HomeMy WebLinkAbout981188.tiff RESOLUTION
RE: APPROVE CANCELLATION AND RELEASE OF COLLATERAL FOR HILLCREST
ESTATES MINOR SUBDIVISION, S #445 - FRANCIS
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 dated May 13, 1998, the Board did approve an
Improvements Agreement with Thomas and Linda Francis, P.O. Box 700, Windsor, Colorado
80550, concerning property described as:
Lot B of RE #1936, being further described as the E%,
NE'%< of Section 25, Township 6 North, Range 67 West
and the W'/%, NW'% of Section 30, Township 6 North,
Range 66 West of the 6th P.M., Weld County, Colorado
WHEREAS, pursuant to said Improvements Agreement, Irrevocable Standby Letter of
Credit#00069 with the Eaton Bank, in the amount of$25,775.00, was submitted to Weld
County, and
WHEREAS, upon the recommendation of Department of Planning Services staff, the
Board deems it advisable to release said collateral.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of
Weld County, Colorado, that Irrevocable Standby Letter of Credit#00069 with the Eaton Bank,
in the amount of $25,775.00, be, and hereby is, cancelled and released.
BE IT FURTHER RESOLVED by the Board that the Clerk to the Board be, and hereby
is, directed to return said collateral to the appropriate issuing party.
The above and foregoing Resolution was, on motion duly made and seconded, adopted
by the following vote on the 8th day of July, A.D., 1998.
BOARD OF COUNTY COMMISSIONERS
® WELD COUNTY, COLORADO
ATTEST: /AU // EXCUSED DATE OF SIGNING (AYE)
Constance L. Hai-, ert, Chair
Weld County Clerk tot - B•=rd1841 t
l/ 0��� W. H. bster, ro-Terry
BY: bi2
Deputy Clerk to th � / �
�� � eorg . Baxter
AP D O FORM:
Da1iK. Hall
ounty A ney EXCUSED DATE OF SIGNING (AYE)
Barbara J. Kirkmeyer
111111 (IIII 111111 IIII 11111 1111111 ll"I III (IIII IIII II'I 2628701 07/27/1998 04:17P Wald County CO
LK.. Phi r/ cg CF Ii, !'f9'� 981246
1 of 1 R 0.00 D 0.00 JA Sukl Tsukamoto
MEMOtc RANDUM
To: Board of County Commissioners June 24, 1998
WIIVeFrom: Sharyn Frazer, Zoning Compliance Officer, Dept. of Planning Services
COLORADO Subject: S-445, Thomas and Linda Francis (Hillcrest Estates) Release of Collateral
This request from Thomas and Linda Francis, applicant's for a five lot minor subdivision (Lot B of RE-1936, E2
of the NE4 of Section 25, T6N, R67W and W2 of the NW4 of Section 30, T6N, R66W of the 6th P.M., Weld
County, Colorado)approved as Case Number S-445 by the Board of County Commissioners. Weld County holds
a$25,775.00 irrevocable letter of credit which was posted for utility, road and cul-de-sac, a recorded covenants.
All work has been completed on the site in accordance with the Improvements Agreement, and Mr. and Mrs.
Francis requests release of the letter of credit. Staff recommends that the board retain 150/0 warranty collateral,
or$500.00 of the $25,775.00 collateral originally accepted. In one year, at the request of the applicant, Weld
County Public Works will reinspect Hillcrest Subdivision. If no improvements are needed at that time, the
$500.00 which is being held for the street base item, will be released.
The County Attorney's Office and Public Works Department support this request for release of the letter of credit
and acceptance of warranty collateral by the Board. Staff recommends that the Board authorize the same.
SERVICE,TEAMWORK,INTEGRITY,QUALITY
981188
ice\, ‘"" e*** ..,
MEMORANDUM
iTO: Scott Ballstadt, Acting Current Planner II C DATE: June 10, 1998 FROM: Don Carroll, Engineering Administrator y•
COLORADO
SUBJECT: S-445; Thomas and Linda Francis (Hillcrest Estates)
Release of Collateral
I met Mr. Francis at Hillcrest Estates, at his request, to verify the following items: street grading, street base, street
signs, road culverts, and grass lined swales. As per our Improvements Agreement regarding collateral for
improvements, all items have been verified or scheduled. The Weld County Public Works Department is
recommending that the collateral, less $500.00, be released. Approximately 15%, as per Item 8.1.6 of the
agreement, will be retained. In one year, at the request of the applicant, Weld County Public Works will reinspect
Hillcrest Subdivision. If no improvements are needed at that time, the $500.00 which is being held for the street
base item, will be released.
