HomeMy WebLinkAbout971155.tiffRESOLUTION
RE: APPROVE IMPROVEMENTS AGREEMENT ACCORDING TO POLICY REGARDING
COLLATERAL FOR IMPROVEMENTS (PRIVATE ROAD MAINTENANCE) AND
ACCEPT COLLATERAL - LITTLE THOMPSON VALLEY ESTATES / MCCARTY
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 April 9, 1997, the Board approved a Site Specific
Development Plan and Planned Unit Development (PUD) Final Plan, S #415, for Little
Thompson Valley Estates, for the following described real estate, to -wit:
Part of the E'/ of the SE% of Section 21, Township
4 North, Range 68 West of the 6th P.M., Weld
County, Colorado
WHEREAS, pursuant to certain Conditions of Approval in said Resolution, the Board
has been presented with an Improvements Agreement According to Policy Regarding Collateral
for Improvements (Private Road Maintenance) between the County of Weld, State of Colorado,
by and through the Board of County Commissioners of Weld County, and Little Thompson
Valley Estates, c/o Kevin and Dina McCarty, with terms and conditions being as stated in said
agreement, and
WHEREAS, after review, the Board deems it advisable to approve said agreement, a
copy of which is attached hereto and incorporated herein by reference, and to accept
Irrevocable Letter of Credit #122, drawn on the Pioneer Bank of Longmont, 1610 Hover Street,
Longmont, Colorado 80501, in the amount of $62,039.00.
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 Improvements (Private Road Maintenance) between the County of Weld, State of
Colorado, by and through the Board of County Commissioners of Weld County, and Little
Thompson Valley Estates, c/o Kevin and Dina McCarty, be, and hereby is, approved.
BE IT FURTHER RESOLVED by the Board that collateral, in the form of Irrevocable
Letter of Credit #122 drawn on the Pioneer Bank of Longmont, 1610 Hover Street, Longmont,
Colorado 80501, in the amount of $62,039.00, be, and hereby is, accepted.
971155
d_e fou; Fri j MO.?4.rf)/
PL1041
IMPROVEMENTS AGREEMENT - LITTLE THOMPSON ESTATES / MCCARTY (S #415)
PAGE 2
The above and foregoing Resolution was, on motion duly made and seconded, adopted
by the following vote on the 18th day of June, A.D., 1997.
ATTEST:
Weld Co
BY.
Deputy
APP
y
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
eorge E. Baxter, Chair
onstance L. Harbgrt, Pro-Tem
W. H. Webster
971155
PL1041
5/-)'
2555571 B-1613 P-788 06/30/1997 01:24P PG 1 OF 11 REC D0C
Weld County CO JA Suki. Tsukamoto Clerk & Recorder 0.00
IMPROVEMENTS AGREEMENT ACCORDING
POLICY REGARDING COLLATERAL FOR IMPROVEMENTS
(PRIVATE ROAD MAINTENANCE)
THIS AGREEMENT, made and entered into this JIM day of 7 /9Q%, by and between
the County of Weld, State of Colorado, acting through its Board of Coun Commissioners, hereinafter called
"County", and [>br Ihompsan Va2bt,1sf-ct2$ hereinafter called "Applicant".
WITNESSETH:
WHEREAS, Applicant is the owner of or has a controlling interest in the following described
property in the County of Weld, Colorado:
Part of the E/2 of the SE/4 of Section 21, Twn. 4 North,
Rng. 68 West of the 6th PM, Weld County, CO.
WHEREAS, a final subdivision/PUD plat of said property, to be known as
Little Thompson Valley Estates has been submitted to the County
for approval; and
WHEREAS, of the Weld County Subdivision Ordinance 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 Engineering 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.
1 Revised 12/95
971155
2555571 B-161.3 P-788 06/30/1997 01:24P PG 2 OF 11
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 Rights -of -Way 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.
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.
2 Revised 12/95
971155
2555571 B-1613 P-788 06/30/1997 01:24P PG 3 OF 11
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
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
3 Revised 12/95
971155
2555571 B-1613 P-788 06/30/1997 01.:24P PG 4 OF 11
approval, the applicant shall indicated which of the five types of collateral prefered
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".
