HomeMy WebLinkAbout992335.tiff v0\\ RESOLUTION
RE: APPROVE CANCELLATION AND RELEASE OF COLLATERAL, ANTELOPE HILLS,
S #312
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, on June 10, 1991, the Board did approve an Improvements Agreement
According to Policy Regarding Collateral for Improvements and a Landscape Improvements
Agreement between the County of Weld, State of Colorado, by and through the Board of
County Commissioners of Weld County, and Duane Kunkel, for the Antelope Hills Planned Unit
Development, S #312, and
WHEREAS, pursuant to said Improvements Agreements, two Irrevocable Letters of
Credit #0104002001 and #0104002002 drawn on the Bank of Windsor, Windsor, Colorado
80550, dated April 17, 1991, in the amounts of $31,462.00 and $27,637.76, respectively, were
submitted to Weld County, and
WHEREAS, on July 16, 1999, Weld County Departments of Public Works and Planning
Services staff conducted a visual inspection and hereby recommends release of said collateral,
and
WHEREAS, upon recommendation of the County Attorney's Office, the Board deems it
advisable to release said collateral in accordance with the terms of said agreements.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of
Weld County, Colorado, that Irrevocable Letters of Credit#0104002001 and #0104002002
drawn on the Bank of Windsor, in the amount of $31,462.00 and $27,637.76 be, and hereby
are, canceled and released.
BE IT FURTHER RESOLVED by the Board that the Clerk to the Board be, and hereby
is, directed to return said letters of credit to the appropriate issuing party.
RHO 11111111111IIII VIII 11111IIR III 11111 Iii Jill
2723644 09/30/1999 09:2411 Weld County CC 1 of 2 R 0.00 D 0.00 JA Suit!l Tsukemote SUBD - ANTELOPE 9 33S
RELEASE OF COLLATERAL - ANTELOPE HILLS - S #312
PAGE 2
The above and foregoing Resolution was, on motion duly made and seconded, adopted
by the following vote on the 20th day of September, A.D., 1999.
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
/ l' t` 1L
ATTEST: v ' '! \EXCUSED
/� at K. Hall, Chair
Weld County Clerk to the •' r say Li
a:arbara J. Kirkmeyer, em
Deputy Clerk to the Board
eorge . axter
APP ED A$' O FORM
M. J Gei e
Ass-Min untyAfforneY
Glenn Jaad
1 111111 VIII 111111 llll 1111111 VIII 11111 III VIII Illl 1111
2723644 09/30/1999 09:2411 Weld County CO
2 of 2 R 0.00 D 0.00 JA Suki Tsukamoto 992335
SUBD - ANTELOPE HILLS
April 15 , 1991
IRREVOCABLE LETTER OF CREDIT
FOR
LANDSCAPE IMPROVEMENTS AGREEMENT
Weld County Board of Commissioners
915 10th Street !
I
Greeley, Colorado 30631 1"
\
Gentlemen : //
` \..
t.
By order of and for the account .pf Duane k`,u .el , yy75.7 Hemioc:l Dr . ,
Windsor, Colorado 80550, we hereby ta3blAsr SR- irrevocable
Letter of Credit No.Qkth i `T, yopr favorRfr}�' the prin�.=ipal
amount not exceeding the sure .t�f TW :T' EVEN(li-k lSANE SIX HUMPED
THIRTY SEVEN AND 76/100 I U.LI.Sis.. OLLAft.\ (LI.E. $27 .T .7 ')
available by one or more ra tt tight onus, v This Letter is
effective April 1-', ,991 nd e di.r / at the office of The back of
Windsor, L indsor , Co? ora o, no efihr than '. :00 p.m. , Gree e; time,
on April 10. 19921 - - - _ _
fie-31 1E.7. of ttae tee fr _ it base: ore tk2---'appli-;af.t
comelcticn of the re ' et=';ftcnt of flrtir itr_n+--. : :i a-td ,r t_icle
thc _o 'l r-t for t ,W C;ntcic, Iti. il•c f'.'1r� t)�z 1'7 ,-,y; ,?. , -/
From time to tir the applicant may make application wit , the
County Commissi •ers to reduce said collateral balance in
accordance with r-ticie b and Exhibit A of the aireement between:
the County and he applicant for each completed Lot .
Each draft s drawn must be marked "Drawn unde°- the Ban.. of
Windsor , Win or, Colorado 80550, Letter of CreditcY0tW and be
accompanied y a statement signed by the Chairman of the Board of
County Comm ssioners of Weld County , Colorado, _erL fyino that
Antelope ills , or Duane Kunkel , have failed to meet ce:- ta.in
terms and conditions of the improvements agreement beween
Antelope Hills P.U.D. , and the Board of County Comrrissione'-s of
Weld County , on behalf of the County cf Weld . State ,-,f Cc'lc: aoo.
Failure to comply may include by rot be limited to:
4i"
• ( a ) A failure to provide a commitment for a subset:uent
Le _ter of Credit thirty (30) days prior to the
expiration of this Letter of Credit it are amo. nt equal
to the current value of the letter plus any increase
in the Lcnsumer Price Index over the preced_nc: twelve
( 1 2 ) months, if the improvements have not beer.
completed.
