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Home My WebLink About20163164.tiffBOARD OF COUNTY COMMISSIONERS PASS -AROUND REVIEW/Regular or Consent Hearing Agenda REQUEST RE: BOCC Agenda Item - Approve Improvements Agreement and Accept Collateral For: Longs Peak Estates — PF-543 DEPARTMENT: Public Works DATE: 9/13/2016 PERSON REQUESTING: Evan Pinkham Brief description of the issue: The Department of Public Works received a request from the applicant, Propp Realty, Inc., requesting that the Board of County Commissioners consider approving the Improvements Agreement for the Residential Housing Development, (PF-543), located at CR 12, west of CR 7, and northeast of the town of Erie. RECEIVED OCT 072016 WELD COUNTY COMMISSIONERS Weld Counts Public Works, Planning Services and the County Attorney's Office have reviewed the above -mentioned signed original document and observed the following: The Department of Public Works received a request from the applicant, Propp Realty, Inc., requesting that the Board of County Commissioners consider accepting collateral in the form of an Irrevocable Letter of Credit under Propp Realty, Inc. (Citywide Banks) in the amount of $451,000.00, for the above -mentioned Improvements Agreement. The Applicant provided a Letter of Credit that expires in one year, and then auto renews as long as the Bank doesn't cancel it with 60 days notice. Staff and the County Attorneys office had asked that the Applicant provide a letter of credit that had an initial term of three years and then auto renewed for one year periods. The reasoning behind the three years is to ensure that this subdivision is completed fully and to the satisfaction of the county. Part of the concern is that this subdivision has been in existence for over a decade and never fully developed. The reason for the request at this time is that one of the lots is desiring to be developed, and we want to make sure that all lots are improved, not just the lot that they are trying to sell. The concern is that the after one year, the Bank or the applicant may not continue the letter of credit, at which time the County would be required to either draw down the letter of credit within 60 days and complete the work itself, or assume the cost of the full development of the subdivision if the developer doesn't complete it. Therefore basically building out a subdivision that is not fully sold. The Applicant does not want to provide this additional time period on the collateral because it costs additional bank fees. Attached is email correspondence outlining the issue. What options exist for the Board? 1. Approve the Improvements Agreement with the initial (1) one year period collateral that auto renews, as is. 2. Approve the Improvements Agreement with the initial one year period but require that all improvements be done within one year. 3. Approve the Improvements Agreement and require a (3) three year initial period ‘s hich then auto renews annually. 4. Modify the Improvements Agreement as the Board sees fit. Recommendation: Option 2. The Department's of Public Works, Planning Services and the County Attorney's Office are recommending approval of the Improvements & Road Maintenance Agreement According To Policy Regarding Collateral For Improvements and the acceptance of off -site collateral for (PF-543), and that Collateral in the form of a three year initial period be required and that this item be placed on the next regularly scheduled BOCC Hearing, as part of the Consent Agenda. Mike Freeman, Chair Sean P. Conway, Pro-Tem Julie A. Cozad Barbara Kirkmeyer Steve Moreno /O /p —c_,0/ Approve Schedule as Regular Recommendation BOCC Hearing Item Other/Comments: PW,fL ��30-1, ot0/6 Si‘V IMPROVEMENTS & ROAD MAINTENANCE AGREEMENT ACCORDING TO POLICY REGARDING COLLATERAL FOR IMPROVEMENTS LONGS PEAK ESTATES - PF-543 THIS AGREEMENT is made this -day of aG ele- , 201 (-by and between Propp Realty, Inc., hereinafter referred to as "Property Owner," and the County of Weld, by and through its Board of County Commissioners, hereinafter referred to as "County." WITNESSETH: WHEREAS, Property Owner is the owner of the property described in the application to PF- 543, referred to as "the Property," which is currently being considered by the County, and WHEREAS, as a condition of approval of PF-543, the Property Owner agrees to complete the improvements required by this Agreement; pursuant to Exhibit A (Costs) and Exhibit B (Schedule) which are included, and depicted in the Plat Map and, if applicable, the set of accepted Construction Plans, copies of which shall be attached to this Agreement as they become available and made a part hereof, as Exhibits C (Plat Map), found at reception number 4247588 and D (Construction Plans), found at reception number N/A respectively, and WHEREAS, the parties agree that the Property Owner shall provide collateral for all improvements required by this Agreement before the Property Owner submits and receives approval of an application fora Grading Permit, Building Permit or fora Right -Of -Way Permit for construction of accesses and work within the County, Town of Erie, and/or State of Colorado Right -Of -Way, or at a time determined acceptable by the Board of County Commissioners. WHEREAS, pursuant to Section 2-3-30.A.3 the improvements outlined in this agreement shall be completed within one year of the issuance of the collateral, unless the Board of County Commissioners approves additional collateral and time. =s 8 S U _r c i f g ;MM r- o0 - O U a ce if a irs 10 a. a A co f_ a.me-a -v ;40 r N at vNY_ti N.4 A v—U� NOW, THEREFORE, IN CONSIDERATION OF the foregoing and of the promises and covenants contained herein, the parties hereto promise, covenant and agree as follows: Part 1 (of 2): Site Specific Provisions A. Required Off -Site Improvements: 1.0 Weld County Roads: The Property Owner shall be responsible for the construction of the following off -site safety improvements, as described in the accepted Construction Plans (Exhibit D): 1) Construction of adequate turning radii sixty (60) feet at the main entrances and exits which extend partially into Peak View Road right-of-way (ROW); 2) Drainage installations; 3) Signage Installations; 4) A double cattle guard (one right after the other), placed back to back across the entire width of the roadway, or other County approved tracking control, to ensure a complete revolution of the truck tires in order to minimize the tracking of mud and debris onto the adjacent County Road; est cjah, to 7, Page 1 of 13 2016-3164 /40Z -15-4o In accordance with the American Association of State Highway & Transportation Officials (AASHTO), the following future improvements may become required: a. Design and construction of a paved roadway along Peak View Road from CR 12 to the project access. b. Design and construction of a left deceleration lane on Peak View Road. This requirement shall become effective whenever the County determines that an average of 10 vehicles per hour (vph) turning left into the facility during a peak hour. c. Design and construction of a right deceleration lane on Peak View Road. This requirement shall become effective whenever the County determines that an average of 25 vph are turning right into the facility during a peak hour. d. Design and construction of a right acceleration lane on Peak View Road. This requirement shall become effective whenever the County determines that an average of 50 vph are turning right out of the facility during a peak hour. e. Design and construction of a left acceleration lane on Peak View Road. This requirement shall become effective whenever the County determines that an average of 50 vph are turning left out of the facility during a peak hour. Granting of any new point of access may generate additional obligations with County for Off - Site Improvements and the need to post additional "Road Maintenance Collateral", if applicable. A County access permit is needed for every access to a County road. 2.0 Road Improvements Responsibilities: Property Owner is solely responsible for all designated improvements and for all expenses associated therewith. 3.0 Timing of Improvements: Subject to the provisions of Weld County Code and any conditions or considerations granted by the Board of County Commissioners, Property Owner shall not be required to complete the aforementioned offsite improvements until the occurrence of the triggering event for each improvement, namely the application for the Grading Permit, Building Permit or Right - Of -Way access permit or the commencement of activities on the property(s). Pursuant to Section 2- 3-30.A.3 the improvements outlined in this agreement shall be completed within one year of the issuance of the collateral, unless the Board of County Commissioners approves additional collateral and time. 4.0 Acceptance of Off -Site Improvements: Upon completion of the off -site improvements, Property Owner shall contact the Weld County Department of Planning Services and the Weld County Department of Public Works and request an inspection of the off -site improvements. Off -Site improvements will be accepted in accordance with Part 2 of this Agreement. B . Haul/Travel Routes 1.0 Established Haul Routes from the facility access point: 1.1 Exiting or entering the site: haul vehicles shall enter or exit the site at the approved accesses onto Peak View Road for further dispersal. Any County roads routinely utilized by subdivision traffic may become part of the established haul routes. 1.2 No haul vehicles may exceed CDOT required specifications for pounds per axle. 1.3 In unusual or rare occasions, if particular projects mandate deviation from the above - Page 2 of 13 mentioned haul route, the County may approve a deviation for a limited period of time (not more than thirty days). If County approves such deviation, haul vehicles will utilize paved county roads whenever possible. A deviation from the established Haul route lasting more than thirty (30) days or requests for two or more deviations within a twelve month period shall be subject to the terms of Section B.4.0. In the event that haul route traffic, in excess of 15% of the daily facility haul vehicle trips, utilizes alternate haul routes, the provisions of Section 4.0 of this Section B shall be triggered. 2.0 No Deviation from Approved Haul Routes: Except under the provisions provided in Section B.1.3, no deviation in the use of any roads other than those specifically authorized for use in this Agreement is permitted without the prior written amendment of this Agreement. 3.0 Haul Route Signage (Not Applicable): Property Owner shall install haul route signs, as per MUTCD standards, at all exit points of the Property which can be clearly seen by drivers leaving the facility and which clearly depict County approved haul routes. 4.0 Effect of Future Changes to Haul Routes: Any future changes to haul routes requiring use of unpaved County road may require dust control or paving of such roads, as defined by an amended agreement. In such circumstance, County will determine the proportionate share of dust control and/or paving costs to be paid by Property Owner based upon then current vehicle trip counts that identify traffic loading due to Property Owner's facility. The amount and extent of dust control and/or paving measures will be determined by site -specific conditions at the time, as determined exclusively by County personnel. 5.0 Off -Site Dust Control/Abatement: The Property Owner may be required to provide dust abatement along affected Haul Route Roads approximately two to five times per year, as determined by the County. County will determine the proportionate share of dust control to be paid by Property Owner. The amount and extent of dust control measures will be determined by site -specific conditions at the time, as determined exclusively by County personnel. The County reserves the right to install traffic counters on the driveway(s) of the Property Owner's facility. The County will have sole responsibility for determination of the percentage of haul route traffic on all affected roads. 6.0 Obligation to Maintain Current and Future Haul Routes: Property Owner will be financially responsible for the excavation, repair, and patching of any damage on current or future haul route roads, which in the sole opinion of County has been created by vehicle traffic to and from the Property. Should Property Owner's site activities or vehicle circulation patterns change in the future so that County approves an alternate haul route, and all or a significant portion of Property Owner's sourced traffic no longer utilizes the above -described haul route and instead utilizes other portions of County roads, Property Owner shall cooperate with County in maintenance of said roads which are included within the new haul route. The type and method of repair will be determined by the County Engineer or his representative. Repairs shall commence within 48 hours of notification by the County for any roadway damage that exposes the driving public to adverse or unsafe driving conditions. All other repairs shall commence within thirty (30) days of receipt of Weld County's written notice. 