HomeMy WebLinkAbout951051.tiffRESOLUTION
RE: ACCEPT COLLATERAL AND APPROVE IMPROVEMENTS AGREEMENT ACCORDING
TO POLICY REGARDING COLLATERAL FOR IMPROVEMENT FOR PRIVATE ROAD
MAINTENANCE - CONTINENTAL VIEW PONDS PUD PLAN
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 17, 1995, the Board approved the application of
Continental View Ponds, do Jack Olberding, Bill Bedell, John C. Widerquist, and Terry A. Henze,
825 Grape, Boulder, Colorado 80304, for a Planned Unit Development (PUD) Plan and Site
Specific Development Plan for a parcel of land located on the following described real estate, to -wit:
NW'/ SW% of Section 29, Township 2 North, Range 68 West of the
6th P.M., Weld County, Colorado
WHEREAS, on the 22nd day of May, 1995, the Board was presented with an Improvements
Agreement According to Policy Regarding Collateral for Improvement for Private Road Maintenance
between the County of Weld, State of Colorado, by and through the Board of County
Commissioners of Weld County, and Continental View Ponds pursuant to Condition of Approval #1 a
of said Resolution, and
WHEREAS, Continental View Ponds has submitted to the Board an Irrevocable Letter of
Credit No. 4039, drawn on Bank One, Colorado, NA, Boulder Banking Center, P.O. Box 1, Boulder,
Colorado 80306-0001, in the amount of $91,000.00, and
WHEREAS, after review, the Board deems it advisable to approve said agreement and
accept said collateral.
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
Improvement for Private Road Maintenance between the County of Weld, State of Colorado, by and
through the Board of County Commissioners of Weld County, and Continental View Ponds be, and
hereby is, approved.
BE IT FURTHER RESOLVED by the Board that Irrevocable Letter of Credit No. 4039,
drawn on Bank One, in the amount of $91,000.00, be, and hereby is, accepted as collateral for the
above mentioned agreement.
951051
PL0966
��.: PLC Glberclm.yetoe
RE: COLLATERAL AND IMPROVEMENTS AGREEMENT - CONTINENTAL VIEW PONDS PUD
PAGE 2
The above and foregoing Resolution was, on motion duly made and seconded, adopted by
the following vote on the 22nd day of May, A.D., 1995.
BOARD OF COUNTY COMMISSIONERS
Clerk to the Board
Deputy Clerk(T' the Board
APPROVED AS TO FOR
ttomey
D COUNTY, COLQRAD,
K. HallChairman ll
Dal ` / /Air pa 1 Kirkmeyer o-Tem
George E. Baxter
Constance L. Harbert
. H. Webster
951051
PL0966
ATT. A
ARd44U689
IMPROVEMENTS AGREEMENT ACCORDING
POLICY REGARDING COLLATERAL FOR IMPROVEMENTS
(PRIVATE ROAD MAINTENANCE)
THIS AGREEMENT, made and entered into this 3rd day of May, 1995 , by and
between the County of Weld, State of Colorado, acting through its Board of County
Commissioners, hereinafter called"County", and Jack Olberding, John Widerquist,
hereinafter called "Applicant". Terry Henze, and William Bedell
WITNESSETH:
WHEREAS, Applicant is the owner of or has a controlling interest in the following
described property in the County of Weld, Colorado:
The Northwest a of the Southwest o of Section 29, Township 2 North,
Range 68 West of the 6th Principal Meridian, Weld County, Colorado
Excepting there from that part deeded to Weld County in instruments
recorded January 1, 1983 in Book 985 as reception numbers 1913289
and 1913291. The net area of the above described parcel is 40.629
acres more or less
WHEREAS, a final subdivision/PUD plat of said property, to be known as
Continental View Pond PITT) 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 the 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 Enzineerinz 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.
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Weld County CO Clerk & Recorder
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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 giehts-of-Wav 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.
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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 Approval 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 improvements may be 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
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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".
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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:
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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 M.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 M.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.
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9.0 geauest 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 10Z 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.
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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.
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IMPROVEMENT AGREEMENT
PRIVATELY MAINTAINED ROADS
to the Board
ROVED AS TO FORM:
ii
tali
-§abscr±b%d and sworn
BOARD OF COUNTY COMMISSIONERS
LD COUNTY, COLORADO
/4‘4,_
I\
orney
APPLICANT 7 4- 2512._
BY: AY/ r EiL
to before me this `?/ - day of
My Commission expires:
aprivata.db
01-7
(title)
19t9 .
