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Home My WebLink About20180818.tiffRESOLUTION RE: APPROVE PARTIAL RELEASE AND ACCEPTANCE OF NEW COLLATERAL FOR CHANGE OF ZONE, PUDZ16-0001 - GANDER VALLEY FARMS, LTD. 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 July 6, 2016, the Board approved the application of Gander Valley Farms, LTD., 8897 Gander Valley Lane, Windsor, CO 80550-2621, for a Change of Zone, PUDZ16-0001, to Rezone Lot 5 of Gander Valley PUD from Planned Unit Development with A (Agricultural) Zone District Uses to Planned Unit Development with E (Estate) Zone District Uses, along with 6.09 acres of open space, on the following described real estate, to wit: Lot 5 of Gander Valley PUD; being part of Section 4, Township 6 North, Range 67 West of the 6th P.M., Weld County, Colorado, and WHEREAS, on May 22, 2017, the Board of County Commissioners of Weld County, Colorado, approved an Improvements Agreement According to Policy Regarding Collateral for Improvements for Gander Valley Farms, LTD., between the County of Weld, State of Colorado, by and through the Board of County Commissioners of Weld County, and Gander Valley Farms, LTD., with terms and conditions being as stated in said agreement, and accepted Irrevocable Letter of Credit #90928, drawn on the Advantage Bank, 1801 59th Avenue, Greeley, CO 80634, in the amount of $260,960.30, and WHEREAS, staff from the Weld County Departments of Public Works and Planning Services have conducted a site inspection and found that the improvements required, per Exhibit A of the Improvements Agreement, have been completed and found acceptable, except signage, landscaping, and a grass -lined swale, with the remaining work to be done costing $11,800.00, and the 15 percent warranty collateral amounting to $39,144.05, thereby requiring the acceptance of $50,944.05 in remaining collateral, and WHEREAS, staff from Weld County Department of Public Works and Planning Services recommend a partial release of said collateral, and acceptance of a replacement Letter of Credit for the remainder of the required collateral, and WHEREAS, upon recommendation of staff, the Board deems it advisable to release said collateral and accept replacement collateral, and NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, Colorado, that the Letter of Credit #90928, drawn on the Advantage Bank, 1801 59th Avenue, Greeley, CO 80634, in the amount of $260,960.30 be, and hereby is, reduced and partially released, and a replacement Irrevocable Letter of Credit #90928, drawn on the Advantage Bank, 1801 59th Avenue, Greeley, CO 80634, in the reduced amount of $50,944.05, be and hereby is accepted. 4386892 Pages: 1 of 2 03/30/2018 10:25 AM R Fee:$0.00 Carly Koppes, Clerk and Recorder, Weld County, CO VIII PirdnlirlillrgriliAll LUAU 11 III c.c: PWC£.P), CcicFH-+), c-TS(Ec'i YT), Scot+ Pre se 'dort, Or 6�se '1 /Co/ l8' 2018-0818 PL1165 PARTIAL RELEASE AND ACCEPT REDUCED REPLACEMENT COLLATERAL - GANDER VALLEY FARMS, LTD. PAGE 2 BE IT FURTHER RESOLVED by the Board that the Clerk to the Board be, and hereby is, directed to return the $260,960.30 collateral to the appropriate issuing party and to accept the replacement collateral in the amount of $50,944.05 for the purpose of warranty collateral and $11,800.00 in improvements remaining, including signage, landscaping, and a grass lined swale. The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 19th day of March, A.D., 2018. BOARD OF COUNTY COMMISSIONERS WELQ. COUNTY, COLORADO ATTEST: athA) G Je to•cd. Weld County Clerk to the Board BY. APPROVED AS TO FQM: County Attorney Date of signature: 3/a9/ ( E - 4386892 Pages: 2 of 2 03/30/2018 10:25 AM R Fee:$0.00 Carly Koppes, Clerk and Recorder, Weld County, CO Steve Moreno , Chair rbara Kirkmc3 Pro-Tem can P. C9nway ike Freeman zed 2018-0818 PL1165 0rn,₹uct lid #/653 BOARD OF COUNTY COMMISSIONERS PASS -AROUND REVIEW/Regular Agenda REQUEST RE: BOCC Agenda Item — Partial Release and Acceptance of Collateral For: Gander Valley Farms PUD — PUDZ 16-000 l DEPARTMENT: Public Works DATE: 2/27/2018 PERSON REQUESTING: Evan Pinkham Brief description of the issue: The Department of Public Works received a request from Scott Preisendorf, requesting that the Board of County Commissioners release the currently held collateral for Gander Valley Farms PUD in the amount of $260,960.30, and consider accepting collateral in the form of a letter of credit (Advantage Bank) in the amount of $50,944.05. The collateral being accepted is for warranty collateral, and items that have not been completed on the site. The items that have not been