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Home My WebLink About20161126.tiff CLERK TO THE BOARD 1861/ PHONE: (970)400-4226 liraimmen • FAX: (970) 336-7233 1150 O STREET P. O. BOX 758 GREELEY, CO 80632 COUNTY J March 15, 2016 Attn: Tim Ostic, Branch President Firstier Bank-Cheyenne 1508 Stillwater Avenue Cheyenne, WY 82009 RE: Irrevocable Letter of Credit No. 10030 Dear Mr. Ostic: By letter dated October 15, 2015, and subsequent email correspondence on November 5, 2015, First Bank requested release of a Letter of Credit issued in the amount of $301,658.00. After much searching, it was determined that said LOC had never been formally received or accepted by the Weld County Board of Commissioners in relation to PUDF13-0001 for Peckham Development Corporation. Subsequent to that conversation, the property owner, Mark Goldstein, hired a consultant and began working with Firstier Bank to acquire new replacement collateral. On Wednesday, March 9, 2016, staff met with the Board of County Commissioners to discuss the status of the project, including the pending Annexation to the City of Greeley, and at this time it has been determined that the Collateral is not required by Weld County. Because it was never formally received/accepted, I have nothing to release to First Bank; however, they have been notified that Weld County has no intention of accepting or filing any claim against said Collateral and that it may be cancelled. Additionally, and for the same reasons, I am also returning the replacement Irrevocable Letter of Credit No. 10030 to you to coordinate with your customer, Mr. Goldstein, concerning whether he has any further collateral needs as he works to annex the property into the City of Greeley. If you have any questions, please contact me at (970) 400-4226, or email egesick@weldgov.com. Very truly yours, YaVf4t., Esther E. Gesick Clerk to the Board Enclosure cc: Richard Hastings, Department of Public Works Tom Parko, Department of Planning Services AGPROfessionals, LLC Peckham Development, do Mark Goldstein Clerk to the Board File PL2206 2016-1126 3.3D-aDr(a Pi_aQato U.S. Postal Service,. m CERTIFIED MAILTM RECEIPT ,.. (Domestic Mail Only;No Insurance Coverage Provided) F•r•eliveryinf•rm:ti•nvisit•urwe•site:twww.us•s.c• tr • , Ln Postage $ m Certified Fee Postmark r, Return Receipt Fee (Endorsement Required) / Here Restricted Delivery Fee _/�e IT- (Endorsement Required) !�A c0 ru Total Postage&Fees $ Q Sent To P- Street,Apt No.; -- or PO Box No. [1SOF City,State,ZIP+ S Farm 3;,, Jun 2112 Se verse f.r lnstru tins SENDER: COMPLETE THIS SECTION C•M•LETE THIS SECTI•N ON DELIVE•Y • Complete items 1,2,and 3.Also complete A. Signature item 4 if Restricted Delivery is desired. 1 O Agent • Print your name and address on the reverse I • O Addressee so that we can return the card to you. _eceived by Printe.Name) C. Date of Delivery IN Attach this card to the back of the mailpiece, or on the front if space permits. LA-Ott t I.4 _ 1��-1 D. Is delivery address different from item 1? O Yes 1. Article Addressed to: If YES,enter delivery address below: O No ATTN: TIM OSTIC, BRANCH PRES FIRSTIER BANK - CHEYENNE 1508 STILLWATER AVENUE CHEYENNE WY 82009 3. $erviceType . Certified Mail® O Priority Mail Express' ❑Registered O Return Receipt for Merchandise ❑Insured Mail 0 Collect on Delivery 4. Restricted Delivery?(Extra Fee) 0 Yes 2. Article Number 70014 2890 0003 5709 1113 (Transfer from service label) PS Form 3811,July 2013 Domestic Return Receipt COPY IRREVOCABLE LETTER OF CREDIT Orcjt t4J rztenikot Borrower: Peckham Development Corporation Lender: FirsTier Bank 3/144/ZO/(p 2850 McClelland Drive,Suite 2400 Cheyenne Fort Collins,CO 80525 1508 Stillwater Avenue Cheyenne,WY 82009 Beneficiary: BOARD OF COUNTY COMMISSIONERS OF WELD COUNTY,COLORADO 1150 0 Street Greeley,CO 80631 NO.: 10030 EXPIRATION DATE. This letter of credit shall expire upon the close of business on 02-19-2018 and all drafts and accompanying statements or documents must be presented to Lender on or before that time(the"Expiration Date"). AMOUNT OF CREDIT. Lender hereby establishes at the request and for the account of Borrower, an Irrevocable Letter of Credit in favor of Beneficiary for a sum of Three Hundred One Thousand Six Hundred Fifty-eight& 00/100 Dollars($301,658.00) (the"Letter of Credit"). These funds shall be made available to Beneficiary upon Lender's receipt from Beneficiary of sight drafts drawn on Lender at Lender's address indicated above (or other such address that Lender may provide Beneficiary in writing) during regular business hours and accompanied by the signed written statements or documents indicated below. WARNING TO BENEFICIARY: PLEASE EXAMINE THIS LETTER OF CREDIT AT ONCE. IF YOU FEEL UNABLE TO MEET ANY OF ITS REQUIREMENTS, EITHER SINGLY OR TOGETHER, YOU SHOULD CONTACT BORROWER IMMEDIATELY TO SEE IF THE LETTER OF CREDIT CAN BE