cc: Commissioner Webster
S-445
Thomas Francis
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CLERK TO THE BOARD
PHONE (970) 356-4000, EXT. 4227
FAX (970) 352-0242
P.O. BOX 758
915 10th Street
GREELEY, COLORADO 80632
•
COLORADO
July 24, 1998
THOMAS G. FRANCIS
7150 HIGHWAY 392
PO BOX 700
WINDSOR, CO 80550
RE: Release of Collateral
Dear Mr. Francis:
On July 8, 1998, the Board of County Commissioners approved the release of standby letter of
Credit Number 00069 issued by the Eaton Bank. A copy of the Board's Resolution is enclosed with
the original letter.
If you have questions or need additional information, please do not hesitate to contact me at
(970) 356-4000, Extension 4227.
Sincerely,
46z11 e -%ea
Kimberlee A. Schuett
Deputy Clerk to the Board
9I// (C
r2-
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EATON $AN IC
Our Irrevocable Standby Letter of Credit Number 00069
Beneficiary:Clerk to the Board of County Commissioners
915 10th Street,P.O.Box C
Greeley,Colorado 80632
Expiry Date: May 8, 1999
Dear Sir(s)or Madam(s):
Date of Issue: May 8, 1998
Applicant:Thomas G.Francis
7150 Highway 392,P.O.Box 700
Windsor,Colorado 80550
Amount Available: USD$25,775.00
(Twenty-five Thousand, Seven Hundr d .e - ' Fiv no/100 Dollars)
We hereby open our Irrevocable Letter of Crdit in turf v.r f the n Thomas G. Francis for a sum not to exceed the
aggregate of$25,775.00. This amount shall •e paid sig :-. is a )la eneficiary's draft or drafts.
Each draft so drawn must be marked"Drawn der on ;ank Le er of Cre it No.00069" and be accompanied by a signed statement
from the Board of County Commissioners of -Id C.t (�, Co orad stating Thomas G.Francis has committed a material breach of the
improvements agreement according to policy r ardi': ol er for i provements(Private Road Maintenance)or the Road
Maintenance and Improvement agreement at Hil cres st. es S bdivis n, Weld County,Colorado. Such agreements dated the 8th day
of May, 1998 by and between the Board . ' ou ty o iss)o - of th County of Weld.
This credit is subject, so far as appli ble,t. j. n' ustoms and Practices for Documentary Credits 1993 Revision, International
Chamber of Commerce Publication o. 500.
We hereby agree with you that all dr- - d.:wn under and 'n compliance with the terms of this credit will be duly honored and presented
for payment to us at 100 Oak Avenue E. on,Colorado 80 15. This Letter of Credit will expire on May 8, 1999.
This Letter of Credit will be deemed - tomatically extended for an additional one year period from the current expiration and future
expiration date unless at least 60 da s prior to such expiration date,we,Eaton Bank,notify you(Beneficiary)in writing that the Letter
of Credit will not be renewed. In e case you receive such notification,you may draw by presentation of the following:(A)A draft on
Eaton Bank;(B)A statement,p .ortedly signed by an official of the Board of County Commissioners of Weld County,Colorado
stating that we have received n. ice from Eaton Bank that Letter of Credit No. 00069 will not be renewed and that Thomas G. Francis
has failed to provide proof of,dequate collateral and substitution of this Letter of Credit No. 00069; and(C)Copy of letter from Eaton
Bank stating non-renewal of etter of Credit No. 00069 and accompanied by the original Letter of Credit.
Eaton Bank
Our IrrevocableStandb, Letter of Credit Number 00069
Brett J.Brunner
Vice President
100 OAK AVENUE/EATON,CO 80615/BUS(970)454-3456/FAX(970)454-2457
930 11TH AVENUE/GREELEY,CO 80631/BUS(970)356-3456/FAX(970)3534973
2700 47TH AVENUE/GREELEY,CO 80634/BUS(970)339-3456/FAX(970)339-3906
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