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RESOLUTION
RE: APPROVE REDUCTION OF LETTER OF CREDIT FOR ON -SITE IMPROVEMENTS
AGREEMENT FOR VISTA COMMERCIAL SUBDIVISION 1ST FILING, S #408
WHEREAS, the Board of County Commissioners of Weld County, Colorado, pursuant to
Colorado statute and the Weld County Home Rule Charter, is vested with the authority of
administering the affairs of Weld County, Colorado, and
WHEREAS, by Resolution dated May 19, 1997, the Board did approve an On -Site
Improvements Agreement According to Policy Regarding Collateral for Improvements with
Horizon Investments, LLC, concerning property described as a portion located in the S1/2 of
Section 5, Township 2 North, Range 68 West of the 6th P.M., Weld County, Colorado
WHEREAS, pursuant to said agreement, Letter of Credit #348, in the amount of
$1,083,363.59 as collateral for the on -site improvements, with said letter of credit being drawn
under First National Bank of Longmont, 401 Main Street, Longmont, Colorado, for the account
of Horizon Investments, LLC, was submitted to Weld County, and
WHEREAS, Horizon Investments, LLC, has presented the Board with a request for
release of a portion of warranty collateral for completion of improvements, in the amount of
$1,019,778.74, and
WHEREAS, after study and review, and based upon the recommendations from the
Departments of Planning Services and Public Works, the Board deems it advisable to approve
said request for release of said portion of collateral in the amount of $1,019,778.74 to Horizon
Investments, LLC, with the remaining amount of $63,584.85 to be held for a period of time not
to exceed one year from this date as warranty collateral for the internal road improvements.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of
Weld County, Colorado, that a portion of collateral in the amount of $1,019,778.74, underwritten
by First National Bank of Longmont, 401 Main Street, Longmont, Colorado, in the total amount
of $1,019,778.74 be, and hereby is, released with the remaining amount of $63,584.85 to be
held as warranty collateral for the internal road improvements for a period of time not to exceed
one year from date of execution.
[Teld89ounB-1��4 P-113 ),1/06//19 7 09:244 PG 1 OF ?2 RE00
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972346
PL0862
RE: RELEASE PORTION OF COLLATERAL - HORIZON INVESTMENTS, LLC
PAGE 2
The above and foregoing Resolution was, on motion duly made and seconded, adopted
by the following vote on the 27th day of October, A.D., 1997.
ATTEST:
Weld Cou
BY.
Deputy Clerk to - =lard
APPED AS TO FORM:
County Attorney
BOARD OF COUNTY COMMISSIONERS
WELDOUNTY, COLORADO
Baxter, Chair
Dale K. Hall
EXCUSED DATE OF SIGNING (AYE)
Barbara J. Kirkmeyer
W. H. VVebster
2577895 B-1634 P-1199 11/06/1997 09:24A PG 2 OF 2
972346
PL0862
4ifit
Wilk
COLORADO
October 29, 1997
Gordon Hill
First National Bank of Longmont
P.O. Box 1157
Longmont, CO 80502
RE: Resolution to Approve Reduction of Letter of Credit
Dear Mr. Hill:
CLERK TO THE BOARD
PHONE (970) 356-4000, EXT.4218
FAX: (970) 352-0242
P.O. BOX 758
GREELEY, COLORADO 80632
Enclosed is a copy of the signed resolution approving the reduction of the original Letter of Credit
#348 for On -Site Improvements Agreement for Vista Commercial Subdivision, 1st Filing, S #408
for the account of Horizon Investments, LLC. The original Letter of Credit in the amount of
$1,083,363.59 is to be reduced to $63,584.85 which is 15% of the total internal road improvements
to be held for the period of one year.
If you have questions or need additional information, please do not hesitate to contact me at
(970) 356-4000, Extension 4218.
Donald D. Warden,
Clerk to the Board
DDW/eg
cc: Lee Morrison
Todd Hodges
972346
o*t MEMORANDUM
WIDc TO: Board of County Commissioners October 23, 1997
COLORADO From: Todd A. Hodges, Current Planner II
SUBJECT: S-408, Reduction of Letter of Credit for On -Site
Improvements Agreement for Vista Commercial Subdivision 1st Filing.
