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Home My WebLink About20180213.tiffRESOLUTION RE: APPROVE CANCELLATION AND RELEASE OF COLLATERAL FOR COUNTY ROAD 17 IMPROVEMENTS - SADDLER ARENA, LLC/SADDLER RIDGE METROPOLITAN DISTRICT C/O LIBERTY SAVINGS BANK, FSB 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 10, 2006, the Department of Public Works approved an Improvements Agreement for County Road 17, for Saddler Arena, LLC/Saddler Metropolitan District, from State Highway 14 to Rodeo Drive, due to increased traffic generated by the Development, and WHEREAS, on September 13, 2006, the Board of County Commissioners of Weld County, Colorado, approved an Improvements Agreement for County Road 17 between the County of Weld, State of Colorado, by and through the Board of County Commissioners of Weld County, and Saddler Arena, LLC/Saddler Ridge Metropolitan District, with terms and conditions being as stated in said agreement, and accepted Irrevocable Letter of Credit No. 8017015033 (per letter from Liberty Bank, dated September 8, 2011, an incorrect loan number was assigned, it should be 8017015034) from Liberty Savings Bank, FSB, 120 West Second Street, Dayton, Ohio 45402-1604, in the amount of $265,338.15, and WHEREAS, on September 21, 2011, per visual inspection and recommendation by the Weld County Department of Public Works, the Board of County Commissioners deemed it appropriate release of a portion of said collateral, in the amount of $229,155.67, and accept an amendment to Irrevocable Letter of Credit No. 8017015034 from Liberty Savings Bank, in the amount of $36,182.48, which was to be retained for a period of one year as warranty collateral and extended the termination date to September 6, 2012, and WHEREAS, staff from the Weld County Departments of Public Works and Planning Services have conducted a visual inspection and recommend a full 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 amendment to Irrevocable Letter of Credit No. 8017015034 from Liberty Savings Bank, 120 West Second Street, Dayton, Ohio 45402-1604, in the amount of $36,182.48, 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. 4370661 Pages: 1 of 2 01/26/2018 10:22 AM R Fee:$0.00 Carly Koppes, Clerk and Recorder, Weld County, CO Ai 'JAW III III 2018-0213 02-'02 EG0075 CANCEL COLLATERAL - SADDLER ARENA, LLC/SADDLER RIDGE METROPOLITAN DISTRICT, C/O LIBERTY SAVINGS BANK, FSB PAGE 2 The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 17th day of January, A.D., 2018. BOARD OF COUNTY COMMISSIONERS WELD COUNTY, COLORADO ATTEST: dottitivsj ;tA Weld County Clerk to the Board BY: Deputy Cle APPDAS ounty Attorney Date of signature: di - a` -/ 4370661 Pages: 2 of 2 01/26/2018 10:22 AM R Fee:$0.00 Carly Koppes, Clerk and Recorder, Weld County, CO Steve Moreno, Chair arbara Kir eyer, Pro-Tenkij Sean P. Conway Julie A. Cozad Mike Freeman k1 I1a'ili I6'l 11111 2018-0213 EG0075 /D 41'75L BOARD OF COUNTY COMMISSIONERS PASS -AROUND REVIEW/Regular Agenda REQUEST RE: BOCC Agenda Item — Release of Collateral For: Saddler Ridge c/o Liberty Savings Bank, FSB DEPARTMENT: Public Works DATE: 12/4/2017 PERSON REQUESTING: Evan Pinkham Brief description of the issue: The Department of Public Works received a request from Joe Erjavec, a representative for Liberty Saving Bank, FSB, requesting that the Board of County Commissioners release the currently held collateral for County Road 17 in the amount of $36,182.48. No collateral is required to be held since County Road 17 has been annexed by the Town of Severance. Weld County Public Works 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 #2006-2565, have been completed and are found to be acceptable. Frank I laug/Assistant County Attorney has reviewed the Improvements Agreement and Collateral requirements and recommends this release of collateral. What options exist for the Board? 