6.1 Need for Immediate Repairs: In the event of damage to an Approved Haul Route by Project traffic that causes an immediate threat to public health and safety or renders the road impassible ("Significant Damage"), County shall, after inspection, notify Property Owner of such Significant Damage. Property Owner shall identify the repair required and shall consult with County on the extent, type, timing, materials and quality of repair (i.e. Page 3 of 13 temporary versus permanent) within twenty-four (24) hours after receipt of such notice and shall commence such repair within forty-eight (48) hours after receipt of such notice. If such repair is not commenced within such forty-eight (48) hour period, County shall have the right to draw on the Road Maintenance Collateral and use such funds to perform such repair. If Property Owner identifies Significant Damage prior to receiving notice thereof from County, Property Owner may commence repair of such Significant Damage and shall concurrently notify County of the extent, type, timing, materials and quality of repair (i.e. temporary versus permanent). 6.2 Repair of Road: On or before December 31 of the calendar year in which County staff has determined through site analysis and/or pavement testing that a particular haul route road portion will require paving measures in order to protect the public health, safety, and welfare, and has budgeted sufficient funds for the following calendar year to pay its share of the Off -Site Improvement/Repair Costs, County shall notify Property Owner in writing that the Off -Site Improvements/Repairs shall be undertaken. Within ninety (90) days of its receipt of County's notice of the need to undertake the road maintenance repairs and/or improvements, Property Owner shall submit Off -Site Construction Plans and Cost Estimates to County for review. Property Owner shall have sole responsibility for the completion of the repairs and/or improvements on or before December 15 of the year following County's notice of the need for repairs. 6.3 In County's sole discretion, County may undertake the repairs and/or improvements. Property Owner's payment for its Proportionate Share of the road repairs/improvements will be calculated as described in this Agreement. 7.0 Annual Road Inspection: County will conduct a road inspection annually with the cooperation of Property Owner and all other Property Owner and/or Lessees who are required by County to participate in road improvement/maintenance agreements. As a result of the annual inspection, County, in its sole discretion, shall determine actual conditions and shall further determine what road repair/improvement/maintenance work is to be performed during that construction season. Notification to the Property Owner of the required roadway repairs will be given as soon as the data becomes available. z o f% c3 C � m c1 • m a.oL • U inn Was � L CL m m� '+ 1-#) 11� ale CON ose a- 8.0 Future Improvements to Haul Routes: If traffic volume or conditions require future improvements to be made to the haul route(s), including intersections, the County may require Property Owner to pay a proportionate share of the cost of the entire project. Future improvements will be subject to any Federal, State or County regulations in place at the time the improvement project is initiated. Other roadways Improvements may be triggered due to heavy truck traffic associated with the facility including additional turn lanes onto Peak View Road; the following is a list of the triggers for turn lanes: a. 25vph turning right into the facility during a peak hour. b. 50 vph turning right out of the facility during a peak hour. c. 10vph tuning left into the facility during a peak hour. Due to the increased traffic volumes at the facility a list of triggers follows for the improvements for the upgrading, widening, and/or paving of Peak View Road near the facility Page 4 of 13 entrance: a. 200 vehicles per day Mag-Chloride b. 300 vehicles per day Alternative Pavement c. 400 vehicles per day Asphalt Pavement 9.0 Future Road Replacement: At any time in the future, if, in the opinion of County, road damage increases beyond the point that repair of damage cannot maintain the road in a safe and usable condition, Property Owner shall pay a proportionate cost of a complete road restoration. Notification to the Property Owner of the required roadway replacements will be given as soon as the data becomes available and typically takes place before the end of the year prior to the start of the replacement project. 10.0 Proportionate Share of Road Maintenance Responsibilities: 10.1 Property Owner shall pay its Proportionate Share of costs of dust control/abatement, paving, repairs, maintenance, improvements, or future road replacement of any particular Haul Route Road. Property Owner's Proportionate Share shall be based upon the percentage of traffic on the road that is attributable to Property Owner's facility. County personnel will determine the percentage based on then current Equivalent Single Axle Load (ESAL) Counts. Property Owner shall not be responsible for traffic that is not sourced from the Property Owner's facility. 10.2 The County shall notify Property Owner of County's preliminary determination and assessment of Property Owner's proportionate share of costs. Prior to County's final determination and assessment, County shall provide Property Owner with a reasonable opportunity to review, comment upon and supplement County's data, collection methodology, and determinations. The County shall review and consider Property Owner's input prior to making a final determination and assessment. The County shall have sole responsibility for determination of Property Owner's proportionate share of costs. 11. Road Maintenance Collateral: Property Owner shall post Road Maintenance Collateral as described by Part 2 of this Agreement. O U i O • m Sc 3imr elCDr O C112 se u. 0 CY - m Cr g ab-{ v1 a.- V)aT m Wit; CO N o c >a N\. Kt C. On -Site Improvements 1.0 Landscaping and Fencing Requirements: Property Owner shall at its own expense, plant, install and/or maintain all grass and other landscaping and re -seeding where applicable as shown on the accepted Construction Plans and/or Plat Map. Additionally, the Property Owner shall install and/or maintain fencing to screen the property where applicable as indicated on the accepted construction plans and/or Plat Map. In the event any of these improvements may include work extending into State or County Right -Of -Way, a Right -Of -Way or access permit is required. 