AMENDED. OTHERWISE,YOU WILL RISK LOSING PAYMENT UNDER THIS LETTER OF CREDIT FOR FAILURE TO COMPLY STRICTLY WITH ITS TERMS AS WRITTEN. DRAFT TERMS AND CONDITIONS. Lender shall honor drafts submitted by Beneficiary under the following terms and conditions: Upon Lender's honor of such drafts, Lender shall be fully discharged of Lender's obligations under this Letter of Credit and shall not be obligated to make any further payments under this Letter of Credit once the full amount of credit available under this Letter of Credit has been drawn. Beneficiary shall have no recourse against Lender for any amount paid under this Letter of Credit once Lender has honored any draft or other document which complies strictly with this Letter of Credit, and which on its face appears otherwise in order but which is signed, issued, or presented by a party or under the name of a party purporting to act for Beneficiary, purporting to claim through Beneficiary, or posing as Beneficiary without Beneficiary's authorization. By paying an amount demanded in accordance with this Letter of Credit, Lender makes no representation as to the correctness of the amount demanded and Lender shall not be liable to Beneficiary, or any other person,for any amount paid or disbursed for any reason whatsoever, including,without limitation, any nonapplication or misapplication by Beneficiary of the proceeds of such payment. By presenting upon Lender or a confirming bank, Beneficiary certifies that Beneficiary has not and will not present upon the other, unless and until Beneficiary meets with dishonor. Beneficiary promises to return to Lender any funds received by Beneficiary in excess of the Letter of Credit's maximum drawing amount. USE RESTRICTIONS. All drafts must be marked "DRAWN UNDER FirsTier Bank IRREVOCABLE LETTER OF CREDIT NO. 10030 DATED 02-19-2016,"and the amount of each draft shall be marked on the draft. Only Beneficiary may complete a draft and accompanying statements or documents required by this Letter of Credit and make a draw under this Letter of Credit. This original Letter of Credit must accompany any draft drawn hereunder. Partial draws are permitted under this Letter of Credit. Lender's honor of a partial draw shall correspondingly reduce the amount of credit available under this Letter of Credit. Following a partial draw, Lender shall return this original Letter of Credit to Beneficiary with the partial draw noted hereon; in the alternative, and in its sole discretion, Lender may issue a substitute Letter of Credit to Beneficiary in the amount shown above, less any partial draw(s). PERMITTED TRANSFEREES. The right to draw under this Letter of Credit shall be nontransferable,except for: A. A transfer (in its entirety, but not in part) by direct operation of law to the administrator, executor, bankruptcy trustee, receiver, liquidator,successor, or other representative at law of the original Beneficiary;and B. The first immediate transfer (in its entirety, but not in part) by such legal representative to a third party after express approval of a governmental body(judicial, administrative,or executive). TRANSFEREES REQUIRED DOCUMENTS. When the presenter is a permitted transferee (i) by operation of law or (ii) a third party receiving transfer from a legal representative, as described above, the documents required for a draw shall include a certified copy of the one or more documents which show the presenter's authority to claim through or to act with authority for the original Beneficiary. COMPLIANCE BURDEN. Lender is not responsible for any impossibility or other difficulty in achieving strict compliance with the requirements of this Letter of Credit precisely as written. Beneficiary understands and acknowledges: (i)that unless and until the present wording of this Letter of Credit is amended with Lender's prior written consent, the burden of complying strictly with such wording remains solely upon Beneficiary, and(ii)that Lender is relying upon the lack of such amendment as constituting Beneficiary's initial and continued approval of such wording. NON-SEVERABILITY. If any aspect of this Letter of Credit is ever declared unenforceable for any reason by any court or governmental body having jurisdiction, Lender's entire engagement under this Letter of Credit shall be deemed null and void ab initio, and both Lender and Beneficiary shall be restored to the position each would have occupied with all rights available as though this Letter of Credit had never occurred. This non-severability provision shall override all other provisions in this Letter of Credit, no matter where such provision appears within this Letter of Credit. GOVERNING LAW. This Agreement will be governed by federal law applicable to Lender and,to the extent not preempted by federal law,the laws of the State of Wyoming without regard to its conflicts of law provisions, and except to