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Notary Public
951951
Continental View Ponds PUD - Exhibit "A"
Name of Subdivision: Continental View Ponds
Filing: CONTINENTAL VIEW PONDS PUD
Location: N.W. Corner of Weld County Roads 16-1/2 & 3-1/4
Intending to be legally bound, the undersigned Applicant hereby agrees to provide
throughout this subdivision and as shown on the final subdivision plat of CONTINENTAL VIEW
PONDS PUD Subdivision, dated , 1995, recorded on ,1995,
in Book , Page No. ,Reception No. the following
improvements.
Improvements
Construction Cost
Water Line Mains to property lines of each lot
Cul-de-sac (Lots 2,3,4,5) & Culvert (Lot 1)
Gas Line extension to property line of each lot
Landscaping & Wildlife Habitat Enhancement Improvements
$50,000
$6,000
$20,000
$15,000
Total Estimated Costs for Engineering and Improvements
$91,000
The above improvements shall be constructed in accordance with all Weld County
requirements and specifications, and conformance with this provision shall be solely by Weld
Count, or it's duly authorized agent.
Said improvements shall be completed according to the construction schedule set out in
Exhibit "B".
ack i Terry Henze 7 5
edell
erquist
" \ \ B
ebruary 8, 1995
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Continental View Ponds PUB - Exhibit "B"
Name of Subdivision: Continental View Ponds
Filing: CONTINENTAL VIEW PONDS PUD
Location: N.W. Corner of Weld County Roads 16-1/2 & 3-1/4
Intending to be legally bound, the undersigned Applicant hereby agrees to construct the
improvements shown on the final subdivision plat of CONTINENTAL VIEW PONDS PUD
Subdivision, dated ,1995, Book , Page No.
Reception No. , the following schedule.
All improvements shall be completed within one year of the date of the approval of the final
plat with the exception of the wildlife enhancement plan, which will be completed within
three years.
Construction of the improvements listed in exhibit "A" shall be completed as follows:
(NOTE: all times are taken from the date of the recording of the final approval of the plat)
Improvements
Completion Time
Cul-de-sac grading & gravel base (Lots 2,3,4,5)
Culverts
Landscaping
** First phase of wildlife habitat to be done this spring
(approx May 1), landscaping at front of lots will be
done within 180 days of issuance of each individual
building permit and wildlife habitat enhancement plan
will be 100% complete within 3 years from the date
of the recording of the final plat.
Gas Line extension to property lines
Water main extension to property lines
90 days
90 days
**365 days
150 days
150 days
Weld County, at its option, and upon request of the Applicant, may grant an extension of time
for the completion of any particular improvements shown above, upon a showing by the
Applicant that the above schedule cannot be met.
uist
ary 8, 1995
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BANK=ONE
Bank One, Colorado,
Boulder Banking Ct•nler
I () Roxl
Boulder C()M130n w K)I
1800 Bnlad» av
Boulder CO 3011O2 Ti 1,
IRREVOCABLE LETTER OF CREDIT
To: Weld County Government
1400 North 17th Avenue
Greeley, CO 80631
Dear Sirs:
No.
Date:
Expiry:
Amount:
l el 303 a42 h:770
Fax 303 I? 132),
4039
05/03/95
05/03/96
$91,000.00
We hereby establish our Irrevocable Letter of Credit in your favor
in the amount of $91,000.00 (Ninety one thousand no/100 U.S.
Dollars), available by drafts at sight. This Letter of Credit is
issued for the account of Terry Henze, Jack Olberding, William
Bedell, and John Widerquist, 4816 Devonshire Street, Boulder, CO
80301 for 5 lots in Continental View Ponds, PUD, Weld County and is
subject to the following terms and conditions:
DRAFTS. All drafts must be drawn on Bank One, Colorado, N.A., must
be negotiated or presented to Bank One, Colorado, N.A. during our
regular business hours on or before the expiration date stated
above and must bear the reference, "Drawn on Bank One, Colorado,
N.A. Letter of Credit No. 4039 dated May 3, 1995."