1. Have this BOCC Hearing item be placed on the next available agenda as part of the Regular Agenda. Weld County Collateral List: Saddler Arena, LLC/Saddler Ridge Metropolitan District (2006-2565, EG0054) Imps Agrmt for WCR 17 Irrevocable Letter of Credit No. 8017015033 from Liberty Savings Bank, FSB Expires 09/06/07; with add' year, unless 60 days notice $265,338.15 Partial Release 9/21/2011 (2011-2492) -229.155.67 Expires 9/6/2012 (1 year Warranty collateral) 36,182.48 Recommendation: The Departments of Public Works and the County Attorney's Office are recommending approval of the release of collateral for County Road 17 associated with Saddler Ridge. Sean P. Conway Julie A. Cozad, Chair Mike Freeman Barbara Kirkmeyer Steve Moreno, Pro -Tern Schedule as Consent Schedule as Regular Agenda BOCC Item BOCC Hearing Item Other/Comments: ilq(4 2018-0213 Evan Pinkham From: Sent: To: Cc: Subject: Hi Evan Joe Erjavec <joe@crestonellc.com> Monday, September 11, 2017 3:27 PM Evan Pinkham 'Ken Zimpfer'; 'Jack Fatchett' RE: Re[2]: Saddler Ridge WCR 17 Doc # 2006-2565 Thanks again for you time on the phone earlier today. To follow up, we offer the following formal request: On behalf of Liberty Savings Bank, FSB. we are requesting a full release of collateral associated with Letter of Credit #8017015033 for Liberty Savings Bank, FSB for the completed improvements to WCR 17, north of CO 14 which are associated with the Saddler Arena, LLC/Saddler Ridge Metropolitan District project (2006-2565, EG0054) in the amount of $36,182.48. Also, I spoke to the Severance Asst Town Manager and he indicated that the Town did execute the annexation agreement for WCR 17 (and WCR 19). He will be scanning and sending me copies of the fully executed documents in the morning, at which time I will forward onto you. He will then send the originals back to the County for recording. Understanding recording can be delayed, we'd really appreciate you being able to process the LOC release based on the fully executed copy of the annexation agreement. Should you have any questions or need any additional information, please feel free to call or e-mail me. Thank You. Joseph M. Erjavec, P.E. Crestone Consultants, LLC (o) 303.997.6113 (m) 303.919.0317 joe@crestonellc.com From: Evan Pinkham [mailto:epinkham@co.weld.co.us] Sent: Monday, March 27, 2017 9:57 AM To: Jack Fatchett <jack.fatchett@gmail.com>; Joe Erjavec <joe@crestonellc.com> Cc: Ken Zimpfer <Ken.Zimpfer@libertysavingsbank.com> Subject: RE: Re[2]: Saddler Ridge WCR 17 Doc # 2006-2565 1 �I M4'iDYiGdiNdkV'�Pitif M,I{YN6tI,IYa'iWA NYI LEGAL DESCRIPTION of Wxttl Co y poop r] oP 5 oti[,cu e ] NorlM1, ge b] Wdala of 61n n p Meridian, mar ecr�bee as Idlows. ConslderIng the $oath 9monum Tired with a 2 1/2' aluminum op in range box a! the SW corner, and o 3 11/2" atumlnurn cop in a renge o stamp d LS 13155 thSE ereto. corner: as Dean g 6'a2"E and with all be ontolned herein relativCommencing at the Southwest corner of d Section 9: thence slang the a of the South hall of said Section 9 N00'55'23'E 159.9] feet, to the POIT OF BEGINNING, Thence deporting sold Westerly line at Sve[lon 9, X69'63'24 W 30.00 Peel to p n! on !Tie Westerly rsgont of way line o1 wda County Roae e]: thence along id Westerly rely r ore Woy and ire S'23"e 2"E 60. lour Thence therly 'he said e o th right of way line 589'31'13'E fi0.0O leer to point on the Tie y nn4 of the South 1/2 said Section 9 fhence pont. with a. 10 West of the Ecteter,e Tight of woy e as said Weld County Road 17. 