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Home My WebLink About20242706.tiffRESOLUTION RE: APPROVE CANCELLATION AND FULL RELEASE OF COLLATERAL FOR IMPROVEMENTS AGREEMENT ACCORDING TO POLICY REGARDING COLLATERAL FOR IMPROVEMENTS (PUBLIC ROAD MAINTENANCE) FOR PLANNED UNIT DEVELOPMENT FINAL PLAN, PF-#1037 - STARK FARMS, 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, on May 2, 2002, the Department of Planning Services staff approved a Planned Unit Development Final Plan, PF-#1037, for Stark Farms, LLC, 223 North College Avenue, Fort Collins, Colorado 80524, for 38 lots with E (Estate) Zone uses on the following described real estate, to wit: Part of the NE1/4 of Section 12, Township 7 North, Range 66 West of the 6th P.M., Weld County, Colorado WHEREAS, on October 27, 2003, the Board of County Commissioners of Weld County, Colorado, approved an Improvements and Road Maintenance Agreement According to Policy Regarding Collateral for Improvements between the County of Weld, State of Colorado, by and through the Board of County Commissioners of Weld County, and Stark Farms, LLC, with further terms and conditions being as stated in said agreement, and accepted project collateral, in the form of Irrevocable Letter of Credit #249 from New Frontier Bank, 2425 35th Avenue, Greeley, Colorado 80634, in the amount of $362,968.00, and WHEREAS, on September 10, 2004, said Irrevocable Letter of Credit #249 expired, and New Frontier Bank closed on April 10, 2009, and WHEREAS, by letter from the Federal Deposit Insurance Corporation, dated July 21, 2009, identified as Document ID #2009-3794, the County was notified of said closing and the intent to disaffirm said Letter of Credit #249 to the full extent, and upon recommendation of staff, the Board deems it advisable to release said collateral. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, Colorado, that the currently held warranty collateral, procured in the form of Irrevocable Letter of Credit #249 from New Frontier Bank, 2425 35th Avenue, Greeley, Colorado 80634, in the amount of $362,968.00, 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 remove the original Letter of Credit from the Commissioners' records. 4989873 Pages: 1 of 2 CC;pL(ER/MN/DA/sTM/KR/M') 10/23/2024 10:25 AM R Fee:$0.00 Carly Koppes, Clerk and Recorder, Weld County , CO Io/3p/2-tf uIII WIMP ANN Alai�o 11111 2024-2706 PL1548 CANCELLATION AND FULL RELEASE OF COLLATERAL (PF #1037) - STARK FARMS, LLC PAGE 2 The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 14th day of October, A.D., 2024. BOARD OF COUNTY COMMISSIONERS WELD COUNTOLOLO ATTEST:i y:ve Weld County Clerk to the Board ryl . 1,0a01,0) -Lk Deputy Clerk to the Board AP ED A County Attorney I Date of signature: 10111 Iz Kevin D. Ross, Chair 1O2144i,4,( Perry L.:,/ck, Pro-Tem EXCUSED 1E, La Mike Freem n �•�t K. James 41CL9 r y Saine 4989873 Pages: 2 of 2 10/23/2024 10:25 AM R Fee:$0.00 Carly Koppes, Clerk and Recorder, Weld County CO 2024-2706 PL1548 Jessica Reid From: Sent: To: Subject: Attachments: Hi Mikal, Jessica Reid Tuesday, November 19, 2024 2:56 PM mikal@architex.com Release of collateral for Stark Farms, LLC Letter to applicant - Release collateral - PF-#1037 - Stark Farms, LLC.docx.pdf Please see the attached letter and documents regarding the release of collateral for Stark Farms, LLC. Your email is the most recent we have on file for this case. Please inform me if you no longer represent Stark Farms, LLC, or if you have current contact info for them. Jess Reid Deputy Clerk to the Board Weld County 1150 O Street Greeley, CO 80631 tel: 970-400-4212 Confidentiality Notice: This electronic transmission and any attached documents or other writings are intended only for the person or entity to which it is addressed and may contain information that is privileged, confidential or otherwise protected from disclosure. If you have received this communication in error, please immediately notify sender by return e-mail and destroy the communication. Any disclosure, copying, distribution or the taking of any action concerning the contents of this communication or any attachments by anyone other