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Home My WebLink About992701.tiff 241 • • RESOLUTION q RE: APPROVE CANCELLATION AND RELEASE OF COLLATERAL, SITE PLAN REVIEW, SPR #291 - CENTENNIAL BANK OF THE WEST 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, Department of Planning Services staff did approve Site Plan Review, SPR #291, for a parcel of land located in the Western Dairymen Cooperative Planned Unit Development, on the following described real estate, to-wit: Lots 1 and 2, Block 1, Western Dairymen Cooperative, Inc., located in the W 1/2 of the NE 1/4, Section 10, Township 2 North, Range 68 West of the 6th P.M., Weld County, Colorado, and WHEREAS, by Resolution #990346, dated February 24, 1999, the Board did approve an Improvements Agreement According to Policy Regarding Collateral for Improvements (Private Parking and Landscaping Improvements) with Centennial Bank of the West, concerning property located in the Western Dairymen Cooperative Planned Unit Development, and WHEREAS, pursuant to said agreement, Irrevocable Letter of Credit#1100000230 with the Farmers Bank, in the amount of$131,000.00, was submitted to Weld County, and WHEREAS, staff from the Weld County Departments of Planning Services and Public Works have conducted a visual inspection and recommend release of said collateral. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, Colorado, that Irrevocable Letter of Credit#1100000230 with the Farmers Bank, in the amount of $131,000.00, be, and hereby is, canceled and released. BE IT FURTHER RESOLVED by the Board that the Clerk to the Board be, and hereby is, directed to return said collateral to the appropriate issuing party. IIFEL4LILJIi1(lJ4IJ10 01:19P Weld County, CO 1 of 2 R 0.00 D 0.00 Steve Moreno Clerk& Recorder 273 IIIIII4 11/15/I999"I IIIII'• J Tsukam I IIII I'II P 992701 alas of 2 R 0.00 D 0.00 Weld County CO CANCEL COLLATERAL - CENTENNIAL BANK OF THE WEST PAGE 2 The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 8th day of November, A.D., 1999. BOARD OF COUNTY COMMISSIONERS 4��.�` COU , C LORADO ATTEST: 10144, g s iis, ®Q wikv%• �al_ K. Hall, Chair Weld County Clerk to the::car• 5��; � ' � iG� � 9�/ , / .arbara J. Kirkmeyer, Pr -Tem BY: C�.,ErV v'i t i :.� Deputy Clerk to the Boa . 't e A �. eorge ' . B APPROVED AS TO FORM: �,'( , _ unty Attorney 4Lti Glenn Vaad I all MO IIIIII IIII IIIIIII IIIII lilt III IIIII IIII IIII 3737241 12/07/2010 01:19P Weld County, CO 2 of 2 R 0.00 D 0.00 Steve Moreno Clerk& Recorder 1IIII [tIIII\iiIIlctIi.II 992701 PL11 a/DS 2 R 0.00 D 0.00 Weld County CO • • it MEMORANDUM W . �TO: Board of County Commissioners COLORADO FROM: Ben Patton, Planner �� SUBJECT: SPR-291 Collateral release The Weld County Department of Planning Services is requesting a full release of collateral for the Centennial Bank of the West project, located in Lots 1 and 2 of the Milky Way Commercial subdivision. Planning and Public Works representatives have confirmed that all necessary improvements have been successfully completed for this project. SERVICE,TEAMWORK,INTEGRITY,QUALITY Q9 ?7v/ E/D5 ritiot;" MEMORANDUM TO: Ben Patton/Julie Chester, Lead Planner DATE: October 29, 1999 O FROM: Donald Carroll, Engineering Administrator 1$? • SUBJECT: SPR-291; Centennial Bank of the West (Eaton Bank) COLORADO At the request of the applicant, Ben Patton and I performed a site investigation to verify curb, gutter, sidewalk, internal paving, and landscaping. The transportation portion matches the plat drawing with no visible repairs needed. Weld County Public Works has no conflict with releasing collateral for the transportation portion of the Improvements Agreement. cc: SPR-291 .Jeld County Planning Cap, NOV 0'4 1999 RECEIVED Oct-22-99 07 : 33P P . 02 • Farmers BAN K October 22, 1999 Mr. Ben Patton Weld County Planning Department Greeley, CO RE: Cancellation of Letter of Credit #1 1 000023 0 Dear Ben: Sony for the delay in sending you this letter. It has been"one of those weeks". As per our phone conversation, we are requesting Farmers Bank be fully released from the Irrevocable Letter of Credit in favor of the beneficiary, the Weld County Commissioner, in an amount up to $131,000. This letter of credit was for the parking area and landscaping for our new Centennial Bank of the West location near 1-25 at the Longmont exchange. All work has been completed and you advised you had made your inspection. Therefore, we would appreciate your processing the necessary paper work to obtain approval of canceling this letter of credit. Please contact me to advise if there is any additional information you need. Thank you for your assistance in this matter. You y, a44.4./afg— Lar E. Yiergert Vice President and Branch Manager P.O.BOX 200 • 203 19T STREET • AULT,CO 80610 • (970)834.2121 • FAX(970)834-1351 P.O.BOX 200 - 100 ELM AVENUE • EATON,CO 80615 • (970)454-3434 • FAX(970)454.3436 • J.W. MILLER ASSOCIATES Architecture • Planning • Urban