HomeMy WebLinkAbout960706.tiff RESOLUTION
RE: APPROVE IMPROVEMENTS AGREEMENT ACCORDING TO POLICY REGARDING
COLLATERAL FOR IMPROVEMENTS(PRIVATE ROAD MAINTENANCE)AND ACCEPT
COLLATERAL FROM TRI-CITY VENTURES, L.L.C. - MEADOW BROOK FARM, S #380
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 10, 1995, the Board approved a Site Specific
Development Plan and Minor Subdivision Final Plat, S #380, for Tri-City Ventures, L.L.C., on the
following described real estate, to-wit:
Part of the NW% of Section 8,
Township 5 North, Range 67 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 Tri-City Ventures, L.L.C., with
terms and conditions being as stated in said agreement, and
WHEREAS, the Board has also been presented with Irrevocable Letter of Credit No. 147
dated April 22, 1996, for a sum not to exceed the aggregate of $26,500.00 (TWENTY SIX
THOUSAND FIVE HUNDRED AND NO/100), drawn on the 1st Choice Bank, 2164 35th Avenue,
Greeley, Colorado 80634, and
WHEREAS, after review, the Board deems it advisable to approve said agreement and
accept said collateral, copies of which are attached hereto and incorporated herein by reference.
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 Tri-City Ventures, L.L.C., be, and
hereby is, approved.
BE IT FURTHER RESOLVED by the Board that Irrevocable Letter of Credit No. 147 dated
April 22, 1996, fora sum not to exceed the aggregate of$26,500.00 (TWENTY SIX THOUSAND
FIVE HUNDRED AND NO/100), drawn on the 1st Choice Bank, 2164 35th Avenue, Greeley,
Colorado 80634, be, and hereby is, accepted as collateral.
960706
PL0971
6.c: Pt_; TKl-Ter rI
IMPROVEMENTS AGREEMENT AND COLLATERAL - TRI-CITY VENTURES, L.L.C., S #380
PAGE 2
The above and foregoing Resolution was, on motion duly made and seconded, adopted by
the following vote on the 22nd day of April, A.D., 1996.
/ / l 7G/� BOARD OF COUNTY COMMISSIONERS
1 yC �/ /b� ' WELD COUNTY, COLOR"
/iJ IjL J /city,/
1861 �`//�
cf: O y Barbara J. Kirkmeyer, air i�% el.. t Clerk to the Board
Per Zfc
•
®u i 1.�� � orge E. Baxter, P,r -Te
•
-- " Deputy Cleri o the Board
Da K. Hall
APPR AS TO FORM: ' C .26-7;,-,,....se. &a-L_ztt.#0
onstance 1 L. Harbert
t At orney — /7 f ti'.,:. /_ _ 42 2 . A`4
W. H. Webster III
960706
PL0971
IMPROVEMENTS AGREEMENT ACCORDING
•
POLICY REGARDING COLLATERAL FOR IMPROVEMENTS
(PRIVATE ROAD MAINTENANCE)
ATHIS AGREEMENT, made and entered into this B.
day of \f rIk ary , by and
between the County of Weld, State of Colorado, acting through its Board of County
Commissioners , hereinafter called "County" , and Tri—City Ventures, L.L.C.
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:
WHEREAS , a final subdivision/PUD plat of said property, to be known as
Meadow Brook Farm has been submitted to
the County for approval; and
WHEREAS , Section 13 of the Weld County Subdivision Regulations provides chat
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.
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Weld County CO JA Suki Tsukamoto Clerk & Recorder 0.00
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 Riehts-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 .
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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 "8" , 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
2514669 B-1570 P-784 10/08/96 01:12P PG 3 OF 12
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
chat 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. L. 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 [he
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.
IE 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.
6. 5 A cash deposit made with the County equivalent to 100% of the value
of the improvements .
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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 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 10% 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 lacer 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.
•
2514669 B-1570 P-784 10/08/96 01:12P PG 6 OF 12
IMPROVEMENT AGREEMENT
PRIVATELY MAINTAINED ROADS
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COL O
,
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d��.n lei` kdlein
n6' St MV�V. Id ounty Clerk to ri: 410 the Board "l 1 4
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�,v ��, ,,.r' eputy C!J-rk to the BoardO / /q, ; �_ j
_.- APPROVED AS TO FORM: /7f-'L__,
unty Actor y
APPLICANT Tri—City Ventures, L.L.C.
