HomeMy WebLinkAbout970957.tiffRESOLUTION
RE: APPROVE IMPROVEMENTS AGREEMENT ACCORDING TO POLICY REGARDING
COLLATERAL FOR IMPROVEMENTS (PUBLICLY MAINTAINED ROADS), ROAD
MAINTENANCE AND IMPROVEMENTS AGREEMENT (OFF -SITE), AUTHORIZE
CHAIR TO SIGN, AND ACCEPT COLLATERAL FOR FIRST FILING OF VISTA
COMMERCIAL CENTER SUBDIVISION, S #408 - HORIZON INVESTMENTS, LLC
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 January 15, 1997, the Board approved a Site Specific
Development Plan and Planned Unit Development Final Plan, S #408, First Filing of Vista
Commercial Center Subdivision, for a 38 -lot subdivision for I-1 and C-3 uses, for Horizon
Investments, LLC, on the following described real estate, to -wit:
A portion located in the S1/2 of Section 5, Township 2 North, Range 68
West, and a portion located in the N1/2 of Section 8, Township 2 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 (Publicly Maintained Roads) and a Road Maintenance and Improvements
Agreement (Off -Site) between the County of Weld, State of Colorado, by and through the Board
of County Commissioners of Weld County, and Horizon Investments, LLC, with terms and
conditions being as stated in said agreements, and
WHEREAS, the Board has also been presented with Letter of Credit #348, in the
amount of $1,083,363.59 as collateral for the on -site improvements, and Letter of Credit #349,
in the amount of $125,507.02 as collateral for the off -site improvements; with both letters of
credit being drawn under First National Bank of Longmont, 401 Main Street, Longmont,
Colorado, for the account of Horizon Investments, LLC, and
WHEREAS, after review, the Board deems it advisable to approve said agreements and
accept said letters of credit, 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 (Publicly Maintained Roads) and the Road Maintenance and
Improvements Agreement (Off -Site) between the County of Weld, State of Colorado, by and
through the Board of County Commissioners of Weld County, and Horizon Investments, LLC,
be, and hereby are, approved.
BE IT FURTHER RESOLVED by the Board that the Chair be, and hereby is, authorized
to sign said Road Maintenance and Improvements Agreement (Off -Site).
BE IT FURTHER RESOLVED by the Board that the above mentioned Letters of
Credit #348 and #349 in the amounts of $1,083,363.59 and $125,507.02, respectively, be, and
hereby are, accepted.
Ce : Pt_; Pal; Hor/zon)
970957
PL0862
APPROVE IMPROVEMENTS AGREEMENTS (ON -SITE AND OFF -SITE) AND ACCEPT
LETTERS OF CREDIT AS COLLATERAL - HORIZON INVESTMENTS, LLC (S #408)
PAGE 2
The above and foregoing Resolution was, on motion duly made and seconded, adopted
by the following vote on the 19th day of May, A.D., 1997.
ty Clerk to the Board
eputy Cler Jo the Board
BOARD OF COUNTY COMMISSIONERS
WELD C JJJNTY, COLQRADO
eorge E' Baxter, Chair
g ,
.4 ��
rbara J. Kirkmeyer
EXCUSED DATE OF SIGNING (AYE)
W. H. Webster
970957
PL0862
Fir
IMPROVEMENTS AGREEMENT ACCORDING
POLICY REGARDING COLLATERAL FOR IMPROVEMENTS
(PUBLICLY MAINTAINED ROADS)
THIS AGREEMENT, made and entered into this 19th day of May, 1997 , by and between
the County of Weld, State of Colorado, acting through its Board of County Commissioners, hereinafter called "County",
Horizon Investments LL 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: A part of the South 1/2 of Section 5 and North 1/2 of Section 8, Township 2 North, Range
68 West of the 6th Principal Meridian, Weld County Colorado.
WHEREAS, a final subdivision/PUD plat of said property, to be known as Vista Commercial Center has been
submitted to the County for approval; and
WHEREAS, Section 13 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.
1.3 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. Before
acceptance of the roads within the subdivision by the County, 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. All
such rights -of -way and easements used for the construction of roads to be accepted by the
County shall be conveyed to the County and the documents of conveyance shall be furnished
to the County for recording.
