HomeMy WebLinkAbout992336.tiff RESOLUTION
RE: APPROVE CANCELLATION AND RELEASE OF COLLATERAL - DOS RIOS
ESTATES, PHASE 1, SECOND FILING, S#385
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 #980696 dated April 27, 1998, the Board did approve the
dedication of the perpetual rights-of-way over the public roads, streets, highways, and
easements on behalf of the public in Dos Rios Estates, Second Filing, S#385, concerning
property described as a portion of Section 34, Township 5 North, Range 66 West of the 6th
P.M., Weld County, Colorado, and
WHEREAS, by Resolution #961895 dated October 28, 1996, the Board did release a
portion of collateral amounting to $44,880.16, leaving a balance of $18,626.84 retainage, 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 the remaining collateral in the amount of $18,626.84.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of
Weld County, Colorado, that $18,626.84 from the Agreement among Norwest Bank Colorado,
NA, the Weld County Board of County Commissioners, and Joyce Allely be, and hereby is,
released for improvements completed in Phase 1 of Dos Rios Estates, Second Filing (S #385).
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
nr
ATTEST: Lira/ Fl ��; jI: L ; EXCUSED
`ala'K. Hall, Chair
Weld County Clerk 1:o the :7,arl carry �`. / ' !
/t O 4 /24.4L
i11►►�
(� �•rbara J. Kirkmeyer 'ro-Tem
BY: //tZ) �
Deputy Clerk to the Boa � --7 ,e
eorge E! xter
KAPPR ED AS(1.6 M:!! eff4X/P. .6,./Geilel:Hic/ ��ounty Att r y ., .; / %
Glenn Vaad
AMISH" Ell 1111111 la' 11111III 11111 IIII1111 992336
2723645 09/30/1999 09124R Weld County CO SUBD DOS RIOS
1 of 1 R 0.00 D 0.00 JA Sukl Tsukamoto
TO: Weld County Board of County Commissioners
FROM: Lonnie Ochsner, Vice President,Norwest Bank Colorado,NA
RE: Dos Rios Subdivision(Improvements Agreement)
This agreement dated February 26,1996 between Norwest Bank Colorado,NA(The Bank);the
Weld County Board of County Commissioners(The County);and Joyce Allely(The Borrower) is
mutually recognized and agreed upon by all parties as of this date. This agreement is entered into as an
alternative form of collateral under the Weld County Improvements Agreement regarding collateral for
road improvements of the Dos Rios Estates Second Filing(Phase I)development.
Norwest Bank Colorado, NA agrees to unconditionally advancpiip to,but not exceeding,
$63,507.00 as per the Borrower's construction budget and approved.plat,for the roads portion of the Dos
Rios Estates Second Filing(Phase 1)development. For disbursement control purposes, the Bank will
review the monthly progress of the road construction with a designate representative of the County and
will disburse for payment only after the County has approved said dis urbbment. Any remaining
undisbursed funds of the$63,507 budgeted,will be a able far pons ct#on of the roads should the
Borrower be in default of the Weld County Improkeincrials Agreeglenr,withlrespect to construction of the
roads. The Bank and Borrower understand thetounty will.require an\Irrevocable Letter of Credit for 10%
($6,400)as a contingency fund which will- e available to tl1 e County for one year commencing on the day
the roads are accepted for temporary mpintanance by thee untyy (Please provide the Bank with your
desired Letter of Credit format, and ill,Stated terms un/de h said letter could be drawn.)
This a em''ent pertains only4o the roams portion of the project, and all other loan funds
committed for this vdlopment will,be disbur§ as,per the loan agreement entered into between the
Bank and Borrower. 'o other baamutments are implied by this agreement.
reed upon and accepted this h. ' day of March, 1996.
a
i County Board/of County Commissioners
i
y , i y
r"Y+L tcr�,T rbar� J. KJkmeyer,' Chair
V"'�)l.�itA� " . / /
Joyce Allely //
BY:( ..---f2(---/(--:2--- (1 t
Nonvest Bank C e4tado, N.A.
BY:..Ertf � i_
m Ochsner, Vice presudent
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