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Home My WebLink About990346.tiff • RESOLUTION RE: APPROVE IMPROVEMENTS AGREEMENT ACCORDING TO POLICY REGARDING COLLATERAL FOR IMPROVEMENTS (PRIVATE PARKING AND LANDSCAPING IMPROVEMENTS) AND ACCEPT COLLATERAL SPR #291 - CENTENNIAL BANK OF THE WEST 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, Department of Planning Services staff did approve a Site Plan Review, SPR #291, for a parcel of land located in the Western Dairymen Cooperative Planned Unit Development, on the following described real estate, to-wit: Lots 1 and 2, Block 1, Western Dairymen Cooperative, Inc., located in the W% of the NE'%, Section 10, Township 2 North, Range 68 West of the 6'" P.M., Weld County, Colorado WHEREAS, pursuant to certain Conditions of Approval in said Site Plan Review, the Board has been presented with an Improvements Agreement According to Policy Regarding Collateral for Improvements (Private Parking and Landscaping Improvements) between the County of Weld, State of Colorado, by and through the Board of County Commissioners of Weld County, and Centennial Bank of the West, with terms and conditions being as stated in said Site Plan Review, and WHEREAS, the applicant has submitted collateral in the form of an Irrevocable Letter of Credit No. 1100000230, drawn on Farmer's Bank, 213 1st Street, Eaton, Colorado 80615, in the amount of$131,000.00, and WHEREAS, after review, the Board deems it advisable to approve said agreement and accept said collateral, 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 (Private Parking and Landscaping Improvements) between the County of Weld, State of Colorado, by and through the Board of County Commissioners of Weld County, and Centennial Bank of the West be, and hereby is, approved. BE IT FURTHER RESOLVED by the Board that collateral in the form of an Irrevocable Letter of Credit No. 1100000230, drawn on Farmer's Bank, 213 1s' Street, Eaton, Colorado 80615, in the amount of$131,000.00, be, and hereby is, accepted. 990346 �f Pt 4/. PL18.71a/05 • • IMPROVEMENTS AGREEMENT WITH COLLATERAL - CENTENNIAL BANK OF THE WEST PAGE 2 The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 24`" day of February, A.D., 1999. BOARD OF COUNTY COMMISSIONERS D OUNTY, CO ORADO ATTEST: ► ,�i`' 1 ! )\ Dale K. Hall, Chair Weld County Clerk to thf`=o qc 1 'EXCUSED DATE OF SIGNING (AYE) , _ J Barbar J. Kirkmeyer, Pro-Tern BY: Deputy Clerk to the rr n. " W\,1 'George`E. Baxter APPRO D AS TO FORM: EXCUSED DATE OF SIGNING (AYE) M. J. Geile yAttorney � . FLU. Glenn Vaad 990346 FLVaal &/05 IMPROVEMENTS AGREEMENT (PRIVATE PARKING AND LANDSCAPING IMPROVEMENTS) THIS AGREEMENT, made and entered into this 24th day of February , 1999, by and between the County of Weld, State of Colorado, acting through its Board of County Commissioners, hereinafter call `County', and Centennial Bank of the West 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: Lots 1 and 2, Block 1, Western Dairymen Cooperative, Inc., Weld County Colorado, located in W 'A of NE 'A, Section 10, T2N, Range 68 West of the 6`" P.M. WHEREAS, a final Site Plan of said property,to be known as Site Plan for Centennial Bank of the West, Case Number SPR-29 1, has been submitted to the County for approval; and WHEREAS, § 23 of the Weld County Zoning Ordinance provides that no final Site Plan shall be approved by the County until the Applicant has submitted an Improvements Agreement guaranteeing the construction of the private parking and landscaping improvements shown on the plans and supporting documents of the Site Plan, 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 the acceptance and approval of said final Site Plan and subsequent issuance of required building permit(s), the parties hereto promise, covenant and agree as follows: 1. Construction: Applicant shall furnish and install, at its own expense, the private improvements listed on Exhibit"A"which is attached hereto and 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. a. Construction shall be in strict conformance to the approved Site and Landscape Plans. b. At all times during the construction, the County reserves the right to inspect the work. Any work not meeting the intent of the plan shall be replaced to conform to the approved plans at the Applicant's expense. c. The work shall be completed in the time frame defined in Exhibit 'B'. The County Commissioners may grant extensions at their discretion. -1- 11111111111111111111111 II 1111111 Illill MOM It IIII 2679767 03/12/1999 04:40P Weld County CO 1 of 6 R 0.00 D 0.00 JA Suki Taukamoto d. The Applicant intends to develop the Site in accordance with the approved plans. 