HomeMy WebLinkAbout880099.tiff /ER23D9825
RESOLUTION
RE: E SUBDIVISION IMPROVEMENTS AGREEMENT
AND MII,TONL. KAHN AND EDWIN DS . KAHN A WAT
COUNTY E FORD
RANCH COMPANY
El ro
WHEREAS , the Board of County Commissioners of Weld County,
Colorado, pursuant to Colorado statute and the Weld County Home r, tv
cs a.Rule Charter, is vested with the authority of administering the a. J
affairs of Weld County, Colorado, and w z
WHEREAS, the Board has been presented with a Subdivision k n
Improvements Agreement between Weld County and Milton L. Kahn and o
N
z
Edwin S. Kahn and Waterford Ranch Company, and z w
20
WHEREAS, said Agreement is to guarantee the construction of .iv)
the public improvements shown on plats, plan and supporting t N
documents of the Kahn Subdivision, and a time schedule for m
completion of said improvements, and H
WHEREAS , after review, the Board deems it advisable
dvi a le to which H c
approve said Subdivision Improvements Agreement, a copy oz ui
is attached hereto and incorporated herein by reference. t-1 to
NOW, THEREFORE, BE IT RESOLVED by the Board of County N N
Commissioners of Weld County, Colorado, that the Subdivisionfa -
Improvements Agreement between Weld County and Milton L. Kahn and o
Edwin S. Kahn and Waterford Ranch Company be , and hereby is, )10
approved. 2
The above and foregoing Resolution was , on motion duly made c -
and seconded, adopted by the following vote on the 10th day of m o
February, A.D. , 1988 . O
r
�� BOARD OF COUNTY COMMISSIONERSo
n
ATTEST: WELD///��COUNTY, COLORADO o r
Weld County YeY and Recorder i Ld c) �
and Clerk to! he "Boaxd Gene R. Brantner, Chairman o
t- ' `
/� � C.W. it y, Pr -Tom
BYE rn,c_ ')'� .W. ° lerk
D puty County,.
APPROVED AS TO FORM: Ja que J on
C--, Gord cY
County Attorney Fyida,/� "t
9Vamagchi
iCl r' 880099
PL1027
. J-
IMPROVEMENTS AGREEMENT ACCORDING
POLICY REGARDING COLLATERAL FOR IMPROVEMENTS
THIS AGREEMENT , made and entered into this 10th day
of February , 88 , by and between the County of Weld,
State of Colorado, acting through its and
ot lton LCounty r
Commissioners , hereinafter called "County" , o, i,,
and Edwin S . Kahn and Waterford Ranch Company, hereinafter called N a
"Applicant" . U
th
WITNESSETEI: K n
0
WHEREAS , Applicant is the owner of or has a controlling z w
interest in the following described property in the County of zto
Weld, Colorado: m co
to N
Commencing at the Southwest corner of Section 2 , Township 2 gi u,
North, Range 68 West of the 6th Principal Meridian; thence South ?Ilk.,
89°46 ' 09" East along the South line of the Southwest one-quarter ti
of said Section 2 a distance of 564 . 90 feet to the TRUE POINT OF HO
BEGINNING; thence North 00°15' 52" East 30 .00 feet to a point on r N
the Easterly line of a parcel of land page deeded to the
thWeld CoClorado
p
Department of Highways in Book 1500 , p 9 m
Records ; thence North 52° 51 ' 38" West 75 .00 feet ; thence North 1 ,--,
13°48 ' 38" West 602 . 83 feet ; thence South 89 °46 ' 09" East m m
53.08 o
feet ; thence South 01° 23' 56" West 660 .00 feet to a point
South line of the Southwest one-garter. of said Section 2 ; thence
North 89°46 ' 09" West 533.42 feet to the TRUE POINT OF BEGINNING 2
containing 10 .00 acres more or less. 7
7i
WHEREAS, a final subdivision plat of said property , to
be known as Kahn Subdivision , Minor Subdivision No. has r o
been submitted to the County for approval ; and e
CREAS Section 11-1 of the Weld County Subdivision o \
Regulations provides that no final plat shall be approved by the n o
County until the Applicant has submitted a Subdivision o t
Improvement Agreement guaranteeing n and
the
sconstruct documon ents th f e public
lic
improvements shown on plans, plat
subdivision, which improvements, along with a time schedule for
completion, are listed in Exhibits "A" and "B" of this Agreement .
NOW, THEREFORE , IN CONSIDERATION OF the foregoing and
of the acceptance and approval of said final plat , the parties
hereto promise, covenant and agree as follows:
1.0 Engineering Services : Applicant shall furnish, at its
own expense , all engineering services in connection with
the design and construction of the subdivision -
C3iL �
improvements listed on Exhibit "A" 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, surveys, designs , plans and o
profiles, estimates , construction supervision, and ,,
the submission of necessary documents to the
County.
