HomeMy WebLinkAbout890820.tiff RESOLUTION
RE: APPROVE IMPROVEMENTS AGREEMENT ACCORDING TO POLICY REGARDING
COLLATERAL FOR IMPROVEMENTS WITH DEL CAMINO CENTER PARTNERS
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, the Board has been presented with an Improvements
Agreement According to Policy Regarding Collateral for
Improvements between Weld County and Del Camino Center Partners,
and
WHEREAS, the terms and conditions are as stated in said
Agreement, a copy of which is attached hereto and incorporated
herein by reference, and
WHEREAS, after review, the Board deems it advisable to
approve said Agreement.
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 between Weld County and Del Camino Center Partners
be, and hereby is, approved.
BE IT FURTHER RESOLVED by the Board that the Chairman be, and
hereby is, authorized to sign said Agreement.
The above and foregoing Resolution was, on motion duly made
and seconded, adopted by the following vote on the 31st day of
July, A.D. , 1989 .
‘71917,144/1/4 .t) BOARD OF COUNTY COMMISSIONERS
ATTEST: WELD COUNTY, ,COLORADO
Weld County Clerk and Recorder if
and Clerk to the Board C.W. Kirby, Ch rman
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O2 - ikt-Itg1 c ne J h son, Pro-Tem
pu y County Chexk
_big le ar/t
APPROVED AS TO FORM: ene R. Brantner
eorge Ken edy
County Attorney ,r i
Gordon ' 'w.
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AR218851,8
IMPROVEMENTS AGREEMENT ACCORDING
POLICY REGARDING COLLATERAL FOR IMPROVEMENTS
THIS AGREEMENT, made and entered into this 31st day of July
1989 , by and between the County of Weld, State of Colorado, acting through
its Board of County Commissioners, hereinafter called "County", and Del
Camino Center Partners 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:
Exhibit "B"
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ri O WHEREAS, a final subdivision plat of said property, to be known as Del
Camino Center P.U.D. has been submitted to the County for approval; and
OW WHEREAS, Section 11-1 of the Weld County Subdivision Regulations
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o a provides that no final plat shall be approved by the County until the
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Applicant has submitted a Subdivision Improvement Agreement guaranteeing the
O construction of the public improvements shown on plans, plats and supporting
cog documents of the subdivision, which improvements, along with a time schedule
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� x for completion, are listed in Exhibits "A" and "B" of this Agreement.
NOW, THEREFORE, IN CONSIDERATION OF the foregoing and of the acceptance
cx,0 and approval of said final plat, the parties hereto promise, covenant and
Hagree as follows:
m E 1 .0 Engineering Services: Applicant shall furnish, at its own expense, all
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engineering services in connection with the design and construction of
1O W the subdivision improvements listed on Exhibit "A" which is attached
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03Z hereto and made a part hereof by this reference.
044 1 .1 The required engineering services shall be performed by a
WProfessional Engineer and Land Surveyor registered in the State of
a Colorado, and shall conform to the standards and criteria
d'1/40 established by the County for public improvements.
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i 1 .2 The required engineering services shall consist of, but not be
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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 to the County for approval prior to the
letting of any construction contract. Before acceptance of the
roads within the subdivision by the County, Applicant shall
furnish one set of reproducible "as-built" drawings and a final
statement of construction cost to the County.
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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 improvements listed on Exhibit "A" which is attached
m O hereto and made a part hereof by this reference, according to the
0 construction schedule set out in Exhibit "B" also attached hereto and
N O made a part hereof by this reference.
3.1 Said construction shall be in strict conformance to the plans and
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00 drawings approved by the County and the specifications adopted by
o fx the County for such public improvements. Whenever a subdivision
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2 is proposed within three miles of an incorporated community
located in Weld County or located in any adjacent county, the
N Applicant shall be ,required to install improvements in accordance
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' with the requirements and standards that would exist if the plat
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were developed within the corporate limits of that community. If
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WO the incorporated community has not adopted such requirements and
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o y requirements and standards of the County shall be adhered to. If
both the incorporated community and the County have requirements
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j w and standards, those requirements and standards that are more
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3.2 Applicant shall employ, at its own expense, a qualified testing
Wg company previously approved by the County to perform all. testing
of materials or construction that is required by the County; and
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b ° shall furnish copies of test results to the County.
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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, after notification to
the Applicant. 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.
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
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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
el O in construction of the improvements shall maintain adequate workman's
o U compensation insurance and public liability insurance coverage, and
en shall operate in strict accordance with the laws and regulations of the
State of Colorado governing occupational safety and health.