DOCUMENTS. All drafts must be accompanied by the following
documents:
1. This original Letter of Credit.
2. A written statement purportedly signed by an official of
the Weld County Government stating that such funds represent
amounts due and owing.
OTHER TERMS AND CONDITIONS. This Letter of Credit is not
transferable. It is subject to Article 5 of the Uniform Commercial
Code as in effect in Colorado on the date of its issuance.
OBLIGATION OF ISSUER. Bank One, Colorado, N.A. agrees with the
drawers, endorsers, and good faith holders of drafts drawn under
and in compliance with the terms and conditions of this Letter of
Credit that Bank One, Colorado, N.A. will duly honor such drafts
upon presentation to this office.
Sincerely,
J.
Robert
MUM HOOSSIG
OPPORTUNITY R
TINDlCEE R
Gaddis, Vice President
iNIr-n be, H)1(
951051
BAN ONCs
Bank One, Colorado, NA
1800 Broadway
tAea..:t
Boulder, CO 80302
Amendment
20259
Date
May 16, 1995
Letter of Credit No.:
4039
8enefwiary
Weld County Government
1400 North 17th Avenue
Greeley, CO 80631
Confirmation of our Telex dated
Attn:
Advising Bank
N/A
App er
Terry Henze, Jack Olberding,
William Bedell, John Widerquist
4816 Devonshire Street
Boulder, CO 80301
Attn:
Amendment It
One (1)
Advising Bank's reference
Mm: International Operations
We have amended our Letter of Credit as follows.
MI other temns and condtons remain uncharged.
❑ Amount erased by
O The total amount issued is now
❑ The latest shipment date has been extended to
❑ The expiry date has been extended to
9( Under other terms and conditions Insert:
This Letter of Credit shall be automatically extended for an additional period of
one year from the present or each future expiration date unless we have notified
you in writing, not less than thirty (30) days before such expiration date, that
we elect not to renew this Letter of Credit. Notwithstanding, this Letter of
Credit shall have a FULL AND FINAL EXPIRY OF MAY 3, 1998.
Prepared by
Bank One, Colorado, NA
BY:
Robert J. Gads; ice President
can
28-15362-00 (REV. 1/93) AMENDMENT
951051
WIiDc
COLORADO
MEMORANDUM
TO: Board of County Commissioners May 22, 1995
From: Gloria Dunn, Current Planner 2,
SUBJECT: S-377, Improvements Agreement According Policy Regarding Collateral for
Improvements for Continental View Ponds in NW4 SW4 of Section 29, T2N, R68W of the
6th P.M., Weld County, CO
An Improvements Agreement for Private Road Maintenance has been submitted by Jack
Olberding, John C. Widerquist, Bill Bedell and Terry A. Henze, guaranteeing completion of
waterlines, utilities, cul-de-sac and landscaping for the approved PUD. The applicants request
that the Board of County Commissioners approve and accept collateral in the amount of
$91,000 for the project. The form of collateral presented is an irrevocable letter of credit. The
letter of credit is renewable annually for up to three years.
The proposed Agreement has been reviewed and approved by Lee Morrison, Assistant County
Attorney, and the Weld County Public Works Department. Staff requests that the Board
approve and accept the Improvements Agreement as proposed.
SERVICE. TEAMWORK, INTEGRITY, QUALITY
951051
fez.
COLORADO
mEmoRAnDum
To Board of County Commissioners Date May 22, 1995
Lee D. Morrison, Assistant Weld County Attorney
From
Continental View Pond Collateral and Covenants
Subject:
This is a follow-up to my earlier memo to the Board expressing certain minor reservations
regarding the collateral and covenants for Continental View Pond. The issue of having collateral
available for a long enough period of time has been addressed by a letter of credit which is
renewable for up to three years. This letter of credit could be drawn down to the warranty
amount after the initial work is done and inspected and collateral held for the warranty period.
My comments regarding common open space and the need for a special provision in the
covenants has been allayed by having my memory refreshed as to the type of common open
space that is included in this project. The open space is of two types: one is the area along the
river which is being reserved for future dedication for public park and trail purposes and the
remaining portion is that basically the pond. Given the nature of the open space and the small
number of parties involved and the fact that the open space is not available to the public except
as it may in the future be dedicated, the covenants do not need to be amended to reflect the
authority of the Board of County Commissioners to intervene, make assessments and maintain
the open area.