2.0 On -Site Grading, Drainage Facilities and Paving: Property Owner shall, at its sole expense, grade and/or pave, if applicable, specified roadways, accesses, easements and parking areas, and install accepted drainage and signage components, adjacent to or within the interior portion of the property in accordance with the directives of the Weld County Department of Public Works and Department of Planning Services, as further described in the accepted Construction Plans and Plat Page 5 of 13 Map. Any other on -site improvements shall be completed as indicated on the accepted Construction Plans for this facility. Property Owner shall be responsible for all maintenance of the on -site improvements. Additional infrastructure improvements will be addressed at the time of application for any future amended subdivision. Some of these improvements may include work extending into State or County Right -Of -Way in which case a Right -Of -Way or access permit is required. 3.0 Timing of Improvements: Subject to the provisions of Weld County Code and any conditions or considerations granted by the Board of County Commissioners, Property Owner shall not be required to initiate the landscaping requirements until the approval of the grading permit or an amendment to the existing subdivision. Except with prior County consent, no grading permit will be released until collateral is posted for all on -site and off -site improvements and the final Construction Plans have been submitted to and accepted by the Department of Public Works. Access and/or Right - Of -Way permits might also be required prior to approval of the grading permit. Grading shall not commence until Construction Plans are accepted. Any alterations to the accepted Construction Plans must be accepted in writing by the County Planning and Public Works Departments. At that time, and unless otherwise amended, Property Owner agrees that all landscaping and other on -site improvements shall be completed within the parameters established in this Agreement. Pursuant to Section 2-3-30.A.3 the improvements outlined in this agreement shall be completed within one year of the issuance of the collateral, unless the Board of County Commissioners approves additional collateral and time. 4.0 Acceptance of On -Site Improvements: Upon completion of the on -site improvements, Property Owner shall contact the Weld County Department of Planning Services and the Weld County Department of Public Works and request an inspection of the on -site improvements. On -Site improvements will be accepted in accordance with Part 2 of this Agreement. The BOCC does not represent or ensure the on -site improvements will be constructed and/or available for their intended use(s). The County does not and shall not assume liability for improvements designed and/or constructed by others. "End of Part 1" Cma_ O .O S.- •3t G OLO LL o tD gam tett .06 aiC ro� CR jam • Y d0 m .•_, 7:04U W NN a— CO O es OA L et rig o U:\Engineering\PLANNING — DEVELOPMENT REVIEW\—Pre-Accela Referrals (Old Numbering)\3-Final Plat (PF, MF, MJF)\PF-0543 Longs Peak Estates PUD\Improvements Agreement\Longs Peak Estates (PE -543) - Part I Final (10-6-16) Update. docx Page 6 of 13 IMPROVEMENTS & ROAD MAINTENANCE AGREEMENT ACCORDING TO POLICY REGARDING COLLATERAL FOR IMPROVEMENTS LONGS PEAK ESTATES — PF-543 Part 2 (of 2): General Provisions A. General Requirements: 1.0 Engineering Services: Property Owner shall furnish, at its own expense, all engineering services in connection with the design and construction of the improvements identified on the accepted Construction Plans according to the construction schedule set forth in Exhibit "B," both of which are attached hereto and incorporated herein by reference. The required engineering services shall be performed by a Professional Engineer and Land Surveyor registered in the State of Colorado, and shall conform to the standards and criteria established by the County for public improvements. 1.2 The required engineering services shall consist of, but not be limited to, surveys, designs, plans and profiles, estimates, construction supervision, and the submission of necessary documents to the County. 1.3 Property Owner shall furnish construction drawings for the road improvements on public rights -of -way or easements and all improvements interior on the Property for approval prior to the letting of any construction contract. 1.4 Construction Standards: All improvements shall conform to the "Standard Specifications for Road and Bridge Construction" provided by CDOT. C 0 O U ..r 82 Ni `t 0 O C �o cr :lace gloat -'U m UMM to N 030 a o'� Nom` A et.-4U� 2.0 Rights -of -way and Dedication of Right-of-Wav: If necessary, Property Owner agrees to acquire any property interests, such as right-of-way, utility or access easements, necessary to complete any improvements required by this Agreement. Any rights -of -way to be dedicated to the County shall be conveyed by appropriate deed and, after acceptance by the County, recorded in the records of the Weld Count Clerk and Recorder. 3.0 Construction: Property Owner shall furnish and install, at its own expense, the improvements identified on the accepted Construction Plans and Plat Map, be solely responsible for all associated costs. All improvements must be completed in accordance with the schedule set forth in Exhibit "B". The Board of County Commissioners, at its option, may grant an extension of time upon application by the Property Owner. 3.1 Said construction shall be in strict conformance to the plans and drawings accepted by the County and the specifications adopted by the County. 3.2 Property Owner shall employ, at its own expense, a qualified testing company previously approved by the County to perform all testing of materials or construction; and shall furnish copies of test results to the County. If County discovers inconsistencies in the testing results, Property Owner shall employ at its expense a third party qualified testing company approved by County. Such third party shall furnish the certified results of all such testing to the County. Page 7 of 13 3.3 At all times during said construction, the County shall have the right to test and inspect, or to require testing and inspection of material and work, at Property Owner's expense. Any material or work not conforming to the approved plans and specifications, including but not limited to damages to property adjacent to the construction plan area shall be repaired, removed or replaced to the satisfaction of the County at the expense of Property Owner. 3.4 Permits. Property Owner must still apply for and abide by the terms of any necessary right-of-way permits, grading permits, and building permits. No work may occur in the County's right-of-way without a County -issued right-of-way permit and access permit. 