HomeMy WebLinkAbout950846.tiffRESOLUTION
RE: APPROVE IMPROVEMENTS AGREEMENT ACCORDING TO POLICY REGARDING
COLLATERAL FOR IMPROVEMENTS (PRIVATE ROAD MAINTENANCE) AND FORM
OF COLLATERAL - SCOTCH PINE ESTATES MINOR SUBDIVISION, C/O WILLIAM
JERKE
WHEREAS, the Board of County Commissioners of Weld County, Colorado, pursuant to
Colorado statute and the Weld County Home Rule Charter, is vested with the authority of
administering the affairs of Weld County, Colorado, and
WHEREAS, the Board, by Resolution dated February 6, 1995, did approve a Minor
Subdivision Final Plat to be known as Scotch Pine Estates Minor Subdivision, c/o William and
Charles Jerke, and
WHEREAS, the Board has been presented with an Improvements Agreement According
to Policy Regarding Collateral for Improvements for Private Road Maintenance between the County
of Weld, State of Colorado, by and through the Board of County Commissioners of Weld County,
on behalf of the Department of Planning Services, and William and Charles Jerke, with terms and
conditions being as stated in said agreement, and
WHEREAS, after review, the Board deems it advisable to approve said agreement and
approve the form of collateral presented as an Irrevocable Clean Sight Letter of Credit drawn on
Norwest Bank of Colorado, N.A., copies of which are 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 Policy Regarding Collateral for
Improvements for Private Road Maintenance between the County of Weld, State of Colorado, by
and through the Board of County Commissioners of Weld County, on behalf of the Department of
Planning Services, and William and Charles Jerke be, and hereby is, approved, with the following
condition:
1. The applicant shall amend the agreement to include an approximate or specific start
date in Exhibit B.
950846
PL0956
fir( ; PL.)JerKe J ero
AGREEMENT - JERKE
PAGE 2
BE IT FURTHER RESOLVED by the Board that the form of collateral presented as an
Irrevocable Clean Sight Letter of Credit drawn on Norwest Bank of Colorado, N.A. be, and hereby
is, approved, with the following corrections:
1. Exhibit A, letter A: Replace the word "CITE" with the word "SIGHT".
2. Exhibit A, letter B: Remove the words "INTERNAL QUOTES" and enclose the
following words.in internal quotes.
The above and foregoing Resolution was, on motion duly made and seconded, adopted by
the following vote on the 19th day of April, A.D., 1995.
ATTEST:
Weld County Clerk to the Board
BY
LaP
Deputy Clerlttb the Board
APP D AS TO F
ounty A
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, CQLO1w2ADO
Dale K. Hall, Chairman I �/
JFri "i/SJ
arbarca ,I. Kirkmeyer, o-Tem
Georg Baxter
1
=?i4G�wii iu '
Constance L. Harbert
FXCIJSFfl
W. H. Webster
950846
PL0956
RECEIVED MAR 1 5 1995
2439842 B-1493 P-687 05/25/95 04:30P PG 1 OF 12 REC DOC
Weld County CO Clerk & Recorder 0.00
Axzv39ea2
IMPROVEMENTS AGREEMENT ACCORDING
POLICY REGARDING COLLATERAL FOR IMPROVEMENTS
(PRIVATE ROAD MAINTENANCE)
r_ tfig. '�C j'�s�
r FEB 1995
1
nt,nninn
THIS AGREEMENT, made and entered into this /QdL day of LLf I /9 1J' , by and
between the County of Weld, State of Colorado, acting through its Board of County
Commissioners, hereinafter called "County",and William H. and Charles W. Jerke
hereinafter called "Applicant".
WITNESSETH:
WHEREAS, Applicant is -the owner of or has a controlling interest in the following
described property in the County of Weld, Colorado:
Lot B of Recorded Exemption No. 0961 -3 -1 -RE -691, being a part of the Southeast
Quarter of the Northeast Quarter of Section 32, Township 5 North, Range 65
West of the 6th P.M., County of Weld, State of Colorado.
