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Home My WebLink About860024.tiff RESOLUTION RE: APPROVAL OF IMPROVEMENTS AGREEMENT - ACCORDING TO POLICY REGARDING COLLATERAL FOR ACCESS ROADS BETWEEN WELD COUNTY, BEEBE DRAW LAND COMPANY, LTD. AND BEEBE DRAW FARMS PROPERTY OWNERS ASSOCIATION 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, pursuant to Section 11-1 of the Weld County Subdivision Regulations, the Board has been presented with an Improvments Agreement according to the policy regarding collateral for access roads, said Improvements Agreement being between Weld County, Beebe Draw Land Company, Ltd. and Beebe Draw Farms Property Owners Association, and WHEREAS, after review, the Board deems it advisable to approve said Improvements Agreement, with the terms and conditions being as stated in the Agreement, a copy of which is attached hereto and incorporated herein by reference. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, Colorado, that the Improvements Agreement according to the policy regarding collateral for access roads between Weld County, Beebe Draw Land Company, Ltd. and Beebe Draw Farms Property Owners Association be, and hereby is, approved. The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 30th day of December, A.D. , 1985 . 1 �"v BOARD OF COUNTY COMMISSIONERS ATTEST WELD COUNTY, COLORADO Weld County Clerk and Recorder and Clerk to the Board J cqu i ne J h son, Chairman EXCUSED B11-, by/1 < <::, Gene R. Brantner, Pro-Tem De uty County Cle APPROVED TO FORM: C.W. ��l�0'I /�� G r2 . Lacy C/ County Attorney 1•'ran s Yama c %�J/� IMPROVEMENTS -AGREEMENT -ACCORDING POLICY REGARDING -COLLATERAL FOR IMPROVEMENTS THIS AGREEMENT, made and entered into this 30SHday of DECEMBER 1585, by and between the County of Weld, State of Colorado, acting through its Board of County Commissioners, hereinafter tailed "County" , and Beebe Draw Land -Company, Ltd. , -a Colorado limited partnership and Beebe Draw Farms Property Owners Association, hereinafter called "Applicant". WITNESSETH: WHEREAS, Applicant has enteredinto a Road Maintenance and Improvement Agreement with Meld County covering "-Access Roads" to its P.U.D. (portions of WCR 32 and 39) said access roads not being on the property of the Applicant: 1. This Road Maintenance and Improvement Agreement shall be incorporated into this Collateral Agreement, and in the event of a -conflict between these two documents, the Road Maintenance and Improvement Agreement shall prevail . 2. This Agreement is to guarantee the performance of work -required under the -attached Road Maintenance and Improvement Agreement between the Applicant and the -County as defined in paragraphs 9 through 15 of said agreement. The estimated cost of $2,200,000.00 indicates today' s estimated cost projected out for three years at 5% (five percent) inflation per year. WHEREAS, a final sub-division plat of said property, to be known as BEEBE DRAW FARMS AND $RQUESTRIAN -CENTER FIRST FILING has been submitted to the County for approval ; and WHEREAS, Section 11-1 of the Weld County Subdivision Regulations provides that no final plat shall be approved by the County until the Applicant has submitted a Subdivision Improvement Agreement guaranteeing the construction of the public improvements for access -roads as required by the County Commission as described in the Road Maintenance and Improvement 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 access Toads improvements described in the Road Maintenance and Improvement Agreement made a part hereof by this reference. 1.1 The required engineering services shall be performed by a professional Engineer and band 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 to the County. 1.3 Applicant shall furnish drawings and cost estimates for the Access Roads to the County prior to the letting of any construction contract. Before acceptance of the Access Roads by the County, applicant shall furnish one (1) set of reproducible "as 'built" drawings and a final statement of construction costs to the County. 3.0 Construction: Applicant shall furnish and install , at its own expense, the improvements descri-bed in the Road Maintenance Agreement -which is attached hereto and made a part hereof by this reference. 3 1 Said construction shall be in strict conformance to the plans and drawings approved by the County and the specifications adopted by the County for such public improvements. 3.2 Applicant shall employ, at its own expense, a qualified testing company -previously approved by the County to -perform all testing of materials or construction that is required by the County; and shall furnish copies of test results to the County. 3.3 At all times during said contraction, the County shall tave the right to -test and inspect or to require testing and inspection of material and work at Applicant's expense. -Any material -or work not conforming to the approved plans and specifications shall to removed and replaced to the satisfaction of the County at the Applicant' s expense. 3.4 The Applicant shall furnish proof that proper arrangements have been made for the relocation of sanitary sewer or septic systems, water, -gas, electric and telephone services. 3.