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:
8.1.1 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
8.1.2 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.
8.1.3 The applicant may draw from the Letter of Credit in accordance with the
provisions of this policy.
4 Revised 12/95
971155
2555571 B-1613 P-788 06/30/1997 01:24P PG 5 OF 11
8.1.4 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.
8.1.5 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.
8.1.6 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:
8.2.1 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.
8.2.2 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.
8.2.3 A title insurance policy insuring that the Trust Deed creates a valid encumbrance
which is senior to all other liens and encumbrances.
8.2.4 A building permit hold shall be placed on the encumbered property.
8.3 Escrow Agreement that provides at least the following:
5 Revised 12/95
971155
2555571 8-1613 P-788 06/30/1997 01:24P PG 6 OF 11
8.3.1 The cash in escrow is at least equal to 100% of the amount specified in the
Improvements Agreement.
8.3.2 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.
8.3.3 The escrow agent will be a Federal or State licensed bank or financial institution.
8.3.4 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.
9.0 Request 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 Transportation Schedule for minimum materials sampling, testing
and inspections found in CDOT 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 thru 9.5 shall be noted on the final construction plans.
6 Revised 12/95
971155
2555571 B-1613 P-788 06/30/1997 01:24P PG 7 OF 11
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 15% 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.
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.
7
Revised 12/95
971155
ATTEST:
Weld Coun
a0
APPROVED AS TO FORM:
BOARD OF COUNTY COMMISSIONERS
WELDOUNTY, COJ,ORADO
Attorney
APPLICANT
cr
(title)
BY:
v� `•. Sub .c, nd sworn to before me this Io
D day of
2555571 B-1613 P-788 06/30/1997 01:24P PG 8 OF 11
M.FORM\\APRIVATE.DB
8
%11
Revised 12/95
971155
0606/97 11:03 FAX 970 352 2868
04109/1997 11:31 356-6485
WELD PUBLIC WORK
PICKETT ENGINEERING
141002
PAGE 03
PIG(Err ENGINEERING COMPANY
822 7th Street, Suite 210
Greeley, Celorede 80931
(9701 3566362
SITEWORE
LITTLE THOMPSON VALLEY ESTATES
Phase I
O.wntty
Unit
Date
Project
EXHIBIT -A-r
Unit Coe[ Total
313,97
35-0ia
Earthwork
Storm Drainage
UTILITIES
Water extension
E tenlsim
PAVING
Subgrode prop
Paring
Miscellaneous
Slob 00P-• Oe.dne. m sin.. SOU sinews
0 nf.. pia .....t, saminetlan
O11a.n ingertae• bailing in. campapiien
On-sne allepees
Sail LinderoPt
Agog bra seer b.Adina new sob
SuaKvul
Scanlan innical warm
1 e• CMP
Carnbinatign Grand /ails
other items.__
Sub-to..r
Landscaping a I„igsys.
S tIOtai
$ITEWORK TOTAL
1.5
1500
0
O
O
O
1
224
0
Acres
C.Y.
Lump Sum
L.F.
EACH
$500.00
$2.00
$12.00
$1,000
*1e.0o
$2.500
6750.00
$3,000.00
30.00
*0.00
*0.00
40.00
t .tGI Eif:! a
otooino
*4,032.00
$0.00
60.00
S' 0iP OP PVC
Renner
FP* Hye.se
satweae
Cmerpilm.s to gelatine Heine
Simla Sends
'relapses= e.nia.
Ge. s.nvly
Sttae.al
UTILITIES TOTAL
Grating * Crewman
mewar easy rpwt Irr r eye[
Tenement se ..eeelsir eaaraa
PAVING TOTAL
*react Nag
Permit leee
Tirane. serene and'Pgilnai'
Oarw.uego.. Agninimiatien
MISCELLANEOUS TOTAL
1
Quantity
11S
1
1
3
1
3
8
3
Quantity
2440
2440
875
1
1
1
1
Lump Sum
Unit
LE_
EACH
EACH
EACH
EACH
EACH
EACH
EACH
Unit
S.Y-
S.Y.