WHEREAS, a final subdivision/PUD plat of said property, to be known as
Scotch Pine Estates Minor Subdivision has been submitted to
the County for approval; and
WHEREAS, of the Weld County Subdivision Regulations provides that
no final plat shall be approved by th.a County until the Applicant has submitted
a Subdivision Improvement Agreement guaranteeing the construction of the public
improvements shown on plans, plats and supporting documents of the 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 Engineerina Services: Applicant shall furnish, at its own expense, all
engineering services in connection with the design and construction of the
subdivision improvements listed on Exhibit "A" which is attached hereto
and made a part of 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 profiles, estimates, construction supervision,
and the submission of necessary documents to the County.
956846
2439842 B-1493 P-687 05/25/95 04:30P PG 2 OF 12
1.3 Applicant shall furnish drawings and cost estimates for roads within the
subdivision to the County for approval prior to the letting of any
construction contract. Applicant shall furnish one set of reproducible
"as -built" drawings and a final statement of construction cost to the
County.
2.0 Rights -of -Way and Easements: Before commencing the construction of any
improvements herein agreed upon, Applicant shall acquire, at its own
expense, good and sufficient rights -of -way and easements on all lands and
facilities traversed by the proposed improvements.
3.0 Construction; Applicant shall furnish and install, at 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 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. 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
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
and standards of the County shall be adhered to. If both the
incorporated community an the County have requirements and
standards, those requirements and standards that are more
restrictive shall apply.
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 construction, the County shall have the
right to test and inspect or to require testing and inspection of
material and work at Applicant's expense. Any material or work not
conforming to the approved plans and specifications shall be removed
and replaced to the satisfaction of the County at Applicant's
expense.
3.4 The Applicant shall furnish proof that proper arrangements have been
made for the installation of sanitary sewer or septic systems,
water, gas, electric and telephone services.
950846
2439842 B-1493 P-687 05/25/95 04:30P PG 3 OF 12
3.5 Said subdivision improvements shall be completed, according to the
terms of this Agreement, within the construction schedule appearing
in Exhibit "B". The Board of County Commissioners, at its option,
may grant an extension of the time of completion shown on Exhibit
"B" upon application by the Applicant subject to the terms of
Section 6 herein.
4.0 Release of Liability: Applicant shall indemnify and hold harmless the
County from any and all liability loss and damage county may suffer as a
result of all suits, actions or claims of every nature and description
caused by, arising from, or on account of said design and construction of
improvements, and pay any and all judgments rendered against the County on
account of any such suit, action or claim, together with all reasonable
expenses and attorney fees incurred by County in defending such suit,
action or claim whether the liability, loss or damage is caused by, or
arises out of the negligence of county or its officers, agents, employees,
or otherwise except for the liability, loss, or damage arising from the
intentional torts or the gross negligence of the county or its employees
while acting within the scope of their employment. All contractors and
other employees engaged in construction of the improvements shall maintain
adequate workman's 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.
(THERE IS NO SECTION 5)
6.0 pvoroval of Streets by the County: Upon compliance with the following
procedures by the Applicant, streets within a subdivision may be approved
by the County as public roads and will be maintained and repaired by a
homeowners association or, in its absence, the owners of lots within the
subdivision.
6.1 If desired by the County, portions of street improvementsmaybe placed in
service when completed according to the schedule shown on Exhibit "B", but
such use and operation shall not constitute an approval 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 "B", and may continue to issue building
permits so long as the progress of work on the subdivision improvements in
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
request in writing that the County Engineer inspect its streets and
recommend that the Board of County Commissioners partially approve them.
Not sooner than nine months after partial approval, the County Engineer
shall, upon request by the applicant, inspect the subject streets, and
950846
2439842 B-1493 P-687 05/25/95 04:30P PG 4 OF 12
notify the applicant(s) of any deficiencies. The County Engineer shall
reinspect the streets after notification 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
full approval. Upon a receipt of a positive unqualified recommendation
from the County Engineer for approval of streets within the development,
the Board of County Commissioners shall fully approve said streets as
public but with private pay.
7.0 General Requirements for Collateral:
7.1 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. Prior to Final Plat approval, the applicant shall
indicated which of the five types of collateral he prefers to be
utilized to secure the improvements subject to final approval by the
Board of County Commissioners and the execution of this Agreement.
Acceptable collateral shall be submitted and the plat recorded
within six (6) months of the Final Plat approval. If acceptable
collateral has not been submitted within six (6) months then the
Final Plat approval and all preliminary approvals shall
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 one (1) year after the Final
Plat approval (not one year after acceptable collateral is
submitted) unless the applicant(s) 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 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.