BY:1,72-1,4-27 A.1 Prig ..,
Managing Part erg
Subscribed and sworn to before me this day of?„„,,,. 19 9k .
My Commission expires: �s`Jjr i//jitrinit..-----
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2514669 B-1570 P-784 10/08/96 01:12P PG 9 OF 12
EXHIBIT"A"
Name of Subdivision: Meadow Brook Farm
Filing:
Location: Par of the NW 1/4, Section 8,T5N,R67W
Intending to be legally bound,the undersigned Applicant hereby agrees to provide throughout this
subdivision and as shown on the subdivision final plat County dated 19
recorded on , 19 ,in Book ,Page No. ,Reception No.
,the following improvements.
(Leave spaces blank where they do not apply)
Improvements Unit Cost Construction Cost
Street Grading Construction Complete
Street Base
Street Paving $25.00/ton $24,443.00
Curbs,gutters,&culverts
Sidewalk
Storm Sewer Facilities
Detention Ponds
Ditch Improvements
Subsurface Drainage
Sanitary Sewers
Trunk and Forced Lines
Mains
Laterals(house connected)
On-site Sewage Facilities
On-site Water Supply and Storage
Water Mains-Includes Bore Construction Complete
Fire Hydrants Construction Complete
Survey& Street Monuments&Boxes Construction Complete
Street Lighting
Street Name Signs
Fencing Requirements
Landscaping
Park Improvements
Road Culvert
Grass Lined Swale
Telephone Construction Complete
Gas Construction Complete
Electric Construction Complete
Water Transfer Construction Complete
Subtotal $24,443.00
Engineering and Supervision Costs $2,000.00 . (testing,inspection,as-built plans and
work in addition to preliminary and final plat, supervision of actual construction by contractors)
2514669 B-1570 P-784 10/08/96 01:12P PG 10 OF 12
TOTAL ESTIMATED COST OF IMPROVEMENTS AND SUPERVISION $26,443.00
The above improvements shall be constructed in accordance with all County requirements and
specifications,and conformance with this provision shall be determined solely by Weld County,or its duly
authorized agent.
Said improvements shall be completed according to the construction schedule set out in Exhibit"B".
• 477411/17-7.,,,,,
(In corporation,to be signed by President and attested to by Secretary,together with corporate seal.)
Date: % 7i , 19 76
2514669 B-1570 P-784 10/08/96 01:12P PG 11 OF 12
EXHIBIT"B"
Name of Subdivision: Meadow Brook Farm
Filing:
Location: Par of the NW 1/4, Section 8,T5N,R67W
Intending to be legally bound,the undersigned Applicant hereby agrees to provide throughout this
subdivision and as shown on the subdivision final plat of Meadow Brook Farm Subdivision,dated
, 19 ,recorded on , 19 ,in Book
,Page No. ,Reception No. ,the following schedule.
All improvements shall be completed within years from the date of approval of the final plat.
Construction of the improvements listed in Exhibit"A"shall be completed as follows:
(Leave spaces blank where they do not apply)
Improvements Time for Completion
Street Grading Complete
Street Base April 15, 1996
Street Paving April 15, 1996
Curbs,gutters,&culverts Complete
Sidewalk N/A
Storm Sewer Facilities N/A
Detention Ponds Complete
Ditch Improvements Complete
Subsurface Drainage Complete
Sanitary Sewers N/A
Trunk and Forced Lines N/A
Mains N/A
Laterals(house connected) Complete
On-site Sewage Facilities N/A
On-site Water Supply and Storage N/A •
Water Mains-Includes Bore Complete
Fire Hydrants Complete
Survey& Street Monuments&Boxes Complete
Street Lighting N/A
Street Name Signs Complete
Fencing Requirements Complete
Landscaping N/A
Park Improvements N/A
Telephone Complete
Gas Complete
Electric Complete
Water Transfer Complete'
Subtotal
The County,at its option,and upon the request by the Applicant,may grant an extension of time for
completion for any particular improvements shown above,upon a showing by the Applicant that the above
schedule cannot be met.
(In corporation,to be signed by President and attested to by Secretary,together with corporate seal.)
