HomeMy WebLinkAbout972268.tiffRESOLUTION
RE: APPROVE EXCHANGE OF COLLATERAL FOR IMPROVEMENTS AGREEMENT
FOR PRIVATE ROAD MAINTENANCE - DOUGLAS MYERS, CIO JAMES S.
HILLHOUSE FOR GANDER VALLEY PUD
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 July 9, 1997, the Board approved an Improvements
Agreement for Private Road Maintenance with Douglas Myers, Go James S. Hillhouse for
Gander Valley PUD, and accepted an Irrevocable Letter of Credit, and
WHEREAS, Douglas Myers, do James S. Hillhouse for Gander Valley PUD, has
requested release of said Letter of Credit No. 1062, drawn on the Colorado Business Bank,
1900 Fifteenth Street, Boulder, Colorado 80302, in the amount of $30,000; and offered in
exchange Irrevocable Letter of Credit No. 1070 for $2,000, effective September 24, 1997, also
drawn on the Colorado Business Bank, and
WHEREAS, after review, and upon the recommendation of staff from the Department of
Planning Services, Public Works, and County Attorney's Office, the Board deems it advisable to
release the abovementioned Letter of Credit, in the amount of $30,000, and accept the
replacement Letter of Credit in the amount of $2,000.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners that
Irrevocable Letter of Credit No. 1062, drawn on the Colorado Business Bank, 1900 Fifteenth
Street, Boulder, Colorado 80302, in the amount of $30,000 be, and hereby is, released.
BE IT FURTHER RESOLVED by the Board that Irrevocable Letter of Credit for $2,000
effective September 24, 1997, and drawn on the Colorado Business Bank, at the above
address, be, and hereby is, accepted.
2575611 B-1633 P-1115 10/23/1997 03:15P PG 1 OF 2 REC DOC 1
Weld County CO JA Suki Tsukamoto Clerk & Recorder 0.00
972268
Cc. Pt; Hi/lhalLc;e/inyers3 L'/
PL1165
AGREEMENTS AND COLLATERAL - DOUGLAS MYERS, CIO JAMES S. HILLHOUSE FOR
GANDER VALLEY PUD
PAGE 2
The above and foregoing Resolution was, on motion duly made and seconded, adopted
by the following vote on the 15th day of October, A.D., 1997.
ATTEST:
Weld Co
BY.
Deputy Cler
and
AS TO FOM:
my Attor ey
BOARD OF COUNTY COMMISSIONERS
WELD CQUNTY, COLORADO
eorge
. Baxter, Chair
W. H. Webster
EXCUSED
Barbara J. Kirkmeyer
EXCUSED
2575611 B-1633 P-1115 10/23/1997 03:15P PG 2 OF 2
972268
PL1165
ij„(t 6--,i Y 1.x.1 va.. r -/ .:.
la COLORADO
vir BUSINESS BANK
BOULDER
IRREVOCABLE STANDBY LETTER OF CREDIT
To: Mr. Todd Hodges
Weld County Department of Planning Services
1400 North 17th Avenue
Greeley, CO 80631
L/C NO: 1070
EFF DATE: 9/24/97
EXPIRATION: 9/24/98
AMOUNT: $2,000.00
We hereby establish our Irrevocable Standby Letter of Credit Number 1070 in your favor
for the account of Gander Valley, a minor subdivision of Weld County, in the amount not
to exceed Two Thousand Dollars and no/100 U.S. Dollars ($2,000.00) available by draft
at sight on us accompanied by certification of the County Administrator, that Gander
Valley failed to complete installation of the improvements in accordance with the
Improvements Agreement and the issuer has been notified of such default.
We hereby further agree that:
1. Drafts under and in compliance with the terms of this Irrevocable Letter of Credit will
be duly honored if presented at our office at 1900 15th Street, Boulder, Colorado
80302, on or before 3:00 P.M. September 24 ,1998, or any extended expiry date as
indicated below.
2. Funds available under this Irrevocable Letter of Credit may be drawn in such amounts
and at such times as determined by Weld County, provided that the amount drawn
shall not exceed the aggregate amount specified herein.
3. We shall have no right, duty, obligation, or responsibility to evaluate the performance
or non performance of the underlying contract between Gander Valley and the
beneficiary of this credit.
4. All drafts must be marked "Drawn under Irrevocable Letter of Credit Number
Gander Valley".
This Irrevocable Letter of Credit shall have a FULL AND FINAL EXPIRATION DATE
OF September 24, 1998. Except so far as otherwise stated, this credit is subject to the
Uniform Customs and Practice for Documentary Credits (1993 Revision, International
Chamber of Commerce Publication No. 500).
Sincerely,
Elissa Curran
Assistant Vice President
1900 Fifteenth Street. Boulder, Colorado 80302 (303) 413-6000 Fax (303) 786-9701
9722553
r.
IGNIFICpNT
OFIIRECIN_
Proven Solutions for Your Business
September 30, 1997
Todd Hodges
RE: Substitute Letter of Credit
Please find attached a new letter of credit in the amount of $2,000.00
to cover the one year maintenance agreement for Gander Valley Drive.
