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Home My WebLink About890410.tiff AR23D9d3b RESOLUTION ,-I C.) 0 ri p RE: APPROVAL OF IMPROVEMENTS AGREEMENT ACCORDING TO POLICY V REGARDING COLLATERAL FOR INTERNAL IMPROVEMENT BETWEEN WELD Q COUNTY AND BEEBE DRAW FARMS, LTD. 0 W 0 3 WHEREAS, the Board of County Commissioners of Weld County, o w Colorado, pursuant to Colorado statute and the Weld County Home 0 Rule Charter, is vested with the authority of administering the a affairs of Weld County, Colorado, and 0 U ,., a WHEREAS, pursuant to Section 11-1 of the Weld County N Subdivision Regulations , the Board has been presented with an cv Improvements Agreement according to the policy regarding '" a collateral for internal improvements , said Improvements Agreement N w being between Weld County and Beebe Draw Farms , Ltd. , and a) C) LO Z WHEREAS , after review, the Board deems it advisable to 0 H approve said Improvements Agreement, with the terms and conditions w being as stated in the Agreement, a copy of which is attached ' a hereto and incorporated herein by reference. W w 0 m GW. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, Colorado, that the Improvements 0 2 Agreement according to the policy regarding collateral for o gg internal improvements between Weld County and Beebe Draw Farms, Ltd. , be, and hereby is , approved . ua a The above and foregoing Resolution was , on motion duly made y and seconded, adopted by the following vote on the 10th day of Ln c May, A.D. , 1989 . M N H TH m Ge � BOARD OF COUNTY COMMISSIONERS ATTEST: Auv P,cu4dfF,1 ) WELD COUNTY, COLORADO Weld County Clerk- and Recorder , �t.c, and Clerk to tlhe,. Board C.W. Kirby, Ch man I ' EXCUSED-ThB ��y-c j/.L� Jac eline Johnson, Pro-Tem De uty County Cl rk ___ APPROVED AS TO FORM: Gene R. Brantner ^ -Y �!_ 7 ^�"`�'_ J George VV County Attorney Gor .a y x CH890410 d , . IMPROVEMENTS AGREEMENT ACCORDING POLICY REGARDING COLLATERAL FOR IMPROVEMENTS � o a U THIS AGREEMENT, made and entered into this 10th -day of May , N o 19B9, by and between the County of Weld, State of Colorado, acting through U its Board of County Commissioners, hereinafter called "County" , BEEBE DRAW O FARMS, LTD. , a Colorado limited partnership, hereinafter called "-Applicant", ow ▪ and BEEBE DRAW FARMS METROPOLITAN DISTRICT, hereinafter called "District". o w WITNESSETH: Gx WHEREAS, Applicant is the owner of or teas a controlling interest in the w following described property in the County of Weld, Colorado: rn SEE ATTACHED LEGAL WHEREAS, there has been created by law the District for the purpose of N a providing certain services and facilities to the property owners within the cn District, including the installation of certain improvements; and ; z 0 w WHEREAS, a final sub-division plat of said property, to be known as REPLAT El OF FIRST FILING OF BEEBE DRAW FARMS AND EQUESTRIAN CENTER has been submitted x to the County for approval ; and up rn WHEREAS, Section 11-1 of the Weld _County Subdivision Regulations provides co r24 that no final plat shall be approved by the County until the Applicant has rn z submitted a Subdivision Improvement Agreement guaranteeing the construction N c of the public improvements shown on plans, plats and supporting documents of ✓ the subdivision, which improvements, along with a time schedule for w w completion, are listed in Exhibit "A" and "B" of this Agreement. x N NOW, THEREFORE, IN CONSIDERATION OF the foregoing and of the acceptance M and approval of said final plat, the parties hereto promise, covenant and ri —I agree as follows: ww A. DISTRICT RESPONSIBILITIES: 1.0 Engineering Services: District shall furnish, at its own expense, all engineering services in connection with the design and construction of the subdivision improvements listed on Exhibit "A" , except telephone and electric, which is attached hereto and made a part hereof by this reference. 1.1 The required engineering services shall be performed by a Professional Engineer and Land Surveyor registered in the State of -Colorado, and shall conform to the standards and criteria established by the County for public improvements. 1.2 The required engineering services shall consist of, but not be limited to, surveying, designs, plans and profiles, estimates, construction supervision, and the submission of necessary documents Lo the CuunLy. 89044e 2.0 Construction: District shall furnish and install , at its own expense, the subdivision improvements listed on Exhibit "A" , except telephone and electric, according to the construction schedule set out in Exhibit "B" which is attached hereto and made a part hereof by this reference. Ho o 2.1 Said construction shall be in strict conformance to the plans and „ - drawings approved by the County and the specifications adopted by the en o County for such improvements. w 2.2 District shall employ, at its own expense, a qualified testing company o O3 previously approved by the County to perform all testing of materials or o x construction that is required by the County; and shall furnish copies of 4% w test results to the County. O 2.3 At all times during said contruction, the -County shall have the right to test and inspect or to require testing and inspection of material and ra work at District' s expense. Any material or work not conforming to the - 0 approved plans and specifications shall be removed and replaced to the a satisfaction of the County at the District' s expense. rn 4• 2.4 The District shall furnish proof that proper arrangements have been made for the