I recommend that the Board accept the agreement and the form of collateral for Continental View
Ponds.
CG/db:contpond
Lee D. Morrison
Assistant Weld County Attorney
951051
‘&tt*:
III1De
COLORADO
August 2, 2005
Bank One, Colorado, N. A.
1717 Main Street, 11th Floor
Dallas, Texas 75201
CLERK TO THE BOARD
PHONE (970) 336-7215, Ext. 4225
FAX: (970) 352-0242
P. O. BOX 758
GREELEY, COLORADO 80632
RE: Cancellation and release of Collateral - Terry Henze, Jack Olberding, William Bedell, and
John Widerquist
To Whom It May Concern:
Attached hereto please find a copy of the Board of County Commissioner's Resolution approving
the cancellation and release of collateral, as referenced above. The original Irrevocable Letter of
Credit, although expired, is enclosed.
If you have questions or need additional information, please do not hesitate to contact me at
(970) 356-4000, Extension 4217.
Very truly yours,
BOARD OF COUNTY COMMISSIONERS
By:
Carol A. Harding,
Deputy Clerk to the Board
q /051
Ph -0946
i/ANAIO E
BANK ONE, COLORADO , N.A. - 1717 MAIN STREET, 11TH FLOOR, DALLAS, TEXAS 75201
TELEPHONE: 1-800-924-5435
IRREVOCABLE STANDBY LETTER OF CREDIT NO. 4039
DATE: MARCH 26, 1998
APPLICANT:
TERRY HENZE, JACK OLBERDING
WILLIAM BEDELL, JOHN WIDERQUIST
4816 DEVONSHIRE STREET
BOULDER, CO 80301
BENEFICIARY:
WELD COUNTY GOVERNMENT
1400 NORTH 17TH AVENUE
GREELEY, CO 80631
RE: LETTER OF CREDIT NO. 4039
GENTLEMEN:
6;)
AS PER THE TERMS AND CONDITIONS QF THE ABOVE -MENTIONED LETTER OF
CREDIT, WE HEREBY GIVE NOTIFICATION OF OUR INTENT NOT TO EXTEND OR
RENEW THE ABOVE -MENTIONED LETTER OF CREDIT.
THE FINAL EXPIRATION DATE OF LETTER OF CREDIT NO. 4039 WILL BE MAY3,
1998.
ORIZED SIGNATURE
BA 1riK ONE, COLORADO, N.A.
DMC:
B-110652-0 (1/94)
Banc One Internationa, ,rporation Tel 303 759 0111
CO1 9524
1125 17th Street
Denver CO 80202 2088
PO Box 5586 TA
Denver CO 80217 5586
ANS
BANKEONE.
AMENDMENT TO IRREVOCABLE LETTER OF CREDIT NO. 4039
Amendment Date: May 19, 1997
Weld County Government
1400 North 17th Avenue
Greenley, CO 80631
Terry Henze. Jack Olberding;
William Bedell.. John Widerquist
4816 Devonshire Street
Boulder, CO 80301
We hereby amend our Letter of Credit number 4039 as follows:
Presentation of documents for drawing after May 23, 1997, must be made to the following
address:
Banc One, Texas, N.A.
1717 Main Street TX1-2490
Dallas, TX 75201
Attn: Letter of Credit Department
Any correspondence concerning this letter of credit must be directed to the new address.
All other terms and conditions remain unchanged.
Best Regards,
ature
One, Colorado, N.A.
Weld County Planning Dept.
JUN 0 2 1997
RECLIVED
Banc One International Corporation is an international banking subsidiary of BANC ONE CORPORATION, which has an, 'ea" "Per
cape
banking offices located in Arizona, Colorado, Illinois, Indiana, Kentucky, Louisiana, New York, Ohio, Oklahoma, Texas,
Utah, Wisconsin and West Virginia: and has other offices located in Hong Kong, Mexico and Virgin Islands.
i
BANKEONE.
BANK ONE, COLORADO, N.A.