0 3 5.0 off-Site Improvements Reimbursement Procedure: The subdivider,
n a applicant, or owner may be reimbursed for off-site road improvements as
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44 provided in this section when it has been determined by the Board of
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County Commissioners that the road facilities providing access to the
subdivision are not adequate in structural capacity, width, or
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`r functional classification to support the traffic requirements of the
uses of the subdivision.
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0o 5 .1 The subdivider, applicant, or owner shall enter into an off-site
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fH improvements agreement prior to recording the final plat when the
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cn subdivider, applicant, or owner expects to receive reimbursement
for part of the cost of the off-site improvements.
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• w5.2 The off-site improvements agreement shall contain the following:
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co - The legal description of the property to be served.
N The name of the owner(s) of the property to be served.
A description of the off-site improvements to be completed by
the subdivider, applicant, or owner.
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- The total vehicular trips to be generated at build-out by the
subdivision, or resubdivision, as specified by the ITE 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
term 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 forfeited.
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3.4 When it is determined by the Board of County Commissioners that
vehicular traffic from a subdivision or resubdivision will use a
road improvement constructed under an improvement 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 costs 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
„gyp shall be submitted to the Department of Planning Services prior to
fl J recording the final subdivision or resubdivision plat.
5.5 The amount of road improvement cost to be paid by the subsequent
subdivider, applicant, or owner of a subdivision or resubdivision
fl using the road improvements constructed under a prior improvement
c) g agreement will be based upon a pro rata share of the total trip
2 -impacts associated with the number and type of dwelling units and
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square footage and type of nonresidential developments intended to
use the road improvement. The amount of road improvement cost
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d shall also consider inflation as measured by the changes in the
WColorado Construction Cost Index used by the Colorado Division of
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Highways. The cost of road improvements may be paid by cash
r-I H contribution to the prior subdivider, applicant or owner or by
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o m further road improvements which benefit the prior subdivider,
applicant, or owner's property. This decision shall be at the
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w sole discretion of the Board of County Commissioners based upon
= z the need for further off-site road improvements.
a 5.6 The report entitled TRIP GENERATION (Third Edition, 1982) of
the institute of Transportation Engineers shall normally be used
for calculating a reasonable pro rata share of the road
N 1/41) improvement construction costs for all subdivisions or
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resubdivisions. 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 or resubdivision
will generate shall be 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 be
reimbursed by the subsequent subdividers, applicants, or owners.
6.0 All of Section 6 has been deleted.
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7 .0 General Requirements for Collateral:
7 .1 The value of all collateral submitted to Weld County must le
equivalent to 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 he prefers 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
m O automatically expire. An applicant may request that the County
o U extend the Final Plat approval provided the cost estimates are
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O updated and the development plans are revised to comply with all
O current County standards, policies and regulations. The
D ` improvements shall be completed within one (1) year after th-e
30M Final Flat approval (not one year after acceptable collateral is
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submitted) unless the applicant(s) requests that this Agreement he
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renewed at least thirty (30) days prior to its expiration and
N a further provides that cost estimates for the remaining
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improvements are updated and collateral is provided in the amount
of 100% of the value of the improvements remaining to be
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CO U completed. If improvements are not completed and the agreement
H H not renewed within these time frames, the County, at its
a0 E' discretion, may make demand on all or a portion of the collateral
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and take steps to see that the improvements are made.
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7 .2 The applicant may choose to provide for a phased development by
co z means of designating filings of a Planned Unit Development Plan or
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Final Plat Subdivision. The applicant would need only to provide
Wcollateral for the improvements in each filing as approved. The
County will place restrictions on those portions of the property
d' that are not covered by collateral which will prohibit the
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conveyance of the property or the issuance of building permits
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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 3 phases(s) 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:
The Letter of Credit shall he 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". p p
590820
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- 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.
- The applicant may draw from the Letter of Credit in
accordance with the provisions -of this policy.
- 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 an inspections of the development by the
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H U issuer. -In no case shall disbursement for a general
ED O improvement item exceed the cost estimate in the Improvements
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o &i landscaping, etc.) . The issuer of the Letter of Credit will
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o a sign the Improvements Agreement acknowledging the agreement
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and its cost estimates.
O - The Letter of Credit shall specify that 15% of the total
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w a letter of Credit amount cannot be drawn upon and will remain
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4; 14 available to Weld County until released by Wald County.
