements
Road culvert
Grass lined swale Seeding grass June 2001
Telephone
Gas
Electric
Water Transfer
SUB-TOTAL:
111111 11111 1111111 IIII IIIIII 1111111//1 III 111111 III llll
2799320 10/10/2000 02:47P JA Suki Tsukamoto 13 NI BCr6FORMStAPR ATE
13 of 14 R 0.00 D 0.00 Weld County CO
The County, at its option, and upon the request of 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 schedulle cannot be met.
Elms Land Company, LLC
By:
Applicant
Applicar#
Manager. Date: 9l/a , 20 O d .
Title
(If corporation,to be signed by President and attested to by Secretary, together with corporate seall.)
HID 11111 HMI IIII IIIIII IIIII 11111 III 111111 III IIII MACTUCTBFORMblRevised AP IVATOEE
2799320 10/10/2000 02:47P JR Suki Tsukamoto 14
14 of 14 R 0.00 D 0.00 Weld County CO
. J , ./cc/
-
t1B� - - - t
County Of Weld BENEFICIARY
IRREVOCABLE
LETTER OF
FirstBaak Of Longmont CREDIT
1707 North Main Street
Longmont,CO 80501
(3031772-5-500 "LENDER" ` ADDRESS
1555 North 17Th Avenue N� 8372551
Greeley, CO 80631 -
TELEPHONE NO. IDENTIFICATION NO.
(970) 353-6100
CUSTOMER EXPIRATION DATE
Elms Land Company, LLC, A Colorado
Limited Liability Company This Letter of Credit shall expire upon the earlier of:
Thomas L. Dunn 1. the close of business on
Nancy 3'. Dunn
September 13, 200.1 ._
and all drafts and accompanying statements or documents
AooBESs must be presented to Lender on or before that time; cr
1216 Twin Peaks Circle 2. the day that Lender honors a draw under which the full
Longmont, CO 80503
TELEPHONE NO. IDENTIFICATION NO. - amount of this Letter of Credit has been drawn.
(303) 772-8842 -.
Lender hereby establishes at the request and for the account of Customer, an Irrevocable Letter of Credit in favor of Beneficiary for a
sum of Two Hundred Eighty Five Thousand_ and no/100
-
-_.. Dollars ($._. 285x0.00.00
These funds shall be made available to Beneficiary upon Lender's receipt from Beneficiary of sight drafts drawn on Lender at Ler der s
address indicated above (or such other address that Lender may provide Beneficiary in writing) during regular business hour) and
accompanied by the signed written statements or documents indicated below.
WARNING TO BENEFICIARY: PLEASE EXAMINE THIS LETTER OF CREDIT AT ONCE. IF YOU FEEL UNABLE ro MEET ANY C C ITS
REQUIREMENTS, EITHER SINGLY OR TOGETHER,YOU SHOULD CONTACT THE CUSTOMER IMMEDIATELY TO SEE IF THE l_F [TER
OF CREDIT CAN BE AMENDED. OTHERWISE,YOU WILL RISK LOSING PAYMENT UNDER THIS LETTER OF CREDIT FOR FAILUFE TO
COMPLY STRICTLY WITH ITS TERMS AS WRITTEN.
1. DRAFT TERMS AND CONDITIONS
Lender shall honor drafts submitted by Beneficiary under the following terms and conditions;
Each Draft must be accompanied by a written statement signed by a duly authorized
officer of County of Weld, stating that this draw pertains to the obligations
specified in the Improvements Agreements for the Elms at Meadow Vale and that Elms
Land Company, LLC has not performed the obligations as specified.
Upon Lender's honor of such drafts, Lender shall be fully discharged of its obligations under this Letter of Credit and shall • of be
obligated to make any further payments under this Letter of Credit once the full amount of credit available under this Letter of Crenit has
been drawn. If a non-conforming demand is made, Lender shall notif/ Beneficiary of its dishonor on or before the time speci red in
Paragraph 5 below.
Beneficiary shall have no recourse against Lender for any amount paid under this Letter of Credit once Lender has honored any r raft cu
other document which complies strictly with this Letter of Credit, and which on its face appears otherwise in order but which is s gned,
issued, or presented by a party or under the name of a party purporting to act for Beneficiary, purporting to claim through E3enefio ary, or
posing as Beneficiary without Beneficiary's authorization. By paying an amount demanded in accordance with this Letter of Credit, ender
makes no representation as to the correctness of the amount demanded and Lender shall not be liable to Beneficiary, or any other : erson,
for any amount paid or disbursed for any reason whatsoever, includ ng, without limitation, any nonapplication or misapplicat on by
Beneficiary of the proceeds of such payment. By presenting upon Lender or a confirming bank, Beneficiary certifies that Beneficiary i as not
and will not present upon the other, unless and until Beneficiary meets with dishonor. Beneficiary promises to return to Lender an funds
received by Beneficiary in excess of the Letter of Credit's maximum drawing amount.