All work has been completed; roads, water lines, other utilities, and
landscaping for the Gander Valley Subdivision.
This letter is my formal request for Weld County to release the
$30,000.00 letter of credit and replace it for a period of one year with
the attached letter of credit for $2,000.00.
Please advise as to when I can deliver the original letter credit.
Very Tr Yours,
Douglas E. Myers
cm nt P! nnin(", Dept.
OCT 1 4 1997
1525 Spruce St., Suite 101
Boulder, CO 80302 303-442-2677
972268
46t1 MEMORANDUM
VP% TO: Board of County Commissioners
COLORADO From: Todd A. Hodges, Current Planner II
SUBJECT: S-423, Exchange of Letters of Credit
October 13, 1997
The Department of Planning Services and Public Works Department have reviewed the request
to exchange a Letter of Credit in the amount of $2000.00 for the existing Letter of Credit in the
amount of $30,000.00. The improvements have been made on site and the new Letter of Credit
in the amount of $2000.00 (15% of the total required internal road improvements) will be held for
a period of one year.
The Department of Planning Service's staff recommends that the Board of County Commissioners
accept the new Letter of Credit in the amount of $2000.00 in exchange for the original Letter of
Credit in the amount of $30,000.00.
Attached is a copy of the applicant's request and Letter of Credit.
972268
EXHIBIT "A"
Name of Subdivision: GANDER VALLEY P. U.D.
Filing:
Location:
A part of Section 4, Township 6 North, Range 67 W., Weld Co., Colorado
Intending to be legally bound, the undersigned Applicant hereby agrees to provide throughout this
subdivision and as showdon the subdivision final plat County dated 19
recorded en , 19 , in Book , Page No. , Reception No.
6-
cY
, the following improvements.
(Leave spaces blank where they do not apply)
Improvements Unit CoSS
Street grntcinc
Street base
Street paving
Curbs. enders. & cut:fens
Sidewalk
Storm sewerlacilities
Retention ponds
Ditch improvements
Subsurface drainage
Sanitary sewers -
Sanitary sewers
Trunk & forced lines
Mains - -•
J aterals (house connecter()
On -sire sewage facilities
On•site watersuoply d(ctnra2c
Water mains-lnclusjes Bore
6"PVC-848 LF
$8 480
Fire hydrants
1
S7 '00
Survev & Street monuments c�. boxes
2
300
,Street lighting
Street name sinus
Fencing requirements
j sndscaping ;
$6. nun
Park imnrovernents
Road Culver `
18"CNP-70LF
$ 840
(Do7
Grass LinedSWale
Telephone
Oils
Electric
AV-iter Transfer
Wet Tap
1_12"x6" Tap
S 800
L2!_ degree bend - 6"
2
$ lsn
90 degree Elbow -E."
$ 350
6" Valve and Box
9
550 '
6" Tee
200
7/4" Water Sergi cps
4
$2_Q00
Units
Estimated c` 3
Construction Cost c0
500 Cu. yd. $2,080
290 Cu. yd.
S2.900
qo.7. I moz
4p7, frOO,,
7?268
MEMORANDUM
TO: Todd Hodges, Current Planner II DATE: August 13, 1997
FROM: Don Carroll, Project Administrator
<Q�
SUBJECT: S-423, Douglas Myers, c/o James Hillhouse
Release of Collateral
At the request of the applicant, I visited the site on August 12, 1997. The items checked were the items on the
Improvements Agreement for Gander Valley PUD Exhibit A. (See Exhibit A attached.)
The Street Grading item is 90% complete. The borrow pit section and the back slopes need to be regraded to
a finished stage.
The Street Base item is 90% complete. There are four locations that need additional gravel placed adjacent to
the asphalt at the entrance. Three quarters of the way through the road, there appears to be slick spots where
the gravel has disappeared either by wear or the recent weather. The final spot is in the center of the cul-de-sac
where it appears to be soft. The soft spot needs additional gravel.
The Street Culvert item has been installed at the entrance to the PUD. This item is 100% complete.
As is with all our subdivisions, 15% of the retainage needs to be withheld for a period of one year. After one year,
the site will be reinspected and the retention will be released if there are no problems.
cc: Commissioner Harbert
S-423
plan12
972268
WIDc
COLORADO
MEMORANDUM
TO: Todd Hodges, Current Planner II DATE: August 29, 1997
FROM: Don Carroll, Project Administrator Y
SUBJECT: S-423, Douglas Myer do James Hillhouse
Release of collateral
At the request of the applicant, I revisited the site on August 29,1997. The items checked were on the
Improvements Agreement for Gander Valley PUD (Exhibit A attached).
The Street Grading item is 100% complete.
The Street Base item is 100% complete.
As with all subdivisions, 15% of the retainage is withheld for a period of one year. After one year, the site will be
reinspected per the applicants request in writing. If there are no problems, the retainage will be released.
cc: Commissioner Harbert
S-423 file
plan30
SEP 0 2 1997
972268
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