7.2 The applicant may choose to provide for a phased development by
means of designating filings of a Planned Unit Development Plan or
Final Plat Subdivision. The applicant would need only to provide
collateral for the improvements in each filing as approved. The
County will place restrictions on those portions of the property
that are not covered by collateral which will prohibit the
conveyance of the property or the issuance of building permits until
collateral is provided or until improvements are in place and
approved pursuant to the requirements for a Request for Release of
Collateral.
7.3 The applicant intends to develop in accordance with Exhibits "A" and
"B".
950846
2439842 B-1493 P-687 05/25/95 04:30P PG 5 OF 12
8.0 Improvements Guarantee: The five types of collateral listed below are
acceptable to Weld County subject to final approval by the Board of County
Commissioners.
8.1 An irrevocable Letter of Credit from a Federal or State licensed
financial institution on a form approved by Weld County. The letter
of credit shall state at least the following:
The Letter of Credit shall 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
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.
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:
95G846
2439842 B-1493 P-687 05/25/95 04:30P PG 6 OF 12
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 H.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 H.A.I. member of
the Institute of Real Estate Appraisers indicating that the
value of the property encumbered in its current state of
development is sufficient to cover 100% of the cost of the
improvements as set forth in the Improvements Agreement plus
all costs of sale of the property.
A title insurance policy insuring that the Trust Deed creates
a valid encumbrance which is senior to all other liens and
encumbrances.
A building permit hold shall be placed on the encumbered
property.
8.3 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.
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
Agreement.
8.5 A cash deposit made with the County equivalent to 100% of the value
of the improvements.
9508/16
2439842 B-1493 P-687 05/25/95 04:30P PG 7 OF 12
9.0 Request for Release of 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:
9.1 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.
9.2 Test results must be submitted for all phases of this project as per
Colorado Department of Highway Schedule for minimum materials
sampling, testing and inspections found in CDOH Materials Manual.
9.3 "As built" plans shall be submitted at the time the letter
requesting release of collateral is submitted. The Engineer shall
certify that the project "as built" is in substantial compliance
with the plans and specifications as approved or that any material
deviations have received prior approval from the County Engineer.
9.4 The Statements of Substantial Compliance must be accompanied, if
appropriate, by a letter of acceptance of maintenance and
responsibility by the appropriate utility company, special district
or town for any utilities.
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 are
operational and state the results of fire flow tests.
9.6 The requirements in 9.0 through 9.5 shall be noted on the final
construction plans.
9.7 Following the submittal of the Statement of Substantial Compliance
and recommendation of approval of the streets by the County, the
applicant(s) may request release of the collateral for the project
or portion of the project by the Board. This action will be taken
at a regularly scheduled public meeting of the Board.
9.8 The request for release of collateral shall be accompanied by
"Warranty Collateral" in the amount of 102 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.
9.9 The warranty collateral shall be released to the applicant upon
final approval by the Board of County Commissioners.
9508/16
2439842 B-1493 P-687 05/25/95 04:30P PG 8 OF 12
10.0 Public Sites and Open Spaces: When the Board of County Commissioners,
pursuant to a rezoning, subdivision or planned unit development, requires
the dedication, development and/or reservation of areas or sites other
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 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 determined according to 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 maintained by the County or school
district.
10.2 The required acreage as determined according to the Weld County
Subdivision Regulations, may be reserved through deed restrictions
as open area, the maintenance of which shall be a specific
obligation in the deed of each lot within the subdivision.
10.3 In lieu of land, the County may require a payment to the County in
an amount equal to the market value at the time of final plat
submission of the required acreage as determined according to the
Subdivision Ordinance. Such value shall be determined by a
competent land appraiser chosen jointly by the Board and the
Applicant. The cash collected shall be deposited in an escrow
account to be expended for parks at a later date.
11.0 Successors and Assigns: This Agreement shall be binding upon the heirs,
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 Agreement to be
executed on the day and year first above written.