the extent such laws are inconsistent with the 2007 Revision of the Uniform Customs and Practice for Documentary Credits of the International Chamber of Commerce, ICC Publication No. 600. This Agreement has been accepted by Lender in the State of Wyoming. EXPIRATION. Lender hereby agrees with Beneficiary that drafts drawn under and in compliance with the terms of this Letter of Credit will be duly honored if presented to Lender on or before the Expiration Date unless otherwise provided for above. IRREVOCABLE LETTER OF CREDIT Loan No: 7438 (Continued) Page 2 Dated:February 8,2016 LENDER: FIRSTIER BANK By: Tim Ost c,Branch Pres dent ENDORSEMENT OF DRAFTS DRAWN: Amount Amount Date Negotiated By In Words In Figures UNRRA Vor.16.6.10.003 Copr.D.H WA Gown-Won 1007,2010 AM RIBA,Romprod -WY CACFPLPL\Cl9LOC FC TR-4210 PR-37 Esther Gesick From: Richard Hastings Sent: Friday, February 19, 2016 3:54 PM Cc: Esther Gesick; Bob Choate; Janet Lundquist; Elizabeth Relford; Tisa Juanicorena; Frank Haug Subject: RE: Letters of Credit for Peckham Development Corporation (Due 4:00 pm Today 2/19/16) To All, Mr. Ostic just hand delivered the 2 LOC's to me i i i i i i i i i i i i i Thanks, Rich Richard Hastings Compliance Analyst&Construction Inspector Weld County Public Works 1111 H Street, P.O. Box 758 Greeley, CO 80632 (970)304-6496 Ext. 3727 r'. 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: Richard Hastings Sent: Friday, February 19, 2016 3:50 PM To: Tim K. Ostic' Cc: Esther Gesick; Bob Choate; Janet Lundquist; Elizabeth Relford; Tisa Juanicorena; Frank Haug Subject: RE: Letters of Credit for Peckham Development Corporation (Due 4:00 pm Today 2/19/16) Tim, My calendar reminder just came up regarding the two new LOC's for Peckham. Please advise as to whether or not I will receive them by 4:00 pm today, as per the directives found in the email below, sent to you on 2/9/16. Thanks, Rich Richard Hastings Compliance Analyst& Construction Inspector Weld County Public Works 1 1111 H Street, P.O. Box 758 Greeley, CO 80632 (970)304-6496 Ext. 3727 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: Richard Hastings Sent: Tuesday, February 09, 2016 4:58 PM To: Tim K. Ostic' Cc: Esther Gesick; Bob Choate; Janet Lundquist; Elizabeth Relford; Tisa Juanicorena Subject: RE: Letters of Credit for Peckham Development Corporation Tim, Review with associated staff indicates that the requested new submittal date of 2/19/16 for the two replacement LOC's for Peckham Development Corporation should allow reasonable review time of the collateral.You can submit it to me here at Public Works, no later than 4:00 pm on 2/19/16, and I will then disperse it to the necessary staff members. Let me know if you have any other questions or need further information. Thanks, Rich Richard Hastings Compliance Analyst&Construction Inspector Weld County Public Works 1111 H Street, P.O. Box 758 Greeley, CO 80632 (970)304-6496 Ext. 3727 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: Tim K. Ostic [mailto:tostic@FIRSTIERBANKS.COM] Sent: Tuesday, February 09, 2016 3:18 PM To: Richard Hastings 2 Cc: Esther Gesick Subject: Letters of Credit for Peckham Development Corporation Good afternoon: My name is Tim Ostic, I am working with Peckham Development Corporation to replace the two Letters of Credit from FirstBank, in the amounts of$706,286 & $301,658, for the Weld County Industrial Park & the Union Colony Industrial Park. I have full approval to issue the replacement LCs in these amounts. We've all been shooting to have this process completed by this Friday, the 12t". However, I would like to request that you allow us until February 19 to have the original replacement LCs to your office. As we discussed by phone, if we have those extra few days, I can get the entire credit package done at one time, which will save some fees, time and trouble for Mark & Jeff at Peckham. Please give me a call if you have any further questions. Otherwise, please just drop me an email to confirm that February 19 is ok to have the replacements to you, once you run it by your staff at Legal. Thanks for your help, talk to you soon. Tim Ostic Branch President NMLS#1197378 1508 Stillwater Avenue Cheyenne, WY 82009 (307) 632-3500 office (307) 632-3516 fax (307) 220-4463 cell tostic(djirstierbanks.corn 3 1861 CLERK TO THE BOARD PHONE: (970)400-4226 FAX: (970) 336-7233 1150 O STREET P. O. BOX 758 GREELEY, CO 80632 COUNTY March 15, 2016 Attn: Melissa Nolan, Loan Assistant First Bank P.O. Box 151515 Greeley, CO 80631 RE: Irrevocable Standby Letter of Credit No. 836-5630 Dear Ms. Nolan: By letter dated October 15, 2015, and subsequent email correspondence on November 5, 2015, First Bank requested release of the above referenced Letter of Credit, issued in the amount of $301,658.00. After much searching, it was determined that said LOC had never been formally received or accepted by the Weld County