0
1 . 3 Applicant shall furnish drawings and cost estimates y, �,
for roads within the subdivision to the County for z o
approval prior to the letting of any construction
contract. Before acceptance of the roads within t� N
the subdivision by the County, Applicant shall U'
furnish one set of reproducible "as-built" drawings m
and a final statement of construction cost to the \
County. H o
ztn
2.0 Rights-of-Way and Easements : Before commencing the r
construction of any improvements herein agreed upon, i4
Applicant shall acquire , at its own expense, good and
sufficient rights-of-way and easements on all lands and N
facilities traversed by the proposed improvements. All o
such rights-of-way and easements used for the Pi "'
conc + r_uction of roads to be accepted by the County shall o
be conveyed to the County and the documents of
conveyance shall be furnished to the County for o
recording .
Eo
3 .0 Construction : Applicant shall furnish and install, at d
its own expense, the subdivision improvements listed on
Exhibit "A" which is attached hereto and made a part
hereof by this reference, according to the construction -
schedule set out in Exhibit "B" also attached hereto and r O
made a part hereof by this reference .
3 . 1 Said construction shall be in strict conformance to
the plans and drawings approved by the County and
the specifications a _!opted by the County for such
public improvements. Whenever a subdivision is
proposed within three miles of an incorporated
community located in Weld County or located in any
adjacent county, the Applicant shall be required to
install improvements in accordance with the /2
<51L
-2-
880099 29 ��-'
requirements and standards that would exist if the
plat were developed within the corporate limits of
that community . If the incorporated community has
not adopted such requirements and standards at the
time the subdivision is proposed, the requirements � W
and standards of the County shall be adhered to. r r
If both the incorporated community and the County as uw,
have requirements and standards, those requirements a
and standards that are more restrictive shall PJ
apply. n
3 . 2 Applicant shall employ, at its own expense , a z w
qualified testing company previously approved by z
the County to perform all testing of materials or by coo
construction that is required by the County; and c
shall furnish copies of test results to the County.
m
3 . 3 At all times during said construction, the County v.:
shall have the right to test and inspect or to 1;-,i5,1
require testing and inspection of material and work
at Applicant ' s expense. Any material or work not p ,10,
conforming to the approved plans and specifications %1
shall be removed and replaced to the satisfaction x N
of the County at Applicant ' s expense . m ..
0
x N
3 .4 The Applicant shall furnish proof that proper n
arrangements have been made for the installation of o
sanitary sewer or septic systems , water, gas, o
electric and telephone services. x
3 .5 Said subdivision improvements shall be completed, g o0
according to the terms of this Agreement, within o
the construction schedule appearing in Exhibit n
" B" . The Board of County Commissioners , at its o ,a
option , may grant an extension of the time . of
completion shown on Exhibit "B" upon application by o t
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 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 claims 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 4, ,/,
af, 26k ,
-3- 8800E ��' 1
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 it employees while w
acting within the scope of their employment . All
contractors and other employees engaged in construction o w
of the improvements shall maintain adequate workman ' s i'"„
compensation insurance and public liability insurance
coverage, and shall operate in strict accordance with
the laws and regulations of the State of Colorado
governing occupational safety and health.
z
z
5 .0 Off-Site Improvements Reimbursement Procedure: The w
subdivider, applicant, or owner may be reimbursed for p N
off-site road improvements as provided in this section g u,
when it has been determined by the Board of County
Commissioners that the road facilities providing access yf
to the subdivision are not adequate in structural t4 -c;
capacity, width, or functional classification to support Z ui
the traffic requirements of the uses of the subdivision . n ‘.O
to
5 . 1 The subdivider, applicant or owner shall enter into x F
an off-site improvements agreement prior to
recording the final plat when the subdivider, R o
applicant , or owner expects to receive rg
reimbursement for part of the cost of the off-site no
improvements.
ta -w
5 . 2 The off-site improvements agreement shall contain x o
the following: o
r
- The legal description of the property to be o
served.
cm
- The The name of the owner( s) of the property to be I
served. O `'
- A description of the off-site improvements to
be completed by the subdivider, applicant , or
owner.
- The total cost of the off-site improvements .
- 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.
-4 880099 90
- 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 . 'gar
r
- Any off-site improvements agreement shall be
made in conformance with the Weld County °»
policy on collateral for improvements . pj
MO
5 . 3 If the subdivider, applicant , or owner fails to '<
comply with the improvements agreement, the z w
opportunity to obtain reimbursement under this z o
Section is forfeited. 1O
m
5 .4 When it is determined by the Board of County gut
Commissioners that vehicular traffic from a ?plf.,
subdivision or resubdivision will use a road s
improvement constructed under an improvements z O
agreement , the subsequent subdivider, applicant , or
owner shall reimburse the original subdivider, pt
applicant, or owner, for a portion of the original t
construction cost. In no event shall the original m •-,
subdivider, applicant or owner collect an amount R., ;:
which exceeds the total costs of improvements less
the pro rata share of the total trip impacts n
generated by the original development . Evidence p
that the original subdivider, applicant, or owner o
had been reimbursed by the subsequent subdivider, ;1 :
applicant or owner shall be submitted to the •
Department of Planning Services prior to recording g g
the final subdivision or resubdivision plat.