2549895 B-1608 P-163 05/27/1997 03:13P PG 1 OF 14 REC D0C
Weld County CO JA Suki Tsukamoto Clerk & Recorder 0.00
Page 1 of 14
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 and 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.
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 engage 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.
5.0 Off -Site Improvements Reimbursement Procedure: The subdivider, Applicant, or owner
may be reimbursed for off -site road improvements as provided in this section when it has
been determined by the Board of County Commissioners that the road facilities providing
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2549895 B-1608 P -I63 05/27/1997 03:13P PG 2 OF 14
access to the subdivision are not adequate in structural capacity, width, or functional
classification to support the traffic requirements of the uses of the subdivision.
5.1 The subdivider, Applicant, or owner shall enter into an off -site improvements
Agreement prior to recording the final plat when the subdivider, Applicant, or owner
expects to receive reimbursement for part of the cost of the off -site improvements.
5.2 The off -site improvements Agreement shall contain the following:
The legal description of the property to be served.
The name of the owner(s) of the property to be served.
A description of the off -site improvements to be completed by the
subdivider, Applicant, or owner.
The total cost of the off -site improvements.
The total vehicular trips to be generated at build -out by the subdivision, or
resubdivision, as specified by the ITE Trip Generation Manual, or by
special study approved by the Board of County Commissioners.
A time period for completion of the off -site improvements.
The terms of reimbursement.
The current address of the person to be reimbursed during the term of the
Agreement.
Any off -site improvements Agreement shall be made in conformance with
the Weld County policy on collateral for improvements.
5.3 If the subdivider, Applicant, or owner fails to comply with the improvements
Agreement, the opportunity to obtain reimbursement under this section is forfeited.
5.4 When it is determined by the Board of County Commissioners that vehicular traffic
from a subdivision or resubdivision will use a road improvement constructed under
an improvement Agreement, the subsequent subdivider, Applicant, or owner shall
reimburse the original subdivider, Applicant, or owner, for a portion of the original
construction cost. In no event shall the original subdivider, Applicant, or owner
collect an amount which exceeds the total costs of improvements less the pro rata
share of the total trip impacts generated by the original development. Evidence that
the original subdivider, Applicant, or owner has been reimbursed by the subsequent
subdivider, Applicant or owner shall be submitted to the Department of Planning
Services prior to recording the final subdivision or resubdivision plat.
5.5 The amount of road improvement cost to be paid by the subsequent subdivider,
Applicant or owner of a subdivision or resubdivision using the road improvements
constructed under a prior improvement Agreement will be based upon a pro rata
share of the total trip impacts associated with the number and type of dwelling units
and square footage and type of nonresidential developments intended to use the road
improvement. The amount of road improvement cost shall also consider inflation as
measured by the changes in the Colorado Construction Cost Index used by the
Colorado Division of Highways. The cost of road improvements may be paid by cash
contribution to the prior subdivider, Applicant, or owner's property. This decision
shall by at the sole discretion of the Board of County Commissioners based upon the
need for further off -site road improvements.
5.6 The report entitled TRIP GENERATION (Third Edition, 1982) of the institute of
Transportation Engineers shall normally be used for calculating a reasonable pro
rata share of the road improvement construction costs for all subdivisions or
resubdivisions. A special transportation study shall be used for land uses not listed
Page 3 of 14
2549895 B-1608 P-163 05/27/1997 03:13P PG 3 OF 14
in the ITE Trip Generation Manual. Any question about the number of trips a
subdivision or resubdivision will generate shall be decided by the County Engineer.
5.7 The term for which the subdivider, Applicant, or owner is entitled to reimbursement
under the off -site improvements Agreement, entered into between the subdivider and
the County, is ten years from the date of execution of a contract for road
improvements.
5.8 This provision is not intended to create any cause of action against Weld County or
its officers or employees by any subdivider, Applicant, or owner for reimbursement,
and in no way is Weld County to be considered a guarantor of the monies to be
reimbursed by the subsequent subdividers, Applicants, or owners.
6.0 Acceptance of Streets for Maintenance by the County: Upon compliance with the
following procedures by the Applicant, streets within a subdivision may be accepted
by the County as a part of the County road system and will be maintained and
repaired by the County.