Board of Commissioners in relation to PUDF13-0001 for Peckham Development Corporation, do Mark Goldstein. On Wednesday, March 9, 2016, staff met with the Board of County Commissioners to discuss the status of the project, including the pending Annexation to the City of Greeley, and at this time it has been determined that the Collateral is not required by Weld County. Because it was never formally received/accepted, I have nothing to release; however, this letter is intended to serve a formal notice that Weld County has no intention of accepting or filing any claim against said Collateral and that it may be cancelled. If you have any questions, please contact me at (970) 400-4226, or email egesick@weldgov.com. Very truly yours, Y" ,& Esther E. Gesick Clerk to the Board Enclosure cc: Richard Hastings, Department of Public Works Tom Parko, Department of Planning Services AGPROfessionals, LLC Peckham Development, c/o Mark Goldstein Clerk to the Board File PL2206 U.S. Postal ServiceTM p CERTIFIED MAILTM RECEIPT ru (Domestic Mail Only;No Insurance Coverage Provided) ra F•r. ryml.rm.ti•nvisit•urwe•sit twyrwus•s.c• rm N $ Ln Postage M Certified Fee p Postmark p Here C3 (End Return Receipt Fee orsement Required) / II�� p Restricted Delivery Fee // 0' (Endorsement Required) co ru Total Postage&Fees $ {� ,/�/� _, 144" n-ci Sent To ! � �lC_IL 1�_ SM ..--14`" CI --------------------------- [� Street,Apt"No. O . I D 11�� or i-Box No. J ----------------------------------------- Led--------------------City,State,ZIP+4 60 g0a(5'9 :Ob See Reverse for Instructions PS Form 3800,June 2002 C�M•LETE THIS SECT'%�N •N •ELIVE•1' SENSE': C•M•LETE THIS SECTION bete A. Si•nature r Agent IN Complete items 1,2,and 3.Also comp � � ❑Addressee item 4 if Restricted Delivery is desired. X C.Date of Delivery • Print your name and address on the reverse -rinte ame) D so that we can return the card to you. B. Received by ■ Attach this card to the back of the mailpiece, - Va prop permits. D. Is delivery address different item 1? 0 Yes or on the front if space dr �bdl "• No If YES,enter delivery 1. Article Addressed to: tea; ATTN: MELISSA NOLAN, 4TH FL•vR �AR222p16 1ST BANK , COLLATERAL SERVICING 3. Service Type PO BOX 151515 Certified Mail® g Friority,Maif ress"' LAKEWOOD CO 80215-9806 ❑Registered ElRettmrfl€ceiptfor Merchandise 0 Insured Mail ❑Collect on Delivery 4. Restricted Delivery?(Extra Fee) 0 Yes 2. Article Number 7004 2890 0003 5709 1120 (Transfer from service babe° PS Form 3811,July 2013 Domestic Return Receipt IRREVOCABLE STANDBY LETTER OF CREDIT Lettttr vt Numt:,,', 936-5630 Amor rrt 3 s a to: h'5 O( �nl, d o nd> r..,ndred and fdt'i a•gt t du nn s ar cl. _c,0ts U S.DOLL APS' .....r of fOnft t 3., ed ., rr Ls; ._ 't t ,,.,t r e 8nnefissary'or he o x..t. ( an'en and [158nr address s irr.35',a u..5 APPLICANT PECKHAM DEVELOPMENT CORPORATION Entity Type:Cotpoi,c' PC Box:_, ,crt Colims r:�800z7 z7 BENEFICIARY. BOARD OF COUNTY COMMISSIONERS OF WELD COUNTY.COLORADO Entity Type.Domestic Gm.etrnnr eni Unrt 150 0 St'eet C,i'nn; CO 3063'. ISSUER: FIRSTBANK 1+9403 West Colfax A"eru,e I lips c cl CO 80215 1.LETTER OF CREDIT. sou, esta il es this Irre..ut,-rb'ii Standby ,''ii'i ,' I.,' cl 'Lauer of .;red's en favor of Bt:tIttlit.tttry:n .he arnocnt n 1,0 tied.ibo, BcneM, ctay Jr,,, on this ster of(5:A[13 rrdh a'craft or Drafts .t tho nax cwrn i ,,Iar of tftn,v.ngs'.s gre,te,than Each,,att shall ue s:teed ut ^.enaif tc`Ber e'c iary and t;�ntarketl Ura,vr,tncler FirstBa,k Letter of Crsdit N0 836.56S0 Waled 2ct otter t , 5 3911 t ,rrr., r, s_n,r 1.it ts:merm, ,d ress e ,,, ,hovt. i,fore,tie Expir c Date. r tr sr•:,e, a'o of a+y Dtnft 30581 •..c1 : the C , „ailo1 ,.,ndo,if..;c.Itor of(,n.d.t by t0t, 000 c f,hc haltTttls . t , .,. ri '. r `.,li rtt, ,)a, r. 0 ear r V(r'5ry THS.J Ithtta O i i,. r ): nOt.t t1 ty arty re'e „r f:;iccl' aryl .. rier.i'',S mot did,„r, �Y rr0.0016'xI, s )r ' e E i _.t in 2.DRAWINGS .a.rai tr i r); 0aliSi be 6,I 001,,d on: ,, ,_r ttl Credn 'Dior ,eon s a,waft dr own a.,,ght. 3 DOCUMENTS. Each Draft'i ,i 68 funta8parnno i y the i i cc,,r g 's and ux r )Tai A.The anginal Letter;tf Credit together with a mendm pots. Issuer shall ire tr tutted tti accept a draft and the thtmmIttrttattor,t,ttrMett ohov'; as regc red oy the terns u'this.r_ite of Credit,' , .tiny p ,S9'n ctitp«i t ng tU be:in;,.:,horized.>Ii'(mr i'represertat , of Beref c ary thtitttOlIt my ohlicl it ot.or duty pri the Galt of SSUc',r o ,,f'c :re .d:.city sat di ittiority t,f the person l ipsenring the tIrtitt and totict,'lncumL.cation. 4.EXPIRATION DATE. 185's Letter of Cred1 exp rc•s at the tttos, ii Iso:5882,at issc er s stldress at 6:00 PM Mounicc, [pp,'?Tine ).t October 28 201 c Date lssu+ri igr_es i,1,004, c Drafts p.stinted t,s^�r_tdUP6diddlti6.vah the prow ons of th s trotter of C'ed,t ort ttr bMt'r, the Expuaton)tie 5_NON TRANSFERABLE ..6t66 '1:10,10 c; r,nster attic. 