-5 Said access road improvements shall be completed, according to the terms of this Agreement, within the construction schedule appearing in the Road Maintenance and Improvements Agreement. The Board of County Commissioners, at its option, may grant an extension of the time of completion shown in the agreement upon application by the Applicant subject to the terms of Section 6 herein. 5.3 Upon completion of the construction of Access Roads and the filing of a Statement of Substantial Compliance, the applicant(s) may request in -2- writing that the County Engineer inspect its Access Roads and recommend that the Board of County Commissioners accept them for partial maintenance by the County. Partial maintenance consists of all maintenance except for actual repair of access roads. Not sooner than nine months after acceptance for partial maintenance of access roads, the County Engineer shall , upon request by the applicant, inspect the subject access roads, and notify the applicant(s) of any deficiencies. The County Engineer shall re-inspect the streets after notification from from the applicant( s) that any deficiencies have been corrected. If the County Engineer finds that the streets are constructed according to County standards, he shall recommend acceptance of access roads for full maintenance. Upon a receipt of a positive unqualified recommendation from the County Engineer for acceptance of access roads as public facilities and County property, and shall be responsible for the full maintenance of said access roads including repair. 6.0 General Requirements for Collateral : 6.1 The value of all collateral submitted to Weld County must be equivalent to 100% of the value of the improvements as shown in this Agreement. The Applicant is in the process of formimg a Metropolitan District as expeditiously as possible, which, upon its formation will fund the cost of the improvements that are the subject of the Road Maintenance and Improvements Agreement. The Plat shall be recorded within six months of the Final Plat approval . If the Metropolitan District has not been completed within 18 months of the recording of the Final Plat other acceptable collateral will be 'provided to the County, or no further building permits will be issued. The Applicant may request that the County extend the period for formation of the Metro District provided the cost estimates are updated and the development plans revised to comply with all current County standards, policies and regulations. The improvements shall be completed in accordance with the terms of the Agreement unless the Applicant requests that this Agreement be renewed at least thirty (30) days prior to its expiration and further provides that cost estimates for the remaining improvements are updated and collateral is provided in -3- the amount of 100% of the value of the improvements remaining to be completed. If improvements are not completed and the agreement not renewed within these time frames, the County, at its discretion, may make demand on all or a portion of the collateral and take steps to see that the improvements are made. 6.2 As security for the performance of the road maintenance as called for in paragraph 3, Page 2 of the Road Maintenance and Improvements Agreement, the -Applicant shall furnish a performance bond annually guaranteeing the performance of any maintenance of access roads which may be required under this Agreement. Said bond shall be for the benefit of -the County, be in the amount of the annual estimated cost of maintenance, and be renewed annually so long as any maintenance of access roads is required under this Agreement. Failure to maintain such performance bond at all times required herein shall allow the County to demand, upon 60 days notice and opportunity to cure, that the Applicant proceed to pave the primary accesses defined in paragraph 1 of the County of Weld, State of Colorado, Road Maintenance Agreement dated April 3, 1985. 7.0 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 of County Commissioners. 7.1 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 an amount equivalent of 100% of the total value of the improvements as set forth in Section 6.0 and exhibits "A" and "B" . - 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 -4- V equal to a minimum of 100% of the estimated costs of completing the uncompleted portions of the required improvements, based on inspections of the development by the issuer. In no case shall disbursement for a general improvement item exceed the cost estimate in the Improvements Agreement (i .e. , streets, sewers, water mains and landscaping, etc.) . The issuer of the Letter of Credit will sign the Improvements Agreement acknowledging the agreement and its cost estimates. - The Letter of Credit shall specify that 15% of the total Letter of Credit amount cannot be drawn upon and will remain available to Weld County until released by Weld County. - The Letter of Credit shall specify that the date of proposed expiration of the Letter of Credit shall be either the date of release by Weld County of the final 15%, or one year from the date of Final Plat approval , whichever occurs first. Said letter shall stipulate that, in any event, the Letter of Credit shall remain in full force and effect until after the Board has received sixty (60) days written notice from the issuer of the Letter of Credit of the pending expiration. Said notice shall be sent by certified mail to the clerk to the Board of County Commissioners. 