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 acceptance 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
accept them for partial maintenance by the County. Partial maintenance consists of all
maintenance except for actual repair of streets, curbs and gutters, and related street
improvements. Not sooner than nine months after acceptance for partial maintenance of
streets, the County Engineer shall, upon request by the developer, inspect the subject streets,
notify the developer(s) that any deficiencies have been corrected. If the County Engineer
finds that the streets are constructed according to County standard, he shall recommend
acceptance of streets for full maintenance to the Board. Upon receipt of a positive
recommendation from the County Engineer for acceptance of streets within the development,
the Board shall accept said streets as public facilities and County property, and shall be
responsible for the full maintenance of said streets, including repair. The Board, at the same
time, shall release the Warranty Collateral.
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 indicate which of the five types of collateral preferred
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
Page 4 of 14
2549895 B-1608 P-163 05/27/1997 03:13P PG 4 OF 14
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
is 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 a 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 C
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
"B"
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.
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
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 the date of proposed expiration of the
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2549895 B-1608 P-163 05/27/1997 03:13P PG 5 OF 14
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 Latter 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 be 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:
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 be 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.
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Page 6 of 14
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 by 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 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 acceptance of the streets for partial maintenance 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 acceptance by
the Board of County Commissioners for full maintenance under Section 5.3 herein.
10.0 Public Sites and Open Spaces: When the Board of County Commissioners, pursuant to a
zoning, 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 Section 8-15-B of the Weld
2549895 B-1608 P-163 05/27/1997 03:13P PG 7 OF 14
Page 7 of 14
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 Section 8-15-B of 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 Section 8-15-B. 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.
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
ty Clerk to the .ar
2549895 B-1608 P-163 05/27/1997 03:13P PG 8 OF 14
Page 8 of 14
APPRO ' AS TO FORM:
Attorney
APPLICANT: H
jizon Investments, LC
BY:
SUBSCRIBED AND SWORN to before me this /day of
WITNESS my hand and official seal.
Notary Pub
My commission expires: /'' / //2-2Gi U�
lily Commission Expims 01117/2001
2549895 B-1608 P-163 05/27/1997 03:13P PG 9 OF 14
Page 9 of 14
(title)
/717
rte*
Exhibit "A"
Name of Subdivision: VISTA COMMERCIAL CENTER
Filing:
Location: S1/2 of S.5 & N1/2 of 5.8, T2N, R68W, 6th PM, Weld County, Colorado
South side SH#119 between WCR 3 & WCR 5
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.
SITEWORK
General Conditions
Move In/Out
Sub -Total:
Earthwork
Cut to Fill
Cut to Stockpile
Pre C & G
Fine Grade Ponds
Fine Grade Borrow Ditches
Sub -Total:
Street Work
Subgrade Prep
Weedkill
8.5" Grade C Asphalt
8" Grade C Asphalt
Raise Manholes
Raise Valves
Sub -Total:
Quantity Unit Unit Cost Total
1 Lump Sum $3,298.40 $3,298.40
$3,298.40
32000 C.Y. $1.16 $37,120.00
22000 C.Y. $0.66 814,520.00
2380 L.F. $0.87 $2,070.60
4 Each $1,261.26 $5,045.04
11200 L.F. $0.22 $2,464.00
$61,219.64
33653 Sq. Yds. $0.93 $31,297.29
33653 Sq. Yds. $0.19 $6,394.07
6363 Sq. Yds. $11.85 $75,401.55
27290 Sq. Yds. $11.09 $302,646.10
22 Each $203.26 $4,471.72
25 Each 8147.53 $3,688.25
2549895 B-1608 P-163 05/27/1997 03:13P PG 10 OF 14
Page 10 of 14
$423,898.98
Sanitary Sewer
10" SDR 35
8" SDR 35
48" Manholes
Connect to Existing
4" Laterals
Sub -Total:
Storm Drain
48" RCP CL 3
42" RCP CL 3
36" RCP CL 3
30" RCP CL 3
24" RCP CL 3
18"RCP CL5
60" Manhole
48" RCP FES
42" RCP FES
36" RCP FES
30" RCP FES
24" RCP FES
18" RCP FES
Type L Rip Rap
Inlets Type R 10 ft.
