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RESOLUTION
RE: ACCEPT IRREVOCABLE LETTER OF CREDIT AS COLLATERAL FOR PHASE II OF
LONGVIEW SUBDIVISION FROM MCSTAIN ENTERPRISES, INC. - S #378
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 June 21, 1995, the Board approved a P.U.D. (Planned
Unit Development) Final Plan and Site Specific Development Plan for a parcel of land located on
the following described real estate, to-wit:
The E'% SW'/ of Section 5, Township 2 North,
Range 68 West of the 6th P.M., Weld County,
Colorado
WHEREAS, pursuant to certain Conditions of Approval in said Resolution, and by
Resolution dated December 20, 1995, the Board approved a Road Maintenance and Improvement
Agreement (Off-Site) and an Improvements Agreement (On-Site) with McStain Enterprises,
Inc./LongView Community, LLC, and accepted two Irrevocable Letters of Credit for $575,000.00
and $87,750.00, dated November 15, 1995, and December 6, 1995, respectively, and drawn on
Colorado Mortgage Co., Manhattan Plaza Building, 75 Manhattan Drive, Boulder, Colorado 80303,
and
WHEREAS, said letters of credit accepted on December 20, 1995, were for Phase I and
for off-site improvements of the Longview Subdivision, and
WHEREAS, on May 1, 1996, the Board was presented with an Irrevocable Letter of Credit
from LongView Community, LLC, Boulder, Colorado, 80303, dated April 9, 1996, for a sum not to
exceed the aggregate of$280,702.00 (TWO HUNDRED EIGHTY THOUSAND SEVEN HUNDRED
TWO AND NO/100), drawn on Colorado Mortgage Co., Manhattan Plaza Building, 75 Manhattan
Drive, Boulder, Colorado 80303, which is for Phase II of the Longview Subdivision, and
WHEREAS, after review, the Board deems it advisable to accept said collateral, a copy of
which is attached hereto and incorporated herein by reference.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld
County, Colorado, that the Irrevocable Letter of Credit dated April 9, 1996, for a sum not to exceed
the aggregate of$280,702.00 (TWO HUNDRED EIGHTY THOUSAND SEVEN HUNDRED TWO
AND NO/100), drawn on Colorado Mortgage Co., Manhattan Plaza Building, 75 Manhattan Drive,
Boulder, Colorado 80303, be, and hereby is, accepted as collateral for Phase II of the Longview
Subdivision.
2495031 8-1550 P-616 06/06/96 03:38P PG 1 OF 2 REC DOC
Weld County CO Clerk & Recorder 0.00
960764
±c- it) 61,3_51A in ) F/ PL0386
COLLATERAL FOR PHASE II OF LONGVIEW SUBDIVISION/MCSTAIN ENTERPRISES, S#378
PAGE 2
The above and foregoing Resolution was, on motion duly made and seconded, adopted by
the following vote on the 1st day of May, A.D., 1996.
BOARD OF COUNTY COMMISSIONERS
e .q 1E,I Liligda-(47 WELD COUNTY, COLORADO
a ' I�' 1,�,-,' Barbara J. Kirkmeyer,'CFyair
i , co,Weld y Clerk to the Board �/
''.11\\I , • e . Baxter, Pro-T m
Deputy Clerk t e Board /
Dale K. all
APP AS TO FORM (4-22-....---7:0-A-ec_2 '/„4, ct .
stance L. Harbert
ountyAttorney 7r' I 4 �r ��1. 1
LI Webster
2495031 8-1550 P-616 06/06/96 03:38P PG 2 OF 2
960764
PL0386
‘4&ct
TO: Board of County Com issioners April 29,'1998 -
C From: Todd Hodges
COLORADO
TO TI-E
SUBJECT: Letter of Credit for Phase II on-site improvements, submitted by McStain
Enterprises Inc. for the Longview Subdivision (case S-378)
Department of Planning Services, Public Works, and the Attorneys office have reviewed the
submitted items concerning the Letter of Credit for the Longview Subdivision. The letter of
credit is for Phase II of the development for the amount of$280,702.00. The improvements
agreement along with the Letter of Credit for Phase I and Letter of Credit for the Off-site
improvements were accepted by resolution on December 20, 1995.
Staff recommends acceptance of the Letter of Credit for Phase II of the Longview Development.
I have attached a copy of the letter of credit along with the memo from Lee Morrison, Assistant
County Attorney.
960764
46
COLORADO Mortgage co. we °0 ()NO
Manhattan Plaza Building 0) o �tG9
75 Manhattan Drive, Boulder, Colorado 80303 ®�
Phone 499-5400
IRREVOCABLE LETTER OF CREDIT og,
April 9 , 1996
Weld County Board of County Commissioners
915 Tenth Street
P . O. Box 1948
Greeley, Colorado 80632
RE: LONGVIEW COMMUNITY LLC COMPLETE IMPROVEMENT OF LONGVIEW
PHASE 2 , WATER, STREETS, SEWER, STORM SEWERS AND MAINTENANCE
OF LONGVIEW DEVELOPMENT, WELD COUNTY DATED 12/20/95
Colorado Mortgage Co . , 75 Manhattan Drive, Suite 200, Boulder,
Colorado, 80303 hereby authorizes you to draw on us for account of
LongView Community, LLC, Boulder, Colorado, 80303 , up to an
aggregate amount of U. S . Dollars TWO HUNDRED EIGHTY THOUSAND SEVEN
HUNDRED TWO AND NO/100 DOLLARS ( $280, 702 . 00 ) , such amount not
available except by your drafts at sight, accompanied by
certification of the Weld County Engineer, that LongView Community,
LLC. failed to complete installation of the public improvements for
the LongView development, Weld County, Colorado, in accordance with
the Improvements Agreement for LongView, known as Road Maintenance
and Improvement Agreement dated December 20, 1995, by and between
Weld County and LongView Community LLC, a Colorado corporation . A
].ist of public improvement costs is attached hereto and
incorporated herein as "Exhibit 1 ."