( b ) Falure to complete landscaping wc:;•rk including sod or
seed planting , irrigation , installation tree end =.h,-et
planting , as outlined in Exhibit A.
( c ) Falure to complete the landscaping package within nine
months after issuance of a certificate of occepency ,
or within an additional three months if approvee by
the Assncieti'ir, .
The value of each individual Lot ' s landscape improvement may be
released to the applicant upon presentation of statements in
accordance to Article 6 and the schedule of values in Exhibit A,
signed by the Chairman of the Board of County Commissioners and
attested to by the Clerk to the Board .
This Letter of Credit sets forth in full the terms of cur
undertaking and such undertaking shall not in eny wa/ be
modified ; amended or amplified by reference to any document or
instrument referred not specifically referred to within this
Document . This Letter of Credit relates directly and or, l i to the
mprovements agreement between the County and the App•liear'.. t .
Such refererce shall be deemed to incorporate herein J.;
reference.
We hereby agree with the drawers, endorsers, and bonafid= ho:; deee
of drafts drawn under and in compliance with the terms cf th:.s
credit. that such drafts will be duly honored upon present3ti =.n
to the drawee .
Very truly yours,
THE BANK OF WINDSOR
WINDSOR, COLORADO
i. .
flV,,,1
'
April 15, 1991
IRREVOCAPLE_ LETTER .OF CREDIT
Weld County Board of Commissioners
91` 10th Street
Gree:•l e . Colorado 80631
Gentlemen :
By order of and for the account of Duane Kunkel , ,57 lemioc4. Dr . ,
Windsor . Colorado B0550, we hereby /establish 'our imr-evo+_ab ` e
Letter of Crec.it No.clio C� R.64/ in yo :r favor f Y the prin.=ic l
amount not. exceeding the sum of THIRTY` ONE THOU D TOUR HUNDRED
SIXTY TWO AND 00/'00ths J.S. DOLLARS (U.S. $.31 4 ,2 .0 available
by one or more drafts at sight or,' us. This r elt'er is effe•:tive
April 17., 1991 and expires at the office of V ' Bank, 4p Win t1;O-,
Windsor, Colorado, no later tha ' _x:00 p.m. , . eeley� ft t.'-fn- on prii
10_ 1992ae _ _ ___ _ - _-_ _. -
of thc c L c t - _ _ _ �►_ _ -
, _ - , _
the A,,, pie- _ , . - . ; . / ?t ' \1 41-.7A/,
(' J(/, r..
From time to time the applicant jma�•i makee� plylication with the.
County Commissioners/ to reduce '(aid collkateral balance in
accordance with Artic e 9 and E;:hibi A of the a� reement be`:ween
the County and the alicant . -
Each draft so dral,:n must be marked "Drawn under the :Jane. of
Windsor , Windsor, .olorado 80550, Letter of CreditelOVC Vant be
accompanied by a. tatement signed by the Chairman of the Board of
County Cnmmissio ers of Weld County , Colorado, certifying tha;.
Antelope Hills„ or Duane Kunkel , have failed t.o meet certain
terms anc conditions of the improvements agreement between
Antelope Hills U.D. , and the Board of County Cc.mrr.issione s of
Weld County , or behalf of the County of Weld . State cf Colorado.
Failure to comply ma; include by not he limited to:
( a) A failure to provide a commitment for a subset l..�e-•'.'
Letter of Credit thirty (30 ) days prior to the
expiration of this Letter of Credit in an amount esual
to the current value of the letter plus an;•• increase
in the Consumer Price irdex over the precec_.ng twelve
( 12 ) month=_. , if the improvements have not :.een
completed .
( b) A failure to construct the internal etre.t
acco-dance with Weld County standards .
( c ) A failure to construct the water services in accordance
with North Weld County Water Distract standards.
Up to $26,742.70 of this Letter of Credit may be release: to the
applicant upon presentation of statements in aecordar<:e _e
Article 9 and the schedule of values in Exhibit A, signed by the
Chairman of the Board of County Commissioners and attested tc• by
the Clerk to the Board .
The balance of 14719.30 being 15X of the total agreement will l be
released at such time as the applicant has completed the
improvement and completed the requirements of Article s c- hr
improvements agreement.
This Letter o= Credit sets forth in full the terms c+ -nu-
undertaka g and such undertaking shall not in any way be
modified ; amended c:r amol :.fiec by reference to an ' document o>-
instrument referred not specifically referred to within this
Document . This Letter of Credit relates directly and only <: O thE
improvements agreement between the County and the Appl .. car>t .
Such reference shall be deemed to incorporate herein be
reference .
We hereby agree with the drawers, endorsers , and bonafide holders
of drafts drawn under and in compliance with the terms o' this
credit , that such drafts will be duly honored upon p:-esentation
to the drawee.
Ver truly you•-s,
THE BANK OF WINDSOR
WINDSOR. COLORADO
j,:
Hello