5 . 5 The amount of road improvement cost to be paid by p o
the subsequent subdivider, applicant , or owner of a ' o
sudivision or resubdivision using the road
o
improvements constructed under a prior improvement
agreement will be based upon a pro rate share of
the total trip impacts associated with the number
and type of dwelling units and square footage and
type of nonresi1 tial developments intended to use
the road imp Went . The amount of road
improvement cost shall also consider inflation as
measured by the changes in the Colorado
Construction Cost Index used by the Colorado
Divison of Highways . The cost of road improvements
may be paid by cash contribution to the prior
subdivider, applicant or owner or by further road
f
-5- ES 0099 Q L, �'
improvements which benefit the prior subdivider,
applicant, or owner ' s property. This decision
shall be at the sole discretion of the Board of
County Commissioners based upon the need for
further off-site road improvements . ate
5 . 6 The report entitled TRIP GENERATION (Third Edition, w
1982) of the Institute of Transportation Engineers
shall normally be used for calculating a reasonable
pro rata share of the road improvement construction
costs for all subdivisions or resubdivisions. A
special transportation study shall be used for land N
uses not listed in the ITE Trip Generation z o
Manual . Any question about the number of trips a ,o
subdivision or resubdivision will generate shall be 2
decided by the County Engineer. a Ol
5 . 7 The term for which the subdivision, applicant, or v"�
y r
owner is entitled to reimbursement under the off- ti 'c-73
site improvements agreement, entered into between zcn
the subdivider and the County, is ten years from n
the date of execution of a contract for road f" N
improvements . x r
5 .8 This provision is not intended to create any cause a o
of action against Weld County or its officers or rxiul
employees by any subdivider, applicant , or owner o
for reimbursement, and in no way is Weld County co xy
be considered a guarantor of the monies to be t .6n
reimbursed by the subsequent subdividers , th o
applicants, or owners . o0
H
6 .0 Acceptance of Streets for Maintenance by the County: ei
Upon compliance with the following procedures by the n
Applicant, streets within a subdivision may be accepted
by the County as a part of the County road system and
will be maintained and repaired by the County. o
6 . 1 If desired by the County, portions of street
improvements may be placed in service when
completed according to the schedule shown on
Exhibit "B" , 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 shown on Exhibit "8" , and may
continue to issue building permits so long as the
progress of work on the subdivision improvements in
-6- 880099 `0
that phase of the development is satisfactory to
the County; and all terms of this Agreement have
been faithfully kept by Applicant .
6 . 3 Upon completion of the construction of streets
within a subdivision and the filing of a Statement
of Substantial Compliance, the applicant( s ) may h] td
request in writing that the County Engineer inspect rF
its streets and recommend that the Board of County mu.'
Commissioners accept them for partial maintenance g
by the County. Partial maintenance consists of all �y
maintenance except for actual repair of streets , P M
curbs and gutters, and related street
improvements . Not sooner than nine months after o
acceptance for partial maintenance of streets, the z o
County Engineer shall , upon request by the w
applicant , inspect the subject streets , and notify trii N
the applicant ( s ) of any deficiencies . The County WI v
Engineer shall re-inspect the streets after t7g
notification from the applicant ( s ) that any y
deficiencies have been corrected. If the County H o
Engineer finds that the streets are constructed Zul
according to County standards , he shall recommend n Lo
acceptance of streets for full maintenance . Upon a tt4 `''
receipt of a positive unqualified recommendation xF,
from the County Engineer for acceptance of streets
within the development, the Board of County 2' o
Commissioners shall accept said streets as public u'
facilities and County property and shall be no
responsible for the full maintenance of said
streets including repair. t_y +fl
7 .0 General Requirements for Collateral : E o
b7 o
N
7 .1 The value of all collateral submitted to Weld O
County must be equivalent to 100% of the value of 2cO
the improvements as shown in this Agreement. Prior
to Final Plat approval , the applicant shall n
indicate which of the five types of collateral he O -4
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 . It acceptable
collateral has not been submitted within six ( 6 )
months then the Final Plat approval and all
preliminary approvals shall automatically expire .
An applicant may request that the County extend the
Final Plat approval provided the cost estimates are
updated and the development plans are revised to
comply with all current County standards, policies
and regulations . The improvements shall be
completed within six (6) months of Weld County
issuing a building permit for Kahn Minor
Subdivision. Cost estimates for improvements shall '7htl
be updated and collateral adjusted accordingly each I--' i•-•
one year period following Final Plat approval. If ul
improvements are not completed and the agreement to -4
not renewed within these time frames, the County,
at its discretion, may make demand on all or a m n
portion of the collateral and take steps to see 1< O
that the improvements are made. z w
zo
7. 2 The applicant may choose to provide for a phased m
development by means of designating portions of a c IV
Planned Unit Development, Subdivision, or Change of m
Zone, that the applicant wishes to develop. The cn
applicant would need only to provide collateral for le Fa
the improvements in each portion of said Planned H o
Unit Development, Subdivision, or Change of 7one as z
ni
he proposes to develop them; the County will place r N
restrictions on those portions of the Planned Unit m
Development, Subdivision, or Change of Zone, which M
are not covered by collateral which will prohibit N
9, ..the conveyance of the property or the issuance of c
building permits on said portions until collateral 77 c'
PI
is provided for those portions or until no
improvements are in place and approved pursuant to M
the requirements for a Request for Release of o
Collateral. w c
z o
7 . 3 Applicant intends to develop in phase (s) in t. e
accordance with Exhibits "A" and "B" . o
n
8 . 0 Improvements Guarantee: The five types of collateral o
listed below are acceptable to Weld County subject to o
n
final approval by the Board of County Commissioners . o -4
It is agreed that Milton and Edwin Kahn shall be solely
responsible for putting up the collateral listed below
and that Waterford Ranch Company be held harmless in
said matter.