4.0 Release of Liability: Property Owner shall indemnify and hold harmless the County from any and all liability loss and damage County may suffer as a result of all suits, actions or claims of every nature and description caused by, arising from, or on account of said design and construction of improvements, and pay any and all judgments rendered against the County on account of any such suit, action or claim, together with all reasonable expenses and attorney fees incurred by County in defending such suit, action or claim whether the liability, loss or damage is caused by, or arises out of the negligence of the County or its officers, agents, employees, or otherwise except for the liability, loss, or damage arising from the intentional torts or the gross negligence of the County or its employees while acting within the scope of their employment. All contractors and other employees engaged in construction of the improvements shall maintain adequate worker's compensation insurance and public liability insurance coverage, and shall operate in strict accordance with the laws and regulations of the State of Colorado governing occupational safety and health. 5.0 Acceptance of Improvements by the County: Upon written request by the Property Owner, the County shall accept the Property Owner's improvements, if the following conditions are met: • The improvements have been completely constructed, and • The Property Owner's Engineer has filed a Statement of Substantial Compliance, and • The County Engineer has inspected the improvements and agrees they are complete. 5.1 The County does not represent that the improvements will be constructed and/or available for their intended use(s). The County does not assume liability for improvements designed and/or constructed by others. 5.2 If approved by the County Engineer, portions of the improvements may be placed in service, but such use shall not constitute an acceptance by the BOCC. 5.3 County may, at its option, issue building permits for construction for which the improvements detailed herein have been started but not completed according to the schedule shown on Exhibit "B," and may continue to issue building permits so long as the progress of work on the subdivision improvements in that phase of the subdivision is satisfactory to the County, and all terms of this Agreement have been faithfully kept by Property Owner. 6.0 Warranty Period: Property Owner agrees to warrant the improvements for two years from the date the improvements are accepted by the County. Upon completion of the two-year warranty Page 8 of 13 period and at the request of the Property Owner, the County Engineer shall inspect the improvements and direct the Property Owner to correct any deficiencies. The County Engineer shall re -inspect after all corrections have been completed. If the County Engineer finds that the improvements are constructed according to County standards and the accepted Construction Plans, he/she shall recommend full acceptance. Upon receipt of the County Engineer's unqualified recommendation for acceptance, the BOCC shall accept the improvements. 7.0 General Requirements for Collateral: County requires Property Owner to provide collateral to guaranty all of Property Owner's obligations under this Agreement: (1) Project Collateral for completion of improvements described in this Agreement; (2) Warranty Collateral required for all improvements during the warranty phase; and (3) Road Maintenance Collateral (If Applicable) to be kept in place for the life of the permit. 7.1 Project Collateral — Property Owner shall submit Project Collateral in a form accepted by Weld County to guarantee completion of any improvements. Such collateral must be equivalent to One -Hundred Percent (100%) of the value of the improvements as shown in this Agreement. This collateral must be submitted to County upon the execution of this Agreement, or at a time determined acceptable by the BOCC, and shall be held in total by County until such improvements are accepted and collateral is released by the BOCC. 7.2 Warranty Collateral for all improvements shall be submitted to County and shall be held in total by the County for two (2) years following its written acceptance of the improvement(s). 7.3 If required by Part 1 of this Agreement, Road Maintenance Collateral shall be submitted to County at the time of approval of this Agreement. Road Maintenance Collateral is held for use on roads associated with the designated haul route. The submitted amount shall be $3,600.00 for facilities adjacent to paved haul route roads or $2,400.00 for facilities adjacent to gravel haul route roads. 7.4 Collateral may be in any form permitted by Weld County Code Chapter 2, Section 3. 7.5 The Board of County Commissioners reserves the right to reject collateral as permitted by Weld County Code Chapter 2 Section 3. 7.6 Collateral shall be released in accordance with the provisions of Weld County Code Chapter 2 Section 3. B. Violations of Agreement and Remedies 1.0 Violation of Terms of Agreement: If in County's opinion, Property Owner has violated any of the terms of this Agreement, County shall so notify Property Owner and shall state with specificity the facts and circumstances which County believes constitute the violation. Property Owner shall have thirty (30) days within which to either cure the violation or demonstrate compliance. Thereafter, County may seek any remedy described in this Agreement or otherwise provided by law. 2.0 Termination of Agreement: Termination Event: This Agreement shall terminate upon the Page 9 of 13 earliest of the following events: 2.1 Cessation of all Permit Related Activities: Termination of this Agreement shall occur upon Property Owner's complete cessation of all activities permitted by the PF. A partial cessation of activities shall not constitute a Termination of this Agreement, nor shall County's issuance of a partial release constitute a Termination. Unless informed in writing by the Property Owner of cessation of activities, and verified by the County, cessation shall be presumed if the County determines that the PF has been inactive for three (3) years. Property Owner shall not be entitled to a release of Project or Warranty Collateral unless and until the improvements required by this Agreement are completed. 