(sank)
INTERNATIONAL DEPARTMENT, 1125 17th STREET
(Mdr.U)
DENVER, COLORADO 80202
<.1 . spa
Amendment y
20468
Date
OCTOBER 31, 1996
Letter of Credit No.:
4039
Beneficiary
WELD COUNTY GOVERNMENT
1400 NORTH 17th AVENUE
GREELEY, COLORADO 80631
Confirmation of our Telex dated
Attn:
Advising Bank
N/A
Applicant
TERRY HENZE, JACK OLBERDING,``
WILLIAM BEDELL, JOHN WIDERQUIST
4816 DEVONSHIRE STREET
BOULDER, CO 80301
Attu:
Amendment No.
TWO (2)
Advising Bank§ reference
Attn: International Operations
We have amended our Letter of Credit as follows.
All other tenns and conditons remain unchanged.
ffAmountikawd
by
$90,250.00
a The total amount issued is now $730.00
❑ The latest shipment date has been extended to
❑ The expiry date has been extended to
THIS LETTER OF CREDIT AMENDMENT REQUIRES BENEFICIARY APPROVAL BEFORE IT BECOMES
OPERATIVE. PLEASE INDICATE YOUR ACCEPTANCE OF THIS AMENDMENT BY SIGNING ON THE
APPROPRIATE LINE ON THE ATTACHED COPY OF THIS AMENDMENT AND RETURNING IT IN THE
ENCLOSED ENVELOPE.
SHOULD YOU CHOOSE TO REJECT THIS AMENDMENT, SIGN ON THE APPROPRIATE LINE OF THE
ORIGINAL AMENDMENT AND RETURN IT IN THE ENCLOSED ENVELOPE.
THIS AM
m Y0
m
m
NDMENT WILL NOT BECOME OPERATIVE UNTIL WE HAVE RECEIVED THE SIGNED COPY FROM
C P E -AUTHORIZED SIGNER
REJECTED -AUTHORIZED SIGNER
mthortz.d scan
BANK ONE, COLORADO, N.A.
28-15362-00 (REV. 1/93) AMENDMENT
ORIGINAL
a
BANKEONE
Bank One, Colorado, NA
Boulder Banking Center
PO Box 1
Boulder CO 80306 0001
1800 Broadway
Boulder CO 80302 5246
IRREVOCABLE LETTER OF CREDIT
To: Weld County Government
1400 North 17th Avenue
Greeley, CO 80631
Dear Sirs:
No.
Date:
Expiry:
Amount:
Tel 303 442 6770
Fax 303 442 1328
4039
05/03/95
05/03/96
$91,000.00
We hereby establish our Irrevocable Letter of Credit in your favor
in the amount of $91,000.00 (Ninety one thousand no/100 U.S.
Dollars), available by drafts at sight. This Letter of Credit is
issued for the account of Terry Henze, Jack Olberding, William
Bedell, and John Widerquist, 4816 Devonshire Street, Boulder, CO
80301 for 5 lots in Continental View Ponds, PUD, Weld County and is
subject to the following terms and conditions:
DRAFTS. All drafts must be drawn on Bank One, Colorado, N.A., must
be negotiated or presented to Bank One, Colorado, N.A. during our
regular business hours on or before the expiration date stated
above and must bear the reference, "Drawn on Bank One, Colorado,
N.A. Letter of Credit No. 4039 dated May 3, 1995."
DOCUMENTS. All drafts must be accompanied by the following
documents:
1. This original Letter of Credit.
2. A written statement purportedly signed by an official of
the Weld County Government stating that such funds represent
amounts due and owing.
OTHER TERMS AND CONDITIONS. This Letter of Credit is not
transferable. It is subject to Article 5 of the Uniform Commercial
Code as in effect in Colorado on the date of its issuance.
OBLIGATION OF ISSUER. Bank One, Colorado, N.A. agrees with the
drawers, endorsers, and good faith holders of drafts drawn under
and in compliance with the terms and conditions of this Letter of
Credit that Bank One, Colorado, N.A. will duly honor such drafts
upon presentation to this office.
Sincerely,
IA.
o%
Robert J. Gaddis, Vice President
Member FDIC
R
CJ 100% recycled paper
BANK=ONE®
Amendment
Bank One, .Cr- ,rado, NA
(Bank)
1800 Broadway
()
Boulder, CO 80302
20259
Date
May 16, 1995
Letter of Credit No.:
4039
Benefidary
Weld County Government
1400 North 17th Avenue
Greeley, CO 80631
Confirmation of our Telex dated
O
Ann:
Advising Bank
N/A
Apphcam
Terry Henze, Jack Olberding,
William Bedell, John Widerquist
4816 Devonshire Street
Boulder, CO 80301
Attn:
Amendment No.