95G8 �:6
2439842 B-1493 P-687 05/25/95 04:30P PG 9 OF 12
IMPROVEMENT AGREEMENT
PRIVATELY MAINTAINED ROADS
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COJ..ORADO
APPROVED AS TO FORM:
eputy Cl to the Board
,
APPLICANT
, JeWilliammJer e
BY: Partner
Sutst4be4 1t sworn to before me this 2,9._ day of
*
My Co®m4#'sit Wires:
\‘11,?,:
_ KJ•
aprtvats:db'
(title)
Notary Public
950818
2439842 A-1493 P-687 05/25/95 04:30P PG 10 OF 12
EXHIBIT "A"
Name of Subdivision: Scotch Pine Estates Minor Subdivision
Filing: First
Location: SE 1/4 of NE 1/4 of Section 32, TSN, R65W
Intending 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.
(Leave spaces blank where they do not apply)
Improvements
Street grading
Street base
Street Davin?
Curbs, gutters. & culverts
Sidewalk
Storm sewer facilities
Retention ponds
Ditch improvements
Subsurface drainage
Sanitary sewers
Sanitary sewers
Trunk & forced lines
Mains
Laterals (house connected)
On -site sewave facilities
On -site water supply
Water mains -Includes
Fire hydrants
Survey & street monuments &
Street lighting
Street name signs
Fencing requirements
Landscaping
Park improvements
Road Culvert
Grass Lined Swale
Telephone
Gas
Electric
Water Transfer
Firs Tina
L" Otani Pipp
Estimated
Unit Cost Construction Cost
$1.00/so. yd.
$2.00/sq. yd.
& storage
Bore
$3.00/LF
boxes
$1s0 nn/aoch
$600.00/lot
S3 50/T.F
S1,Onn nn/Tnt
$i, nn/IF
$9OO nn/aarh
$10,186.00
8,828.00
4,584.00
3nn nn
3.600.00
s Snn nn
(1, nnn nn
,n08 00
7Q0 00
SUB -TOTAL
Engineering and Supervision Costs S 5 nnn nn
(testing, inspection, as -built plans and work in addition to preliminary and
final plat; supervision of actual construction by contractors)
$A7,906 nn
950846
2439842 B-1493 P-687 05/25/95 04:30P PC: 11 OF 12
Name of Subdivision:
First
Filing:
Scotch Pine
EXHIBIT "B"
Estates Minor Subdivision
Location: SE 1/4 of NE 1/4 of SEction 32. TSN.
Intending to be legally bound, the
construct the improvements shown
, 19 , Recorded on , 19 , in
Book , Page No. , Reception No. , the following
schedule.
All improvements shall be completed
approval of the final plat.
Construction of the improvements
follows:
(Leave spaces blank where they do not apply.)
Improvements
Site grading 3 Wepkc
Street base
Street paving
Curbs. vutters and culverts
Sidewalk
Storm sewer facilities
Retention ponds
Ditch improvements
Subsurface drainage
Sanitary sewers
Trunk and forced lines
Mains
Laterals (house connected)
On -site sewage facilities
On -site water supply and storage
Water mains 7
Fire hydrants 2
Survey 6 street monuments 6 boxes
Street lighting
Street name signs
Fencing requirements
Landscaping
Park improvements
Telephone
Gas
Electric
Water Transfer
Sub -Total 13 weeks — 3 days
The County, at its option, and upon the request by the Applicant, may grant
extension of time for completion for any particular improvements shown above,
upon a showing by the Applicant that the above schedule cannot be met.
R65W, Weld County
undersigned Applicant hereby agrees to
on the final subdivision plat of
Subdivision, dated
within years from the date of
listed in Exhibit "A" shall be completed as
2 Weeks
Time for Completion
Weel(C
days
1 day
Mnalro
7 wets
2 Weeks
an
(If corporation, to be signed by President and attested to by Secretary, together
with corporate seal.)
Date:
At,/ , 19LS.
950846
2439842 B-1493 P-687 05/25/95 04:30P PG 12 OF 12
TOTAL ESTIMATED COST OF IMPROVEMENTS AND SUPERVISION $47,206.00
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.
Said improvements shall be completed according to the construction schedule set
out in Exhibit "B".
S, 94 -Ai” it_
(In corporation, to be signed by President and attested to by Secretary, together
with corporate seal.)
Date: F.-4 2/ , 19,95- .