Lump Sum
Lump Sum
LUMP Sum
Lump Wen
*5.000
Unlit Coat
613.00
*225
*2,250
*460
11,250
6300
*300-00
$900.00
65400.00
:Y:'
613.762.00 ...!
Total
41,534,00
*225.00
*2,250.00
41..950.00
01.240_00
*800.00
*900.00
6900.00
ESERMANDRISVOL4&
58.901.00
Unix Cost Total
a I_Do *2.410.00
68.00 619.520.00
*4.00 $3.500.00
*25.400.00
90.00
60-00
$4,855 54.855.10
57,283 87.282.65
•12,131.95
Of4PC TOTAL
2555571 B-1613 P-788 06/30/1997 01:24P PG 9 OF 11
OMBWCO1.(L5
06/06/97 10:03 TX/RX N0.7516
660.as..
P. 92111 511
06/06/97 11:03 FAX 970 352 2888 WELD PUBLIC WORK
04/89/1997 11:31 356-6486
PIQCETr ENGIhEERIM6
Ij003
PAGE 02
PICKETT ENOINEERINO COMPANY
822 7th Street. Suite 210
Greeley. Colorado 80631
1970) 35&6382
SITEWORK
LITTLE THOMPSON VALLEY ESTATES
Phan 11
Quantity
Unit
Data
Project
Unit Coat
EXHIBIT
Total
3!3/97
88-014
EarthPrork
Storm Drainage
UTLITIES
Water extension
Extensions
PAVINQ
Subgatl3 rasp
Plying
Misoe&aneous
Ste re., esanna. enebia& eau weans
Ornet. Pi•••i^ent oonpeotian
On<ae Nperrea. hawed In. oameecHan
Olrarte disposal
awi unue,eut
Sleek bat undid NASD Naas slab
Sub -total
Freshen *antral system
1 r CIai
t.n•hlnapan armed Inlet
atnat Items...
isstate
Landeaepina I. Irdasden
6u S. !veal
*REWORK TOTAL
OS Acres
500 O_Y.
O C.V.
O C. V.
O C.Y_
O Tons
1 Lump Sun
O tor.
O EACH
0500.00
$2.00
912.00
4500
*16.00
42,500
8250_00
*1.000.00
40.00
*0.00
*0.00
$0.00
MIZNAN1110.4PNik7IY,
*500.00
*0.00
40.00
00.00
9- DIP OR PVC
Intones
Fire Hydrant
D.naae.
Cennprlene to exS tea nninr
F.se.ia Service
Telephone Service
Goa *rules
£.15,201.1
UTILITIES TOTAL
Create* & C.n*.Air.
Regular sow a.Phelr Milano 3-15'1
Temporary ell-rvanher aurtaw
PAVING TOTAL
r..••..t ryes
Permit tees
Tenting. St.Un3 and -aa-boar
Cementation AS.rlWuaaen
MISCELLANEOUS TOTAL
1
120
1
1
3
1
3
3
3
Quantity
1600
1600
0
Lump Bunt
Unit
L.F.
EACH
EACH
EACH
EACH
EACH
EACH
EACH
Unit
S_Y.
S.Y.
S.Y.
Lump Sum
Lump Sum
Lump Sum
Lump Sum
05.000 85.000.00
that Cast
01300
*225
02,250
1450
41.260
5300
8300.00
0800.00
unit Coat
41_00
*8.00
04.09
*8.048
$4,572
l
04750.80
1 etst
*1,560.00
4225.00
32,250.00
41.250_00
51.250,00
5900.00
8900.00
$900.00
-1`
59.336.80
Total
01.800.00
*12,800.00
*0.00
114,400.00
30_00
*3.046.50
54.573.75
37.621.26
i
1
MNO TOTat
2555571 B-1613 P-788 06/30/1997 01:24P PG 10 OF 11
OMBWCOZ.XL5
536,10626
06/06/97 10:03 TX/RX NO.7516 g,0131.5.5 ■
0529/97 09:39 PIONEER BERTHOUD 4 9703520242
NO.060 004
Little Thompson Valley Estates PUt
Infrastructure Payments Made/Inftaastructure Complete As of 5/23/97
Budget ttemDescription
. Pay4d " !'„L w
• ::...... c..