installation of interior roads, water, certain landscaping and in Z H and the amenity buildings. E-4 B. APPLICANT AND DISTRICT RESPONSIBILITIES: w M The Applicant stall furnish proof that proper arrangements have been ao w made for the installation of underground electric and telephone service O1 z to each lot. • z o 2.5 Said subdivision improvements listed on Exhibit "A" shall be completed, o a according to the terms of this Agreement, within the construction i:1431 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 or District subject to the terms of Section 6 herein. The District responsibility to install the subdivision improvements shall however be subject to the availability of P° G bond funds in amounts sufficient to pay the costs of installation of such improvements. In the event bond funds are insufficient to pay the cost of installation, applicant shall be liable for the completion of the improvements and shall provide collateral of the type and amount specified by this agreement. County, at its discretion, -may withhold issuance of any residential building permits until District gives notice that funds are sufficient to pay the cost of installation of the improvements listed in Exhibit "A" or until collateral , in an amount and type consistent with the terms of this Agreement, is provided by the Applicant and accepted by the County. District agrees that the portion of the funds raised by the bond issue for the purpose of meeting its obligations hereunder shall be segregated and restricted and shall not be used for any other purpose until the construction of the improvements defined in Exhibit "A" has been .2- 89041© completed and the roads azcepted for maintenance by the District and 0 final inspections performed on any of the construction which requires C-) building permits. d' O 3.0 Release of Liability: Applicant and District shall indemnify and hold harmless the County from any and all liability loss and damage County may suffer as a result of all suits, actions or claims of every mature o o a and description caused by, arising from, or on account of said design and construction of improvements, and pay any and all judgements w rendered against the County on account of -any such suit, action Dr claim, together with all reasonable expenses and attorney fees incurred o by County in defending such suit, action or claim except for liability, w loss or damage is caused by, or arises out of the negligence of County M a or its officers, agents, employees or otherwise while acting within the n w scope of their employment. Such indemnification shall be subject to the :NJ� terms, conditions, and limitations of Article 10, Title 24, C.R.S. All contractors and other employees engaged in construction of the N improvements shall maintain adequate workman' s compensation insurance zand public liability insurance coverage, and shall operate in strict o H accordance with the Laws and regulations of the State of Colorado \ w governing occupational safety and health. ri a 4.0 County may, at its option, issue building permits for construction on lots for which street improvements detailed herein -have been started but rn not completed as shown on Exhibit "B" , and may continue to issue building permits so long as the progress of work on the subdivision oz improvements in that phase of the development is satisfactory to the o County; and all terms of this Agreement have been faithfully kept by a Applicant and District. w � a 4.1 Upon completion of the construction of streets within a subdivision and d the filing of a Statement of Substantial Compliance, the District r may request in writing that the County Engineer inspect its streets for that portion of the work. Not sooner than nine months after the initial as w inspection the County Engineer shall , upon request by the District, inspect the subject streets, and notify the District of any deficiencies. The County Engineer shall reinspect the streets after notification from the District that any deficiencies have been corrected. If the County Engineer finds that the streets are constructed according to County standards, he shall so recommend and the District shall accept them from the contractors for maintenance by the District. 5.0 General Requirements for Collateral : a) Funds for the interior roads and water distribution system will be segregated and held in the bond proceeds Construction Fund and be disbursed as the work is completed. b) For the telephone and electric services, advance cash payments will be made by the Applicant to the utility companies involved covering -3- 890410 the total cost of the first phase contracts with each for providing service. The standard utility company -land development contracts of U.S. West o and Union REA shall provide that the refunds or rebates due to the 8 developer for each line that has been but in service will be paid c> into an escrow account to be used to pay for additional services as in o required until all of the platted lots in the Beebe Draw Farms PUD have had service lines extended to them. a a c The Replat shall be recorded within six months of the Final flat approval . The improvements shall be completed in accordance with o a the schedule in Exhibit "B" unless the Applicant or the District 6+ w 2 requests that this Agreement be renewed at least thirty (30) days o prior to its expiration and further provides that cost estimates for the remaining improvements are updated and collateral is provided in ro a 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 w make demand on all or a portion of the Bond Construction Fund and N a take steps to see that the improvements are made. rnL o H 5.1 The Applicant may choose to provide for a phased development by means of designating portions of a Planned Unit Development, Subdivision, or Change of Zone, that the Applicant wishes to w develop. For the telephone and electric services, the Applicant a would need only to provide collateral for the improvements in each en co w portion of the Planned Unit Development, Subdivision, or Change of o z Zone, and will submit documents which will prohibit the conveyance ro-4z of the property or the issuance of building permits on said portions until collateral is provided for those portions or until o x improvements are in plate and approved pursuant to the requirements of the County. 