The Department of Planning Services, Public Works Department and Attorneys office have
reviewed the request for the reduction of the Letter of Credit for On -Site improvements. The
request is to reduce the original Letter of Credit in the amount of $1,083,363.59 to $63,584.85
which is %15 of the total internal road improvements. The amount of $63,584.85 shall be held for
a period of one year. At the completion of one year and at the request of the applicant, a
representative of the Public Works Department will reinspect the internal road work for release of
the remaining collateral.
The Department of Planning Service's staff recommends that the Board of County Commissioners
reduce the original Letter of Credit for On -Site Improvements to $63,584.85.
972346
FILE No.809 1021 '97 10:41 ID:WELD CTY GOVT
TOYER REALTY INC
FAX:9703520242 PAGE 1
A046511320 P.0"
Egle E. Dahning, C.P.H., P. C.
1835 FAITH PLACE
:LONGMONT, COLORADO 80501
Mint 776-5451
OCT 2 1 1997
• Weld County District Attorney Office
Mr. Lee Morrison
915 - 10th
Greeley, CO 80631
October 20, 1997
Res Vista Commercial Center Filing 1
Horizon Investments, LLC
Dear Mr. Morrison,
Per our telephone discussion on October 20, 1997,
Horizon Investments, LI,C hereby requests a partial release
of our letter of credit on our Vista Commercial. Center
Filing 1 down to the required amount of $63,584.85.
As stated in my letter of October 18, 1997, all of the
improvements have been completed.
We are requesting the partial release of our letter of
credit a.s all of the improvements have been completed and
the contractor needs to receive their final payment for
the work done.
Port-I1r F9a Note 7671
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Sincerely,
972346
TX/RX NO.8893 P.001
■
MEMORANDUM
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TO: Todd Hodges, Current Planner II DATE: September 22, 1997
�' FROM: Don Carroll, Project Administrator
SUBJECT: S-406; Horizon Investments, Vista Commercial Center,
COLORADO First Filing, Partial release of Collateral for Improvements
(Publicly maintained roads)
At the request of the applicant/engineer, I completed a field investigation on the Exhibit A items in the
Improvements Agreement. All the above ground items were visible and verified. Any underground items, such
as water and storm sewer, should have documentation provided to the Weld County Planning Department stating
that the installation is completed.
Regarding collateral for improvements, 15% of the asphalt items totaling $56,707.15 should be retained for a
period of one year. At the completion of one year and at the request of the applicant, I will reinspect the first filing.
If no repairs are required, the collateral will be released.
cc: Commissioner Harbert
S-418
planl2
9'72346
Name of Subdivision: VISTA COMMERCIAL CENTER
Filing:
cg
Location: S1/2 of 5:5 & NI/2 of, 5.8, T2N, R68W, 6th PM, Weld County, Colorado
South side SH/t119 between WCR 3 &'WCR 5
Intending to be legally bound, the undersigned Applicant hereby agrees to provide throughout this
subdivision and asshown on the subdivision final plat County dated - 19 , recorded on
19in Book , Page No. . Reception No.
the following improvements.
SITEWORK
General Conditions
Move In/Out
Sub -Total:
Earthwork
Cut to Fill
Cut to Stockpile
PreC&G
Fine Grade Ponds
Fine Grade Borrow Ditches
Sub -Total:
Street Work
Subgrade Prep
Weedkill
OMMIElnaa
Raise Manholes
Raise Valves
Sub -Total:
Quantity Unit Unit Cost Total
32000
22000 2380
4
11200
Lump Sum
C.Y.
C.Y.
L.F.
Each
L.F.
$3,298.40 $3,298.40
$1.16
$0.66
$0.87
$1,261.26
$0.22
$3,298.40
$ 37,120.00
514,520.00
$2,070.60
$ 5,045.04
$2,464.00
$61,219.64
• 33653 Sq. Yds. • $0.93 $31,297.29
33653 - Sq. Yds. 80.19 86,394.07
i a xrurxeRrraxNric w ,t$ a.75A101.Z5
7290SYMES IVal. re ? flea . ;0r% 15%
22 Each $203.26 14,,47,h
25 Each $147.53 •$3,688.25
2549895 B-1608 P-163 05/27/1997.03:13P PG 10 OF 14
Page 10 of .14
$423,898.98
972345
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