One (1)
Advising Banks reference
Attn: International Operations
We have amended our Letter of Credit as follows.
All other temps and conditons remain unchanged.
❑ Amount increased by
❑ The total amount issued is now
❑ The latest shipment date has been extended to
❑ The expiry date has been extended to
j( Under other terms and conditions Insert:
This Letter of Credit shall be automatically extended for an additional period of
one year from the present or each future expiration date unless we have notified
you in writing, not less than thirty (30) days before such expiration date, that
we elect not to renew this Letter of Credit. Notwithstanding, this Letter of
Credit shall have a FULL AND FINAL EXPIRY OF MAY 3, 1998.
Prepared by
Bank One, Colorado, NA
BY: aFf—YOC.._G4
Robert J. Gatl°is; fire President
28-15362-00 (REV. 1/93) AMENDMENT
r1RIQINAL
L
2
m
a
U
A
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-o
BANK ONE®
BANK ONE, COLORADO, N.A.
(Bank)
INTERNATIONAL DEPARTMENT, 1125 17th STREET
(Ammo
DENVER, COLORADO 80202
Amendment
20468
Date
OCTOBER 31, 1996
Letter of Credit No.:
4039
Benefidary
WELD COUNTY GOVERNMENT
1400 NORTH 17th AVENUE
GREELEY, COLORADO 80631
Confirmation of our Telex dated
Attn:
Advising Bank
Applicant
TERRY HENZE, JACK OLBERDING,
WILLIAM BEDELL, JOHN WIDERQUIST
4816 DEVONSHIRE STREET
BOULDER, CO 80301
Mn:
Amendment No.
Attn: International Operations
We have amended our Letter of Credit as follows.
All other terms and conditons remain unchanged.
ffAmouM �by d $90,250.00
a The total amount issued is now $ 7 5 0.0 0
❑ The latest shipment date has been extended to
❑ The expiry date has been extended to
THIS LETTER OF CREDIT AMENDMENT REQUIRES BENEFICIARY APPROVAL BEFORE IT BECOMES
OPERATIVE. PLEASE INDICATE YOUR ACCEPTANCE OF THIS AMENDMENT BY SIGNING ON THE
APPROPRIATE LINE ON THE ATTACHED COPY OF THIS AMENDMENT AND RETURNING IT IN THE
ENCLOSED ENVELOPE.
SHOULD YOU CHOOSE TO REJECT THIS AMENDMENT, SIGN ON THE APPROPRIATE LINE OF THE
ORIGINAL AMENDMENT AND RETURN IT IN THE ENCLOSED ENVELOPE.
THIS AMENDMENT WILL NOT BECOME OPERATIVE UNTIL WE HAVE RECEIVED THE SIGNED COPY FROM
m YO
Q
rn
'l.
-AUTHORIZED SIGNER
caldP e,_ex
REJECTED -AUTHORIZED SIGNER
nd
BANK ONE, COLORADO, N.A.
28-15362-00 (REV. 1/93) AMENDMENT
ORIGINAL
‘I)
COLORADO
August 2, 2005
Terry Henze, Jack Olberding,
William Bedell, and John Wderquist
4816 Devonshire Street
Boulder, Colorado 80301
RE: Cancellation and release of Collateral
To Whom It May Concern:
CLERK TO THE BOARD
PHONE (970) 336-7215, Ext. 4225
FAX: (970) 352-0242
P. O. BOX 758
GREELEY, COLORADO 80632
Attached hereto please find copies of the Board of County Commissioner's Resolution approving
the cancellation and release of collateral, as referenced above. The original Letter of Credit,
although expired, was returned to Bank One, Colorado, N. A., 1717 Main Street, 11th Floor, Dallas,
Texas 75201.
If you have questions or need additional information, please do not hesitate to contact me at (970)
356-4000, Extension 4217.
Very truly yours,
BOARD OF COUNTY COMMISSIONERS
a I
By:
Carol A. Harding,
Deputy Clerk to the Board
COLLATERAL RELEASED
IN CONJUNCTION WITH
OTHER CASES
SEE #2005-2091
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