Erosion Control Fence
Outlet Headwall to Hwy 119
Detention Pond Outlet Paving
Straw Bale Inlet Filter
Sub -total
Water
12" PVC CL 200
12" Gate Valve/Valve Box
12" Tee W/TB
12" Bend W/TB
Fire Hydrant Assy
12" Cross
12" Cap W/BO
Bore 119
16" x 12" Wet Taps
3/4" Copper Services
Hydrostatic Test
Sub -Total:
731 L.F. $20.74 $15,160.94
5155 L.F. $17.21 $88,717.55
20 Each $1,354.15 $27,083.00
1 Each $493.72 $493.72
39 Each $418.40 816,317.60
$147,772.81
182 L.F. 862.78 $1 1,425.96
696 L.F. $54.15 $37,688.40
489 L.F. $44.80 $21,907.20
313 L.F. $35.43 $11,089.59
275 L.F. $29.89 $8,219.75
420 L.F. $25.16 $10,567.20
2 Each $2,453.14 $4,906.28
2 Each $712.43 $1,424.86
5 Each $638.03 $3,190.15
3 Each $599.59 $1,798.77
6 Each $443.35 $2,660.10
2 Each $767.66 $1,535.32
5 Each $366.47 $1,832.35
157 Tons $41.78 $6,559.46
2 Each $2,494.86 $4,989.72
2005 L.F. $1.62 $3,248.10
1 Each 81,284.86 $1,284.86
216 S.F. 85.25 $1,134.00
4 Each $80.94 $323.76
$135,785.83
6671 L.F. $22.20 $148,096.20
16 Each $1,146.43 $18,342.88
2 Each $443.35 $886.70
4 Each $342.29 $1,369.16
9 Each $2,379.07 $21,411.63
1 Each $509.07 $509.07
2 Each $792.46 $1,584.92
280 L.F. 8192.06 $53,776.80
2 Each $3,407.72 86,815.44
39 Each $506.27 $19,744.53
1 Each 81,029.60 $1,029.60
$273,566.93
2549895 B-1608 P-163 05/27/1997 03:13P PG 11 OF 14
Page 11 of 14
Concrete
Curb & Gutter
Sub -total:
Miscellaneous
4" Conduits
6" Conduits
Sub -Total:
GRAND TOTAL
2380 L.F. $8.75 $20,825.00
1200
1760
L.F.
L.F.
$5.51
$5.90
$20,825.00
$6,612.00
$ 10,384.00
$16,996.00
$L083,363.59
Engineering and Supervision Costs included above (testing, inspection, as -built plans and work in addition to
preliminary and final plat; supervision of actual construction by contractors).
TOTAL ESTIMATED COST OF IMPROVEMENTS AND SUPERVISION: $ 1,083,363.59
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".
--)f), 4,1;y>.2 L t c-
(Iri corpokaion, to be signed by President anA attested to by Secr'e gether with corporate se
2549895 B-1608 P-163 05/27/1997 03:13P PG 12 OF 14
Page 12 of 14
Date: aS-//S , 19 92-.
EXHIBIT "B"
Name of Subdivision: VISTA COMMERCIAL CENTER, FILING I
Filing:
Location: S1/2 of S.5 & N1/2 of S.8, T2N, R68W, 6th PM, Weld County, Colorado
South side SH#119 between WCR 3 & WCR 5
Intending to be legally bound, the undersigned Applicant hereby agrees to construct the improvements
shown on the final subdivision plat of Vista Commercial Center, Filing 1, dated January 15, 1997, Recorded
on , 19 , in Book ,Page No. , Reception No.
the following schedule.
All improvements shall be completed within two years from the date of approval of the final plat.
Construction of the improvements listed in Exhibit "A" shall be completed as follows:
Improvements
Time for Completion
Site grading
8/1/97
Street base
8/1/97
Street paving
9/1/97
Curbs, gutters, and culverts
8/15/97
Sidewalk
9/1/97
Storm sewer facilities
8/1/97
Retention ponds
8/1/97
Ditch improvements
NA
Subsurface drainage
8/1/97
Sanitary sewers
8/1/97
Trunk and forced lines
NA
Mains
8/1/97
Laterals (house connected)
NA
On -site sewage facilities
NA
On -site water supply and storage
NA
Water mains
8/1/97
Fire hydrants
8/1/97
Survey & street monuments & boxes
9/1/97
Street lighting
10/1/97
Street name signs
10/1/97
Fencing requirements
NA
Landscaping
10/1/97
Park improvements
10/1/97
Telephone
10/1/97
Gas
10/1/97
Electric
10/1/97
Water Transfer
NA
SUBTOTAL:
2549895 B-1608 P-163 05/27/1997 03:13P PG 13 OF 14
Page 13 of 14
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.