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 be in a amount
equivalent of 100% of the total vlaue of the
improvements as set forth in Section 6 . 0 and 1 /2
Exhibits "A" and "B" . 0
-8- 880093 v✓
- The Letter of Credit shall provide for payment
upon demand to Weld County it the developer
has not performed the obligations specified in
the Improvements Agreement and the issuer has
been notified of such default.
� r
mw
- The applicant may draw from the Letter of uiui
Credit in accordance with the provisions of 0
this policy.
to
- The issuer of the Letter of Credit shall
guarantee that at all times the unreleased z W
portion of the Letter of Credit shall be equal z O
to a minimum of 100% of the estimated costs of Pm
completing the uncompleted portions of the c u
required improvements, based on inspections of
the development by the issuer. In no case (4 :
shall disbursement for a general improvement pyC
item exceed the cost estimate in the H o
z �
Improvements Agreement ( i .e . , streets, sewers,
nLo
water mains and landscaping, etc . ) . The rt..;
issuer of the Letter of Credit will sign the z
improvements Agreement acknowledging the b.)
agreement and its cost estimates. en -
0
emu,
The Letter of Credit shall specify that 15% of n
the total Letter of Credit amount cannot be 2
drawn upon and will remain available to Weld e
County until released by Weld County. x o
- The Letter of Credit shall specify that the r o
date of proposed expiration of the Letter of o
Credit shall be either the date of release by ni_,
Weld County of the final 15% , or one year from o 0
the date of Final Plat approval , whichever o
occurs first. Said letter shall stipulate no
that, in any event, the Letter of Credit shall
remain in full force and effect until atter
the Board has received sixty ( 60) days written
notice from the issuer of the Letter of Credit
of the pending expiration . Said notice shall
be sent by certified mail to the Clerk to the
Board of County Commissioners .
8 . 2 Trust Deed upon all or some of the proposed
development or other property acceptable to the
Board of County Commissioners provided that the
following are submitted :
1 .
-9-
8800930
- In the event property within the proposed
development is used as collateral, an
appraisal is required of the property in the
proposed development by a disinterested M.A. I .
member of the American Institute of Real
Estate Appraisers indicating that the value of mw
the property encumbered in its current degree
of development is sufficient to cover 100% of N
the cost of the improvements as set forth in —)
the Improvements Agreement plus all costs of
sale of the property. • m
- In the event property other than the property
to be developed has been accepted as z wo
collateral by Weld County, then an appraisal ,m
is required of the property by a M.A. I . member c
cKil
of the Institute of Real Estate Appraisers tti
indicating that the value of the property
encumbered in its current state of development tic
is sufficient to cover 100% of the cost of the HO
improvements as set forth in the Improvements z
Agreement plus all costs of sale of the r N
property.
- A title insurance policy insuring that the m• N
Trust Deed creates a valid encumbrance which z 0
is senior to all other liens and encumbrances . m
O
- A building permit hold shall be placed on the o
encumbered property. tsj
• o
8 . 3 Escrow Agreement that provides at least the gl o
following :
- The cash in escrow is at least equal to 100%
of the amount specified in the Improvements -
Agreement. o
- The escrow agent guarantees that the escrowed
funds will be used for improvements as
specified in the agreement and for no other
purpose and will not release any portion of
such funds without prior approval of the
Board.
- The escrow agent will be a Federal or State
licensed bank or financial institution .
- If the County of Weld County determines there
is a default of the Improvements Agreement,
-10- v'
8S009 X'
the escrow agent, upon request by the County,
shall release any remaining escrowed funds to
the County.
8 .4 A surety bond given by a corporate surety
authorized to do business in the State of Colorado
in an amount equivalent to 100% of the value of the
improvements as specified in the Improvements
i;nm
Agreement.
N u,
mw
8 . 5 A cash deposit made with the County equivalent to N J
100% of the value of the improvements.
9 .00 Request for Release of Collateral : Prior to release of
collateral for the entire project or for a portion of • m
the project by Weld County, the Applicant must present a z w
Statement of Substantial Compliance from an Engineer
registered in Colorado that the project or a portion of co
the project has been completed in substantial compliance • N
with approved plans and specifications documenting the
following: y
9 . 1 The Engineer or his representative has made regular z
On-site inspections during the course of
construction and the construction plans utilized ti `• `'
are the same as those approved by Weld County. x r
' N
9 . 2 Test results must be submitted for all phases of m o
this project as per Colorado Department of Highway x
Schedule for minimum materials sampling , testing o
and inspections found in CDOH Materials Manual .
d
9 . 3 "As built" plans shall be submitted at the time the x• 0
letter requesting release of collateral is
submitted. The Engineer shall certify that the r 0
project "as built" is in substantial compliance d
with the plans and specifications as approved or. o r.)
that any material deviations have received prior
approval from the County Engineer.