2. Improvements Guarantee: a. The Applicant has caused an irrevocable Letter of Credit to be issued in the amount of$ 131,000.00, as the amount equal to 100% of the cost of improvements as set forth in Exhibit 'A'. (1) The Letter of Credit will be issued by Farmers Bank, located at 100 Elm Avenue, Eaton, Colorado. (2) The Letter of Credit provides for payment upon demand to Weld County if the Applicant has not performed the obligations specified in this Improvements Agreement and the issuer has been notified of said default. (3) The Applicant may draw from the Letter of Credit in accordance with the provisions of this policy. (4) 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 upon inspections of the development by the issuer. In no case shall disbursement for an improvement item exceed the cost estimates outlined in Exhibit 'A'. (5) 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, which release shall not unreasonably withheld. (6) 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 Site Plan 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. -2- 11111111111111111111111111111111111111 III 11111 IIII IIII 2679757 03/12/1999 04:40P Weld County CO 2 of 6 R 0.00 D 0.00 JR Sukl Tsukamoto 3. Request for Release of Collateral: Prior to release of the collateral for the improvements set forth in Exhibits "A" and "B,"the Applicant will present a statement of Substantial Compliance from an Architect registered in Colorado stating that, to the Architect's best knowledge and belief, the improvements or portion thereof, have been completed in substantial compliance with approved plans and specifications. Said Statement(s) of Compliance will be issued to the Weld County department of Planning Services for review and preparation of a recommendation to the County Commissioners. 4. 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. 1 111111 111111 1111 X11111111111111 III 111111111 III 236ofT6TR00,0/1999 D 0.004JA0P Suklld County CO Tsukamoto -3- IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed on the day and ear first above written. ATTEST: /�J�l///�, BOARD OF COUNTY COMMISSIONERS 47 / �' �,i� WELD COUNTY, COLORADO CLERK TO THE BOFi � COUNTY COMMISSI6 °�: n in r' 1 (T 6,.a,;:--?,..„----„,-;:? ------1 Dale K. Hall, Chairman ' A..1 ta'`//9? `,h1kcl t Deputy Clerk to the ? „ o �- � let�C .-L-. / 1,1>r- , � � Barbara J. Kirkmeyer APPROVED AS TO FORM: / z/`c George E. xter By - .--1 72Wel ourfy Attorney Mike Geile A /% . -- APPLICANT: Glen Vaa - Centennial Bank of the West By: Title: Lea-pr/I— SUBSCRIBED AND SWORN to before me this , 'Idt day of 1999 by ll ij111L777 , Q4 ; Y�✓ff,�C(.i/G7y Not Public My Commission expires: 01,//4,47QOj/ -4- ,. 1 111111 11111 111111 111111 II 1111111111111 III 11111 IIII IIII 2679757 03/12/1999 04:40P Weld County CO 4 of 6 R 0.00 D 0.00 JR Sukt Tsukamoto EXHIBIT 'A' CENTENNIAL BANK of the WEST SITE PLAN IMPROVEMENTS COST ESTIMATE Private Parking Improvement Costs $ 71,000.00 Private Landscaping Improvement Costs $ 60,000.00 TOTAL ESTIMATED COST OF IMPROVEMENTS $ 131,000.00 The above improvements shall be constructed in accordance with the approved plans and specifications prepared by J.W. MILLER ASSOCIATES, 203 South Main Street, Suite D, Longmont, Colorado, 80501. Said improvements shall be completed in accordance with the construction schedule set forth in Exhibit 'B'. CENTENNIAL BANK OF THE WEST By: Title: te-VG11,— Date: adrtdidz, / ? , 1999 1111111 11111 111111 111111 11 111IIII 111111 III 11111 Ell Illl 2679757 03/12/1999 04:40P Weld County CO 5 of 6 R 0.00 D 0.00 JR Suit! Tsukamoto -1- EXHIBIT B' CENTENNIAL BANK of the WEST SITE PLAN CONSTRUCTION SCHEDULE Intending to be legally bound, the undersigned Applicant hereby agrees to construct the improvements shown on the approved final Site Plan and Landscape Plan of the CENTENNIAL BANK OF THE WEST in Western