2.2 Execution of Replacement Agreement: This Agreement shall terminate following County's execution of a new Improvements Agreement with a new Property Owner or Operator who has purchased the Property or has assumed the operation of the business permitted by the PF, and intends to make use of the rights and privileges available to it through the then existing PF. 2.3 Revocation of PF: This Agreement shall terminate following County's revocation of Property Owner's PF, except that the Property Owner shall only be released from this Agreement after the successful completion of all improvements required under this Agreement, which may be completed by County after accessing Property Owner's collateral if Property Owner fails to complete such improvements. 3.0 Revocation of PF: Property Owner acknowledges that failure to comply with the terms of this Agreement constitutes cause to revoke the PF, and County may exercise this option in its sole discretion by proceeding with revocation under the then current provisions of the Weld County Code. 4.0 County Completion of Improvements / Accessing Collateral: County reserves the right to access any collateral provided by Property Owner in order to complete the improvements required under this Agreement, if Property Owner fails to do so for any reason, after receiving notice of a violation of the terms of this Agreement as provided herein. 5.0 Court action: Upon notice of violation and failure to cure within the time permitted by this Agreement, County may seek relief in law or equity by filing an action in the Weld District Court, except that no such civil action or order shall be necessary to access collateral for the purpose of completing improvements as described above. C. Miscellaneous Provisions. 1.0 Definitions: 1.1 All references in this Agreement to "County Engineer" shall refer to the any individual or individuals appointed by the County Engineer to act on his/her behalf. 1.2 All references to "Haul Routes" include identified travel mutes for subdivisions; references to "haul vehicles" include subdivision vehicular traffic, as applicable. Page 10 of 13 1.3 All references to "Property Owner" shall include any individual or entity, including an "Operator", who is acts on behalf of the Property Owner regarding this Agreement. 2.0 Successors and Assigns: This Agreement may not be delegated, transferred or assigned in whole or in part by Property Owner without the express written consent of County and the written agreement of the party to whom the obligations under this Agreement are assigned. Property Owner's release of its obligations shall be accomplished by County's execution of a new Improvements Agreement with the successor owner of the property. Consent to a delegation or an assignment will not be unreasonably withheld by County. County's rights and obligations under this Agreement shall automatically be delegated, transferred or assigned to any municipality which, by and through annexation proceedings, has assumed jurisdiction and maintenance responsibility over the roads affected by this Agreement. All of the terms and conditions set forth in this Agreement shall be binding upon the heirs, executors, personal representatives, successors and assigns of Property Owner, and upon recording by the County, shall be deemed a covenant running with the land herein described. 3.0 Governmental Immunity: No term or condition of this agreement shall be construed or interpreted as a waiver, express or implied, of any of the immunities, rights, benefits, protections or other provisions, of the Colorado Governmental Immunity Act §§24-10-101 et seq., as applicable now or hereafter amended. 4.0 No Third Party Beneficiary Enforcement: It is expressly understood and agreed that the enforcement of the terms and conditions of this Agreement, and all rights of action relating to such enforcement, shall be strictly reserved to the undersigned parties, and nothing contained in this Agreement shall give or allow any claim or right of action whatsoever by any other person or entity not included in this Agreement. It is the express intention of the undersigned parties that any person or entity, other than the undersigned parties, receiving services or benefits under this Agreement shall be an incidental beneficiary only. 0 De � 0 • 041 ..in rem CY Elm— FA S ac - Ira- • coY am0 -- -0 M G t Hp 5.0 Entire Agreement/Modifications. This Agreement including the Exhibits attached hereto and incorporated herein, contains the entire agreement between the parties with respect to the subject matter contained in this Agreement. This instrument supersedes all prior negotiations, representations, and understandings or agreements with respect to the subject matter contained in this Agreement. This Agreement may be changed or supplemented only by a written instrument signed by both parties. 6.0 Board of County Commissioners of Weld County Approval. This Agreement shall not be valid until it has been approved by the Board of County Commissioners of Weld County, Colorado or its designee. 7.0 Choice of Law/Jurisdiction. Colorado law, and rules and regulations established pursuant thereto, shall be applied in the interpretation, execution, and enforcement of this Agreement. Any provision included or incorporated herein by reference which conflicts with said laws, rules and/or regulations shall be null and void. In the event of a legal dispute between the parties, Property Owner agrees that the Weld County District Court shall have exclusive jurisdiction to resolve said dispute. 8.0 Severability: If any term or condition of this Agreement shall be held to be invalid, illegal, or unenforceable by a court of competent jurisdiction, this Agreement shall be construed and Page 11 of 13 enforced without such provision, to the extent that this Agreement is then capable of execution within the original intent of the parties. 9.0 Attorneys Fees/Legal Costs: In the event of a dispute between County and Contract Professional, concerning this Agreement, the parties agree that each party shall be responsible for the payment of attorney fees and/or legal costs incurred by or on its own behalf 10.0 Binding Arbitration Prohibited: Weld County does not agree to binding arbitration by any extra judicial body or person. Any provision to the contrary in this Agreement or incorporated herein by reference shall be null and void. 11.0 Authority to Sign: Each person signing this Agreement, and associated Exhibits, represents and warrants that he or she is duly authorized and has legal capacity to execute and deliver this Agreement. Each party represents and warrants to the other that the execution and delivery of the Agreement and the performance of such party's obligations hereunder have been duly authorized and that the Agreement is a valid and legal agreement binding on such party and enforceable in accordance with its terms. If requested by the County, Property Owner shall provide the County with proof of Property Owner's authority to enter into this Agreement within five (5) days of receiving such request. IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed on the day and year first above written. 