O
9 .4 The Statements of Substantial Compliance must be
accompanied, if appropriate, by a letter of
acceptance of maintenance and responsibility by the
appropriate utility company, special district or
town for any utilities.
9 . 5 A letter must be submitted from the appropriate
Fire Authority indicating the fire hydrants are in
place in accordance with the approved plans. The
letter shall indicate if the fire hydrants ar / Lf
-11- ç:5c: E>
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 recommendation of
acceptance of the streets for partial maintenance hi
by the County, the applicant( s ) may request release
of the collateral for the project or portion of the mow
project by the Board. This action will be taken at
a regularly scheduled public meeting of the Board. z
9 . 8 The request for release of collateral shall be n
accompanied by "Warranty Collateral" in the amount > 2
of 10% of the value of the improvements as shown in z w
this Agreement excluding improvements fully m
accepted for maintenance by the responsible tl
governmental entity, special district or utility WI v'
company.
y r
9 .9 The warranty collateral shall be released to the H o
applicant upon final acceptance by the Board of z u,
County Commissioners for full maintenance under n w
rt.)
Section 5 . 3 herein.
7C r
9 . 10 In the event improvements to Weld County Road 24 , ro
secured by collateral of this agreement, are c
completed by a third party and accepted by the
Board of County Commissioners pursuant to no
paragraphs 9 . 1 through 9 . 9 , then said collateral
shall be released to applicant. � -G„
x o
10 .0 Public Sites and Open Spaces: When the Board of Countyo
E o
Commissioners, pursuant to a rezoning, subdivision or r
planned unit development , requires the dedication ,
development and/or reservation of areas or sites other o w
than subdivision streets and utility easements of a
character, extent and location suitable for public use
for parks, greenbelts or schools, said actions shall be o ^'
secured in accordance with one of the following
alternatives , or as specified in the PUD plan, if any:
10 . 1 The required acreage as may be determi :l according
to Section 8-15-B of the Weld County Subdivision
Regulations shall be dedicated to the County or the
appropriate school district, for one of the above
purposes . Any area so dedicated shall be approved
by the County or school district , and shall he
maintained oy the County or school district .
10 . 2 The required acreage as determined according to
Section 8-15-8 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.
It m
10 . 3 In lieu of land, the County may require a payment r r
to the County in an amount equal to the market on ui
ia
value at the time of final plat submission of the ,P ,,
required acreage as determined according to Section
8-15-B . Such value shall be determined by a
n
competent land appraiser chosen jointly by the k o
Board and the Applicant . The cash collected shall y �,
be deposited in an escrow account to be expended z o
for parks at a later date. w
ho o0
to N
11 .0 Successors and Assigns: This Agreement shall be binding ti ul
j upon the heirs , executors, personal representatives , z r
successors and assigns of the Applicant, and upon i.3 `
recording by the County, shall be deemed a covenant H o
running with the land herein described, and shall be z
in
binding upon the successors in ownership of said land. n N
IN WITNESS WHEREOF , the parties hereto have caused this x i._,
ear first above written. ari ^'
Agreement to be executed on the day and y ••
0
BOARD OF COUNTY COMMISSIONERS
n
7OUOLORADOp
tri -
;vo
q
MO
ri
`p O
- .
�y re.e ----
4, 0
n -4
o
ATTEST: 2' l
U
ahl
WELD COUNTY `CLERK AND RECORDER
AND CLERIC TO. crfi.
BY:
D putt' Co my C erk
-13-
Yl
880093 \J"/ C,
APPR ED S ' FO :
County Attorney
m tz
APPLICANT: m w
ut u+
WATERFORD RANCH COMPANY, A
COLQRADO CORPORA'
n n-4
o
,, m
z co
Jos h . 0' C nnor, President z a
it
ain
Ca n anessen, Secretary m
x
cnr
H r'
and m �
zu,
.7
n z4k.....____
✓ N
Milton L. Kahn m
(CO
• to
Edwin S . Kahn Po• u'
n
Subscribed and sworn to before me this 207' day o0
of Dr �4Qf 199 My commission expires / -S -0 mb,
*b, m,1+c,-. L.r..lnh • abl`'`S.I(s-B+o to 0
Z
otayublic r
e
1•.1 I:7 '7 " ..'3 n r
c
n r
subscribed and sworn to before me this 11th day of o
December , 1987 . * My Commission expires July 3, 1988
. . by 40e/4 f Otne,474/0/-1 an I/ if.
�
L?A/�/rL' or• l�.f/�.sse�d' -t.
``ri: - ` veerYida M. McCorkle
Notary Public
f O
C
,, .a .