`?77 ffr Jur'1
(In corporation, to be signed by President and attested to by Secretary, together with corporate seal).
Date:
�S/has' , 19 i?
2549895 B-1608 P-163 05/27/1997 03:13P PG 14 OF 14
Page 14 of 14
First Filing
COUNTY OF WELD, STATE OF COLORADO
ROAD MAINTENANCE AND IMPROVEMENTS AGREEMENT
(OFF -SITE)
THIS AGREEMENT, made and entered into this 19th day of May
by and between the COUNTY OF WELD, STATE OF COLORADO, hereinafter called
"County", and HORIZON INVESTMENTS, LLC, hereinafter called "Owner" and/or
"Developer."
, 1997 ,
WITNESSTH:
WHEREAS, Developer has applied to the County for approval of the First Filing of a final plan
for Planned Unit Development, also known as VISTA COMMERCIAL CENTER, Case Number
S #408 , for a light Industrial and Highway Commercial development on land in the
South Half of Section 5 and the North Half of Section 8, Township 2 North, Range 68 West of the
6th Principal Meridian, Weld County, Colorado, and
WHEREAS, the Planned Unit Development will generate additional traffic on the access road and
other nearby roads, and
WHEREAS, the existing County Roads which provide access to the Planned Unit Development
will require improvements to adequately serve traffic, the approximate costs of which are attached
hereto as Exhibit No. 1, and
WHEREAS, Developer has offered to accept certain road improvement actions.
NOW, THEREFORE, in consideration of the mutual convenants and conditions set forth herein,
the County and the Developer mutually agree as follows:
Primary access to the Planned Unit Development shall be via Weld County Roads 3 1/2,
and 5 at the intersection of Colorado State Highway 119.
2. All construction and materials under this agreement shall be in accordance with the
Standard Specifications for Road and Bridge Construction of the Colorado Department of
Highways, with reference to the edition current at the time the project is initiated. The
County shall review and approve the construction plans prior to construction, and shall
have the same authority as the Engineer, as defined in the specifications for the project, to
inspect construction.
A. As improvements for First Filing of the PUD, Developer agrees to improve to
three lanes, Weld County Road 5, from the PUD development's eastern access
point to State Highway 119, and provide separate right -turn and left -turn lanes.
2549896 B-1608 P-164 05/27/1997 03:14P PG 1 OF 4 REC DOC 1
Weld County CO JA Suki Tsukamoto Clerk & Recorder 0.00
First Filing
Further, Weld County Road 3 1/2 will be improved to a minimum of 3 -lane
section interior in the PUD, and to State Highway 119. Additionally a paved
eastbound deceleration lane and eastbound acceleration lane will be provided at
Weld County Road 3 1/2 and at Weld County Road 5. Also, westbound left -turn
deceleration lane will be provided at Weld County Roads 3 1/2 and 5. Developer
agrees to install a traffic signal at Weld County Road 3 1/2 when warrants have
been met, and would expect the County to assume maintenance of the traffic signal
following installation.
Developer agrees to initiate the First Filing improvements after recording of the
fmal plat of the PUD and at such time as construction of buildings begin, and to
complete the First Filing improvements prior to occupancy of buildings.
If, prior to or within ten years after the completion of the construction of the First
Filing of the off -site road improvements, Weld County issues zoning or other
approval for any other residential, commercial, or industrial development, or any
expansion of any agri-business, that will be using as access, or which is located
adjacent to any of the portion of Weld County Roads 3 1/2 or 5, or State Highway
119 paved at the expense of the Developer as identified as First Filing, the County,
to the extent permitted by law, agrees to seek contributions to the cost of the road,
pro rata as the projected use of the road compares to the Developer's projected use
of the road.