0 7L- >••3 3 a roe e▪ l NS w !f't= tl L N u_ °• o PROPERTY OWNERS: SIGNATURE PRINTED NAME (\J Gj i/ y// TITLE (If Applicable) STATE OF COLORADO ) County of Weld The foregoin instrument was acknowledged before me this Itticyr) WITNESS my hand and official seal. SS. /171,r U 2 AMY MARES NOTARY PUBLIC STATE OF COLORADO Notary ID 20124015815 Commission Expires 05/17/2020 Page 12 of 13 C / T - day of e � , 2016, ATTEST: � sidp;tk, BOARD OF COUNTY COMMISSIONERS Weld C ► • nt Clerk to the Board WELD COUNTY, COLORADO BY: APPROVED AS TO FO Deputy CI Mike Freeman, Chair a,*.. OCT 1 0 20Th PPROVED AS TO -SUBSTANCE: County Attorney ElectttdfQcial or Department Head 4253148 Pages: 13 of 21 0.00 11/14/2016 01:08 PM R Fee:$Weld County, CO Carly Kcppes, Clerk and Recorder, VIII 1101 Nif�kiVillit,tt��Y��M��'lli�'��I II !� �1► U:\Engineering\PLANNING DEVELOPMENT REVIEW\—Pre-Accela Referrals (Old Numbering)\3-Final Plat (PE. ME WERE -0543 Longs Peak Estates PUD\Improvements Agreement\Longs Peak Estates (PF-543) - Part 2 final (8-9-16) Update Redline . docx Page 13 of 13 o7p/S - N3/ (o4 Name of l -nail?: EXHIBIT A - Cost Sheet (DIE -SITE) Filing/Case #: Title: i ncation: ['hone: Penonnel ( ontact: Name b lr ally bi» tno! tier arrdenigned gppliearst hereby agrees to provide throughout this facility the following improvements. lntrndtMK u, r g _ _ - -Sin) Improvernents (OFF blank where they do not apply ) I ( nits t nit ('test [Unmated Construcdut: (Leave .spaces Uu;tnttt�' Cost (til 1 1 I PUBLIC WORKS. Survey. Street Monuments/Boxes -" Street Grading -` Street Base _____ Street Paving Pavement Marking Curbs, Gutters. and Culverts Sidew alk `Entrance/Access Improvements Road Culvert Dust Control (per Sec. E.-7.5.2) - Road Taint. Collateral (per Sec. E.-7.5) 3 3 t b t'1Cl - jPLANNING SERVIC. ESI a .1A Fire Ilydrants 43 EL-}iT J i Site Grading / Detention Ponds KCstJ pp '4 I 1 & L Retention 7 Li _--_ Stortnwateril)rainage Faciliticc Erosion Control MeasuresiBMP's 4 (Lc peSse+- Grass Lined Swale Subsurface Drainage —. Ditch Improvements _. Parking Area, Curb Stops, Bus Kiosks. Mailboxes Street lighting Street 'Names � Signage 1 Fencing Requirements i Landscaping, Seeding. Trees, etc. Park Improvements Handicap Accessibility, Parking & Rails .jHealth Departmentj Septic Systems $11B-TOTAIA; w. - ._- i testing, impertion, as -built plans and work in addition to prdHunuary and Supervision Costs (5) final plat; supervision of actual construction hr contractor") _, Engineering and •. TOTAL ESTIM.\1 El) COST OF IMPROVEMENTS, ENGINEERING AND SUPERVISION (5) 4253148 Pages: 14 of 21 11/14/2016 01:08 PM R Fee:$0.00 Carly Koppel, Clerk and Recorder, Weld County, CO 11111 POrallVil'ili Y.E4A.117,i iLMINN .'s li/fr Wsh "III EXHIBIT A - Cost Sheet (ON -SITE ) Name of Facility: Personnel Contact: Name -.77-13,4_1_ Intending to be legally hound, the undeni nerl d /leant hereby agrees to provtae rnrnu4nu a ...0 was.... t ;; . , - improvements t" _ ,.: ..,44.444_,._, ,, x • .. .._•I rr n _...tea.. ,.vii .. .-....7.. - . .tiy�,.....:...,v (Leave spaces Monk ,vlserc� they do not apply ) - Unit Costs t Estimated( on, cur io /.... t nit Cost (S) PUBLIC WORKS;, Survey, Street Monuments/Boxes Street Grading Street Base Street Paving — J Iilin}l.t nyi#: I ovation: Tilk: Phone: • iiin the lawiimn,premenn. TOTAL. ESTIMATED (.•OS1 OF I%IPROS-E%WNTS. ENGINEERING AND SUPERVISION (Si 4253148 Pages: 15 of 21 11/14/2016 01:08 PM R Fee:$0.00 Carly Koppes, Clerk and Recorder, Weld County, CO in tVrj117 11 III E -Z FXCAVATING P.O. Box 1439 Longmont, CO 80502 AITN. Mark Bowman COMPANY: COLSON CONSTRUCTION Phone 4: (303) 570-7837 email mbowrnanC7colsonconstruction.com Proposal Dint. Job NAME: 1.00A HON (303) 772-8121 Fax (303) 772-3640 8/10/2015 LONGS PEAK ESTATES Erie ENGINEER Welch Design DATE OF PRINTS 3312008 E -Z EXCAVATING, INC hereby submit specifications and estimates for: ITEM # DESCRIPTION QI ANTITV 1:N1T UNIT COST ITEM COST 2.$)♦ .tlSS fl -V VV• vas _-v.a.. y3.. ::. -. _ _ f Silt Fence - (Standard) Material & InstallatI 2,470 LF $ 2.40 S 5328.00 2? Tracking. Pad - CIP 2 EA 5 4.318.60 S 8,637.20 4Vehicle 3 Concrete Washout - Excavation - OP 1 EA $ 1.810.30 $ 1.810.30 4 Straw Bale Barrier 8 , EA $ 85.20 $ 681.60 5 Seed Disturbed Areas - Rip 6". Seed. Mulch, & Crimp 30 AC $ 1.318.80 $ 39.564.00 BMA Maintenance I LS S 1,814.60 5 1.814.60 6 SWNIP Inspections _ 4 EA $ 259.00 $ 1.03.6.00 7 Erosion Control Subtotal: $ 59.471.70 a.a: a A ,. a a a,, v a --a . \ lobilization - Grading I EA S 2,733.70 $ 2,73.3.70 8 Stip Topsoil & Place in Non Strutural Fills 5,055 CY $ 2.50 $ 12,637.50 9 Prepare Subgrade for Fill 26.594 SY S 0.25. $ 6,648.50 10 Cut to Fill - On Site 7,013 CY S 3.50 $ 24.545.50 I I 12 Compaction Water (0.04 MG per CY) 281 .,MG _ $ 7.90 $ 2,219.90 Mobilization - Prep & Finish I : EA $ 1.969.60 $ 1.969.60 13 14 & Gutter Prep & Backfill 220 LF $ 5.00 $ 1.100.00 _Curb Trickle Channel Prep & Backfill 115 LF $ 3.90 $ 448.50 15 Balance Street Areas : - One Tenth 7.550 SY S 1.00 $ 7,550.00 16 Rc-Grade Road Side Ditches after Paving 3,290 LF S 3.80 $ 12.502.00 17 Backup Edge of Asphalt After Paving 3.290 LF _ S 1.10 $ 3.619.00 18 Earthwork Subtotal: $ 75,974.20 t"3.1WHK .7 A V AIWA .a ...tar . r ryas -.a_„- V 12" RCP - Class V Storm Sewer 164 LF $ 48.70 S 7.986.80 19 18" RCP - Class III Storm Sewer 95 LF $ 55.80 „ $ 5.301.00 20 42" RCP - Class III Storm Sewer 90 LF S 160.80 $ 14,472.00 21 15" ADS Storm Sewer 1,237 LE S 52.60 $ 65.066.20 22 18" ADS Storm Sewer 8.0 LF $ 61.60 _ $ 4.928.00 23 24" ADS Storm Sewer 89 LF S 74.60 $ 6,639.40 24 12" RCP Flared End Section 2 EA S 617.70 $ 1.235.40 25 18" RCP Flared End Section 2 EA $ 806.90 $ 1.613.80 26 24" RCP Flared End Section I EA $ 941.20 $ 941.20 27 42" RCP Flared End Section 2 EA $ 1,629.90 3,259.80 28 rS ' _ 15" ADS Flared End Section 2 EA $ 327.30 S 654.60 29 T)ye C Outlet 2 EA $ 5,237.00 $ 10.474.00 30 4253148 Pages: 16 of 21 11/14/2016 01:08 PM R Fee:$0.00 Carly Koppes. Clerk and Recorder, Weld County, CO Page 1 of 2 III 31 24" Nyoplast Drain Basin Nyoplast 3 EA $ 2.208.40 $ 6.625.20 Type L Rip Rap (09") 39 CY $ 85.60 $ 3,338.40 Storm Sewer Subtotal: $ 132335.80 i JET. • _ - ,Ji"', 33 18" Vertical Curb & Gutter 220 LF S 19.20 _ S 4,224.00 34 03' x 06" Trickle Channel 115 L.F $ 26.40 S 3.036.00 35 