J,
EK:Agreement -14- 880093
i
EXHIBIT "A" PHASE 1
Name of Subdivision: KAHN SUBDIVISION
Filing:
Location: Northeast corner I-25 and Weld County Road 24
Intending to be legally bound, the undersigned Applicant hereby agrees to
provide throughout this subdivision and as shown on the subdivision final plat
dated , 19 , recorded on , 19 , r✓ i
rnw
un un
in Book _ , Page No. , Reception No. , the following al
improvements. W n
0
(].cave spaces blank where they do not apply.)
N
Estimated z w
Z
Unit Cost Construction Cost `°
Improvements hi 0
M tv
Street grading & Subgrade Prep. 2800 S.Y. @ $6.00/S.Y. $16 ,800 t.71
Street base 12" Class 6 2800 S.Y. @ $15.00/S.Y. 42,000
Street paving 1-1/2" Asphalt (new) 1350 S.Y. @ $2.45/S.Y. 3,308 H
Curbs , cutters, and culverts Z ton
Sidewalks O k
Storm Sewer facilities 0v t
Retention ponds i
Ditch improvements N
N
Sub-surface drain,ase 12' "
O
Sanitary sewers W ul
O
Trunk and forced lines t�
n
Mains O
Laterals (house cone) et
On-site Sewage facilities p
On-sire Water supply and storage o
Water mains Z o
r
Fire hydrants • 0
Survey & street monuments & boxes n F,
Street lighting O O,
Street name signs O
Fencing requirements O ~
OJ
Laindscani'n,
Park improvements
Street Paving 1-1/2" Overlay 4320 S.Y. @$2.45/S.Y. 10,580
Fabric Mat 2880 S.Y. @$0.75/S.Y. 2 ,160
Tack Coat
144 Gal . 0$1 .75/Gil . 252 SUB-TOTAL $75,100
Engineering and Supervision Costs x,7,190 _
(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 $ 82,290
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 authoiiced ubeat.
Said improvements sl Il be completed accordi 4r. e construction schedule
set out in Exhibit "!i". --
WAT RFORD R ICH 0 rANY , M;I n L KaI}n
A C ORA ( R ,T ON r atArri
Jos i , O' Connor, President
(If_ ' ,n, to be signett'by .. President and attested to by Secretary,
ogc !�y� ith eta purate scaa.:� d/�
__ _7-''�,.: Date ee e, f 1� , 19 D/
•
�tra�f ICJ. Va:�essen, SecrEL��ry , r� ±� '
• ,
.,
—15—
EXHIBIT "B" PHASE I.
Name of Subdivision: KAHN SUBDIVISION
Filing:
Location: Northeast, corner I-25 & County Road 24
Intending to be legally bound, the undersigned Applicant hereby agrees to
construct the improvements shown on the final subdivision plat of
Subdivision,
. std
dated , 19 , Recorded on . 19 , r H
en to
cn u,
in Book , Page No. Reception No. , the following -a —J
schedule.
All improvments" shall be completed within 6 months of Weld County z
issuing a building permit for Kahn Minor subdivision. '°
co
Construction of the improvements listed in Exhibit "A" shall be completed go
7d
as follows:
H
(Leave spaces blank where they do not apply.) z u,
C] ko
Improvements Time for Completion
Street grading As Stated “
Street base As Stated O
Street paving As Stated
Curbs, gutters, and culverts
Sidewalks d
Storm Sewer facilities rgi
Retention ponds
Ditch improvements X.
Sub-surface drainage ti
- t7
Sanitary sewers '
Trunk and forced lines n Y
Q J
Mains
Laterals (house cone) • C)
O -4
On—site Sewage facilities
On—site Water stpnly and storaje
Water mains
Fire hydrants
Survey & street monuments & boxes
Street lighting •
Street name signs
Fencing requirements
Landscaping
Park improvements
Street Paving 1-1/2" Overlay As Stated
Fabric Mat As Stated
(toted
su13-TOTAL The County, at its option, and upon the request by the Applicant , may grant
an extension of time for completion for any particular improvements shown
above ,, upon a show n ; by the Applicant that a abo e - schedule cannot be met.
WATERFO'0 RA i AN ,
A COLOR A - . Kah
oseph ' . o? 'r, a n
(If corporation, to be •siilmedlq I'•r.esi ent and attested to by Secretary,
toge • orate shah:)
Cal ' 1 anessen,' Secretary ` ` Date: , 19
-16- 880099
DEPART, _NT OF PLANNING SERVICES
( PHONE(303)356-4000 EXT.4400
f 915 10th STREET
1 GREELEY,COLORADO 80631
C.
COLORADO
February 10, 1988
Board of County Commissioners
Weld County Centennial Center
915 Tenth Street
Greeley, CO 80631
Re: Subdivision Improvements Agreement
Dear Commissioners:
Attached is a copy of the agreement for the required improvements for Kahn
Minor Subdivision, Case S-272. The Weld County Engineering Department and
the Weld County Attorneys' Office have reviewed this agreement and set forth
no objections.
The Department of Planning Services' Staff is recommending that the Board of
County Commissioners authorize the chairman to sign this agreement.