completed on the site are seeding, landscaping, and installation of the main sign. Weld County Public Works and Planning Department performed a site inspection, at the above -mentioned site, and observed the following: • With exception of the items listed above, all items on Exhibit A, of the Improvements Agreement According to Policy Regarding Collateral for Improvements Document #2017-1578, have been completed and are found to be acceptable. Frank Haug/Assistant County Attorney has reviewed the Improvements Agreement and Collateral requirements and recommends this partial 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: Gander Valley Farms PUD (PL1165, #2017-1578) Improvements and Road Maintenance Agreement Irrevocable Letter of Credit #90928 from Advantage Bank Expires 08/20/2018 with auto renewal Unless notify 30 days notice certified mail $260,960.30 Recommendation: The Departments of Public Works, Planning Services and the County Attorney's Office are recommending approval of the release of collateral, and acceptance of warranty collateral for Gander Valley Farms PUD — (PUDZ16-0001). Sean P. Conway Julie A. Cozad Mike Freeman Barbara Kirkmeyer, Pro -Tern Steve Moreno, Chair Schedule as Consent Schedule as Regular Agenda BOCC Item B0CC Hearing Item Other/Comments: 2018-0818 Pl.. l 1 Co 5 3/, 03/13/2018 To: Weld County Commissioners From: Scott Preisendorf/Upland Homes RE: Release of Collateral and Acceptance of New Letter of Credit Please accept this letter as a request to release the collateral for the Gander Valley Farm project, located in Windsor, CO. Weld County Attorney, Frank Haug has requested this letter for record keeping purposes. We are requesting the release of collateral in the amount of $260,960.30 from Advantage Bank and that you accept the new collateral amount on $50,944.05 from Advantage Bank. Respectfully, Scott Preisendorf Upland Homes 970-396-0986 k Cc: Gander Valley Farms, LTD. CLERK TO THE BOARD PHONE: (970) 400-4217 FAX: (970) 336-7233 1150 O STREET P. O. BOX 758 GREELEY, COLORADO 80632 April 2, 2018 Advantage Bank ATTN: Michael Lombardelli 1475 North Denver Avenue Loveland, CO 80538 RE: Release of Collateral and acceptance of reduced Collateral — Gander Valley Farms, LTD -- P U DZ 16-0001 Advantage Bank: On March 21, 2018, the Board of County Commissioners approved the release of collateral, in the form of an Irrevocable Standby Letter of Credit No. 90928, in the amount of $260,960.30, drawn on Advantage Bank, and the subsequent acceptance of reduced collateral in the form of Irrevocable Standby Letter of Credit No. 90928, in the amount of $50,944.05, drawn on Advantage Bank, to serve as Collateral for remaining required Improvements in the amount of $11,800.00, and Warranty Collateral in the amount of $39,144.05. Enclosed is a copy of the recorded Resolution signed by the Board of County Commissioners. If you have questions or need additional information, please do not hesitate to contact me at (970) 400-4217. Very truly yours, OARD OF COUNTY COMMISSIONERS By: ...e•••••••••,,, Ng. isa Juani.oyena eputy Cl; ` to the Board • a•` 4 a a « •. V •1/41c1-' . ... .w, sr,•�.,�:4� _• ytld i'T 1w 11 '� :1 ~V•.44 l 1 F'Zi.V* J. a Lei .�+�. AN, frtr Fq� �^ •‘ J W- •• VaAd ntage Bank April 20, 2017 REVOCABLE LETTER OF CREDIT 1."1. No. 90928 b,faoatd R Weld County elk% LOt c ss�°'�e`5 County C Goo- S ty coo 1402 N. 1, REk-' ' cot'" \c3 ,\ of yle`*, 9) Attn: Count date '' 'ra . l i'll tra 11f• t.% \e We have estaa Oexisting Letter of Cr - OC) #90928 for the account of Upland Homes, Inc., in your favor, in the initial amo Two Hundred Sixty Thousand, Nine Hundred Sixty Dollars and 30 cents ($260,960.30) ecti immediately and expiring at the close of banking business August 20, 2018, at ' office a dvantage Bank, 1801 59th Avenue, Greeley, Colorado 80634. The LOC shall on •e applicable ' the Gander Valley Farms improvements. This Letter of Credit will autom- ally be extended for . •eriod of twelve (12) months from the present or any future expirat date unless we notify yo writing by certified mail thirty (30) days prior to any expiratio - : ate that we elect not to rene is Letter off Credit for any additional period. Funds under this Lare available to you for one or more dra •s presented on or before this LOC expires pur- ant to the terms herein against sight drafts in a ggregate cumulative amount not to need the available balance, dated the date of press ment, drawn on our office referred to . •ve, referring thereon to the number of the LOC and ac • panied by your written certificat gned by you and acknowledged as therein