6 APPLICABLE LAW. `- s ' r c' C'edrt s gc ''a U.nf, :�otnn aid Prict re `ur Docurunr,ry r=ro ts 2LL,7 firms on. e., i r iataonal Crioriiber rd, 601;iUCP odry ,e r v.rs ur n arnendrne tt. "his fetter.;f Ged t 8,1150 goa.rned Ov 'ii,s l tiS'hc5 t 3t.,5 ctrtftt,t ,c ,he .CP ISSUER: Fhs[Bnnrt V �ln/. 1 / t � :147:5 � - cy By �f ✓'�A-� Date l6 --�-7I Kr:c i�M 0i mr Senior VIC6 Presidert 11111111111111111111 Letter of Standby Letter Of Coedit a, t,lfrt e, ,,,..) ,s r1r., IRREVOCABLE STANDBY LETTER OF CREDIT APPLICATION OA rE AND PARTIES. The data of this Irrevocable Standby'otter of Credit App.loetfon(Application)IS October 28,2014. The parties and their addresses are: APPLICANT: PECKHAM DEVELOPMENT CORPORATION Entity Type;Corporation P 0 Box 273180 Fort Collins,CO 80527 ISSUER: FIRSTBANK 10403 West Colfax Avenue Lakewood,CO 80215 BENEFICIARY: BOARD OF COUNTY COMMISSIONERS OF WELD COUNTY,COLORADO • Entity Type:Domestic Government Unit 1160 0 Street Greeley,CO 30831 1,APPLICATION. Apulicant requests that Issuer issue an irrevocable Standby Letter of Credit(Letter of Credit)in favor of Beneficiary for the rccount of Applicant up to the aggregate sum of S 301,658.00:three hundred and one thousand slx hundred and fifty eight dollars and zero ents U.S, Dollarsl. The Letter of Credit should be available by draft or drafts drawn in United States dollors on you at sight when accompanied by the following documents: A,the original Letter of Credit,together with any amendments. 2.EXPIRATION. This Letter of Credit will expire at Issuer's office at 6:00 PM Mountain Time(Time)on October 29,2010. 3.DRAWINGS. Partial drawings shall not be permitted under this Letter of Credit. 'Draft"means a draft drawn at sight 4.NON-TRANSFERABLE. This Letter of Credit Is not transferable, 5.PAYMENT. Applicant authorizes issuer to debit drawings,fees,and other charges'recurred under the Irrevocable Standby Letter of Credit end Reimbursement Agreement to account No.836-5630 or to any other account or accounts as agreed In this Application or Reimbursement Agreement. 0. INTEREST. Applicant agrees to pay Issuer Interest on oil amounts owing under the terms of this Application and the Reimbursement Agreement,as of the date'ssuer is first entitled to demand payment,according to the following terms: The Interest rate may change monthly eased on the following irides and margin: Wall Street Journal Prime Rate plus 2.00 percent. An index rate increase or decrease will taco offset on the first business day of the next month. The Interest rate and other charges will never exceed the highest rate or charge allowed by law. If you declare a default under the terms of the Reimbursement Agreement,you may increase the interest rate. In such event,interest will accrue at 36.00 Percent per annum until paid In full. Tho Interest rate Is subject to a floor of 5.25 percent. Issuer's acceptance of interest does not waive hs right to demand and require immediate payment of amounts owing under this Application and corresponding • Reimbursement Agreement, 7.FEES AND CHARGES. Applicant agrees to pay the following fees and charges for this transaction: 1%Origination Fee 13,016.58 to FirstBank,Recording Fee 2160.00 to Public Officials,Title Insurance Fee 4601.00 to Unrifled Title,$7 Flood Fee to ServlceLlnk, Applicant agrees to pay ary and all costs incurred by Issuer let this transaction. Applicant will also pay all fees charged by any other Institution for services rendered in connection with advising or confirming this letter. All fees are payable according to the following terms: Due upon issuance. '.. 8. REIMBURSEMENT AGREEMENT. This Application Is subject to a Reimbursement Agreement, dated October 20, 7014 executed by Applicant in favor of Issuer (Reimbursement Agreement). By signing this.Application, Applicent acknowledges receipt of a copy o' the Reimbursement Agreement and agreement with its terms. SIGNATURE BY APPLICANT(S). Applicant agrees to fulfill the terms and conditions specified in this Application and authorizes Issuer to Issue an Irrevecabie Standby Letter of Credit In favor of Beneficiary in any form not materially inconsistent with the information In this Application. Applicant acknowledges and agrees that acceptance of this Application by Issuer does not constitute a commitment or agreement by Issuer to Issue or open the Letter of Credit described n this Application and that opening the Letter of Credit is subject to approval by Issuer and receipt by Applicant of an indication of such apprevei. APPLICANT: Peckham Development Cotpexatio�� By ,�... Date ilk J�`Maa/rk S Goldstein,Praeiiddd (." -(1' .�r' �f" - -----Date_..E 4 -.2,-".w ucrerary ACCEPTANCE 'V ISSUER. Issuer agrees to issue an irrevocable Standby Letter of Credit pursuant to the terms or this Application and the separate Reimbursement Agreement. ISSUER: FirstBank By_ _..