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ST
k, bribiL It 27 , ,
77,IRREVOCABLE LIFTER OF CREDIT NO. 147
2164 35th Avenue CI Lehr
Greeley, Colorado 80634 TO THE r,
Phone: (970) 330-3300
April 22, 1996
Government of Weld County,Colorado
ATTN: Lee Morrison
1400 N. 17th Avenue
Greeley,CO 80631
RE: Meadow Brook Farm
c/o Tri-City Ventures,LTC
Jeff Perryman-Managing Partner
ATTN: Lee Morrison
We hereby open our Irrevocable Letter of Credit in your favor for the account of Tri-City Ventures, LLC,6538 1/. II.S.
Highway 34,Loveland,Colorado, 80537, for a sum not to exceed the aggregate of$26,500.00,(Twenty Six Thousand
Five Hundred and No/100).
Each draft so drawn must be marked"Drawn under I ST CHOICE BANK,2164 35th Avenue,Greeley,Colorado.
Letter of Credit No. 147"and be accompanied by a"signed statement from the Board of County Commissioners of
Weld County, Colorado stating the Tri-City Ventures,LLC has committed a material breach of the Improvements
Agreement According to Policy Regarding collateral for Improvements regarding Meadow Brook Farm subdivision
dated the 22th day of April, 1996 by and between Tri-City Ventures,LLC and the Board of County Commissioners of
the County of Weld."
This credit is subject, so far as applicable,to"The Uniform Customs and Practice for Documentary Credits, 1983
Revision,The International Chamber of Commerce Publication No.400."
We hereby agree with you that all drafts drawn under and in compliance with the terms of this credit will he duly
honored and presented for payment to our main office, 1ST CHOICE BANK,2164 35th Avenue, Greeley. Colorado.
80634. This letter of credit will expire on April 22, 1997 at 5:00 P.M.
'this letter of credit is automatically extended, without amendment, for additional one year periods from the current
expiration or any future expiration date unless 60 days prior to such current expiration date I ST ClIOICE. BANK
notifies beneficiary in writing that the letter of credit will not be renewed. In the case you receive such a notification,
you may draw by presentation of the following: (a)a draft at sight on 1ST CHOICE BANK;(b)a statement
purportedly signed by an official of the Board of County Commissioners of Weld County,Colorado stating that we
have received notice from 1ST CHOICE BANK the Letter of Credit No. 147 will not be renewed and that Tri-City
Ventures, LLC has failed to provide proof of adequate collateral and substitution of this Letter of Credit No. 147; (c)
Copy of letter from 1ST CHOICE BANK stating non-renewal of Letter of Credit No. 147 and the original letter of
credit
Yours Truly,
Darrell McAllister
CEO
NELSON ENGINEERS
822 7TH STREET GREELEY, COLORADO 80631 (970) 356-6362
January 18, 1996
Jeff Perryman
361 71st Avenue
Greeley, Colorado 80634
RE: Meadow Brook Farm
Project No. 319
Dear Mr. Perryman,
Upon review of the improvements that have been installed and paid for, it is my estimation
that the attached improvements' agreement reflects the amount of work that remains to be
funded and performed by you relative to your collateralization to Weld County.
At this time all of the improvements have either been installed or purchased except for the
asphalt pavement for the roads. My understanding is that you will be doing this in the
spring. Therefore, the improvement agreement has been adjusted to reflect that you still
are required to install the asphalt pavement for the roads and thus you need to provide that
level of collateralization.
This is a revision to the original collateral agreement that was submitted to Weld County
in May of 1995.
If you have any questions, please contact me.
Sincerely,
Nelson Engineers
Kris A. Pickett, P.E.
Owner
Enclosure
KAP/319/1tp erry3.kap/(tav)
mEmoRAnDum
WI Dc. Gloria Dunn, Current Planner April 10, 1996
To Date
COLORADO Don Carroll, Project Coordinator 4120
From
Subject: S-380, Tri-City Ventures, LLC, Meadow Brook Farms
Exhibit "A":
I have reviewed Exhibit "A" for the Meadow Brook Farms under the Improvement Agreement
According Policy Regarding Collateral and Improvements.
On Exhibit "A," under the street paving item, I have verified the lengths, widths, and depths on the
drawings. The amount is adequate for the construction. I have no conflict with the dollar amount
being set aside for street paving.
cc: Commissioner Hall
S-380
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MEMORANDUM
WIiDc. TO: Board of County Commissioners April 22, 1996
COLORADO FROM: Gloria Dunn, Current Planner
SUBJECT: S-380, Meadowbrook Far Q
Attached is the Improvements Agreement According Policy Regarding Collateral Improvements
for private road maintenance for Meadowbrook Farm, located in part of the NW4 of Section 8,
T5n, R67W in Weld County submitted by Applicant Jeff Perryman for your consideration.