.. .. ,< ..,. .
;.iiY icanY_aunt:m.:flrakpiLle.':
....:
:::..:::.:
_..
'p(pii. Mon
::.::::'':.::.:.;. .
• Ogro
.: Oa Poll
.04494 Amin
Lees Draw
Water lien & Ike hydrns
Ward Construction
$24404.00
324,434.00
Culverts a base on advert
ward Construction
34,700.00
$4.700.00
Electvicaihone Line Trenching
Ward Conewction
$4,430.60
$4,400.00
Electric/Phone Road Crossing
Ward Construction
$76pm
$750.00
$750.00
Alpine Sky Road P p
Caution/Ward
$7,5m.m
37,500.00
37,500.00
Private Road Prep
Coulson/Mud
Woman
39,000.00
36,000.00
Paring
CoNaonmard
$1e,000.m
S16,SOO.o}
trlde Thompson Impact Fees
tilde Th. Water D.
$e,90o.m
5/2307
36 300.00
SO.m
6 wilts of NCWCO
Donaldoon a Co.
$17,400.00
5/x+87
317,40060
SOHO
Piastre Valley REA
Pouch "stay REA
$21956.00
6/2397
$21868.03
$O.m
U.S. West
US. West
$767.00
peld by owner
$767.00
$000
Road So9 Testing
Landmark
3600.00
paid by owner
$813.00
sow
Dwelling Soil Testing
Landmark
$616.50
5/23/87
5616.50
soca
Treebdts
'Timbal= a Arbodand
$10,550.00
57.9197
37,636.00
310,593.00
Hydrant Fees
Oenhoud FP Dial.
$2,600.00
$126,645.50 847,641.00
321.985.60
377,204,00
As of 5/23/97 $47,641.50 bed been drawn and $22,185 of additional work had
been completed on infrastructure, Remaining Infrastructure total Is: $57,319
2555571 B-1613 P-788 06/30/1997 01:24P PG 11 OF 11
eat'
971155'""
PONEER
BANK OF LONOMONT
1610 Hover Street
Longmont, Colorado 80501
(303) 651-7777
"LENDER"
BENEFICIARY
BOARD OF COUNTY
COMMISSIONERS OF WELD CO.
915"1OTH STREET
GREELEY,CO $0631wa
(970) 356-4000
S need// -
IRREVOCABLE
LETTER OF
CREDIT
NO.: 122
BORROWER
KEVIN MCCARTY
DINA MCCARTY
4026 NIOBE COURT ----
LOVBLAND, CO 80538 _....
This Letter of Credit shall expire upon the earlier of:
1. the close of business on
MAY 24, 1998
and all drafts and accompanying statements or documents
must be presented to Lender on or before that time; or
2. the day that Lender honors a draw under which the full
amount of this Letter of Credit is drawn.
Lender identified above hereby establishes an Irrevocable Letter of Credit in favor of Beneficiary for a sum not exceeding the aggregate
amount of SIXTY-TWO THOUSAND THIRTY-NINE AND NO/100
Dollars ($ 62,039.00 ). These funds shall be made available by Beneficiary's drafts drawn at sight on Lender at its
address Indicated above (or such other address that Lender may provide Beneficiary with written notice of In the future) and accompanied
by the signed written statements or documents indicated below.
WARNING TO BENEFICIARY: PLEASE EXAMINE THIS LETTER OF CREDIT AT ONCE. IF YOU FEEL UNABLE TO MEET ANY OF ITS
REQUIREMENTS, EITHER SINGLY OR TOGETHER, YOU SHOULD CONTACT THE PARTY IN WHOSE FAVOR THIS LETTER OF CREDIT
IS BEING ISSUED TO SEE IF THE LETTER OF CREDIT CAN BE AMENDED. OTHERWISE, YOU WILL RISK LOSING PAYMENT UNDER
THIS LETTER OF CREDIT FOR FAILURE TO COMPLY STRICTLY WITH ITS TERMS AS WRITTEN.