44. This paragraph shall be interpreted to allow the tendering of m contracts for deed which contain provisions that indicate that utilities and other improvements will net be available to service the lot until a date certain and providing that the actual deed conveying said lots is to be placed in escrow and building permits not be issued until the utilities and improvements are in place or the restrictions are lifted by the County upon a showing that another governmental entity, such as a Metropolitan District, is available to guarantee the construction of the utilities and improvements. 6.0 Improvements Guarantee: If collateral is needed in the future for any work not provided for by the Metropolitan District, the five types of collateral listed below are acceptable to Weld County subject to final approval by the Board o₹ County Commissioners. 6.1 An irrevocable Letter of Credit from a Federal or State licensed financial institution on a form approved by Weld County. The -4- 890410 Letter of Credit shall state at least the following: The Letter of Credit shall be in an amount equivalent of 100% of o the total value of the improvements as set forth in Section 6.0 r o and exhibits "A" and "B" . 0 0 The Letter of Credit shall provide for payment upon demand to ca Weld County if the developer has not performed the obligations specified in the Improvements Agreement and the issuer has been o • 3 notified of such default. C4 - The Applicant may draw from the Letter of Credit in accordance 1:4- with the provisions of this policy. O en N The issuer of the Letter of Credit shall guarantee that at all times the unreleased portion of the Letter of Credit shall be w W equal to a minimum of 100% of the estimated costs of completing z the uncompleted portions of the required improvements, based on inspections of the development by the issuer. In no case shall oN, disbursement for a general improvement item exceed the cost estimate in the Improvements Agreement (i .e. , streets, sewers, o H water mains and landscaping, etc.) . The issuer of the Letter of Credit will sign the Improvements Agreement acknowledging cn the agreement and its cost estimates. w o w - The Letter of Credit shall specify that 15% of the total Letter w w of Credit amount cannot be drawn upon and will remain available o z to Weld County until released by Weld County. Mz o . The Letter of Credit shall specify that the date of proposed L a expiration of the Letter of Credit shall be either the date of a release by Weld County of the final 15%, or two years from the date of Final Plat approval , whichever occurs first. Said N letter shall stipulate that, in any event, the Letter of Credit m shall remain in full force and effect until after the Board has received sixty (60) days written notice from the issuer of the P4 Letter of Credit of the pending expiration. Said notice shall be sent by certified mail to the clerk to the Board of County Commissioners. 6.2 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: 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 Beal 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. -5r 890410 a In the event property other than the property to be developed has been accepted as collateral by Weld County, then an o appraisal is required of the property by a M.A.I. member of the o Institute of Real Estate Appraisers indicating that the value r- o of the property encumbered in its current state of development U is sufficient to cover 100% of the cost of the improvements as set forth in the Improvements Agreement plus all costs of sale ow of the property. og o w A title insurance policy insuring that the Trust Deed creates a ca valid encumbrances which is senior to all other liens and encumbrances. U en a - A building permit hold shall be placed on the encumbered property. ▪ 6.3 Escrow Agreement that provides at least the following: N a ~ The cash in escrow is at least equal to 100% of the amount cti specified in the Improvements Agreement. �• z H - The escrow agent guarantees that the escrowed funds will be F used for improvements as specified in the agreement and for no ▪ a other purpose and will not release any portion of such funds without prior approval of the Board. PI w CO w The escrow agent will be a Federal or State licensed bank or oM z financial institution. N F� o r w If the County of Weld County determines there is a default of the Improvements Agreement, the escrow agent, upon request by 141 the County, shall release any remaining escrowed funds to the r-- ,, County. ul H 6.4 A surety bond given by a corporate surety authorized to do business w w in the State of Colorado in an amount equivalent to 100% of the value of the improvements as specified in the Improvements Agreement. 