HomeMy WebLinkAbout972083.tiffRESOLUTION
RE: APPROVE ACCEPTANCE OF IRREVOCABLE LETTER OF CREDIT AS COLLATERAL
FOR PHASE 8 OF LONGVIEW SUBDIVISION - MCSTAIN ENTERPRISES, INC., S #378
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, by Resolution #952500 dated December 20, 1995, the Board did enter into
a Road Maintenance and Improvement Agreement (Off -Site) and an Improvements Agreement
(On -Site) with McStain Enterprises, Inc./Longview Community, LLC., and
WHEREAS, the Board has been presented with an Irrevocable Letter of Credit for Phase
8 of said Longview Subdivision, which is in the amount of $439,173, dated September 10, 1997,
and drawn on the Colorado Mortgage Company, drawn on the Colorado Mortgage Company,
Manhattan Plaza Building, 75 Manhattan Drive, Boulder, Colorado 80303, and
WHEREAS, after review, the Board deems it advisable to accept said collateral, 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 Irrevocable Letter of Credit for Phase 8 of said Longview Subdivision,
which is in the amount of $439,173, dated September 10, 1997, and drawn on the Colorado
Mortgage Company, be, and hereby is, accepted as collateral for Phase 8 of the Longview
Subdivision.
The above and foregoing Resolution was, on motion duly made and seconded, adopted by
the following vote on the 24th day of September, A.D., 1997.
BOARD OF COUNTY COMMISSIONERS
WELD IyOUNTY,CQLORADO
ATTEST:
Weld Colt
BY.
Deputy Cler
oard
APP' . ' . AS Tom• RM:
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George Baxter, Chair
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C nce L. Harbert Pro -
Dale K. Hall
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' Barbara J. Kirkmexer
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W. H. Webster
972083
PL0386
COLORADO lvori5.a ze C,o.
Manhattan Plaza Building
75 Manhattan Drive, Boulder, Colorado 80303
Phone 499-5400 IRREVOCABLE LETTER OF CREDIT
September 10, 1997
Weld County Board of County Commissioners
915 Tenth Street
P. O. Box 1948
Greeley, Colorado 80632
RE: PUBLIC IMPROVEMENTS, LONGVIEW PHASE 8
Colorado Mortgage Co., 75 Manhattan Drive, Suite 200, Boulder,
Colorado, 80303 hereby authorizes you to draw on us for account of
Longview Community, LLC, Boulder, Colorado, 80303, up to an
aggregate amount of U. S. Dollars FOUR HUNDRED THIRTY NINE THOUSAND
ONE HUNDRED SEVENTY THREE AND NO/100 DOLLARS ($439,173.00), such
amount not available except by your drafts at sight, accompanied by
certification of the Weld County Engineer, that LongView Community,
LLC. failed to complete installation of the public improvements for
the Longview development, Weld County, Colorado, in accordance with
the Improvements Agreement for Longview, known as LongView Phase 8,
dated brc. o;la95 , by and between Weld County and LongView
Community LLC, a Colorado corporation. A list of public
improvement costs is attached hereto and incorporated herein as
"Exhibit 1." They include Phase 8 water, sewer, streets, storm,
landscaping, gas, phone, electric, engineering and supervision
costs.
We hereby further agree that:
(a) Drafts under and in compliance with the terms of this
Irrevocable Letter of Credit will be duly honored if presented at
our office at 75 Manhattan Drive, Suite 200, Boulder, Colorado,
80303, on or before September 10, 1998.
(b) Funds available under this Irrevocable Letter of Credit may be
drawn in such amounts and at such times as determined by the County
E;:'.gineer, in his/her sole discretion, provided that the amount
drawn shall not exceed the aggregate amount specified herein.
(c) We shall have no right, duty, obligation, or responsibility to
evaluate the performance or non-performance of the underlying
contract between Longview Community, LLC and the beneficiary of
this letter of credit.
972083
PC ; F7 , PL 1-71 E
cCORPORATE SEAL
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Page 2 - Irrevocable Letter of Credit - Longview, Weld County
(d) This Letter of Credit will be reduced upon Weld County's
construction acceptance of the public improvements to fifteen
percent (15%), where applicable, upon instruction from the County.
(e) The Letter of Credit covering the final 15% shall remain in
full force and effect until the final 15% is released by the County
or until after the Board has received sixty (60) days prior notice
to expiration of this Letter of Credit, whichever occurs first. We
shall notify you in writing of the pending expiration date. Said
notice shall be sent by certified mail to the Clerk of the Board of
County Commissioners.
(f) The amount of any draft drawn hereunder must be endorsed on
the reverse side hereof. All drafts must be marked "Drawn under
Irrevocable Letter of Credit No. 6 , Longview Community LLC."
MOH]
.et-tag.10th day of September, 1997.
COLORADO MORTGAGE CO.
BY ^' v /`JZ
WILLIAM J. SUITTS, 0-a_ g
President
972083
Name of Subdivision: Longview - Phase a - L ----A j 1
Location: Part of East 1/2 of Southwest 1/4 of Section 5, T2N, R68W
Intended to be legally bound, the undersigned Applicant hereby agrees to provide throughout
this subdivision and as shown on the subdivision final plat County dated , 19
recorded on , 19 , in Book , Page No. , Reception
No. , the following improvements.