An Irrevocable Letter of Credit in the amount of$26,500.00 is being provided as collateral for
construction of the streets in the minor subdivision. Exhibit A of the document indicates that all
other improvements have been completed.
Weld County Public Works Department and County Attorneys' Office have no conflict with the
proposal, as stated in the attached memos. Staff requests that the Improvements Agreement
be accepted by the Board of County Commissioners.
SERVICE,TEAMWORK,INTEGRITY,QUALITY
960706
i;r
CLERK TO THE BOARD
PHONE (970) 336-7215, Ext. 4225
ip FAX: (970) 352-0242
P. O. BOX 758
C. GREELEY, COLORADO 80632
COLORADO
August 4, 2005
1st Choice Bank
2164 35th Avenue
Greeley, Colorado 80634
RE: Cancellation and release of Collateral - Tri-City Ventures, LLC
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 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&— 070(o
STl.`€ D I
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IRREVOCABLE LETTER OF CREDIT NO. 147
2164 35th Avenue CLERK Greeley, Colorado 80634 �) THE _O r3 /})/jj
Phone: (970) 330-3300
April 22, 1996
Government Weld County,Colorado
ATTN: Lee Morrison
1400 N. 17th Avenue ®�
Greeley,CO 80631
RE: Meadow Brook Farm
do Tri-City Ventures,LLC
Jeff Perryman-Managing Partner
ATTN: Lee Morrison
We hereby open our Irrevocable Letter of Credit in your f or for the account of Tri-City Ventures,LLC,6538 E. U.S.
Highway 34, Loveland,Colorado, 80537,for a sum not exceed the aggregate of$26,500.00,(Twenty Six Thousand
Five Hundred and No/I00).
Each draft so drawn must be marked"Drawn under ST CHOICE BANK,2164 35th Avenue, Greeley,Colorado,
Letter of Credit No. 147"and be accompanied by "signed statement from the Board of County Commissioners of
Weld County,Colorado stating the Tri-City Ve cores,LLC has committed a material breach of the Improvements
Agreement According to Policy Regarding c ateral for Improvements regarding Meadow Brook Farm subdivision
dated the 22th day of April, 1996 by and be een Tri-City Ventures,LLC and the Board of County Commissioners of
the County of Weld."
This credit is subject,so far as applica e,to"The Uniform Customs and Practice for Documentary Credits, 1983
Revision,The International Chambe of Commerce Publication No.400."
We hereby agree with you that a drafts drawn under and in compliance with the terms of this credit will be duly
honored and presented for pay ent to our main office, 1ST CHOICE BANK,2164 35th Avenue,Greeley,Colorado,
80634. This letter of credit 1 expire on April 22, 1997 at 5:00 P.M.
This letter of credit is aut atically extended,without amendment,for additional one year periods from the current
expiration or any future xpiration date unless 60 days prior to such current expiration date 1ST CHOICE BANK
notifies beneficiary in riting that the letter of credit will not be renewed. In the case you receive such a notification,
you may draw by pr entation of the following:(a)a draft at sight on 1ST CHOICE BANK;(b)a statement
purportedly signe y an official of the Board of County Commissioners of Weld County,Colorado stating that we
have received no ce from 1ST CHOICE BANK the Letter of Credit No. 147 will not be renewed and that Tri-City
Ventures,LLC as failed to provide proof of adequate collateral and substitution of this Letter of Credit No. 147; (c)
Copy of lette from 1ST CHOICE BANK stating non-renewal of Letter of Credit No. 147 and the original letter of
credit.
Yours uly,
arrell McAllister
CEO
f64°.-ift -6; CLERK TO THE BOARD
PHONE (970)336-7215, Ext. 4225
FAX: (970)352-0242
P. O. BOX 758
C. GREELEY, COLORADO 80632
COLORADO
August 4, 2005
Tri-City Ventures, LLC
6538 East U. S. Highway 34
Loveland, Colorado 80537
RE: Cancellation and release of Collateral
To Whom It May Concern:
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 was
returned to 1st Choice Bank, 2164 35th Avenue, Greeley, Colorado 80634.
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 C
COLLATERAL RELEASED
IN CONJUNCTION WITH
OTHER CASES
SEE #2005-2091
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