It is the intent of the parties that this Agreement remain in full force and effect until it
terminates according to its own terms, and that it be binding upon the Developer and its
successors, and assigns, and on this Board and future Boards to the fullest extent permitted
by law. Should this Agreement, or any portion thereof, be found to be void or voidable for
the reason that it binds the Board of County Commissioners for more than a one year
period of time, this contract shall be construed as a one year contract with automatic
annual renewals.
It is the intent of the parties that a separate agreement regarding collateral for construction
for each phase of the off -site improvements will be proposed by the Developer prior to
filing of the fmal plat.
6. Addresses of the parties are as follows:
Weld County Board of County Commissioners
915 Tenth Street (PO Box 1948)
Greeley CO 80632
Horizon Investments, LLC
1835 Faith Place
Longmont CO 80501
It shall be the obligation of the parties to notify each other of any change of address,
registered agent, or change of ownership.
2549896 B-1608 P -I64 05/27/1997 03:14P PG 2 OF 4
First Filing
IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement the day and year
first above written.
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
By:
ST: gaits
cw/(
ounty
rk to the Board
Deputy •rk
Chairman
05/,q/97
HORIZON INVESTMENTS, LLC
1835 Faith Place
Longmont CO 80501
2549896 B-1608 P-164 05/27/1997 03:14P PG 3 OF 4
VISTA COMMERCIAL CENTER
WELD COUNTY, COLORADO
ESITMATE OF PROBABLE COST
ITEM
STATE HIGHWAY #119 EvIPROVEMENTS
Class 6 Base
Subgrade Prep
Soil Sterilent
Asphalt 6.5" Grade C
Pavement Marking Paint
Preform Termo Pave Markings
Signs -Reset
Stop Sign
Right Lane Must Turn
Left Lane Must Turn
Acres -Seeding
Asphalt Removal
STATE HIGHWAY #119 IMPROVEMENTS TOTAL
FIRST FILING
26 -Mar -97
QUANTITY UNITS UNIT PRICE EXTENSION
2722 Tons $ 9.11 $24,797.42
5500 S.Y. $ 1.1 3 $6,215.00
5500 S.Y. $ 0.19 $1,045.00
5500 S.Y $ 9.97 $54,835.00
1 Lump Sum $ 15,675.00 $15,675.00
1 Lump Sum $ 7,150.00 $7,150.00
5 Each $ 121.00 $605.00
5 Each $ 275.00 $1,375.00
1 Each $ 231.00 $231.00
2 Each $ 231.00 $462.00
2.5 Each $ 1,294.69 $3,236.73
1833 S.Y. $ 5.39 $9,879.87
2549896 8-1608 P-164 05/27/1997 03:14P PG 4 OF 4
EXHIBIT NO.1
TO
ROAD MAINTENANCE AND IMPROVEMENT AGREEMENT
$125,507.02 I
First National
HANK or LONCMUNI
Clerk to the Board of County Commissioners
915 10th Street, PO Box C CLERK
Greeley, CO 80632 TO THE BO,"
fl
LETTER OF CREDIT
ATTN: Donald L. Warden
=tELD COUNTY
April28, 1997
1797 t" :Y —5 dui 2: 58
First National Nnub n(l: agnentl
401 Main Street P.O. Box 1159
Longmont, Colorado 80502-1159
Telephone 303-776-5800 - Metro 629-5592
First National llnrd. at In Pa iia
1250 So- Hover P.O. Box 1159
Longmont, Colorado 80502-1159
Telephone 303-776-5800 t Metro 629-5592
We hereby open our irrevocable Letter of Credit in your favor for the account of Horizon
Investments, LLC for a sum not to exceed the aggregate of $1,083,363.59. Which amount shall
be paid at sight and is available by beneficiary's draft or drafts.
Each draft so drawn must be marked "Drawn under First National Bank of Longmont, 401 Main
St., Longmont, CO , Letter of Credit #348 and be accompanied by a "signed statement from the
Board of County Commissioners of Weld County, Colorado stating Horizon Investments, LLC
has committed a material breach of the Improvements Agreement According to Policy Regarding
collateral for Improvements at Vista Commercial Center Subdivision at Weld County Road 3 1/2
and State Highway 119. Such agreement dated the 28th day of April, 1997 by and between the
Board of County Commissioners of the County of Weld" and Horizon Investments, LLC.