__ _... _...._—._-Date Kevin M.Minner,Senior Vice President • • fcctkrrn hovelrment Corporation Application For Standby Letter Of Credit C0/4Sl B0TAREoni.00J00n00e sd03010)''ON Whiner.,Alr;war Financial Sers son°1990,2014 linkers Systento' "age 1 EXHIBIT A-Cost Sheet(ON.SITE) Name of Subdivision,PUD,USR,RE,SPR:;TVS)/3—0001 ailing/Cass�p"e4; Location; LO C-K 47 oe Personnel Contact:Name AA (c btA 5 1;4, Titre YYiavt 9 er Phone �1Z0 �31.__./P $� Intending to be twit bound the undersigned Applicant hereby agrees to provide throughout thisfartllllty the following Improvements. Improvements (ON-SITE} (Leave spaces blank where they do not apply) — Onantity Units Unit Costs(S). Estimated Construetlou Cost tsi Site Grading QCt // 75 //OF 673 Street Grading Street Base ( LA- 10 7 59 5� (o'J 59* Street Paving Entrance Improvements(Per Sec.E.-7.2) Curbs,Gutters,and Culverts Sidewalk Stormwater/Drainage Facilities / /51 055 / 0S-5-- Retention/Detention Ponds Road Culvert Grass Lined Swale Ditch Improvements Subsurface Drainage / 0. /O SSA /O 8$ - Sanitary Sesvv_rs/Sewage Facilities Water Supply Erosion Control Measures/BMP's /ei 7Qg Fire Hydrants Survey,Street Monuments/Boxes / /if G.==> I 6,405o Parking Area Street Lighting Street Names Signage&Pavement Marking _ Fencing Requirements Landscaping(Seeding,Trees,etc.) Park Improvements SUB-TOTAL: Engineering and Supervision Costs (Testing,inspection,as-built plans and work in addition to preliminary and final plat;supervision of actual construction by contractors) TOTAI ES"t'Iti1AFED("OS f(!t,IMPROVEMENTS AND SUPERVISION $ � � a �g LOAN CENTER P.O. BOX 151515 LAKEWOOD, COLORADO 80215 PHONE 303-274-5000 October 15, 2015 RECEIVED OCT 2 1 2015 BOARD OF COUNTY COMMISSIONERS OF WELD COUNTY, COLORADO WELD COUNTY 1150 O STREET COMMISSIONERS GREELEY, CO 80631 RE: 836-5630 PECKHAM DEVELOPMENT CORPORATION To Whom It May Concern: Our records indicate the above referenced letter of credit has expired. In order to process this file properly, please return the original copy of the letter of credit in the enclosed postage paid envelope. If you have any questions regarding this matter, please contact me at(303) 239-5151 or(800) 964-3444 outside the Denver Metropolitan area. Sincerely, . CUk--) Melissa Nolan Loan Assistant /man Enclosure(s) Esther Gesick To: Esther Gesick Subject: FW: Peckham Development From:Tisa Juanicorena Sent: Monday, December 07, 2015 3:34 PM To: Elizabeth Relford <erelford@co.weld.co.us> Cc: Richard Hastings<rhastings@co.weld.co.us>; Bob Choate<bchoate@co.weld.co.us>;Jim Flesher <jflesher@co.weld.co.us>; Esther Gesick<egesick@co.weld.co.us> Subject: RE: Peckham Development At first glance all I can say is wow! I will be working off-site until Wednesday. When I get back in I will look through everything closely and get back to all of you—but my first response is hallelujah!! We may have an answer©Thank you Jim! And Elizabeth! And Rich! Weld County is full of awesome people—like all of you! Blessings,Tisa Tisa Juanicorena Deputy Clerk to the Board 1150 O Street Greeley, CO 80634 tjuanicorena@weldgov.com tjuanicorena@co.weld.co.us tel: 970.336.7215 X4217 Z. tut of. t tft r I. --a � r 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: Elizabeth Relford Sent: Monday, December 07, 2015 11:44 AM To:Tisa Juanicorena <tjuanicorena@co.weld.co.us> Cc: Richard Hastings<rhastings@co.weld.co.us>; Bob Choate<bchoate@co.weld.co.us>;Jim Flesher <jflesher@co.weld.co.us> Subject: FW: Peckham Development Tisa, Jim found a deed of trust matching the dollar amount for conveyance of Peckham. Do you think the LOC was on hold until the sale occurred? The amount doesn't seem coincidental to me. 1 Jim—thanks for digging! Elizabeth Elizabeth Relford Transportation Manager Weld County Public Works 1111 H Street PO Box 758 Greeley, CO 80632-0758 Email:erelford@co.weld.co.us Office:(970)304-6496 Ext.3748 Mobile:(970)673-5836 Web:http://www.co.weld.co.us s .M 041 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:Jim Flesher Sent: Monday, December 07, 2015 10:11 AM To: Elizabeth Relford <erelford@co.weld.co.us> Subject: RE: Peckham Development Beth, did you ever get this figured out? I searched on Peckham and sorted by the dollar amount and found this Deed of Trust for the exact amount, attached. Let me know if there's anything I can do to help. Jim From: Elizabeth Relford Sent: Thursday, November 19, 2015 11:28 AM To: PW-Public Works Cc: Tisa Juanicorena; Toby Taylor; Tom Parko Jr.; Bruce Barker Subject: FW: Peckham Development Hi All, If anyone has information about the attached Mark Goldstein Letter of Credit for approximately $300,000. The Bank says it was for WCR 62/47 and Hwy 85 & CR 44. This amount does not match any of the Improvements Agreement amounts we should be holding. If you have any information you can share with Tisa, please do so as soon as possible. Thanks, 2 Elizabeth Elizabeth Belford Transportation Manager Weld