than the named recipient is strictly prohibited. November 19, 2024 CLERK TO THE BOARD PHONE: (970)400-4225 FAX: (970) 336-7233 1150 O STREET P. O. BOX 758 GREELEY, CO 80632 Stark Farms, LLC Attn: Mikal Torgerson mikal@architex.com RE: Release Irrevocable Letter of Credit #249 — PF-#1037 Stark Farms, LLC Hello, As a matter of procedure and record keeping, Weld County has released the collateral associated with this case, as the collateral is expired, and the financial institution has closed. Enclosed please find a copy of the Irrevocable Letter of Credit #249, and a copy of the Board of County Commissioner's Resolution, dated October 14, 2024, authorizing the release of said Irrevocable Letter of Credit, held as warranty collateral in the amount of $362,968.00 for the above referenced case. If you have any questions, please contact me at (970) 400-4212, or email jreid@weld.gov. Respectfully, Jess Reid Deputy Clerk to the Board Enclosure cc: Dawn Anderson and Jazmyn Trujillo -Martinez, Department of Planning Services Max Nader, Department of Planning Services Clerk to the Board File PL1548 r;rtment 1 /003 LQ1 D NEW FRONT! BANK IRREVOCABLE LETTER OF CREDIT BENEFICIARY: WELD COUNTY (hereafter called "Beneficiary") ADDRESS: 1551 N. 17th AVENUE GREELEY, CO 80634 DATE: SEPTE NUMBER: R 10, 2003 EXPIRES: SEPTEMBER 10, 2004 AMO , T: $362,968.00 To Whom It May Concern: COLLATERAL RELEASED NO LONGER REQUIRED by Board Please be advi, of Weld County Commissioners "Issuer"), estal date: Farms, LLC ( nn- Sixty Two Th bY: Ka.t.1 I— ($362,968.00) �, µ,lµDepv y Cierk to the B r All drafts drawn under this Letter . Credit must bear the clause: Drawn under "New Frtier Bank" Letter of Credit No. 249 dated September 10 003. after called the Diary for Stark ree Hundred )ollars Issuer hereby agrees w Beneficiary that drafts drawn strictly in compliance with the terms of the credit be duly honored upon due presentation to Issuer. Other terms an' conditions: his instrument shall expire at Issuer's counter on or before 4:00 p.m. Mountain time September 10, 2004; 2. This instrument shall not be transferable; 3. This instrument shall be governed by the laws of State of Colorado, including Article Five of the Uniform Commercial Code; 2425 35th Avenue • Greeley, Colorado 80634 • 970-339-5100 • Fax 970-339-5200 4. This instrument shall be subject to the Uniform Customs and Practice for Documentary Credits; International Chamber of Commerce Publication Number 400. 5. Letter of Credit shall remain in full force and effect until after the Boarhas received sixty (60) days written notice from the issuer of the Letter o redit of the pending expiration. Said notice shall be sent by certified m., to the Clerk of the Board of County Commissioners. We hereby agree with you that all drafts under and in compliance with the t' s of this Letter of Credit will be duly honored within 15 days of drawn and presen d for payment at our office. Sincerely, Brian Hundertmark Vice President BOARD OF COUNTY COMMISSIONERS PASS -AROUND REVIEW PASS -AROUND TITLE: BOCC Agenda Item — Full Release of Collateral for Stark Farms, LLC — PF #1037 DEPARTMENT: Planning Services DATE: October 1, 2024 PERSON REQUESTING: Jazmyn Trujillo -Martinez Brief description of the problem/issue: The Department of Planning Services received a request from Stark Farms, LLC, requesting that the Board of County Commissioners release the currently held collateral for Stark Farms, LLC in the amount of $362,968.00 in the form of an Irrevocable Letter of Credit No. 249 issued by New Frontier Bank. New Frontier Bank closed April 10, 2009. No further collateral is required to be held. Weld County Planning Services and Public Works Departments performed a site inspection, at the above -mentioned site, and observed the following: • All items on Exhibit A, of the Improvements Agreement According to Policy Regarding Collateral for Improvements Document Tyler #2003-2998, have been completed and are found to be acceptable. What options exist for the Board? (include consequences, impacts, costs, etc. of options): 1. Have this BOCC Hearing item be placed on the next available agenda as part of the Consent Agenda. 