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Home My WebLink About951112.tiffRESOLUTION RE: APPROVE RELEASE OF PORTION OF COLLATERAL IN THE AMOUNT OF $43,855.50 FOR SHILOH, INC. (S #354) 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 25, 1994, the Board did approve an Improvements Agreement According to Policy Regarding Collateral for Improvements (Private Road Maintenance) with Shiloh, Inc., concerning property described as a tract of land situated in the SE% of Section 4, Township 6 North, Range 67 West of the 6th P.M., Weld County, Colorado, and WHEREAS, pursuant to said agreement, Letter of Credit #744, drawn on the First Interstate Bank of Fort Collins, N.A., P.O. Box 578, Fort Collins, Colorado 80522-0578, in the amount of $292,370.00 was submitted to Weld County, and WHEREAS, James Scott, of Shiloh, Inc., has presented the Board with a request for release of warranty collateral for completion of all improvements, in the amount of $43,855.50, and WHEREAS, after study and review, and based upon the recommendations from the Departments of Planning Services and Public Works, the Board deems it advisable to approve said request to release said portion of collateral in the amount of $43,855.50, to Shiloh, Inc. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, Colorado, that a portion of collateral, in the amount of $43,855.50, held by Letter of Credit #744, drawn on the First Interstate Bank of Fort Collins, N.A., P.O. Box 578, Fort Collins, Colorado 80522-0578, in the total amount of $292,370.00, be, and hereby is, released. The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 5th day of June, A.D., 1995. BOARD OF COUNTY COMMISSIONERS WF,trp COUNTY, COOOFADO Weld County Clerk to the Board r BY: Deputy Clerk to rift, Beard r APPROjLBB,AS'fd FOR �P,; P() 5heioh;F/ arba r J. Kirkmeyer 7c� �Georpe'E. Baxter iJvp�T � ,b Constance L. Harbert e,��Vi W. H. Webster )Q. 951112 PL0952 WI�Yc 6tt:; COLORADO May 30, 1995 017, I+• DEPARTMENT OF PLANNING SERVICES PHONE (303) 353-6100, EXT.3540 FAX (303) 352-6312 WELD COUNTY ADMINISTRATIVE OFFICES 1400 N. 17TH AVENUE GREELEY, COLORADO 80631 Board of County Commissioners 915 10th Street Greeley, CO, 80631 Subject: Release of warranty collateral for Shiloh, Inc. Case number S-354 Located in part of the Southeast 1/4, of Section 4, Township 6 North, Range 67 West of the 6th P.M., Weld County, Colorado Dear Commissioners: The collateral for improvements for Shiloh, Inc. was approved by the Board of County Commissioners on May 25, 1994. The improvements agreement allowed for partial release of collateral while maintaining warranty collateral ($43,855.50). All improvements have been completed and collateral has been released except the warranty collateral. The agreement allows that warranty collateral may be released nine months after partial approval. Mr. Scott is requesting that this warranty collateral be released. Department of Planning Services Staff is requesting that the warranty collateral for $43,855.50 be released. Don Carrol and I inspected the improvements, and the improvements appeared to be in good condition. u Current Planner 11 pc: S-354 SERVICE, TEAMWORK, INTEGRITY, QUALn'Y 951112 FROM : Integrity Builders PHONE NU. 97�'585�06 Has. 34 15 _4'5' Ft To: Weld County Board of Commissioners 5-24-95 Re: Shiloh Estates PUD We do hereby request the release of "Warranty Collateral" for the completion of all improvements at Shiloh Estates P.U.D.as per our improvements agreement. The amount to be released is $43,855.50 and written notice should be given to First Interstate Bank of Ft. Collins with reference to Letter of Credit # 744. As supervisor for the construction of Shiloh Estates I do hereby certify that all work is completed. Sincerely, James Scott Shiloh Inc. 33082 WCR 15 Windsor, CO 80550 686-7035 Post -It"' brand lax transmittal memo 7671 MRY 24 '95 13:54 WELD COUNTY PLANNING MAY 2 5 1995 � 9706860286 PRGE.001 951112 ,6ci, mEmORAnDUm lliDc Keith Schuett, Current Planner II To Date COLORADO Don Carroll, Project Coordinator G� From Subject: Shiloh Estates PUD; S-354 and S-337 May 30, 1995 This memo is a request for release of currency for the completion for the street paving in accordance with the improvements agreement. On May 24, 1995, Keith Schuett from the Planning Department and I visited the site and have the following comments: All the street grading, basing and paving has been completed at this particular time along with the ditch improvements. It appears that the water mains and fire hydrants were in place. Road culverts and grassline swale have also been completed. I have no conflict with releasing my portion of the Exhibit A Improvements Agreement for the PUD. cc: Commissioner Webster S-354 and S-337 files :planl.dc WELD COUNTY PLANNING 1} MAY 3. 