950848
■■.■■
Nails
NORIYEST BANKS
MUM
MEMO
CLEF.'‘
NORWEST BANK COLORADO, NA
LETTER OF CREDIT DEPARTMENT
1740 BROADWAY
ONE NORWEST CENTER
DENVER, CO 80274-8685
TELEX NUMBER 168118 NBI DVR
SWIFT ADDRESS: NWNBUS55
FAX: (303) 863-4898
IRREVOCABLE STANDBY LETTER OF CREDIT
OUR REFERENCE NUMBER: S800599
MAY 23, 1995
BENEFICIARY:
BOARD OF COMMISSIONERS OF
WELD COUNTY
915 10TH STREET
GREELEY, CO 80631
GENTLEMEN:
a.
AT THE REQUEST OF: JERKE BROS.
23003 WELD COUNTY ROAD 39
LASALLE, CO 80645
AND FOR THE ACCOUNT OF: SAME
WE HEREBY ISSUE OUR IRREVOCABLE STANDBY LETTER OF CREDIT NUMBER
S800599 WHICH IS AVAILABLE BY PAYMENT AGAINST BENEFICIARY'S
DRAFT(S) AT SIGHT, DRAWN ON NORWEST BANK COLORADO, NATIONAL
ASSOCIATION.
THIS CREDIT IS FOR AN AGGREGATE AMOUNT NOT TO EXCEED A TOTAL OF
U.S. DOLLAR 47,206.0(
DOLLARS). DRAFTS YSUBMITTED SEVEN OMUST DBEWACCOMPAO NIED IX AND
BY
THE FOLLOWING DOCUMENTS:
1. THIS LETTER OF CREDIT.
2. A STATEMENT PURPORTEDLY SIGNED AN OFFICIAL OF THE BOARD OF
COUNTY COMMISSIONERS OF WELD COUNTY, COLORADO STATING
THAT:
99-50-997 (Rev. 4/92)
***CONTINUED ON NEXT PAGE ***
950846
II►II
IIIN'
NORWEST BANKS
NSW
MINIM
OUR REF. NO. S800599 PAGE 2
"THE UNDERSIGNED, AN AUTHORIZED SIGNER, HEREBY CERTIFIES
THAT WILLIAM AND CHARLES JERKE HAVE COMMITTED A MATERIAL
BREACH OF THE IMPROVEMENTS AGREEMENT ACCORDING TO POLICY
REGARDING COLLATERAL FOR IMPROVEMENTS REGARDING SCOTCH
PINES SUBDIVISION DATED THE 19TH DAY OF APRIL, 1995 BY
AND BETWEEN WILLIAM AND CHARLES JERKE AND THE BOARD OF
COUNTY COMMISSIONERS OF THE COUNTY OF WELD."
SPECIAL CONDITIONS:
THIS LETTER OF CREDIT IS AUTOMATICALLY EXTENDED, WITHOUT
AMENDMENT, FOR ADDITIONAL ONE YEAR PERIODS FROM THE CURRENT
EXPIRATION DATE UNLESS 60 DAYS PRIOR TO SUCH CURRENT EXPIRATION
DATE NORWEST BANK NOTIFIES BENEFICIARY IN WRITING THAT THE
LETTER OF CREDIT WILL NOT BE RENEWED. IN THE EVENT YOU RECEIVE
SUCH NOTIFICATION, YOU MAY DRAW BY PRESENTATION OF THE FOLLOWING:
A. A DRAFT AT SIGHT DRAWN ON NORWEST BANK, AND
B. STATEMENT PURPORTEDLY SIGNED BY AN OFFICIAL OF THE BOARD OF
COUNTY COMMISSIONERS OF WELD COUNTY, COLORADO STATING THAT
"WE HAVE RECEIVED NOTICE FROM NORWEST BANK THAT LETTER OF
CREDIT NO. S800599 WILL NOT BE RENEWED AND THAT WILLIAM AND
CHARLES JERKE HAVE FAILED TO PROVIDE PROOF OF ADEQUATE
COLLATERAL AND SUBSTITUTION OF THIS LETTER OF CREDIT NO.
S800599."
ANK ING C. COPY
LETTERFOFETTER CREDITROM NO.NORWEST S800599BAND THE ORIGINAL NON -RENEWAL
ORIGINALLETTER OF
CREDIT.