Respectfully submitted,
eit Schu�
Current Planner
KAS:dn
6800 G B
(fait ,inn mEMORAnDUM
WilkTo Keith Schuett Date January 26 , 1988
COLORADO From Lee D. Morrison, Assistant County Attorney
Subject: Kahn Subdivision Improvements Agreement
The Subdivision Improvements Agreement, as proposed, appears
satisfactory.
The Letter of Credit should contain a provision specifying that
one reason for drawing against the Letter of Credit is a failure
to provide proof of adequate collateral being assured for the time
frame following expiration of the Letter of Credit. That is , if
the Letter of Credit is not to renew and there is no adequate
substitute collateral provided thirty (30) days prior to the
expiration of the Letter of Credit, then the County should be able
to make demand on the current Letter before it expires.
With respect to the other portions of the Letter of Credit
documents, I cannot obviously review all of them until the
language referenced in the bank' s letter is actually provided. In
general , however, the form appears adequa �.
Lete D. Morrison --
Assistant County Attorney
LDMtss
JAN
2 6 1988
Weld Co. Plain sad a,
I�
mtmoRAnDum
Wilk Keith annett
�uxrent Planner Date_ -__ oate January 26. 1988
COLORADO From Donald R. Carrell.} $ngineering Administrative Manager
subjecKahn Subdivision,_Minor Subdivision S-272:86:17______
(Waterford Ranch Company) Improvement Agreement
The Engineering Department has reviewed the improvement agreement
policy regarding collateral for improvements and find no conflicts
with it. We are forwarding the agreement to Lee Morrison, Assistant
County Attorney for finalization of the document.
DRC/rs
xc: Commissioner Yamaguchi 5,�,��5
Planning Referral File: Kahn Sub
\i'
JAN 27 1988
Weld Co- Planoi ng untnnussffil,
EJSCb
II III Central Bank
%�Ilo Denver
December 15, 1987
y DEC 21 1987
Weld County Board of Commissioners
County Court House
Greeley, Colorado
Re: Kahn Subdivision, Weld County, Colorado
Dear Sirs,
We have committed to issue a letter of credit for $82,290.00, in favor of Weld
County, when requested by Milton L. Kahn and Edwin S. Kahn, subject to review of
the terms of the documentation by our legal counsel.
We have reviewed the portion of the Improvements Agreement relating to the letter
of credit requirements and are prepared to issue the letter of credit substantially
in accordance with the requirements stated in the agreement. However, the
paragraphs which refer to the unreleased portion of the letter of credit appear to
be relevant to the beneficiary and the applicant and not to the bank, and therefore
need not be included in the terms of the letter of credit.
We propose issuing the letter of credit on our form (specimen copy attached) . It
would be payable against presentation of your sight draft on us accompanied by:
a) Your signed statement as follows: "We hereby certify that Milton L. Kahn and
Edwin S. Kahn have not performed the obligations specified in the Improvements
Agreement dated and we have notified them of such default," and
b) The original letter of credit.
The letter of credit would carry an expiration date to be fixed one year from the
date of issuance. In addition, the letter of credit will have an "evergreen"
clause which states: "This credit shall be deemed automatically extended without
amendment for one year from the expiry date unless at least sixty (60) days prior
to the expiry date Central Bank of Denver shall notify the beneficiary by certified
letter that it elects not to consider this credit renewed for such additional
period."
If any of the terms of the proposed letter of credit are not acceptable to you,
please notify me and/or Ed Kahn as soon as possible.
Sincerely, /
Roy J. Becker
International Banking Officer
cc: Edwin S. Kahn
Cathy Goss
1515 Arapahoe Street / Denver, Colorado 80292 / (303) 893-3456
IRREV' .STANDBY OF CREDIT
(II
II IIII Central Bancorporc,•run, Inc. Place of Issue Date of Issue
•
BANK NAME:
LETTER OF CREDIT NUMBER
ADDRESS: -
of issuing bank of advising bank
TELEX NUMBERS: 45-4427 45-2010 13208
BENEFICIARY APPLICANT
Ae -
ADVISING BANK AMOUNT
EXPIRY
Date in for Negotiation
We hereby issue this irrevocable standby credit which is available by you,F-draftFdrawn at
drawn on
Bearing the Clause:"Drawn under irrevocable standby credit no.
Accompanied by the following documents: { "
CA fit
E®
We hereby agree to honor each draft drawn and in compliance with Advising Bank's Notification:
the terms of this credit if duly presented(together with the documents
as specified) at this office on or before the expiry date. Except so far
as otherwise stated, this credit is subject to the "Uniform Customs
and Practice for Documentary Credits" (7983 revision). International
Chamber of Commerce, Publication No.400.
Authorized Signature- Place,date,name and signature of Advising Bank
ISD 6 Rev.8/86 880099
Rocky Mountain Consultants, Inc.
1960 Industrial Circle, Suite A • Longmont, CO 80501 • (303) 772-5282 '
Offices also located in Denver and Estes Park, CO • Metro line: 665-6283
December 16, 1987
Mr. Kieth Schuett
Current Planner
Department of Planning Services
Weld County
915 10th Street
Greeley, CO 80631
Dear Kieth:
I have enclosed the Weld County Improvements Agreement for Kahn
Minor Subdivision. The Agreement is signed by all property owners .