50.35'23,0 2429.93 Met: Thence Xion 9,20"W 30 W feet, to a point do the Westerly eel the South Half of said Section a uilan4 80 tvrly line of ore South poll of Section 9, SO'35'2J'W 55.04 feet to IM1e POINT OF SEGINNINCi WELD COUNTY ROAD 17 ANNEXATION TO THE TOWN OF SEVERANCE Containing 3.365 acres, more o, less. L L OVOLI A1N1100 018M TlViit 03/29 SOVONIOtt BROW - LOCATED IN THE SOUTH HALF OF SECTIONS 8 AND 9, TOWNSHIP 7 NORTH, RANGE 67 WEST OF THE 6TH P.M., WELD COUNTY, STATE OF COLORADO. MAYOR'S CERTIFICATE of Severance County o . Store of designee rnis tlat ofePMTowA 2S? . e rrlry a therein designated m of acid Town al Severance o included w.thin the lim, a diclien !hereof Severance. MtlytlF�� A rk mf $6y �g0N0 mmV d21eb� m In witness whereof, we have n 921 ear 40nen end seals tnla_2L Y of wunnmel . zap STATE OF COLOR/00),s COUNTY OF WELD) Ina fa agal 4 In04044441 cud 8944.9.644.,4403 before me DyA.N. 5: 6Ae0SSne 151$ �1 y o haste,tS 20.11 MY c..499.97, e p es .MAY 14 aea/ PLANNING COMMISSION APPROVAL 04440443 N,s—day ofd. 2412. lI.C�GE CM1a rmon 5ava5ance Planning C mm,ss,an NOTES SURVEYOR'S CERTIFICATE 1. This t Annexation Map w without the benefit of a Title mstituteba title search by Colored° Land This a Surveying Commitment ord. Annexation may be applicas not ble to ubledl urport ',Rent one estate: followingn ding setback ! ubdlvclon restrictions, zoning or other Land —use rreguielloner and any other facts that an accurate and current Title search rnoy disclose. TOWN ENGINEER'S REVIE'N 2. According o Colorado Law yeabosed upon eny defect in the r m - legal action Rew.wee thi, ear al Jew. 2DJ,7 �rl.. i .. �i� [�((�?� the of t Mt:certification sfirst discover such urvey Ube shown hereon. . then ey within three ay any any years 4 after 180 t^'"^`r� 'frame -4 pan the defect i this e'<nI o fect In no even. a en wa a Morn L dtended4Mr pamoses of Irons!, of title or sabniwsmnof Iona. TOWN P o4. f a M exhibit a volia y primhas original seal and g are Reviewed this 21' day ofElt i s 200, /Alt X14O10%IL.PPLWNJL8 0I9J 'fl'22YQLOPIIPAGINIT MEC Ka 3109180, 8IW0IG19Jl8 Town Planner f canncurrY Total Perimeter: 5.090:2] feat 10quiredrll0 To tiguity 2.654.01Wet 9. 11 Total ace' Deingwa noead. ta],a60 aa. t. or 3.365 acres, more or less. \A`\\NN\* AEI [S�TRsAN, 70, , \\\\\\\\'�\4�`It Lit' \\Irn�\\', —1 a„x3E x.� o —1 WEST UNE OF THE SOUTH HALF OFJ n SECTION 0, T]N, R62W, OF THE 8TH P.M. 1 ('RFANIDNNI COLORADO LAND SURVEYING Riewata PER IOWN'F eVERwNEE REDRNt= SEAS W NN 94450441Ev. COLORkno wove sus. 1.5031 -882 -Now/ sot (3031 -44th -.02 SADDLER BOULEVARD z BIS, aColorodo Registered Professional of Severance, C hereby toMe red byWme or eld. State of Colorado ado documents f record C tool the direct isounty truesa ar ao react m the best of my knowledge, information, heti. and my prolessional opinion. Prepared By .92 on Schell ell Colorado LandSurvey° , cm. 4411113 islet,. PLS 36553 �ale:6'16tnm17 „y 20 Er OF ctlsIhE )cax, SURVEYORSRECOPY. Xv ESE --r suRrErs AT CORM, euRVEemi/4ATUI" COUNT' 9uR,EiG COLORADO STATE IiGHWAY 14 ssG91 ."—Tor''''" too SCALE N FELT 11/2614.1. DRAWN *PROVED m CUE, LIBERTY SAVINGS BANK 9 ' PROJECT 1111E 1 J. dI '4°i' # S^ r 858 8 4 8. P WELD COUNTY,ROAD 17 ANNEXATION aEE. xd. Ir MAO 1\ T v s u,N war aF Ernw a nth Ran a. wE a 'v._ CLERK T r THE AR s PHONE (970) 400-4217 FAX (970) 336-7233 F. C. BOX 758 GRELEY, COLORADO 80632 Liberty Savings Bank, FSB Attn: Diane Dobran or Dale Zehring 120 W. Second St. Dayton, 0H 45402 Cancellation and release of Collateral - Saddler Arena, LLC/ Saddler Ridge Metropolitan District, do Liberty Savings Bank, FSB -. County Road 17 Improvements Attached hereto please find .a copy