ITEM
NO. OF UNITS
UNIT COST
TOTAL COST
WATER
2" Water Line
6" Water Line
8" Water Line
2" Fittings
8" Fittings
2" Valves
6" Valves
8" Valves
Fire Hydrants
2" Taps
3/4" Water Services
STREETS
Mountable Curbwallc
Mountable Curb
Crosspan
Handicap Ramps
Asphalt
Subgrade Prep.
Curb Grading
Concrete
SEWER
6" Sewerline with Underdrain
8" Sewerline with Underdrain
12" Sewerline with Underdrain
Sanitary Sewer Manholes
6" Cleanout
Sewer Services
STORM
Trickle Channel - 2'
1820 L.F.
34 L.F.
2220 L.F.
Ea.
Ea.
7 Ea.
3 Ea.
3 Ea.
3 Ea.
7 Ea.
77 Ea.
820 L.F.
3800 L.F.
245 S.F.
3 Ea.
5134 S.Y.
6202 S.Y.
4620 L.F.
1068 S.Y.
2440 L.F.
1480 L.F.
700 L.F.
8 Ea.
7 Ea.
77 Ea.
1170 L.F.
$ 8.00
13
14
50
180
200
365
480
1000
150
200
Subtotal
$ 13
7.00
3.60
150
7.50
1.00
1.00
18
$ 14,560.00
442.00
31,080.00
0.00
0.00
1,400.00
1,095.00
1,440.00
3,000.00
1,050.00
15,400.00
$ 69,467.00
$ 10,660.00
26,600.00
882.00
450.00
38,505.00
6,202.00
4,620.00
19,224.00
Subtotal $ 107,143.00
$ 15 . $ 36,600.00
16 23,680.00
22 15,400.00
1000 8,000.00
450 3,150.00
150 11,550.00
Subtotal $ 98,380.00
$ 4.00 $ 4,680.00
Subtotal $ 4,680.00
2472404 8-1528 P-163 01/18/96 04:22P PG 22 OF 25
972033
PHASE 8 (con't)
ITEM
NO. OF UNITS UNIT COST
TOTAL COST
MISCELLANEOUS
Landscaping
Plantings/Irrigation
Gas, Phone, Electric
1 L.S.
77 Ea.
$ 48,500
1,170
Subtotal
SUBTOTAL
$ 48,500.00
90,090.00
$
$
Engineering and Supervision Costs
(testing, inspection, as -built plans and work in addition to preliminary and final plat:
supervision of actual construction by contractors).
'TOTAL ESTIMATE COST OF IMPROVEMENTS AND SUPERVISION
PHASE 8 TOTAL
138,590.00
418 260.00
$20,913.00
$439,173.00
The above improvements shall be constructed in accordance with all County requirements and
specifications, and conformance with this provision shall be determined solely by Weld County,
or its duly authorized agent.
Prior to the issuance of building permits on any phase, a Letter of Credit equal to that portion of
of improvements not completed as shown hereon shall be provided to Weld County.
Said improvements shall be completed according to the construction schedule set out in
Exhibit "B".
(In corporation, to be signed by President and attested to by Secretary, together with corporate
seal.)
Date: 19
2472404 S-1528 P-163 01/18/96 04:22P PG 23 OF 25
972083
�t, MEMORANDUM
Wi`Ps TO: Board of County Commissioners September 22, 1997
From: Todd A. Hodges, Current Planner II-/
SUBJECT: S-378, acceptance of Letter of Credit for Phase 8
improvements.
The Department of Planning Services, Public Works Department and Weld County Attorney's office
have reviewed the Letter of Credit in the amount of $439,173.00 for improvement in Phase 8 of the
Longview Community, LLC PUD.
The Department of Planning Service's staff recommends that the Board of County Commissioners
accept the Letter of Credit
Attached is a copy of the applicants request letter, Letter of Credit and the approved improvements
agreement.
972083 1
LongView Community, LLC
75 Manhattan Drive, Suite 1
Boulder, CO 80303
Todd Hodges
Weld County Planning Department
1400 North 17th Avenue
Greeley, CO 80631
August 11, 1997
Re: LongView-New phase construction and improvement guarantees
Dear Mr. Hodges,
McStain Enterprises, Inc. as manager of the LongView project wishes to continue lot
development of another phase. We would like to deviate from the phase plan
presented in our improvements agreement and develop phase 8. This order of
development would better utilize the extension of sewer, water and electric utilities
and complete the landscaping along Colorado Highway 119. It represents the
development of 77 lots which is no fewer than the completion of phases 4 and 5
which includes 72 lots. Currently all lots in phases 1, 2 and 3 are fully developed
and 130 of the 149 building sites have homes completed.
We anticipate the progression of further phases as follows:
Phases 7 and 4
Phase 5
Phase 6
71 lots and the completion of Longview St.
60 lots and the completion of Big Bend St.
all remaining lots
We ask your approval of this variance of construction phasing and are ready, with
your approval, to present a letter of credit as collateral for all improvements.
Thank you for your consideration of this request and we want to reassure you that
it represents no less of a commitment to the successful completion of this project.
Sincerely,
i�'-i nC
Paul Anderson
3 copies
LongView: A McSmin Community
1 1 105 Weld County Road 3 _ • Longmont, CO 80504
(303) 682-9100 • Aterm (303) 516-9000
J72:,3133
n Ann •n• n 1C10 0 1[O Al /10/AL A1..19n Tin C nn ^IQ
S 972083
PLAT MAPS AVAILABLE IN FILE
LONGVIEW PUD FINAL PLAN
S #378
972083
PL0386
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