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RESOLUTION
RE: APPROVE CANCELLATION AND RELEASE OF COLLATERAL FOR SUMMIT
PEAKS ESTATES, S #459 - GREEN ACRES ENTERPRISES, 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 July 8, 1998, the Board did approve an Improvements
Agreement According to Policy Regarding Collateral for Improvement with Green Acres
Enterprises, LLC, concerning property described as the S1/2 of the SW1/4 of Section 7,
Township 3 North, Range 68 West of the 6th P.M., Weld County, Colorado, and
WHEREAS, pursuant to said Improvements Agreement According to Policy Regarding
Collateral for Improvement, Irrevocable Letter of Credit#124 with the Berthoud National Bank,
310 Mountain Avenue, Berthoud, Colorado 80513, in the amount of $197,000.00, was
submitted to Weld County, and
WHEREAS, on November 24, 1999, the Department of Public Works conducted a visual
inspection and recommends release of said collateral, and
WHEREAS, it has been determined by the Board that the collateral being held by Weld
County is no longer necessary to secure said Improvements Agreement According to Policy
Regarding Collateral for Improvement.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of
Weld County, Colorado, that Irrevocable Letter of Credit#124 with the Berthoud National Bank,
in the amount of $197,000.00, 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.
1 I111111111111111111111111111 III 111111111 992903
2738918 12/16/1999 02:12P JA Suld Tsukamoto PL1241
1 of 2 R 0.00 D 0.00 Weld County CO
CANCEL COLLATERAL -GREEN ACRES ENTERPRISES, LLC
PAGE 2
The above and foregoing Resolution was, on motion duly made and seconded, adopted
by the following vote on the 8th day of December, A.D., 1999.
BOARD OF COUNTY COMMISSIONERS
ELD COUNTY, 0 ORADO
ATTEST: l iI 4 ^� :--7�` Dale K. Hall, Chair
Weld County Clerk to the B• }kt d
•
c 7 o , .4 ; arbar . Kirkmeyer, Pr -Tern
BY: ,/. . . Il� 111 ��Q� ��'
Deputy Clerk to the -:. . � '
George axter
APPROVED AS TO FOF 1:
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11111111111111111 1111111111111 11111111111111111111111 992903
2738918 1211611999 02:12P JA Suki Tsukamoto PL1241
2 of 2 R 0.00 D 0.00 Weld County CO
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MEMORANDUM
TO: The Board of County Cmmissioners
FROM: Eric Jerman, Planner
SUBJECT: S-459 Summit Peaks Estates, Release of Collateral
December 3, 1999
The Public Works Department and the Department of Planning Services has determined that
collateral for S-459 be released by Weld County.
On June 18, 1998, the Department of Planning Services approved S-459. A requirement of
the Improvements Agreement was that fifteen percent (15%) of the amount total for asphalt
paving be reserved for a period of one year.
On October 8, 1999, the Public Works Department performed a site visit and determined that
repairs to the internal road were required to be completed before the remaining collateral
would be released. On November 24, 1999 the Public Works Department performed a second
inspection of the site and determined that improvements to the internal road had, in fact, been
completed satisfactorily.
The Department of Planning Services requests that the Board of County Commissioners
release to the applicant for Summit Peaks Estates the remaining fifteen percent (15%)
collateral.
(Clerk's Note: A partial release was never processed for this case, therefore,
the total amount of $197,000 is being released at this time.
See Resolution #992903, PL1241.)
SERVICE,TEAMWORK,INTEGRITY,QUALITY
992903
Pi_i3U l
Green Acres Enterprises, LLC
770 Holmes PI.
Berthoud, CO 80513
November21, 1999 I JCountyPk'nning0
oPT
Weld County Planning NOV 29 1994
Eric Jerman R���
1400 N. 17th Ave
Greeley, CO 80631
Dear Mr. Jerman:
Per our conversation November 19th, 1999, we have addressed Donald Carrolls' concerns
in his memo dated October 12th, 1999. As Mr. Carroll recommended, we have completed
shoulder work at the intersection of Summit Peak Drive and Summit View Court. We
will sweep as house construction continues.
As the first paragraph of Mr. Carrolls' letter states, he has made the recommendation to
release the remaining 15% of the asphalt item. As you have indicated this is the last
requirement to be met.
Our letter dated October 1st states that we have completed Summit Peaks Estates in
compliance with approved plans and specifications as identified on page 6, item 9.0
within the improvements agreement. Please advise the time and date when the County
Commissioners will review our request for release of collateral.
Sincerely, ;�
Douglas Cummings
Cc: Donald Carroll— Engineering Administrator
Wally Birkley—Berthoud National Bank—Vice President
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