provided in the of Exhibit 1 hereto. Dun he term of this LOC the amount available to be drawn by the Coun may be reduced fro time to time in the sole discretion of the County after the completion of , - installation of •lic improvements for Gander Valley Farms for such items as Road Infrast , ture, Entry •ignage, Retention Ponds and other items referenced in the On Site Improvem. "t Agreement and inspection and acceptance of that particular stage by the applicable County •resentative, the County Board and an engineer approved by the County and licensed by the St• - of Colorado. Presentation of such draft and certificate shall be made at our office referred to above. Loveland 970-613-1982 1475 North Denver Avenue Loveland, Colorado 80538 Fort Collins 970-204-0450 4532 McMurrylAve., Ste. 100 Fort Collins, Colorado 80525 Greeley 970-353-0047 1801 59th Avenue Greeley, Colorado 80634 www.advantagebanks.com Upo e earlier of (i) EO e($ presen f' on ori- VQV 5s•�r by you o GECL Got' oVi&p -0 \$ G°v ' 0O" 503 •Ne\ ok 04, da ay ., not trans able. Ealing the aggregate amount availa the terms herein, or (ii) the s tomatically terminate. der to us ., re State of Colorado, includi e Uniform _cate of Colorado. Communicati• with respect to this d( the office referred to above, speci - ly referring to the number This LOC shall only bind e parties hereto and their cessors and shall not create any third party beneficiary rights or - other rights in any o r parties. The County expressly reserves the right to enter into an LO • ith any other pa nder whatever terms it deems necessary in its sole discretion. This credit is subject to the Unifo Cus s and Practice for Documentary Credits, 1993 revisions, ICC publication number + • This Irrevocable Letter of Credit - s h in full the terms of our undertaking and such undertaking shall not in any w , be mo ied, amended or amplified by reference to any document or instrument ref- ed to herei •r in which the Irrevocable Letter of Credit relates and any such reference shall be deemed t• corporate herein by reference any document or instrument. Sincerely, Mich Lombardelli C Credit Officer antage Bank 2 The undersigned h Credit #90928 dated EXHIBIT "1" TO LETTER OF CREDIT No. 90928 Cer' gate by certifiec. 9r i �`0°ekes (a) He (She` " 1% M� s y °te �,� , " p 43°2' e datie' , wr" amount c - etter of Credit has not e lct to the cert Irrevocable Letter of of Weld ' ,• unty (the "Letter of Credit"): alf of Weld County and .ar the D- opment Agreement between the , which is t ently due amount of the draft presented with this and IN WITNESS WHEREOF, the under e4 as executed this Certificate on behalf of Weld County this day of By: Title: STATE OF COLO SS. COUNTY OF W The foregoi nstrument was acknowledged before me on - day of 2 , by: WITN my hand and official seal. Notary Public My Commission Expires: 3 1.. r ben m 11 Li C3 N En J3 r° - Certified Mail Fee U.S. Postal ServiceTM CERTIFIED MAIL® RECEIPT Domestic Mail Only For delivery information, visit our website at www;usps.c�m©. ,A. Extra Services & Fees (check box, add fee as appropriate) ❑ Return Receipt (hardcopy) Q Return Receipt (electronic) ❑ Codified Mail Restricted Delivery ❑ Adult Signature Required $ ❑ Adult Signature Restricted Delivery $ $ Postage "fetal Postage and Fees $ Postmark Here -7184, . zoig antsexal Sent To Street and Apt. No., PD Box No. L419 tij . pn t... Ci , State, ZIP+4® 4 / 4 PS Form 3800, April 2015 PSN 7530-02-000-9047 ASS See Reverse for Instructign,s 7C. -en • • • •A•\.. •• 'f't. ■ Complete items 1, 2, and 3. • Print your name and address on the reverse so that we can return the card to you. • Attach this card to the back of the mailpiece, or on the front if space permits. 1. Article Addressed to: Ad v04- ‘VviA that\ lanfleaoti te 40 cp 3c6 III u i I I 9590 9402 1714 6053 4710 96 COMPLETE THIS SECTION ON ;DELIVERY ived by (Printed Name) ❑ Agent ❑ Addressee C. Date of Delivery D. Is delivery address different from item 1? ❑ Yes If YES, enter delivery address below: O No 2. Article Number (Transfer from service label) ?016 0?50 000D ?938 3699 PS Form 3311, July 2015 PSN 7530-02-000-9053 3. Service Type ❑ Adult Signature ❑ Adult Signature Restricted Delivery Certified Mail® Certified Mail Restricted Delivery El Collect on Delivery ❑ Collect on Delivery Restricted Delivery -1 Insured Mail Insured Mail Restricted Delivery (over $500) El Priority Mail Express® ❑ Registered MailTM D Registered Mail Restricted Delivery ❑ Return Receipt for Merchandise ❑ Signature ConffrmationTM El Signature Confirmation Restricted Delivery Domestic Return Receipt Hello