of the Board of County Commissioner's Resolution. releasing the collateral for Saddler Arena, Li_Ct Saddler Ridge Metropolitan :District, clo Liberty - Savings Bank, FSB, regarding improvements related • to County Road ,17. The original Irrevocable Letter of Credit No. 8017015033, latercorrected by Liberty Bank to. be Flo. • 8018015034, in the •amount of $265.,.338.15, and the amendment •letter reducing the amount to • $36,182.48, are included. If you have questions or need additional information, please do not hesitate to contact me at (970) 400-4217. • . 'F• 1. 111 • e.ot n G... _ ^ s yam.`rLs Ait 41 ., •may •'rirtln::3d '.._.kd i_• .3�9 u=".dW . _•- 2:- ti ..1..•R1 �L 'i ial,ari.-ckL'eaiei: .-. `f l et September 28, 20 Bridle Hill Developme Attention: Jeffry Crowle 3615 Mitchell Dr. Fort Collins, CO 80525 Re: New Commercial Loan Loan Amount: $265,338. Loan Date: 09/06/06 Mr. Crowley: www.liber= avingsbank.corn The above referenced n was assig • a loan # of 8017015033 in error. The correct loan # for the ove referenced - n is 8017015034. Please reference this new number o ;e ll correspondence a • payments. Should you hav any questions, please con t Kim Castle (800) 436-6100 extension 50 Sorry for ainconvenience this may have caus: • Thank you for allowing Liberty S • ings Bank, FSB the opportunity to se your business/personal financi - eeds. Sinc y, Kim Castle Commercial Loan Department ZLIBERTY BAnK Our Interest Is In You www.libertysavingsbank.com September 9, 2011 Mr. Richard Hastings Weld County Colorado P.O Box 758 Greeley, Co 80632 Re: Letter of Credit 8017015034 Enclosed is the amendment document for the above referenced Letter of Credit. Please sign the indicated areas. Please forward a copy of the signed foini back to my attention in the enclosed envelope, the original is for you to retain for your records. I have also enclosed a copy of a letter sent to Bridle Hill in 2006. Apparently when the Letter of Credit was originated, there was a mistake in assigning the loan number. Your records may indicate that this particular Letter of Credit has a loan number of 8017015033, this is incorrect. This letter enclosed shall clear up any confusion. Please feel free to contact me with any questions or concerns. _Sincerely, rte__ Stephanie Hagedorn Commercial Loan Closing Coordinator II Liberty Savings Bank 120 W Second St Dayton Oh 45402 937-224-4572 x 5048 Member FDIC 120 W. Second Street, Dayton, OH 45402-1604 (937) 224-4572 (800) 436-6100 Equal Housing Lender BERTY S V I NG S B MK Our InteresIn You G o�e�s ‘40 GOON IC)GOv *, Gem �. end \ oaate �. 10.'. QeQ irrevocable Credit No. ' 017015034 beneficiary: Weld County & ' own of Severance oar ..uo 80632 '-s To Whom It May Concern: www.libertysavingsbank.com This Amendment is to be considerean integral p . of the above credit and must be attached thereto. The above -mentioned credit is amender .11ows: The Letter of Credit expiration date has b; e -nded to September 6, 2012. The Letter of Credit has been reduce ' . $36,182. All other terms and condition main unchange Atte _ Witness: By: Name Title: Approved and accepted for and on behalf of Weld County, this cJ day of Sincerely, Liberty Savin_ By: * * * * * * * * * * * * r , 2011. Member FDIC Original 2 of 2 To the Town of Severance 120 W. Second Street, Dayton, OH 45402-1604 (937) 224-4572 (800) 436-6100 Equal Housing Lender Approved and accepted for and on behalf of Weld County, this 21st day of September ,2011. Weld County y: ame: Sea! itle: Chair Pro-Tem B:'°"ryd of. We d County Commissioners EEP 2 1 2011 as ep Approved and . cepted for �l `Sev- r' ce, this day of 1. �GJ`- Q� Attest!Witnec- �C C. e' ° e< ..S erance `" By P*c„co��t°V GO" V � GO 0.