6.5 A cash deposit made with the County equivalent to 100% of the value of the improvements. 7.0 County Inspection of Subdivision Improvements: Prior to final approval of the entire project or for a portion of the project by Weld County for maintenance by the District, the District must present a Statement of Substantial Compliance from an Engineer registered in Colorado that the project or a portion of the project has been completed in substantial compliance with approved plans and specifications documenting the following: 7.1 The Engineer or his representative has made regular on-site inspections during the course of construction and the construction plans utilized are the same as those approved by Weld County. a6= 890410 7.2 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 . 7.3 "As built" plans shall be -submitted at the time the letter requesting final approval is submitted. The Engineer shall certify that the project "as built" is in substantial compliance with the o plans and specifications as approved or that any material deviations have received prior approval from the County Engineer. coo 7.4 The Statements of Substantial Compliance must be accompanied, if ca appropriate, by a letter ofacceptance of maintenance and O 3 responsibility by the appropriate utility company or the District. o o C71 7.5 A letter must be submitted from the appropriate Fire Authority o 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. m 4.a 7.6 The requirements in 8.0 thru 8.5 shall be noted on the final construction plans. N a 8.0 The obligations of the Applicant and the District hereunder shall not be O1 u assigned without the prior written consent of the County, but such n z consent shall not be unreasonably withheld. O H \ W ra H 9.0 Successors and Assigns: This Agreement shall be binding upon the heirs, executors, personal representatives, successors and assigns of the k Applicant and the District, and upon recording by the County, shall be en w deemed a covenant running with the land herein described, and shall be o z binding upon the successors in ownership of said land. Mz f44 10.0 This Agreement is not intended to bestow a third party benefit upon any 0 person not a _party to this Agreement with respect to the obligations of W a the parties hereto nor is it intended to create a standard which may affect third parties. Futhermore, this Agreement is not intended to w constitute a waiver of any privileges or immunities held by the parties M r- to this Agreement nor their agents, officers, or employees. r, r, CO C14 "7p 890410 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed on the day and year first above written. --IO ti o o BOARD OF COUNTY COMMISSIONERS m o pp 1 WELD COUNTY, COLORADO U leth ttl1 CI ATTEST: _ o w 4',<X1 c51 C. 3 Weld County Clerk end Recorder / o w and Clerk to the Board4.4 �g n r _�.,,_K Q�3 01i14t, o UYKM'IfMc.v e+u-y g J o eputy Countyca K N APPROVED AS TO FORM: -_--r - N N V ,4 r 4 Bounty Attorney � Z w APPLICANT: E ri a BEEBE AW FA S, LTD. w loo r, w _ 03 44 m By: o z orris ur , eneraPartner N 4 0 .•Sub cribed and sworn to be ore me this I it ! l�day of rw. 1989. a My copmateDp expires: 3/�/ /9,- , dr .,re) �, }To ary u c ELLIE MOCK cow �,. DISTRICT: BEEBE DRAW FARMS METROPOLITAN DISTRICT ATTEST: r B ames W. Fe President Krvig& Thomas urk, Secretary µ8 890410 EXHIBIT "A" PHASE I Name of Subdivision: Beebe Draw Farms & Equestrian Center PUD r4 u Filing: Replat of First 0 a 8 Location: See Attached Legal A Intending to be legally bound, the undersigned Applicant hereby agrees to 0 3 provide throughout this subdivision and as shown on the subdivision final o a plat dated , 19 , recorded on , 19 , „} w in Book ge a o. Reception No. ,the a following improvements. 0 w Estimated en N x Improvements Unit Cost Construction Cost CN 'S Street grading $9 $30 per linnear foot $509,000 x Street base N a Street paving CA u Culverts N z Retention ponds o H Ditch improvements ri F On-site Sewer facilities by Home Owners 'i a On-site Water supply and storage 4.1 D Water mains 734,000 rn w Fire hydrants w Survey & street monuments & boxes M Z Street name signs 64 x $25 1.690 cv c Landscaping 20,000 O ›., Park improvements Amenity Buildings and Marina 510.000 0 x Electric 286,336 a Telephone 112,000 ro M SUB-TOTAL 2.172,936 HH w cr., Engineering and Supervision Costs 90)0_00 (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 $ 2,262,936 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 schedule set out in Exhibit "B". t1 BE E DRAW RMS, LTD. �N�II� �r Mor FA is Burk, General Partner 890410 EXHIBIT "B" PHASE I Name of Subdivision: Beebe Draw Farms & Equestrian Center PUD o Filing: Replat of First rI o - Location: See Attached Legal � o Intending to be legally bound, the undersigned Applicant hereby agrees to a 0 3 construct the improvements shown on the final subdivision plat of Replat of o EA- w First Filing of Beebe Draw Farms Subdivision, dated 19 , Recorded on , 19 , in Book , Page No. W m z , Reception No. , the following schedule. W All improvements listed on Exhibit "A" shall be completed within 2 years N O from the date of the signing of this Agreement. � z O H W aThe County, at its option, and upon the request by the Applicant, may grant z an extension of time for completion for any particular improvements shown m co w o z on Exhibit "A" , upon a showing by the Applicant that the above schedule m No cannot be met. r aBEEBE LAW RMS, LTD. h ri P trl ti t m r Morris urk, eneral Partner mw 89041O Hello