EXPIRES AT OUR COUNTERS AT 3:00 PM DENVER TIME ON MAY 01, 1996.
ALL DRAFTS MARKED: UNDER RBANK DO,
NATIONAL ASSOCIATION, IRREVOCABLE STANDBY LETTER OF CREDIT
NUMBER S800599 DATED MAY 23, 1995.
CANCELLATION OF L/C PRIOR TO EXPIRATION
THIOFIT
AAND STATEMENTENTS) MUST PURPORTEDLYESIGNEDNETO BY US
LETTER THE
BENEFICIARY STATING THAT:
"THIS LETTER OF CREDIT IS NO LONGER REQUIRED BY US AND IS
***CONTINUED ON NEXT PAGE ***
99-50-997 (Rev_ 4/92)
950869
NINES
NORWEST BANKS
IMMIX
"N'
OUR REF. NO. S800599 PAGE 3
HEREWITH RETURNED TO THE ISSUING BANK FOR CANCELLATION."
AGREE TO HONOR EACH DRAFT DRAWN AND IN COMPLIANCE WITH
OF THIS CREDIT IF DULY PRESENTED (TOGETHER WITH THE
AS SPECIFIED) TO NORWEST BANK COLORADO, NA, 1740
ATTN: LETTER OF CREDIT DEPARTMENT, DENVER, CO
5 ON OR BEFORE THE EXPIRY DATE.
WE HEREBY
THE TERMS
DOCUMENTS
BROADWAY,
80234-868
THIS CREDIT IS ISSUED SUBJECT TO THE UNIFORM CUSTOMS AND
PRACTICE FOR DOCUMENTARY CREDITS (1993 REVISION), INTERNATIONAL
CHAMBER OF COMMERCE PUBLICATION NO. 500.
NORWEST BANK COLORADO, NATIONAL ASSOCIATION
BY:
(AUTHORIZED SIGNATURE)
950846
99.50-992 (Rev. 4/92)
,s4,t7 MEMORANDUM
INKTO: Board of County Commissioners April 18, 1995
COLORADO From: Keith A. Schuett, Current Planner II
SUBJECT: Improvements Agreement and Letter of Credit for Case S-
363 Bill Jerke
The attached Improvements Agreement and Letter of Credit were submitted as part of the
Minor
Subdivision Final Plat, Case S-363. Public Works and the Attorney's Office reviewed the
Improvements Agreement and the Attorney's Office reviewed the Letter of Credit.
The Department of Planning Services' Staff recommends that the Board of County
Commissioners approve the improvements agreement with the following condition:
The agreement be amended to include an approximate or specific start
date in Exhibit "B".
The Department of Planning Services' Staff recommends that the Board of County
Commissioners accept the form of the Letter of Credit with the following conditions:
Exhibit "A" letter A. replace the word "SITE" with the word "SIGHT"
Exhibit "A" letter B. remove the words "INTERNAL QUOTES" and
enclose the folowing words in internal quotes
95086
‘iitt;
COLORADO
mEmORAnDUm
Keith Schuett, Planning Dept. March 17, 1995
To Date
From
Lee D. Morrison, Assistant Weld County Attorney
Your Memo Regarding the Improvements Agreement for Case S-363
Subject:
This Memorandum is in reference to the above referenced case number. I have reviewed the
Improvement Agreement and the only suggestion I have is that the time frame be clarified in
Exhibit "B". There needs to be an approximate start date if not a specific one.
Please feel free to call me on Wednesday, March 22, 1995 if you have concerns.
) � c
Lee D. Morrison
Assistant Weld County Attorney
1 �c Vii_
//Sr' x ,
\i MAR 1995 I
w
950846
4/,
t
;744
COLORADO
To
From
Subject:
mEmoRAIMum
Keith Schuett, Current Planner March 17, 1995
Date
Don Carroll, Project Coordinator a
Improvement Agreement (Private Road Maintenance)
S-363; William H. and Charles W. Jerke
I have reviewed the Improvement Agreement and the cost indicated in Exhibit "A" for street
grading and street base. I have no conflict with these prices.
cc: Commissioner Webster
S-363 file
planl.dc
rtrwiriElgVn‘i
MAR ` 1995
951:MIS
Hello