County Public Works 1111 H Street PO Box 758 Greeley, CO 80632-0758 Email:erelford@co.weld_co.uus Office:(970)304-6496 Ext.3748 Mobile:(970)673-5836 Web:httg://www.co.weld.co,us ati r� r p 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:Tisa Juanicorena Sent: Monday, November 09, 2015 12:43 PM To: Elizabeth Relford <erelford@co.weld.co.us> Cc:Tom Parko Jr. <tparko@co.weld.co.us> Subject: RE: Peckham Development Hi Elizabeth, Yes—this was forwarded to me from First Bank—all I have is a bad copy of a pdf O no back up docs (at all in CTB) etc... let me know if I should call Peckham Development and/or Mark Goldstein and/or First Bank and see if anyone has an idea what this was submitted for.Just thought I would try to locate it in house and put the "picture" together of what happened.... before feeling like a fool stating—we don't seem to have any records of this.... So far the only thing that makes sense to me is PL2147, reso 2014-0745, in the improvements agreement on page 2 toward the bottom states that: "The granting of any new point of access to the property may generate additional obligations with the County for off-site Improvements and the need to post additional "Road Maintenance Collateral" .... If this happened though—wouldn't it have required an addendum to the agreement and an official acceptance of collateral??There has to be a connection somewhere. (See attachments) I realize I am just a clerk and this may not be the case at all but take a look and tell me what you think.... Tisa Juanicorena Deputy Clerk to the Board 1150 O Street Greeley, CO 80634 Juanicorena@weldgov.com tjuanicorena@co.weld,co.us tel: 970.336.7215 X4217 3 441 +'# . .• 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: Elizabeth Relford Sent: Monday, November 09, 2015 12:22 PM To:Tisa Juanicorena <tjuanicorena@co.weld.co.us> Cc:Tom Parko Jr. <tparko@co.weld.co.us> Subject: Re: Peckham Development Tisa, So do you have a copy of the LOC? Or is it MIA? Elizabeth Weld County Public Works On Nov 9, 2015, at 9:22 AM, Tisa Juanicorena<tjuanicorena@co.weld.co.us> wrote: If it helps—the missing LOC it was signed Oct 2014 and expires Oct 2016.... g P Tisa Juanicorena Deputy Clerk to the Board 1150 O Street Greeley, CO 80634 tjuanicorena@weldgov.com tjuanicorena@co.weld.co.us tel: 970.336.7215 X4217 <image003.jpg> 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:Tisa Juanicorena Sent: Monday, November 09, 2015 8:26 AM To:Chris Gathman <cgathman@co.weld.co.us> Cc: Elizabeth Relford <erelford@co.weld.co.us>; Richard Hastings<rhastings@co.weld.co.us>;Janet 4 Lundquist<jlundquist@co.weld.co.us>; Esther Gesick<egesick@co.weld.co.us> Subject: FW: Peckham Development Good Morning Chris, Since you have generally been the planner working with Big Thompson and Mark Goldstein.... Can you please check your files and let me know if there is a collateral doc stored at Planning.... Read below. Any assistance would be greatly appreciated.... We need to find this. Thanks! Tisa Juanicorena Deputy Clerk to the Board 1150 O Street Greeley, CO 80634 tjuanicoreno@weldgov.com tjuanicorena@co.weld.co.us tel: 970.336.7215 X4217 tit E V) r A 6°. r' 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:Toby Taylor Sent: Monday, November 09, 2015 8:13 AM To:Tisa Juanicorena <tjuanicorena@co.weld.co.us> Cc: Richard Hastings<rhastings@co.weld.co.us>; Elizabeth Relford <erelford@co.weld.co.us>; Esther Gesick<egesick@co.weld.co.us> Subject: RE: Peckham Development This is nothing I have asked for? Toby Taylor, Director Weld County Department of Buildings& Grounds Weld County Veterans Services 1105 H Street P.O. Box 758 Greeley, CO 80632 P: 970.356.4000, ext. 2023 F: 970.304.6532 ttaylor@weldgov.com 5 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: Tisa Juanicorena Sent: Monday, November 09, 2015 7:13 AM To: Toby Taylor Cc: Richard Hastings; Elizabeth Relford; Esther Gesick Subject: FW: Peckham Development Good Morning Toby, I received a letter from First Bank asking that we return this letter of credit (attached) and I have checked and double checked all my collateral and have no records at all for this. My only success so far is that it appears Peckham Development is connected to Big Thompson Investments and Mark Goldstein. Since then I have been in touch with Rich and he left me a recent voice mail indicating per Elizabeth that you may know something about this and that it may be regarding the construction of or moving of a "Greater Shed".... Per the email below—First Bank confirmed the collateral with someone from Weld County. As I am responsible for collateral, I need to get to the bottom of this so when March rolls around—we are prepared to return and process docs according to procedure, and so we have some record of accepting collateral for$301,658.00. Hoping you might know something about this or can add to the investigative trail. I would appreciate any