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� - The Letter of Credit shall specify that the date of proposed
co expiration of the Letter of Credit shall be either the date
of release by Weld County of the final 15%, or one year from
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CO H the date of Final Plat approval, whichever occurs first.
o Said letter shall stipulate that, in any event, the Letter of
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Credit shall remain in full force and effect until after the
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Board has received sixty (60) days written notice from the
N issuer of the letter of Credit of the pending expiration.
U Said notice shall be sent by certified mail to the Clerk to
the Board of County Commissioners.
'V 8.2 Trust Deed upon all or some of the proposed development or other
Ho property acceptable to the Board of County Commissioners provided
N that the following are submitted:
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 lstate 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.
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
890820
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improvements as set forth in the Improvements Agreement plus
all costs of sale of the property.
- A title insurance policy insuring that the Trust Deed creates
a valid encumbrance which is senior to all other liens and
encumbrances.
- A building permit hold shall he placed on the encumbered
property.
8.3 _Escrow Agreement that provides at least the fallowing:
- The cash in escrow is at least equal to 100% of the amount
specified in the Improvements Agreement.
- The Escrow agent guarantees that the escrowed funds Jill he
used for improvements as specified in the agreement and far
no other purpose and will not release any Portion of such
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funds without prior approval of the Board.
r- O - -The e-scrow agent will be a Federal or State licensed bank or
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Ca financial institution.
o af7 - if the County of Weld County determines there is a default of
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• a the Improvements Agreement, the escrow agent, upon request by
v'q the County, shall release any remaining escrowed funds to the
OU County.
cog 8.4 A surety bond given by a corporate surety authorized to do
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'a business in the State of Colorado in an amount equivalent to 100%
~ a of the value of the improvements as specified in the Improvements
Agreement.
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�n 2 8.5 A cash deposit made -with the County equivalent to 100% of the
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co value of the improvements.
a 9 .0 -Request for Release of Collateral: Prior to release of collateral for
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the entire project _or for a portion of the project by Weld County, the
• w Applicant must present a Statement of Substantial Compliance from an
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Engineer registered in Colorado that the project ar a portion of the
U a project has been completed in substantial compliance with approved
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a4 plans and specifications documenting the following:
9.1 The Engineer or his representative has -made regular on-site
r 9 -inspections during the course of construction and the construction
M-44 plans utilized art 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 Highway Schedule for minimum materials
sampling, testing and inspections found in CDOH 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.
890821)
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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 lire hydrants
are operational and state the results of fire flow tests.
9.6 The -requirements in 8.0 thru 8.5 shall be noted on the final
construction plans.
9.7 Following the submittal of the Statement of Substantial Compliance
and positive recommendation by the -County Engineer , 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
en D "Warranty Collateral" in the amount of 10% of the value of the
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improvements as shown in this Agreement excluding improvements
°D fully accepted for maintenance by the responsible governmental
entity, special district or utility company.
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0 9.9 The -warranty collateral shall be -released to the applicant upon
final acceptance by the Board of County Commissioners for full
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maintenance under Section 5.3 herein.
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10.0 Public Sites and Open Spaces: When the Board of County Commissioners,
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pursuant to a rezoning, subdivision or planned unit development,
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g requires the dedication, development and/or reservation of areas or
sites other than subdivision streets and utility easements of a
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character, extent and location suitable for public -use for parks,
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• H greenbelts or schools, said actions shall be secured in accordance
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o cn with one of the following alternatives, or as specified in the PUD
plan, if any:
k LU w, 10.1 -The required acreage as may be determined according to Section
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m z 8-15-B of the Weld County Subdivision -Regulations shall be
o dedicated to the County or the appropriate school district, for
one of the above purposes. Any area -so dedicated shall be
approved by the County or school district, and shall be maintained
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N N by the County or school district.
N 10.2 The required acreage as determined according to Section 8-15-B of
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
Section 8-13-B. 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.
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11 .0 Successors and Assigns: This Agreement shall be finding upon the
heirs, executors, personal _representatives, successors and assigns of
the Applicant, and upon =cording by the County, shall be deemed a
covenant running with the 1-and 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.
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
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• ATTEST,: 7- y?ldlh&
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C ''a ' n )e kC fl Recorder
CD i4 andee 'Metier-arch
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HI H BY:
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a Subscribed and sworn to before -me this / day ofct ' , 19 ay.
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AUG 151989
EXHIBIT "A" PHASE I
Name of Subdivision: Del Camino Center P.U.D.
Filing: Number 1
Location: NW', Section 14, T2N, R68W of the 6th P.M. , Weld County, CO
Intending to be legally bound, the undersigned Applicant hereby agrees
to -provide throughout this subdivision and as shown on the subdivisl-on final
plat dated , 19 , recorded on
J.9 , ir. Book , Page No, , Reception No. , t',e
following improvements.