A letter of credit is the type of collateral selected by the
property owners. The Central Bank of Denver will issue the letter of
credit when advised by Weld County that it is appropriate.
I assume the next step in the process is a meeting with the Weld
County Commissioners. Please notify me when you have the meeting
scheduled.
Sincerely,
ROCKY MOUNTAIN /C�/O//N�SULTANTS, INC.
Kenneth C. Dell , A. I .C.P.
x "11 n1
Hi".✓r) b , ?'1
r t, I n 194J
l
P!annin2 C,ommissbt
880999
C
II III Central Bank
l) ® Denver
February 23, 1988
Weld County
Dept. of Planning Services
Attn: Keith Schuett
915 10th Street
Greeley, Colorado 80631
Gentlemen:
Enclosed is the original and one copy of our Standby
Irrevocable Letter of Credit No. 11 -133-5 issued in
your favor for the account of Milton L. & Edwin S. Kahn .
Please acknowledge receipt of this L/C by signing the
enclosed pink copy and returning to me in the enclosed
self-addressed envelope.
Sincerely yours,
Jamie L. Watson
International Services
Enclosures
88_€099
131, ibir5:O1ir
FEB 24 1988
1515 Arapahoe Street / Denver, Colorado 80292 / (303) 893-3456 held Cu- °brrn d
I IRREVOC LE STANDBY OF CREDIT
C
o p CentralBancorporak I, Inc. Place e gve1' , CO Date 01l o J23/88
BANK NAME: Central Bank of Denver
ADDRESS: P.O. Box 5548 T.A. LETTER OF CREDIT NUMBER
Denver, Colorado 80217 p1Is6 ing bank 1 of advising bank
TELEX NUMBERS: 454427 45-2010-. - _ - l- ^ � �O �- - - _ —
BENEFICIARY - - APPLICANT _
WELD COUNTY-DEPT-. OF PLANNING SICES MILTONL. KAHN AND EDWIN S KAHN
915 10TH STREET 1441. 18TH -STREET : --
GREELEY, COLORADO 80631 DENVER, COLORADO 80202
ATTN: Keith Schuett
ADVISING BANK AMOUNT
N/A $82 , 290 . 00 (EIGHTY-TWO THOUSAND
N/A TWO HUNDRED NINETY AND NO/100
N/A DOLLARS)
u,..; 1 d/ at., EXAIpA
Date in for Negotiation
S 1Gi1T
We hereby issue this irrevocable standby credit which is available by your drafts drawn at
drawn on Central Bank of Denver, P.O. Box 5548 T.A. , Denver , Colorado 80217
Bearing the Clause:"Drawn under irrevocable standby credit no. 11-13305
Accompanied by the following documents:
1 . BENEFICIARY ' S SIGNED STATEMENT AS FOLLOWS : "WE HEREBY CERTIFY .THAT
idILTCi1 L . KAHN AND EDWIN S . KAHN HAVE NOT PERFORMED THE OBLIGATIONS
SPECIFIED IN THE IMPROVEMENTS AGREEMENT DATED FEBRUARY 10 , 1988 , AND
WE HAVE NOTIFIED THEM OF SUCH DEFAULT . "
2 . THIS ORIGINAL LETTER OF CREDIT NO. 11-13305 .
THIS CREDIT SHALL BE DEEMED AUTOMATICALLY EXTENDED WITHOUT AMENDMENT FOR
ONE YEAR FROM THE EXPIRY DATE UNLESS AT LEAST SIXTY ( 60 ) DAYS PRIOR TO THE
{PITY DATE . CENTRAL BANK OF DENVER SHALL NOTIFY THE BENEFICIARY BY
CERTIFIED LETTER THAT IT ELECTS NOT TO CONSIDER THE CREDIT RENEWED FOR SUCH
ADDITIONAL PERIOD . FOLLOWING SUCH NOTICE WELD COUNTY MAY IMMEDIATELY DRAW
AGAINST THIS LETTER OF CREDIT WITH A SIGNED STATEMENT AS FOLLOWS : "WE
HEREBY CERTIFY THAT WE HAVE RECEIVED NOTICE FROM CENTRAL BANK OF DENVER
THAT LETTER CF CREDIT NC . 11-13305 WILL NOT BE RENEWED AND THAT THE
APPLICANT HAS FAILED TC PROVIDE PROOF CF ADEQUATE COLLATERAL IN SUB—
STITUTION OF THE LETTER OF CREDIT . "
We hereby agree to honor each draft drawn and in compliance with Advising Bank's Notification:
the terms of this credit if duly presented(together with the documents
as specified) at this office on or before the expiry date. Except so far
as otherwise stated, this credit is subject to the "Uniform Customs
and Practice for Documentary Credits" (1983 revision). International
Chamber of Commerce, Publication No.400.
Auth ize �ign lure- Place.date,name and signature of Advising Bank
Roy .i. backer
LSD 6 Rev_8/86
Hello