HomeMy WebLinkAbout20252910.tiff Resolution
Approve Cancellation and Release of Project Collateral for Improvements for Minor
Subdivision Final Plan, MINF19-0001 — Cimarron Land Company, 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 dated the 4th day of September, 2019, the Board approved the
application of Cimarron Land Company, LLC, 200 1st Street, Eaton, Colorado 80615, for
Minor Subdivision Final Plan, MINF19-0001, for four (4) lots zoned for 1-3 Industrial uses
along with one (1) outlot to be utilized for drainage purposes on the following described
real estate, to wit:
Lot B Recorded Exemption, RECX15-0069; being part of the NE1/4 of
Section 32, Township 6 North, Range 65 West of the 6th P.M., Weld County,
Colorado
Whereas, on February 19, 2020, the Board of County Commissioners of Weld County,
Colorado, approved an Improvements Agreement According to Policy Regarding
Collateral for improvements for Minor Subdivision Final Plan, MINF19-0001, between the
County of Weld, State of Colorado, by and through the Board of County Commissioners
of Weld County, and Cimarron Land Company, LLC, with further terms and conditions
being as stated in said agreement, and accept Irrevocable Standby Letter of Credit
No. 1301, drawn on the Farmers Bank, 119 1st Street, Ault, Colorado 80610, in the
amount of$378,939.60, and
Whereas, staff from the Weld County Departments of Public Works and Planning
Services conducted a visual inspection and recommend release of said collateral, and
Whereas, 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 Irrevocable Standby Letter of Credit No. 1301, drawn on the
Farmers Bank, in the amount of $378,939.60, 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.
5063757 Pages: 1 of 2 PL(aE/HNbn/oa/TTK/KR) 2025-2910
11/05/2025 10:52 AM R Fee:$0.00 I2./03/25 PL2704
Carly Koppes, Clerk and Recorder, Weld County , CO
11111 Nr1liAl P vIiLlir'l ,M LIIIPI W 111111
Cancellation and Release of Project Collateral for MINF19-0001 — Cimarron Land
Company, LLC
Page 2
The Board of County Commissioners of Weld County, Colorado, approved the above
and foregoing Resolution, on motion duly made and seconded, by the following vote on
the 27th day of October, A.D., 2025:
Perry L. Buck, Chair: Aye ,,r►+� .,
Scott K. James, Pro-Tern: Aye Ie �. I /1`''9t
Jason S. Maxey: Excused / ` 1►
Lynette Pe ler: Excused14.1
Kevin D. Ross: Aye
%
Approved as to Form: 0? .j
Bruce Barker, County Attorney
Attest:
Esther E. Gesick, Clerk to the Board
5063757 Pages: 2 of 2 2025-2910
11/05/2025 10:52 AM R Fee:$0.00 PL2704
Carly Koppes, Clerk and Recorder, Weld County , CO
11111 I rAINIIa4I:IKh4IR1101 Vti10,11114l1M Lk 11111
MEMORANDUM
TO: Clerk to the Board 1 861 �,
\ 4 ♦ :1 4',\ , DATE: October 13,2025
1.2b,_A 2,1-1-!!! ill, -
N' ' r JrFROM: Jazmyn Trujillo-Martinez, Planning Services Dept.
�' GOUTY
IN SUBJECT: BOCC Agenda Item—Approve Full Release of
Collateral For:
Cimarron Land Company,LLC—MINF19-0001
Request to Approve Full Release of Collateral:
The Department of Planning Services received a request from Roger Schulz, requesting that the Board of
County Commissioners release the currently held collateral for Cimarron Land Company,LLC in the amount
of$378,939.60.Collateral was provided in the form of Irrevocable Standby Letter of Credit No. 1301 issued
by Farmers Bank.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 C,of the Improvements Agreement According to Policy Regarding Collateral
for Improvements Document Tyler #2020-0602, have been completed and are found to be
acceptable.
Weld County Collateral List:
Cimarron Land Company, LLC
MINF19-0001 (PL2704,#2020-0602)Improvements and Road Maintenance Agreement,Approved
2/19/20,Contract ID 3429
Project Collateral, Irrevocable Standby Letter of Credit No. 1301,dated 2/7/20, $378,939.60,Famers Bank
Recommendation:
The Departments of Planning Services,Public Works,and the County Attorney's Office are recommending
approval of the full release of collateral for Cimarron Land Company, LLC—MINF19-0001, and that this
item be placed on the next regularly scheduled BOCC Hearing,as part of the Regular Agenda.
cc: Dawn Anderson,Planning Services
2025-2910
10/2. 1 p La1ot-k
Clerk to the Board's Office
�'- 186
C-- Phone: (970) 400-4225
}A i/ r-= " �1 1150 0 Street
U r 'l P.O. Box 758
o � N T Y Greeley, Colorado 80632
I www.weld.gov
January 15, 2026
Farmers Bank
P.O. Box 220
Ault, CO 80610
Re: Release Irrevocable Letter of Credit No. 1301, MINF19-0001 — Cimmaron Land
Company, LLC
To Whom It May Concern:
Enclosed please find the released Irrevocable Letter of Credit No. 1301 and a copy of the
Board of County Commissioner's Resolution, dated October 27, 2025, authorizing the
release of said Irrevocable Letter of Credit, held as warranty collateral in the amount of
$378,939.60 for the above referenced case.