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 be duly honored and presented for payment to our main office, First National Bank of
Longmont, 401 Main St., Longmont, CO 80501. This letter of credit will expire on April 28,
1998.
This letter of credit is automatically extended for additional one year periodsfrom the current
expiration and future expiration unless 60 days prior to such expiration date First National Bank
notifies beneficiary in writing that the letter of credit will not be renewed. In the case you
receive such notification, you may draw by presentation of the following: (a)a draft on First
National Bank of Longmont; (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
First National Bank of Longmont the Letter of Credit No. 348 will not be renewed and that
Horizon Investments, LLC has failed to provide proof of adequate collateral and substitution of
this Letter of Credit No. 348 (c) Copy of letter from First National Bank stating non -renewal of
Letter of Credit no. 348 and accompanied by the original letter of credit.
Yours truly,
Gordon T. Hills
Vice President
First National
nA1't. fl I [ JN[..,II /1I
April 28, 1997
Clerk to the Board of County Commissioners
915 10th Street, PO Box C
Greeley, CO 80632
ATTN: Donald L. Warden
WELD COUNTY
1g97 f`°;Y -5 !U 2t 58
CLERK
i0TF �-
LETTER OF CREDIT
First National Rank o/ lungnalnl
401 Main Street P.O. Box 1159
Longmont, Colorado 80502-1159
Telephone 303-776-5800 . Metro 629-5592
First National I;on ur inn: Pad-,
1250 So. Hover P.O. Box 1159
Longmont, Colorado 80502-1159
Telephone 303-776-5800 Metro 629-5592
We hereby open our irrevocable Letter of Credit in your favor for the account of Horizon
Investments, LLC for a sum not to exceed the aggregate of $125,507.02. Which amount shall be
paid at sight and is available by beneficiary's draft or drafts.
Each draft so drawn must be marked "Drawn under First National Bank of Longmont, 401 Main
St., Longmont, CO , Letter of Credit #349 and be accompanied by a "signed statement from the
Board of County Commissioners of Weld County, Colorado stating Horizon Investments, LLC
has committed a material breach of the Improvements Agreement According to Policy Regarding
collateral for Improvements at Vista Commercial Center Subdivision -at Weld County Road 3 1/2
and State Highway 119. Such agreement dated the 28th day of April, 1997 by and between 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 be duly honored and presented for payment to our main office, First National Bank of
Longmont, 401 Main St., Longmont, CO 80501. This letter of credit will expire on April 28,
1998.
This letter of credit is automatically extended for additional one year periods from the current
expiration and future expiration unless 60 days prior to such expiration date First National Bank
notifies beneficiary in writing that the letter of credit will not be renewed. In the case you
receive such notification, you_may draw by presentation of the following: (a)a draft on First
National Bank of Longmont; (b) a statement purportedly signed by official of the Board of
County Commissioners of Weld County, Colorado stating that we have received notice from
First National Bank of Longmont the Letter of Credit No. 349 will not be renewed and that
Horizon Investments, LLC has failed to provide proof of adequate collateral and substitution of
this Letter of Credit No.b 349 (c) Copy of letter from First National Bank stating non -renewal of
Letter of Credit No. 349 and accompanied by the original Letter of Credit.
Yours truly,
Gordon T. Hills
Vice President
tee,n
WiiDe
COLORADO
MEMORANDUM
TO: Board of County Commissioners
From: Todd A. Hodges, Current Planner II
May 19, 1997
SUBJECT: S-408, Acceptance of improvements agreement
(on -site & off -site) and form of collateral for Vista
Commercial Subdivision 1st Filing.
The Department of Planning Services, Public Works Department and Attorneys office have
reviewed the improvements agreement and form of collateral for the 1st Filing of Vista Commercial
Subdivision for the on -site and off -site improvements. The form of collateral is two Letters of
Credit, one in the amount of $125,507.02 for the off -site improvements and one in the amount of
$1,083,363.59 for the on -site improvements.
The Department of Planning Service's staff recommends that the Board of County Commissioners
accept the improvements agreement and the form of collateral.
Attached is a copy of the improvements agreement and Letters of Credit.
970957
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