(Leave spaces blank where they do not apply.)
Estimated
Improvements Unit Cost Construction Cost
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o Street grading 3.691 T:Y $15,472
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Street base
U Street paving 6,645 SY 54,785
a Curbs, gutters, and culverts 15,100
Sidewalks
03 Storm Sewer facilities 8,058
0 oa Retention ponds
• A .Ditch improvements
rx Sub—surface -drainage
Sanitary sewers 8'1 -PVC 1200 LF 10" PVC 526 28,243
aTrunk -and forced lines 6 manholes
N Mains
as Laterals (house Bonn)
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On-site -Sewage facilities
r=7 On-site Water supply and storage
0 J Hater mains 18" DIP 803 T.F F, 8" DTP 693 EF 40 705
Fire hydrants & -each
HSurvey & street -monuments & boxes
co F Street lighting
o a Street name signs 500
f:l Fencing requirements
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Landscaping 3.421
W Park improvements
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• Z 22.092
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U SUB TOTAL
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Engineering and Supervision Costs S12 883
�r o (testing, inspection, as-built plans snd work in addition to -preliminary and
o final plat; supervision of actual _construction $y contractors)
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TOTAL ESTIMATED COST OF IMPROVEMENTS -AND SUPERVISION 4 $201 ,259
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 accord g to the con ruction schedule
set out in Exhibit "B".
Signature oI Applicant
(If corporation, to be signed by President and attested to by Secretary,
together with corporate seal.)
Date: , 19
3O82O
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EXHIBIT "B"
Owners: Del Camino Center Partnership
LEGAL DESCRIPTION
LOT B OF RECORDED EXEMPTION NO. 1313-14-2-RE1009, RECORDED
MAY 14 , 1987 IN BOOK 1156 AT RECEPTION NO. 2099770, A TRACT OF
M O LAND LOCATED IN THE WEST HALF OF THE _NORTHWEST QUARTER OF
o J SECTION 14 , TOWNSHIP 2 NORTH, -RANGE 68 NEST OF THE 6TH PRINCIPAL
ti O MERIDIAN, WELD COUNTY, COLORADO. SAID TRACT OF LAND CONTAINS
IO 72 . 311 ACRES (PLAT 72 .233 ACRES) , MORE OR LESS, AND IS SUBJECT TO
ANY RIGHTS-OF-WAY OR OTHER EASEMENTS AS IGRANTED OR RESERVED BY
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a INSTRUMENTS OF RECORD OR AS NOW EXISTING ON SAID TRACT OF LAND.
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EXHIBIT "C"
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Fort Collins P.O Box 2127-2290 E Architecture/Construction
. . .Prospect-Ft.Collins,CO 80522-(303)493-8747
Denver/Boulder.400 S.McCaslin Blvd.,Ste.205-Louisville.CO 80027-(303)665-/7/5
Colorado Springs. P.O.Box 182-Colorado Sprgs.,CO 80901-0182• (719)633-4713
June 1, 1989
Del Camino Center F.U.D.
FINAL FLAN
n CONSTRUCTION SCHEDULE: PHASE 1
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o . Phase I construction will commence within 60 days of final
N O approval of subdivision. This phase will be completed within one
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year of commencement.
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a Phase I construction will consist of the following:
o m w 1. Acceleration and deceleration lanes and turn lanes along the
Aw' frontage _road at the entrance to the subdivision. Culvert
O improvements as shown on drawings.
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ro x 2 . A 32 ' wide asphalt -private drive extending to the east from
.•4.a the park entrance at the frontage road with a 90 ' diameter
rig graveled cul-de-sac.
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a 3 . Extension of the sewer service to service Phase I . (Sized
to eventually service the balance of the -project. ) - Per
in H drawings
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a 4 . Extension of the water main along the frontage road and
w along the private drive to service Phase I . (Sized to
w D eventually service the balance of the project. ) - Per
in Szi drawings
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a 1 5. Extension of electric service to initially service phase _I
o (and eventually service balance of the property. )
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a 6. Gas and telephone service to service Lot 1 with future
extensions -planned as needed for development -of future lots.
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N N 7. Construct drainage ditches to handle all site drainage
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according to the drainage plan.