We hereby further agree that:
(a) Drafts under and in compliance with the terms of this
Irrevocable Letter of Credit will be duly honored if presented at
our office at 75 Manhattan Drive, Suite 200, Boulder, Colorado,
80303, on or before April 10, 1997 .
(b) Funds available under this Irrevocable Letter of Credit may be
drawn in such amounts and at such times as determined by the County
Engineer, in his/her sole discretion, provided that the amount
drawn shall not exceed the aggregate amount specified herein.
(c) We shall have no right, duty, obligation, or responsibility to
evaluate the performance or non-performance of the underlying
contract between LongView Community, LLC and the beneficiary of
this letter of credit .
960764
Page 2 - Irrevocable Letter of Credit - LongView, Weld County
(d) This Letter of Credit will be reduced upon Weld County' s
construction acceptance of the public improvements to fifteen
percent ( 15%) , where applicable, upon instruction from the County.
(e) The Letter of Credit covering the final 15% shall remain in
full force and effect until the final 15% is released by the County
or until after the Board has received sixty ( 60 ) days prior notice
to expiration of this Letter of Credit, whichever occurs first. We
shall notify you in writing of the pending expiration date. Said
notice shall be sent by certified mail to the Clerk of the Board of
County Commissioners .
(f) The amount of any draft drawn hereunder must be endorsed on
the reverse side hereof . All drafts must be marked "Drawn under
Irrevocable Letter of Credit No . 3 , LongView Community LLC. "
Dated this 9th day of April , 1996 .
CORPORATE SEAL COLORADO MORTGAGE CO.
fa, MO(1j BY � - �,i ` _
�enDEST` ., WILLIAM J. SUITTS, ,
stAt President
f /
iS ,, 'mil, cij ,e
et. X4'.4
,_ ,
•' ' '*T :••
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Itoaao
960764
From: LEE MORRISON
To: thodges
Date: 4/29/96 10:59am
Subject: Longview 2d phase
Reply requested when convenient
So long as the form of the letter of credit is consistent w/the prior letter of credit and the figures match the
Improvements agreement, I recommend approval of the letter of credit for the 2d phase.
Lee Morrison
960764
..b..�.r .uoc .. I
Location: Dart of East 1/2 of Southwest 1/4 of ^'ction 5, T2N, R68W
I
Intended 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.
ITEM NO. OF UNITS UNIT COST TOTAL COST
WATER
2" Water Line 2854 L.F. $ 8.00 $ 22,832.00
6" Water Line 21 L.F. 13 273.00
8" Water Line 1131 L.F. 14 15,834.00
2" Fittings 13 Ea. 50 650.00
8" Fittings 4 Ea. 180 720.00
2" Valves 8 Ea. 200 1,600.00
6" Valves 2 Ea. 365 730.00
8" Valves 3 Ea. 480 1,440.00
Fire Hydrants 2 Ea. 1000 2,000.00
8" Waterline Plugs 1 Ea. 75 75.00
2" Taps 3 Ea. 150 450.00
3/4" Water Services 43 Ea. 200 8,600.00
Subtotal $ 55,204.00
STREETS
Mountable Curbwalk 855 L.F. $ 13 $ 11,115.00
Mountable Curb 1980 L.F. 7.00 13,860.00
Crosspan 100 S.F. 3.60 360.00
Handicap Ramps 3 Ea. 150 450.00
Asphalt 3411 S.Y. 7.50 25,582.50
Subgrade Prep. 4049 S.Y. 1.00 4,049.00
Curb Grading 2835 L.F. 1.00 2,835.00
Subtotal $ 58,251.50
SEWER
4" Sewerline with Underdrain 72 L.F. $ 12 $ 864.00
6" Sewerline with Underdrain 1070 L.F. 16 17,120.00
8" Sewerline with Underdrain 1543 L.F. 18 27,774.00
Sanitary Sewer Manholes 7 Ea. 1000 7,000.00
6" Cleanout 4 Ea. 450 1,800.00
Sewer Services 43 Ea. 150 6,450.00
Subtotal $ 61,008.00
STORM
5' Type 'R' Inlets 3 Ea. $ 1950 $ 5,850.00
18" H.D.P.E.P. 556 L.F. 18 10,008.00
21" H.D.P.E.P. 14.3 L.F. 21 3,003.00
Storm Drainage Manholes 4 Ea. 925 3,700.00
Subtotal $ 22,561.00
2472404 8-1528 P-163 01/18/96 04:22P PG 10 OF 25
960764
ITEM N OF UNITS UNIT COS- TOTAL COST
MISCELLANEOUS
Landscaping 1 L.S. $ 20,000 $ 20,000.00
Plantings/Irrigation
Gas, Phone, Electric 43 Ea. 1,170 50,310.00
Subtotal $ 70,310.00
SUBTOTAL $ 267,334.50
Engineering and Supervision Costs $13,366.73
(testing, inspection, as-built plans and work in addition to preliminary and final plat:
supervision of actual construction by contractors).
TOTAL ESTIMATE COST OF IMPROVEMENTS AND SUPERVISION
PHASE 2 TOTAL $280,701.23
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.
Prior to the issuance of building permits on any phase, a Letter of Credit equal to that portion of
of improvements not completed as shown hereon shall be provided to Weld County.
Said improvements shall be completed according to the construction schedule set out in
Exhibit "B".
(In corporation, to be signed by President and attested to by Secretary, together with corporate
seal.)
Date: 19
2472404 B-1528 P-163 01/18/96 04:22P PG 11 OF 25
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