2. Have this BOCC Hearing item be placed on the next available agenda as part of the Regular Agenda. 3. Have this BOCC Hearing item not placed on the next available agenda as neither part of the Consent Agenda nor the Regular Agenda. Weld County Collateral List: Stark Farms, Inc., (PL1548 #2003-2998 and 2003-3336 PF #1037) (Public road) Letter of Credit #249 from New Frontier Bank Expires 9/10/04 with 60 days notice required. $362,968.00 Consequences: • There are no consequences for the County by supporting the recommendation as the developer has completed the required obligations. Impacts: • There are no impacts for the County by supporting the recommendation as the developer has completed their obligations. Costs (Current Fiscal Year/ Ongoing or Subsequent Fiscal Years): _ • There are no direct costs for the County by supporting the recommendation. Recommendation. Option 2. The Departments of Planning Services, Public Works, and the County Attorney's Office are recommending approval of the full release of collateral for Stark Farms, LLC — PF #1037, and that this item be placed on the next regularly scheduled BOCC Hearing, as part of the Regular Agenda. Support Recommendation Schedule Place on BOCC Agenda Work Session Other/Comments: Perry L. Buck, Pro-Tem Mike Freeman Scott K. James Kevin D. Ross, Chair Lori Seine 2024-2706 10/14 PL15K5 Jessica Reid From: Sent: To: Cc: Subject: Attachments: Karla Ford Thursday, October 3, 2024 8:18 AM Jazmyn Trujillo Martinez; Cheryl Hoffman; Dawn Anderson; Elizabeth Relford; Esther Gesick; Jessica Reid; Nick Marquez Jill Scott; Cheryl Pattelli RE: BOCC PA REVIEW - PF #1037 — Stark Farms 10.1.24 PF #1037 - Stark Farms.pdf Four of the five commissioners support the recommendation to put this item on the agenda, if needed. Commissioner Saine did not respond. You may move forward with four. Original coming back through interoffice mail. Thank you Karla Ford R Office Manager, Board of Weld County Commissioners 1150 O Street, P.O. Box 758, Greeley, Colorado 80632 :: 970.336-7204 :: kford of weld.tov :: www.weldgov.com **Please note my working hours are Monday -Thursday 7:00a.m.-4:00p.m.** Confidentiality Notice: This electronic transmission and any attached documents or other writings are intended only for the person or entity to which it is addressed and may contain information that is privileged, confidential or otherwise protected from disclosure. If you have received this communication in error, please immediately notify sender by return e-mail and destroy the communication. Any disclosure, copying, distribution or the taking of any action concerning the contents of this communication or any attachments by anyone other than the named recipient is strictly prohibited. From: Jazmyn Trujillo Martinez <jtrujillomartinez@weld.gov> Sent: Tuesday, October 1, 2024 2:55 PM To: Cheryl Hoffman <choffman@weld.gov>; Dawn Anderson <dranderson@weld.gov>; Elizabeth Relford <erelford@weld.gov>; Esther Gesick <egesick@weld.gov>; Jessica Reid <jreid@weld.gov>; Karla Ford <kford@weld.gov>; Nick Marquez <nmarquez@weld.gov> Cc: Jill Scott <jscott@weld.gov>; Cheryl Pattelli <cpattelli@weld.gov> Subject: BOCC PA REVIEW - PF #1037 — Stark Farms ATTACHED BOCC PA REVIEW Improvements Agreement: Full Release of Collateral Case/Applicant: PF #1037 —Stark Farms, LLC Please note: Regular Agenda Thanks Karla! Best, Jazmyn Trujillo -Martinez Development Review Weld County Planning Services 1402 North 17th Avenue P.O. Box 758 Greeley, CO 80631 (970) 400-3711 Confidentiality Notice: This electronic transmission and any attached documents or other writings are intended only for the person or entity to which it is addressed and may contain information that is privileged, confidential or otherwise protected from disclosure. If you have received this communication in error, please immediately notify sender by return e-mail and destroy the communication. Any disclosure, copying, distribution or the taking of any action concerning the contents of this communication or any attachments by anyone other than the named recipient is strictly prohibited. 2 Hello