If you have questions or need additional information, please do not hesitate to contact me
at (970) 400-4212 or jreid(c�weld.gov.
Respectfully,
Jess Reid
Deputy Clerk to the Board
Enclosures: Released Irrevocable Letter of Credit No. 1301; Resolution #2025-2910
cc: Dawn Anderson, Jazmyn Trujillo-Martinez, and Maxwell Nader, Department of
Planning Services; Clerk to the Board File PL2704
Page 1 of 1
Fartit=it
1E34N FJi .:
IRREVOCABLE STANDBY LETTER OF CREDIT NO. 1301
February 7,2020
Board of County Commissioners
ATTN:Clerk to the Board
P.O.Box 758
Greeley,Colorado 80632
RE:Cimarron Land Company,LLC
Dear Weld County,
We hereby open our Irrevocable Standby Letter of Credit in your favor for the a' ount of Cimarron Land Company,LLC,200
lm Street,Eaton,Colorado 80615,for a sum not to exceed the aggregate of$3 :,939.60(Three Hundred Seventy-eight
Thousand,Nine Hundred Thirty-nine and 60/100 Dollars).
Each draft so drawn must be marked"Drawn under FARMERS BA 19 1st Street,Ault,Colorado 80610,Letter of Credit
No. 1301"and be accompanied by a signed statement from the Boar. •f County Commissioners of Weld County,Colorado
stating the Cimarron Land Company,LLC has committed a materi. .reach of the Improvements Agreement to Policy
Regarding collateral for Improvement regarding the Minor Sub.' sion Final Plan(MINF 19-0001),by and between Cimarron
Land Company,LLC and the Board of County Commission .f Weld County.
This credit is subject,so far as applicable,to"The Unifo • ustoms and Practice for Documentary Credits,2007 Revision,
The International Chamber of Commerce Publications ..600".
We hereby agree with you that all drafts drawn un.- and in compliance with the terms of this credit will be duly honored and
presented for payment to our main office,F ' ' 'S BANK, 119 1'Street,Ault,Colorado 80610.This letter of credit will
expire on February 7,2022 at 5:00 P.M.
This letter of credit is automatically extent • without amendment,for additional one-year periods from the current expiration
or any future expiration date unless 60 • prior to such current expiration date FARMERS BANK notifies beneficiary in
writing that the Letter of Credit will n• be renewed.In the case you receive such a notification,you may draw by presentation
of the following: (a)a draft at sight •.• FARMERS BANK;(b)a statement purportedly signed by an official of the Board of
County Commissioners of Weld . ty,Colorado state that we have received notice from FARMERS BANK the Letter of
Credit No. 1301 will not be ren= ed and that Cimarron Land Company,LLC has failed to provide proof of adequate collateral
and substitutions of this Lette• .f Credit No. 1301;(c)copy of letter from FARMERS BANK stating non-renewal of Letter of
Credit No. 1301 and the o '• al Letter of Credit.
Deputy Clerk to the Board
Yours Truly,
COLLATERAL
RELEASED NO LONGER REQUIRED by Board
Xe.,74,1 ,
Brett Brunner of Weld County Commissioners
Vice Preside date: \ - o��o ( Qwpi-ove-c) \O -AS)
BB/csb b y: e SS l'R-si-\ct
119 1`'Street-P.O. Box 220 -Ault,CO 80610--(970)834-2121 /Fax (970)834-1351
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SENDER: COMPLETE THIS SECTION COMPLETE THIS SECTION ON DELIVERY
■ Complete items 1,2,and 3. A. Signature
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Clerk to the Board's Office
1861
Phone: (970) 400-4225
,A .� 1150 0 Street
;' • P.O. Box 758
�',. G o U N T Y Greeley, Colorado 80632
www.weld.gov
January 15, 2026
Cimmaron Land Company, LLC
200 1st Street
Eaton, CO 80615
Re: Release Irrevocable Letter of Credit No. 1301, MINF19-0001 — Cimmaron
Land Company, LLC
To Whom It May Concern:
Enclosed please find copies of the letter to the insurance company, released Irrevocable
Letter of Credit No. 1301, and a copy of the Board of County Commissioner's Resolution,
dated October 27, 2025, authorizing the release of said Irrevocable Letter of Credit, held
as warranty collateral in the amount of $[Collateral Amount] for the above referenced
case.
If you have questions or need additional information, please do not hesitate to contact me
at (970) 400-4212 or jreid(a�weld.gov.
Respectfully,
Jess Reid
Deputy Clerk to the Board
Enclosures: Copies of Letter to Insurance Company, Released Irrevocable Letter of Credit
No. 1301; Resolution #2025-2910
cc: Dawn Anderson, Jazmyn Trujillo-Martinez, and Maxwell Nader, Department of
Planning Services; Clerk to the Board File PL2704
Page 1 of 1
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