Design 203 South Main Street,Suite D,Longmont,Colorado 80501 303 /772-4118 FAX: 772-1262 21 October, 1999 RE: SPR-291 Centennial Bank of the West Project No: 9806 Completion of Improvements Monica Daniels-Mika, AICP Planning e Director void CountyL t. Department of Planning Services 1400 N. 17th Avenue OCT 2 6 1999 Greeley, CO 80631 '' Dear Monica, R E C S V F P I wish to certify that installation of the private parking and landscape improvements were completed, in substantial compliance with approved plans and specifications, as of 25 September 1999. In accordance with `Exhibit A', of the Improvements Agreement between Weld County and Centennial Bank of the West, the total cost of this improvement equals $131,000.00. Per that Agreement,we respectfully request that the collateral, in the form of a Letter of Credit,be released. Please do not hesitate to contact me if you have any questions or comments regarding the above. Since ly, c�. 41/1, Jerry W. L. Architec , CSI C: Bill Fan, President 11 ► _ is IRREVOCABLE LETTER OF CREDIT Letter of Credit Number: 1100000230 Beneficiary: Weld County Commissioner(hereinafter called "Beneficiary") 915 10th Street Greeley, Colorado 80631 To Whom It May Concern: Please be advised that Farmers Bank, a State Chartered Bank (hereinafter called the "Issuer"), established an Irrevocable Letter of Credit in:favor of the Beneficiary. for the account of Centennial Bank of the West, a branch of Eaton Bank (heretrraftei,,called "Applicant") up to the aggregate sum of One Hundred Thirty One Thousand and.no/100 Dollars ($131,000.00) available by Beneficiary's drafts at sight drawn on Issuer. All drafts drawn under this Letter.of Credit must bear the clause: "Drawn under Irrevocable Farmer's Bank Letter of Credit dated February 4, 1999." Issuer hereby agrees with Beneficiary that drafts drawn strictly in compliance with the terms of the credit will be duly honored upon due presentation to Issuer. Other terms and conditions: 1. The Iuer of the Letter of Credit shall guarantee that at all times the unreleased portion of the Fetter of Credit shall be equal to a minimum of 100 % of the estimated costs of completing the'uncompleted portions of the required improvements, based upon inspections of the developmen0y the issuer. In no case shall disbursement for an improvement item exceed the cost estimayes outlined in Exhibit "A". 2. Be advised that 15% of the total Letter of Credit amount cannot be drawn upon and will remain available to Beneficiary, until released by the Beneficiary, which shall not be unreasonably withheld. 3. The date of proposed expiration of the Letter of Credit shall be either the date of P.O.BOX 200 • 203 1•T STREET • AULT,CO 80610 • (303)834-2121 • FAX(303)834-1351 P.O.BOX 200 • 213 1"STREET • EATON,CO 80615 • (303)454-3434 • FAX(303)454-3436 release by the Beneficiary of the final 15%, or one year form the date of Site Plan approval, whichever occurs first. In any event , the Letter of Credit shall remain in full force and effect until after the Board ad 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. Sincerely, William W. Howard Sr. Vice President W WH/bw EXHIBIT "B" CENTENNIAL BANK of the WEST SITE PLAN CONSTRUCTION SCHEDULE Intending to be legally bound, the undersigned Applicant hereby agrees to construct the improvements shown on the approved final Site Plan and Landscape Plan of the WYNJA BUILDING in Vista Commercial Center, dated 2 October, 1998, revised 28 December, 1998, and recorded on , 1999, according to the following schedule. All improvements shall be completed within one year of the dated of approval of the final Site Plan or issuance of the building permit(s), whichever is later. Construction of the improvements listed in Exhibit "A" shall be completed as follows: Improvement Time for Completion Private Parking Area On or before 1 June 1999 Landscaping On or before 30 September 1999 Weld County, at its option, and upon the request by the Applicant, may grant an extension of time for completion for any portion the improvements shown above, upon a showing by the Applicant that the above schedule cannot be met. CENTENNIAL BANK OF THE WEST A BRANCH OF THE EATON BANK /, `C�� BY: (t�Jt-e-ba TITLE: DATE: --<j -- 9 t„.";-.14; Kit CLERK TO THE BOARD PHONE (970) 356-4000, EXT.4218 FAX: (970) 352-0242 915 10TH STREET r Q P.O. BOX 758 Nila GREELEY, COLORADO 80632 COLORADO November 12, 1999 FARMERS BANK WILLIAM W. HOWARD SENIOR VICE PRESIDENT P.O. BOX 200 EATON, CO 80615 RE: IRREVOCABLE LETTER OF CREDIT Dear Mr. Howard: Enclosed please find your Irrevocable Letter of Credit which was established February 3, 1999, on behalf of Centennial Bank of the West. Weld County Board of County Commissioners released the Letter of Credit on November 8, 1999. Should you have any questions regarding this matter, please call me at the above number. Sincerely Yours, Le 0"17 Donald D. Warden, Director Finance and Administration DDW/kas Hello