1. DRAFT TERMS AND CONDITIONS
Lender shall honor the drafts submitted by Beneficiary under the following terms and conditions:
UPON PRESENTMENT OF DRAFT OR DRAFTS ACCOMPANIED BY YOUR OFFICIALLY SIGNED
STATEMENT THAT LITTLE THOMPSON VALLEY ESTATES HAS FAILED TO PERFORM IN
ACCORDANCE WITH THE IMPROVEMENT AGREEMENT. THE LETTER OF CREDIT WILL BE
PARTIALLY RELEASED AS IMPROVEMENTS ARE COMPLETED, SUBJECT TO THE 15% RESERVE
PROVISION IN THE IMPROVEMENT AGREEMENT.
Upon Lender's honor of such drafts and payment to the Beneficiary, Lender, once the full amount of credit available under this Letter of
Credit has been drawn, shall be fully discharged of its obligations under this Letter of Credit and shall not thereafter be obligated to make any
further payments under this Letter of Credit in respect of such demand for payments to Beneficiary or any other person.
Beneficiary shall have no recourse against Lender for any amount paid under this Letter of Credit after Lender honors any draft or other
document which complies strictly with this Letter of Credit, and which on its face appears otherwise in order but which is signed, Issued, or
presented by any party or under the name of any party purporting to act for Beneficiary, purporting to claim through Beneficiary, or posing as
Beneficiary. By presenting upon Lender or confirmer, Beneficiary certifies that Beneficiary has not and will not present upon the other, unless
and until Beneficiary meets with dishonor. Beneficiary promises to return to Lender and confirmer any funds received by Beneficiary in
excess of the Letter of Credit's maximum drawing amount.
2. USE RESTRICTIONS
All drafts must be marked 'DRAWN UNDER IRREVOCABLE LETTER OF CREDIT NO 122
DATED NAY 24, 1997 '. Only Beneficiary may complete a draft and accompanying statements
or documents required by this Letter of Credit and make a draw under this Letter of Credit.
If checked, a copy of this Letter of Credit must accompany each draft and the amount of each draft shall be marked on the draft.
Beneficiary shall maintain possession of Letter of Credit until the full amount of this Letter of Credit has been drawn. Once the full
amount is drawn, Beneficiary shall return the Letter of Credit to Lender.
Partial draws ❑ are permitted XI are not permitted under this Letter of Credit. Lender's honor of a draw shall automatically
reduce the amount of credit available under this Letter.
3. ASSIGNMENT OR TRANSFER
This Letter of Credit may be assigned or transferred by Beneficiary upon providing Lender with prior written notice of the assignment
or transfer.
The right to draw under this Letter of Credit shall be nontransferable, except for:
A. A transfer by direct operation of law to the original beneficiary's administrator, executor, bankruptcy trustee, receiver, liquidator,
successor, or other representatives at law, and
B. The first immediate transfer by such legal representative to a third party after express approval of a governmental body (judicial,
administrative, or executive).
4. TRANSFEREE'S REQUIRED DOCUMENTS
When the presenter is a legal respresentative under subparagraph 3.A. or a third party under subparagraph 3.B., the documents
required for a draw shall include:
A. All documents required elsewhere in this Letter of Credit, except that such documents may be in the name of either the original
beneficiary or the presenter permitted by paragraph 3; and
B. A certified copy of the one or more documents which show the presenter's authority to claim through or to act with authority for the
original beneficiary.
LP-rLQOO2; FGnniWon Technologies, Inc. (12/17/93) (800)937-3799
971155
5. TIMING OF DISHONOR
To the extent not prohibited by law, Lender shall be entitled to honor or dishonor any draw submitted in connection with this Letter of
Credit within five (5) banking days. Although Lender shall be entitled to honor or dishonor a draw beyond the Expiration Date of this
Letter of Credit, Beneficiary shall not be entitled to submit a draw request or provide Lender with any documents in support of a draw
after the Expiration Date hereof.
6. MODIFICATION
The modification or waiver of any of Lender's or Beneficiary's obligations or rights under this Letter of Credit must be contained in a
writing signed by Lender. A waiver on one occasion shall not constitute a waiver on any other occasion.