-Sr.,0\°%'4 _ Ito. V\ Noe By: T� sr`rb Original 2 of 2 To the Town of Severance TTER OF CREDIT Effe G�� —Pcj G��?'�` lj \ L a a , ings Bank, FSB 015033 Place of Issue: Liberty Savi : ank oL44o �° /\ �re� .G0 W Second St. Dayton, OH 45402 �,� oplicant ccount Party: Bridle Hill Development C dress cot -Applicant/ ount Party: 3615 Mitchell Dr. F Collins, CO 80525 Beneficiary: WELD C • NTY Board of Co ty Commissioners P.O. Box 758 Greeley, Cobra, 80632 County of Weld, to of Co ado. Second Beneficiary: TOWN OF S : `„ ' . NCE P.O. BO( 122 SEVERENC ` ► 180546 To: WELD COUNTY PU A C WO Attention: Perry Ei. ach P.O. Box 758 Greeley, Cobra • :0632 Liberty Savings nk, FSB hereby issues thi rrevocable Letter of Credit in favor of Beneficiary fo e aggregate amount not to exce $ 265,338.15, except as provided herein below, whi is available by draft(s) at sight payment accompanied by a written statement gned by an authorized official of Benefi • ry, addressed to Issuer, stating to the effect t the amount represented by the draft acco vying the statement is the amount requir to be paid to Beneficiary on account of Benefi ry having declared a default under the provements Agreement, dated 10 May 2006, by an, . etween Beneficiary and Saddler a LLC a Colorado Limited Liability Company. his credit shall expire one calendar year from the Effective ate of Issue set forth above, unless extended as provided herein. This credit will be au atically extended without amendment for an additional period of one calendar year from present and each future expiration date, unless, not less than sixty (60) days prior to th then -relevant expiration date, Issuer notifies beneficiary in writing, by U.S. certified mail, turn receipt requested, that Issuer elects not to extend this credit for any additional peri t Upon Beneficiary's receipt of such a notification, Beneficiary may draw a sight draft on Is er prior to the then - relevant expiration date for the unused balance of this credit, which sha i , e accompanied by a signed, written statement of Beneficiary acknowledging receipt of Iss s notification of its election not to extend, in lieu of the statement required by the preceding paragraph of this credit. Page 1 of 2 n 0 a t5 A � •°,fie G.s` .��Q.Pp\CI sir''`4 0(Na,`e.1 G QS • cec . before the V. eursuant to the to ant of this letter of credit r $265,338.15 will acceptance in writing by We County of the road fhe remaining 15 percent, or ,:00.72, of this letter of .re one year from the date of acc ance in writing by Weld ,ements to be constructed. tie�' .zes to honor each draft for payment m in compliance with the terms of ly presented by person, registered ma or overnight courier, together with .ment s specified herein, at the offices of uer located at Liberty Savings Bank, ose of business on the expirati • date of this credit, as may be extended s hereof. Demand for paymen hall be ho claim or dispute the A licant, or fails or refuses to honor deman or applicable law, it agree o pay under the Irrevocable Lette f including all fees incurred by ne Cr This Irrevocable Letter of Cre construed in accordance with e I Very truly yours, Issuer: Liberty Savin, : ank, FSB By: Steve Petit Title: Commer 1 Lending VP Authorized gnature of Issuer noted wit t reference or resort to any defense, excuse, any th. party, may have or assert. In the event Issuer d co ry to the terms of this Irrevocable Letter of Credit to C eficiary the maximum aggregate amount available ed' together with Beneficiary's legal costs and expenses, ary in enforcing this credit. hall not be transferable and it shall be governed by and s of the State of Colorado. O Page 2 of 2 Hello