information you might have. Thanks! Tisa Juanicorena Deputy Clerk to the Board 1150 O Street Greeley, CO 80634 tivanicorena@weldgov.com titranicorena@co.weld.co.us tel: 970.336.7215 X4217 utit 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 6 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: Nolan, Melissa [mailto:Melissa.Nolan@efirstbank.com] Sent:Thursday, November 05, 2015 8:48 AM To:Tisa Juanicorena <tjuanicorena@co.weld.co.us> Subject: Peckham Development Good Morning! Thank you for your voicemail. I spoke with my Officer that is on this loan because after that letter was sent to your office there was some confusion if Weld County and Peckham Development still wanted to have the Letter of Credit active until the maturity date on the Letter of Credit. My Officer confirmed this morning that Weld County and Peckham Development are not releasing the Letter of Credit until maturity of the Letter of Credit. I have attached a copy of the Letter Of Credit for your reference in case you still need it. Thank you, <image006.jpg>Melissa Nolan Loan Operations- Collateral Servicing Rep FirstBank 10403 West Colfax Avenue Lakewood, Colorado 80215 T 303.239-5151 I F 303.235.4509 Melissa.Nolan@efirstbank.com The information contained in this electronic communication and any document attached hereto or transmitted herewith is confidential and intended for the exclusive use of the individual or entity named above. If the reader of this message is not the intended recipient or the employee or agent responsible for delivering it to the intended recipient, you are hereby notified that any examination, use, dissemination, distribution or copying of this communication or any part thereof is strictly prohibited. If you have received this communication in error, please immediately notify the sender by reply e-mail and destroy this communication. Thank you. Esther Gesick From: Esther Gesick Sent: Wednesday, March 16, 2016 1:54 PM To: Richard Hastings; Tom Parko Jr.; Chris Gathman Cc: melissa.nolan@efirstbank.com; tostic@firstierbanks.com; Tim Naylor; Mark Goldstein; Tisa Juanicorena; Bob Choate; Esther Gesick Subject: Collateral re: PUDF13-0001, Peckham Development Corporation, c/o Mark Goldstein Attachments: Release LOC 836-5630 Peckham Development_Mark Goldstein PUDF13-0001.pdf; Release LOC 10030 Peckham Development_Mark Goldstein PUDF13-0001.pdf Rich,Tom and Chris: Please see the two attached packets. They are copies of the Notice Letters and related Letters of Credit which are being mailed today to the two banks related to this project. By copy on this message I am also providing an electronic copy to Mr. Goldstein, his Representative and both financial institutions. Please let me know if you need anything further or have any questions. Thank you, Esther E. Gesick Clerk to the Board 1150 O Street/P.O. Box 758/Greeley, CO 80632 tel: (970)400-4226 t,of P: LN r p 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. 1 BOCC STAFF USE Date Set: 1411(o Time: 2:qs- .. •1/11.- BOARD OF COUNTY COMMISSIONERS WORK SESSION COVER LETTER Department/Office: Clerk to the Board Date: 2/29/2016 Person requesting work session: Esther Gesick Extension: X4226 Has your commissioner coordinator/BOCC chair approved the work session? X Yes,commissioner coordinator Yes,BOCC chair Recommended length of time needed for discussion: X 15 minutes 20 minutes 30 minutes other(list) In addition to yourself and the board, please list who should attend: Bob Choate, Bruce Barker, Tom Parko, Rich Hastings, Tisa Juanicorena Brief description of the issue: (please select one) Informational only X❑Action needed Planning Services staff administratively approved PUDF13-0001 for Peckham Development/Union Colony c/o Mark Goldstein. As a result, the developer submitted an Improvements Agreement and a Letter of Credit (LOC), in the amount of$301,000 which the Board chose not to execute or accept. Now the developer is requesting the original collateral be released and that replacement collateral (from a new bank)be accepted; however, CTB has nothing to release and no Agreement to reference for accepting the new collateral. Options for the board: 1) Return the new LOC and take no further action. 2) Accept the LOC in the absence of an Improvements Agreement for the purpose of encouraging timely completion of the development. 3) Negotiate an Improvements Agreement and corresponding new collateral amount based on the remaining lots which have not yet been annexed to the City of Greeley. Recommendation to the board: BOARD CHAIR USE Results/Outcomes: FIRST FARMBank ?Ut r3- l -Cade 0- ldstiJJ ( opA ?� --t p Z .ept-na,,.t - tJIlLov, r o(.n /b klmv Pul '.(D) k —a 'ice .n.ecm�MPnda aeca r7 —* p-uo3110 - o1 90 w •e-• diAd m N Fr a-000) aetziat4t sae --t, c ,t G611, . a41T3 'fir) Tel'RAJ„,Ti /ow PD'- MP 6.1, /a41 i(,) — 2- © Pno I PE (I 9 e L i4-0458 C ink.com 7.)10_,/}4. 6 Cg-AvCA Hello