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incerely,
ntJ mes J. Ne nan
V' ce Pre id nt
eat Es t Development
JJN: csp 381-1t320
tlBAN(
OF SOUTH LONGMONT ��m FLORIDA AND MAIN P.O.BOX 1499 LONGMONT,COLORADO 80501 303-772-3000
,M..i ci August 1, 1989
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o• V4 Mr. Chuck Cunniliff
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aWeld County Planning Department
O P.O. Box 459
W Greeley, CO 80532
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�n w Dear Mr. Cunniliff:
riaAccording to your request this letter will verify that First-Bank of
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rn i-7 South Longmont, N.A. has reviewed and ratified the terms of the
�'� Improvements Agreement submitted by Del Lamino Center Partnership.
111 2 This _review is in conjunction with Letter of Credit No. 1064 pre-
.-I H viously submitted to Weld County for this project.
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Please contact me if there are further questions or needs regarding
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0o D this matter.
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Fort Collins.P.O.Bcx 2127-2290 E.Prospect-Ft.Collins,CO 80522-(303)493-8747
Denver Boulder 400 5.McCosli r Blvd.,Ste.205-Louisville,CO 80027-(303)665-7775
Colorado Springs. P.O.Box 182-Colorado Sprgs..CO 80901-0182 (719) 633-4713
July 5, 1989
Mr. Rod Allison
Planning Department
Weld County
915 10th Street, Room 342
Greeley, Colorado 80631
Dear Rod:
Per your request, I am sending you this letter to confirm our
method of providing collateral for the improvements to Del Camino
Center.
We will be providing a letter of credit for the full amount of
$201 , 259 . 00 through First Bank South of Longmont. Upon
completion of those improvements we will be providing a letter of
credit of 15% of this amount, or $30, 188 . 85, and request that the
$201, 259 . 00 letter of credit be released by the County. As we
understand it, the second letter of credit of 15% will stay in
effect for a period of one year at which point it will be
released to the Del Camino Center Partners.
If you have any further questions or need more information,
please do not hesitate to contact me.
S ' ncerely,
J m Neenan
vice President
Real Estate Development
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890820
ti BAN(
OF SOUTH LONGMONT MAtkonal
Associalian FLORIDA AND MAIN P O BOX 1499 LONGMONT.COLORADO 80501 303-772-3000
July 27, 1989
Mr. Rod Allison
Weld County Planning Department
P. 0. Box 459
Greeley, CO 80632
Dear Mr. Allison:
Attached is Letter of Lredit #1064 for the use of Weld County in con-
junction with the current project of Del Camino Center Partnership.
Although this Letter of Credit expires November 1, 1990, it is the under-
standing of FirstBank after negotiation with the Partnership that the
specific development improvements for the project should be completed
within the next 90 days. It is FirstBank's understanding that upon
approval by Weld County of the completion of the improvements according
to submitted development plans, that 85% of the amount of the Letter
of Credit would be released. At that time, approximately November 1,
1989, FirstBank would intend to replace the enclosed Letter of Credit
with another representing 15% of the total which would extend for one
year from she date of the -final plat approval.
Please contact me if there are any questions r garding this matter.
Sincere y,
74)7/
iam B. Shoemaker
President
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890820
tlBANC
OF SOUTH LONGMONT " FLORIDA AND MAIN P O BOX 1499 LONGMONT,COLORADO 80501 303-772-3000
IRREVOCABLE LETTER OF CREDIT
Date: July 27, 1989
Amount: $201,259.00
Number: 1064
Expiration: November 1, 1990
Weld County
P. O. Box 459
Greeley, CO 80632
Gentlemen:
We hereby open our Irrevocable Letter of Credit in your favor by your
drafts drawn at sight on FirstBank of South Longmont, N. A. , 600 Florida
Avenue, Longmont, Colorado, for any sum or sums up to the aggregate amount
of $201,259.00 for the account of Del Camino Center Partnership, a Colorado
General Partnership, 203 South Main Street, Longmont, Colorado, 80501.
Any draft must bear upon its face the clause "Drawn under Letter of Credit
No. 1064 dated July 27, 1989, of FirstBank of South Longmont, N. A."
Payment will only be made to the extent that Del Camino Center Partnership,
a Colorado General Partnership has failed to meet their obligation according
to the terms of their agreement with you.
The amount of any draft which is negotiated pursuant to this credit,
together with the date of negotiation, must _be endorsed on the reverse side
of the Letter of Credit.
This Letter of Credit is subject to the Uniform Customs and Practice for
Documentary Credits, 1983 Revision, The International Chamber of Commerce
Publication No. 400.
We hereby agree that drafts drawn under and in compliance with the terms
of the Letter of Credit will be duly honored if presented to FirstBank of
South Longmont, N. A. on or before November 1, 1990.
Sincerel ,
‘111.174/Shoe' maker
President
WBS/mk
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590820
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