7. COMPUANCE BURDEN
Under no circumstances shall Lender be held responsible for any impossibility or other difficulty in achieving strict compliance with the
requirements of this Letter of Credit precisely as written. Beneficiary understands and acknowledges: (i) that unless and until the present
wording of this Letter of Credit is amended with Lenders prior written consent, the burden of complying strictly with such wording
remains solely upon Beneficiary; and (ii) that Lender is relying upon the lack of such amendment as constituting Beneficiary's initial and
continued approval of such wording.
8. NON-SEVERABIUTY
If any aspect of this Letter of Credit is ever declared unenforceable for any reason by arty court or governmental body having jurisdiction,
Lender's entire engagement under this Letter of Credit shall be deemed null and void ab initio, and both Lender and Beneficiary shall be
restored to the position each would have occupied with all rights available as though this Letter of Credit had never occurred. This
non-severability provision shall override all other provisions in this Letter of Credit, no matter where such provision appears within the
Letters body.
9. CHOICE OF LAW/JURISDICTION
This Letter of Credit shall be governed by the laws of the state indicated in Lenders address to the extent not governed by the
International Chamber of Commerce Uniform Customs and Practice for Documentary Credits 1993. Revision, ICC Publication No. 500,
and to the extent such laws are not inconsistent with the terms of this Letter of Credit. Lender and Beneficiary consent to the jurisdiction
and venue of any court located in the state indicated in Lenders address in the event of any legal proceeding under this Letter of Credit.
10. EXPIRY
Lender hereby agrees with Beneficiary that drafts drawn under and in compliance with the terms of this Letter of Credit will be duly
honored if presented to the Lender on or before MAY 24. 1998
Dated: MAY 24, 1997
LENDER: PIONEER OF LONGMONT
BY:
MEL a
TITLE: VICE PRESIDENT
Date Negotiated By
ENDORSEMENT OF DRAFTS DRAWN:
Amount
In Words
Amount
In Figures
LPLO932 Fo,n Mon T.ohnoki s, Inc, (12/17/93( ( 9374799
971155
MEMORANDUM
h iDe
COLORADO
TO: Board of County Commissioners
FROM: Shani L. Eastin, Current Planner
SUBJECT: S-415, Little Thompson Valley Estates
DATE: June 16, 1997
Attached is the Improvements Agreement According Policy Regarding Collateral
Improvements for private road maintenance for Little Thompson Valley Estates, located
in the E'/2 of the SE% of Section 21, T4N, R68W of the 6th P.M., Weld County, Colorado
P.M., Weld County, Colorado. This agreement is submitted by the applicant, Kevin
McCarty, for your consideration.
An Irrevocable Letter of Credit in the amount of $62,039.00 is being provided as collateral
for construction of the improvements in the subdivision.
The Weld County Public Works Department and County Attorney's Office have no conflict
with the proposal, as stated in the attached memos. The Department of Planning Services
request that the Improvements Agreement be accepted by the Board of County
Commissioners.
SERVICE, TEAMWORK, INTEGRITY, QUALITY
971155
;;T:i
Wine
COLORADO
MEMORANDUM
TO: Shani Eastin, Current Planner DATE: June 12, 1997
FROM: Don Carroll, Project Administrator
SUBJECT: S-415 (Little Thompson Valley Estates) McCarty
The applicant's engineer (Pickett Engineering) has supplied an Exhibit A -I and an A -II that reflect
Phases I and II at my request. My concern was that the paving section does not match the Phases.
This has been readjusted to my satisfaction. I have no conflict with these items.
I have been working with Lee Morrison, Assistant County Attorney, in securing the Letter of Credit
and all additional documentation required for bonding. If the legal staff is comfortable with the
submittal, I'll have no conflict with scheduling this for Board action.
cc: Commissioner Harbert
S-415
plan13
JUN 1 6
7
971155
From: LEE MORRISON
To: gdunn
Date: 6/5/97 4:51 pm
Subject: mccarty
Reply requested when convenient
i have reviwed the revised covenants and the letter of credit and find them satisfactory in form . I have not reviewed
the revised costs .
CC: dcarroll,mmika,bbarker
971155
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