Dairymen Cooperative, Inc., Subdivision, dated 2 October, 1998, revised 28 December, 1998, and Recorded on_ , 1999, according to the following schedule. All improvements shall be completed within on year of the date of approval of the final Site Plan or issuance of the building permit(s), whichever is later. Construction of the improvements listed in Exhibit "A" shall be completed as follows: Improvement Time for Completion Private Parking Area On or before 1 June 1999 Landscaping On or before 30 September 1999 Weld County, at its option, and upon the request by the Applicant, may grant an extension of time for completion for any portion of the improvements shown above, upon a showing by the Applicant that the above schedule cannot be met. CENTENNIAL BANK OF THE WEST By: !/Lf/ Title: ‘04-74 Date:Je l V J7 , 1999 TIED 11111111111HMI 1111111111111 2679757 03/12/1999 04:40P Weld County CO B of 6 R 0.00 D 0.00 JR Suki Tsukamoto -1- MEMORANDUM Wine TO: Board of County Commissioners COLORADO FROM: Ben Patton, Planner SUBJECT: SPR-291 Improvements Agreement and Collateral February 22, 1999 The Department of Planning Services' Staff; Lee Morrison, Assistant County Attorney; and Don Carroll, Public Works Engineer have reviewed and recommend acceptance of the Improvements Agreement and Letter of Collateral from the representatives of the Centennial Bank of the West, applicant for SPR-291. Exhibit "A" of the Improvements Agreement identifies two major areas of needed spending: "Private Parking Improvement Costs": $71,000.00 "Private Landscaping Improvement Costs" $60,000.00 Total: $131,000.00 Exhibit "B" of the Improvements Agreement identifies the time line for the improvements: "Private Parking Area": On or before 1 June 1999 "Landscaping": On or before 30 September 1999 The applicant has chosen as their form of collateral an Irrevocable Letter of Credit, issued by Farmer's Bank, which guarantees that 100 % of the total value of the Improvements will be completed by the applicant. Note: An accurate, complete version of these documents was not received by Planning Staff until 4:00 P.M. Friday, February 19, 1999. SERVICE,TEAMWORK.INTEGRITY,QUALITY 990346 FL 71=54fri a/o 5 4T3" • FARMERS BAN K etrn VNP A G0‘3 fie` 999 IRREVOCABLE LETTER OF CREDCREDITFC0 ,, bO Letter of Credit Number: 1100000230 ` Ct`� Beneficiary: Weld County Commissioner(hereinafter called "Beneficiary") 915 10th Street Greeley, Colorado 80631 To Whom It May Concern: Please be advised that Farmers Bank, a State Chartered Bank(hereinafter called the"Issuer"), established an Irrevocable Letter of Credit in favor of the Beneficiary for the account of Centennial Bank of the West, a branch of Eaton Bank(hereinafter called"Applicant")up to the aggregate sum of One Hundred Thirty One Thousand and no/100 Dollars ($131,000.00) available by Beneficiary's drafts at sight drawn on Issuer. All drafts drawn under this Letter of Credit must bear the clause: "Drawn under Irrevocable Farmer's Bank Letter of Credit dated February 4, 1999." Issuer hereby agrees with Beneficiary that drafts drawn strictly in compliance with the terms of the credit will be duly honored upon due presentation to Issuer. Other terms and conditions: 1. 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 upon inspections of the development by the issuer. In no case shall disbursement for an improvement item exceed the cost estimates outlined in Exhibit "A". 2. Be advised that 15% of the total Letter of Credit amount cannot be drawn upon and will remain available to Beneficiary, until released by the Beneficiary, which shall not be unreasonably withheld. 3. The date of proposed expiration of the Letter of Credit shall be either the date of P.O.BOX 200 • 203 1•T STREET AULT,CO 80610 • (303)834-2121 • FAX(303)834-1351 P.O.BOX 200 • 213 YT STREET • EATON,CO 80615 • (303)454-3434 • FAX(303)454-3436 1 C y • release by the Beneficiary of the final 15%,or one year form the date Of Site Plan approval, whichever occ us first.-In any event,the Letter of Credit shall remam,m full force and effect until after the Board ad 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 mad to-the Clerk to the Board of County Commissioners. Sincerely, , ,�� et iCiVtAC2 Witham W.Howard Sr. Vice President WWH/bw Hello