7.2 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 Real Estate Appraisers indicating that the value of the property encumbered in its current degree of development is sufficient to cover 100% of the cost of the improvements as set forth in the Improvements Agreement plus all costs of sale of the property. - 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 -5- of the property encumbered in its current state of development is sufficient to cover 100% of the cost of the improvements as set forth in the Improvements Agreement plus all costs of sale of the property. - A title insurance policy insuring that the Trust Deed creates a valid encumbrances which is senior to all other liens and encumbrances. - A building permit hold shall be placed on the encumbered property. 7.3 Escrow Agreement that provides at least the following: - 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 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, the escrow agent, upon request by the County, shall release any remaining escrowed funds to the County. 7.4 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 Agreement. 7.5 A cash deposit made with the County equivalent to 100% of the value of the improvements. 8.0 Request for Release 9f Collateral : Prior to release of collateral for the entire project or for a portion of the project by Weld County, the Applicant 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: 8.1 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. -6- 8.2 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 . 8.3 "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. 8.4 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. 8.5 A letter must be submitted from the appropriate Fire Authority indicating the fire hydrants are in place in accordance with the approved plans. The letter shall indicate if the fire hydrants are operational and state the results of fire flow tests. 8.6 The requirements in 8.0 thru 8.5 shall be noted on the final construction plans. 8.7 Following the submittal of the Statement of Substantial Compliance and recommendation of acceptance of the streets for partial maintenance by the County, the Applicant 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. 8.8 The request for release of collateral shall be accompanied by "Warranty Collateral " in the amount of 10% of the value of the improvements as shown in this Agreement excluding improvements fully accepted for maintenance by the responsible governmental entity, special district or utility company. 8.9 The warranty collateral shall be released to the Applicant upon final acceptance by the Board of County Commissioners for full maintenance under Section 5.3 herein. 9.0 The obligations of Applicants hereunder shall not be assigned without the prior written consent of the County, but such consent shall not be unreasonably withheld. 10.0 Successors and Assigns: This Agreement shall be binding upon the heirs, -7- y�Oa2/ executors, personal representatives, successors and assigns of the Applicant, and upon recording by the County, shall be deemed a covenant running with the land herein described, and shall be binding upon the successors in ownership of said land. IN WITNESS WHEREOF, the parties hereto have caused this Agreemennt to be executed on the day and year first above written. BOARD OF COUNTY COMMISSIONERS WELD COUNTY, COLORADO 7' ATTEST: " i ? „_ ' . p . Weld County Clerk and Recorder and Clerk to the Board , By: /�„ �7 eputy'%unty C k APPROV AS TO FORM: o At or eye APPLICANTS: BEEBE RAW L D COMPANY, LTD. Mor 1 •Burls, enera Partner Subscribed and sworn to before me this ,may& day of k1Peer,,, i , 1985. My commission expires: ,hiv ,r , rif/r ,,- F : • y e t ii t �,r%w f-� Notary Public BEEBE DRA FARMS PROPERTY OWNERS ASSOCIATI N By: s en Subscribed and sworn to before me thi s &,>4i day of Le de,,,,,z, , , 1985. My commission expires; e ,'f /11* 11 o ary publ'ic -8- Beebe Draw Land Company, Ltd. c/o John B. Houtchens Attorney at Law 1007 Ninth Avenue Greeley, CO 80631 It shall be the obligation of the parties to notify each other of any change of address , registered agent, or change of ownership. IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement the day and year first above written. ATTEST: BOARD OF COUNTY COMMISSIONERS WELD COUNTY, COLORADO Weld County Clerk and Recorder and Clerk to the Board By- r �;, \ . , ., \ ;. � n,1 \ Chairman By: - Deputy Clerk ATTEST: BEEBE DilAW FARMS AND EQUESTRIAN CENTER ( #ROPERTY OWNERS ASSOC�AtION _ By: ��1VUjj By: � ) n 3 P ATTEST: BEEBE DRAW LAND COMPANY, LTD. By: By: 'YMx . 61/49444 Lama- 6 ,fCC ,/ feria,„„ mEmORAnDUm wine Gloria V. Dunn To Current Pl anner Srart7 —,— _ December 12, 1985 _ Date---.._._— COLORADO From . Dona`!d R. Carroll , Administrative Manager Subject: Amended S-247:85:10 - Beebe Draw Land Company, Ltd. The Engineering Department has reviewed both road improvement agreements and find no conflicts with it. ,ii3 DRC/bf Weld Ca. Planmiw oninfisF,t,s f 7 / Hello