2. USE RESTRICTIONS
All drafts must be marked"DRAWN UNDER _-FirstsankOfLongaont
IRREVOCABLE LETTER OF CREDIT NO. 8372551 I AT ED
September 13,_20001 _," and the amount of each draft shall be marked on the draft. Only Beneficiary or Beneficiary's
Transferee (if this Letter of Credit is transferable) may complete a draft and accompanying statements or documents required by this
Letter of Credit and make a draw under this Letter of Credit. This original Letter of Credit must accompany any draft drawn hereur der
Partial draws L J are permitted X are not permitted under this Letter of Credit. Lender's honor of a partial draw shall
correspondingly reduce the amount of credit available under this Letter of Credit. Following a partial draw, Lender shall ret rtn this
original Letter of Credit to Beneficiary with the partial draw noted hereon; in the alternative, and in its sole discretion, Lenc,r may
issue a substitute Letter of Credit to Beneficiary in the amount shown above, less any partial draw(s).
3. PERMITTED TRANSFEREIES
I If checked,this Letter of Credit may be transferred by Beneficiary upon prior written notice to Lender of the transfer I he Tra isferee
shall be deemed the new Beneficiary of this Letter of Credit and the documents of the Transferee, including drafts require( under
this Letter of Credit, wit, be processed by Lender(or any intermediary) without the original Beneficiary's intervention and with tut any
further obligation of Lender to the original Beneficiary. ,
ie If checked,the right to draw under this Letter of Credit shall be nontransferable, except for:
A. A transfer (in its entirety, but not in part) by direct operation of law to the original Beneficiary's administrator, executor, bar uuptcy
trustee, receiver, liquidator, successor,or other representatve at law; and
B. The first immediate transfer (in its entirety, but not in part) by such legal representative to a third party after express apprr.ial of a
governmental body(judicial, administrative. or executive).
MA5T602 5FormAtlon Technologies•Inc. :9/3/96) (60C)937-3799
4. TRANSFEREE'S REQUIRED DOCUMENTS
When the presenter is a permitted Transferee under paragraph 3 above,the documents required for a draw shall include:
A. All documents required elsewhere in this Letter of Credit, except that such documents may be in the name of and exec ited by e her
the original Beneficiary or the presenter permitted by paragraph 3; and
B. When the presenter is a permitted Transferee under paragraph 3.A. or a third party under paragraph 3.B., a certified cc pv of the me
or more documents which show the presenter's authority to claim through or to act with authority for the original Benefi:izry.
5. TIMING OF DISHONOR
Lender may rely upon any reason for dishonor which it communicates to Beneficiary or the presenter within three (3) Banking Days . fter
Lender has received the last document forming Beneficiary's presentment(the"Three-Day Period"). Lender shall be entitled to rely a )on
such reason without regard to either (i) the timing of any presentment made before the Expiration Date, or (ii) the timing inside the
Three-Day Period of any preliminary communication(s) from Lender concerning the dishonor decision or any reason for dishonor. For
any reason for dishonor given during the Three-Day Period, Lender shall be conclusively deemed to have met the "reasonable tl
"without delay", and other timing requirements as the Uniform Customs and Practice for Documentary Credits, 1993 Revision. CC
Publication No 500, as most recently published by the International Chamber of Commerce (the "UCP") may impose. The Explrion
Date shall not be extended to accommodate a presentment made less than three (3) Banking Days before the Expiration Date, and
Beneficiary shall not be entitled to submit a draw request or provide Lender with any documents in support of a draw after-he Expir_siion
Date. Lender shall not be required to communicate a dishonor decision or its reasons within a time less than tee Three-Day Pe od.
"Banking Day" means any day, except Saturday, on which commercial banks located in Colorado __ are cr ten.
6. COMPLIANCE BURDEN
Lender is not responsible for any impossibility or other difficulty in achieving strict compliance with the requirements of this Lett,r of
Credit: precisely as written. Beneficiary understands and acknowledges: (i) that unless and until the present wording of this Letter of
Credit is amended with Lender's prior written consent, the burden of complying strictly with such wording remains solely ..por
Beneficiary; and (ii) that Lender is relying upon the lack of such amendment as constituting Beneficiary's initial and continued appi ova
of such wording.
7. NON-SEVERABILITY
If any aspect of this Letter of Credit is ever declared unenforceable for any reason by any court or governmental body having jurisdis ion,
Lender's entire engagement under this Letter of Credit shall be deemed null and void ab initio, and both Lender and Beneficiary shall be
restored to the position each would have occupied with all rights available as though this Letter of Credit had never occurred. This
non-severability provision shall override all other provisions in this Letter of Credit, no matter where such provision appears withi- this
Letter of Credit.
8. CHOICE OF LAW/JURISDICTION
This Letter of Credit is subject to the UCP. This Letter of Credit shall be governed by and construed in accordance with the laws D.the
State of Colorado _ _ , United States of America, except to the extent such laws are inconsistent with the UCP. Le ider
and Beneficiary consent to the jurisdiction and venue of any court selected by Lender in its discretion located it the State of
Colorado -. in the event of any legal proceeding under this Letter of Credit.
9. EXPIRATION
Lender hereby agrees with Beneficiary that drafts drawn under and in compliance with the terms of this Letter of Credit will be duly
honored if presented to the Lender on or before the Expiration Date.
Dated: September 13, 2000
LENDER: FiretBank Of Longmont
_BY " -4 ,/ T„.)
Nata le J. Hi
Senior Vice P evident
ENDORSEMENT OF DRAFTS DRAWN:
Amount Amo Ant
Date Negotiated By In Words _ In Fig.res_
NiAST602a l+7 FormAllon Technologies,Inc (9.'3/961 (8001 937-3799
Hello