1 1995 fp, !'!n}U E©EIVIE " 951112 F.1 First Interstate Bank May 10, 1994 First Interstate Bank of Fort Collins, N.A. P O Box 578 Fort Collins. CO 80522-0578 (303) 482-4861 COUNTY OF WELD STATE OF COLORADO Department of Planning Services 915 10th Street Greeley, CO 80631 Re: Letter of Credit #744 We hereby establish at the request and f Inc. in your favor our Irrevocable Letter amount of $292,370.00 effective immediate will expire upon the release and the Weld County Board of County release of the final 15% ($43,85 the final Plat approval projected t Boardwalk Office P.O. Box 272500 Fort Collins. CO 80527-2500 (303) 225-6000 e account of Shiloh, Credit No. 744 in the The Letter of Credit turn of the Letter of Credit by Commissioners following their r one year from the date of e no later than May 10, 1994, whichever occurs first. Unless the original Letter of Credit is returned to the issuer ore the expiration date, May 10, 1995, the issuer must provid t e CAerk of the Weld County Board of County Commissioners 60 ys pr or written notice by certified mail of the pending expiration. Letter of Credit N 74 is available upon default by Shiloh, Inc. on the Improvement a ment for Shiloh Estates P. U. D. through sight drafts 'n an egate cumulative amount not to exceed $292,370.00, dd th date of presentment, drawn and presented at the Bank's offs a at 2 5 West Oak, Fort Collins, Colorado 80521, referring to the pi •Or of this Letter of Credit and accompanied by your written cert'f''ate signed by you and acknowledged as provided in the attached :•rm Exhibit B. Transfers of funds as defined below eSi11 reduce the amount of this Letter of Credit. Transf rs of rinds are available upon receipt of a resolution from the Wel Cou ty Board of Commissioners requesting the release and transfer funds referencing Letter of Credit No. 744 together with a Statement of Substantial Compliance for each portion of the project from a registered engineer. Upon receipt of the request for payment and Statement of Substantial Compliance, the Bank will fund the request by reducing Letter of Credit No. 744 in an amount equal to the request for payment and transfer that amount from the Shiloh, Inc. Market Interest Account to their operating account. clot,��a .c In no event is the County of Weld to exceed in drafts or the amount specified in the Improvement Agreement for of the Shiloh Estates P. U. D. project. The Letter./of be drawn down by drafts or transfers to a minimum of (15% of the Improvement Agreement) which will rem in Letter of Credit expires or the original Letter(lef returned to the issuer. Drafts and transfers are available prior to the clo of business on May 10, 1995. This Letter of Credit is non-transferrable. This Letter of Credit sets forth in full our u\jdertaking, and such undertaking shall not in any way be mo 'fied, amended, amplified or limited by reference to any document, 'nst ument or agreement or referred to herein, except only the c 'ficate (and drafts) as referred to herein; and any such refere e shall not be deemed to incorporate herein by refer�ence any document, instrument or agreement except for such cevttficate and drafts. This Letter of Credit is issu Practice for Documentary Credi No. 400. Sincerely, Ed Wilkins Vice President Commercial Lo txafisfers porti Cr dit an $43 8 .50 un the C edit is to the Uniform Customs and 3 Revision, ICC Publication f:\sharecml\loc\shiloh2 EXHIBIT B CERTIFICATE The undersigned hereby certifies as follows th spect to the certain irrevocable Letter of Credit No. 744 d to May 10, 1994 , established in favor of The County of Weld, t of Colorado. Shiloh, Inc. is in default under the Improvement Agreement; He (She) is authorized to execute of the County of Weld, State of Col The sum of presented with this Certific to The County of Weld from S The amount of thec ccompanying draft together with previous draws under t Le ter of Credit do not exceed in aggregate of (e) The Letter of Credit hs not expired. IN WITNESS WHEREdersigned has executed this Certificate on behalf of a •un f Weld this 13th day of May , 19 94 . The Count of Shiloh Estates P. U. D. s Certificate on behalf rado, and hich is the amount of the draft s'the amount currently due h, Inc. By: C Author Officer Officer OF COLO•'DO BS. all the The\forego ng instrument was acknowledged before me the / y of , 19, by of the County of Weld WITNESS my hand and official seal Notary Public My Commission Expires: Hello