Mobilization - Asphalt Prep & Pave 1 EA $ 1.290.70 $ 1,290.70 36 Scarify, Moisture Condition, & Recotnpact - 12" 7.550 SY $ 1.60 $ 12.080.00 37 Class 6 Road Base 1.070 TON $ 21.30 $ 22.791.00 38 Soil Sterilant 7.550 SY $ 0.20 S 1.510.00 39 06" Asphalt Paving 5.035 SY $ 26.60 S 133.931.00 40 Watervalve Adjustment 5 EA _ $ 260.80 $ 1.304.00 41 Stop Sign w Street Names 2 EA $ 1.438.70 $ ',877.40 Streets Subtotal: $ 183,044.10 'man rrrrr rn'rA r . S 451.025.80 EXCLUDE!) FROM THIS PROPOSAL are the lot lowing: Staking, Surveying, Engineering. Fees, Permits, Inspections. Plant Investment Fees. "tap Fees. Soils Testing, Landscaping. Winter Protection. Frost Removal, Rock Excavation. Dewatering. Chemical Stabilization, Hazardous Materials Removal or Abatement. Striping, Rotomill and Overlay. Infrared Asphalt., Export of Spoils. SW'VIP, and Bond (Add 2% if reqd). NOTE: Pricing subject to review of final approved plans. This proposal is VALID for sixty (60) days from the date of Proposal above. 8/I0 2015 Todd Greif, Estimator Date Print Name & Title E -Z Excavating, Inc. Page 2 of 2 4253148 Pages: 17 of 21 11/14/2016 01:08 PM R Fee:$0.00 Carly Koppes, Clerk and Recorder, Weld County. CO 11111 FalWilliiii IEIMILijI IN Yt I' E 11111 SAtti_....,„,w,T, A elcost.• 1. Aiiit- mfri.: tom - tte::, The above improvements shall be constructed in accordance with all County requirements and specifications. and conformance with this provision shall be determined solely by Weld County. or its duly authorized agent. Said improvements shall be completed according to the construction schedule set out in Exhibit B By1 Applicant / O6 ,v r- Date /vs- • - Title Applicant Cain Title Date 4253148 Pages: 18 of 21 11/14/2016 01:08 PM R Fee:$0.00 Carly Koppes. Clerk and Recorder. Weld County, CO 1111 PAW kJ??, 11111 l .i? c -.S c aws ho . 20 16 Same Of Solnlhision. Pt 9. 1 SR. RI;, sPli: Intending to he legally hound. the undcrulmed hereto' agree, to provide throughout this twilit; the following impmrsmntt,. EXHIBIT B - Time Schedule (ON -.S'IZ'E) Sc(OFFSITE) I: iline/Case h: Location:,,,,.,_-__ All improvements shall be completed within years from the date of approval of the final plat. Construction of the Improvements listed in Exhibit A shall be completed as follows: (Leave Improsements s true .3trsCuSW. Spaces blank where they tic not dPPh ) ION- 1TIJ TOFF -SITE 1 _-- BLIC W O RKSI P ... . _. ___. Survey. Street MonumentstRoxes '' C. r_.�- I c• di* Street C( Grading14-0 — /14 Street Base tt t Street Paving / Pavement Marking 4 Entrance/Access Improvements it,,1a_. -- Road Culvert Co /1,9-s p Ai 0iL - . Sidewalks, Curbs, Gutters. and Culverts -WE did - IC -SITE) Control (per Sec. E.-7.5.2) Jftr' Road Maim. Collateral (per Sec. E.-7_ ) 0 fi- J PLANNING SERVICESt - Sidewalks, Curbs, Cutters, and Culverts (ON -SITE) /� - /6 j , Hydrants , 30 - j O ! grFire Grading � i to - to i f�iSite t Retention :Detention Ponds / (d ,. 1 /b N/A Stormwater/ Drainage Facilities - p / fit N 1/i' Erosion Control Measures/BMP's C0MPL� �a (L�tl i Grass Lined Swale - —I I Alin- ---. _ .11Th Subsurface Drainage 41 i& _" I v I i t IV Ditch Improvements Ilia_ - tO1b r ii - I Parking Area, Curb Stops, Bus Kiosks, MaiIbst101A-NII- Street Lighting Oh v Street Names i a — / / 1 Oi 1 e iilbet Signage 1(.11 / c `- / / ill /t...... _ - .__ Fencing Requirements . Pith _ . Landscaping, Seeding, Trees. etc. to � / f %1J _ _— l Part. Improvements ill 4 - Handicap Accessibility, Parking & Rails A/ /,m" IV Health Deportment! Deportment! Septic Systems A G Q u 1 11—P r 8 Uell t J WA)M final i ompfetion Dote for Fort rt Proieet !f 30 / b • 4253148 Pages: 19 of 21 11/14/2016 01:08 PM R Fee:$0.00 Carly Koppes, Clerk and Recorder. Weld County, CO llef ION 11111 EXHIBIT B - Time Schedule- Signature Page 1 he County. at its option. and upon the request of the Applicant. may grant an extension of time for completion for any particular improvements shown above. upon a showing by the Applicant that the above schedule cannot he met. By: A ppl cant )4.4SrAat: i Title Applicant Title 4253148 Pages: 20 of 21 11/14/2016 01:08 PM R Fee:$0.00 Carly Koppes Clerk and Recorder l�Weld 1111 l Cate .20 44 MCIAGREEMENTS\Exhibits12016Combine Echibits\2016 Combined Exhibits PUD docx EXHIBIT A - Cost Sheet (OFF -SITE) - Signature Page The above improvements shall be constructed in accordance with all County requirements and specifications. and conformance with this provision shall be determined solely by Weld County. or its dul) authorized agent. Said improvements shall be completed according to the construction schedule set out in Exhibit B jur_47-244--N______. (tu G, v V 271 Applicant 11.6..restitv r" Title By: A ppl leant Title 4253148 Pages: 21 of 21 11R Fee:$0.00 CO CarlyKop a 0C er PM ,IIII Carly KoPPeS Clerk and Recorder. W�'I��'��I`�', ''' III l,V'atil«f�441,1 �R W��'E�`�� ur `r DatE5la/ .20_/,4 Date CITYWIDE BANKS® IRREVOCABLE STANDBY LETTER OF CREDIT NO. 200162187 FOR BOARD OF COUNTY COMMISSIONERS OF WELD COUNTY, COLORADO Issuance Date: July 26, 2016 Amount: $451,000.00 Beneficiary: BOARD OF COUNTY COMMISSIONERS OF WELD COUNTY, COLORADO 1150 "O" Street Greeley, Colorado 80631 Applicant: Propp Realty, Inc. 12600 W. Colfax Ave., Ste. B130 Lakewood, CO 80215-3752 Attn: Clerk to the Board: We hereby establish at the request and for the account of Propp Realty, Inc., in your favor as Beneficiary, our Irrevocable Letter of Credit No. 200162187, in the amount of US Dollars FOUR HUNDERED FIFTY-ONE THOUSAND DOLLARS AND 00/100 ($451,000.00). As more fully described below, effective immediately and expiring at the close of banking business on July 26, 2017, (should Lender choose not to automatically extend as defined below) at our office located at: Citywide Banks 10637 E. Briarwood Circle Centennial, CO 80112 Attn: Desiree Moxon Tel.: 303-365-3849 This Irrevocable Letter of Credit is issued as collateral to the Beneficiary as required under the Improvements & Road Maintenance Agreement According to Policy Regarding Collateral for Improvements for LONGS PEAKS ESTATES — PF-543, dated July 5, 2016 (hereinafter referred to as "Improvements Agreement") by and between the Board of County Commissioners of Weld County, Colorado and Propp Realty, Inc., for the assurance of the completion of construction and the maintenance of the public and private infrastructure as outlined in the Improvements Agreement, and in connection with any building permit issued to Propp Realty, Inc., for the property located at Longs Peak Estates — PF-543 and hereinafter referred to as "Development Project". Funds under this Letter of Credit are available to you for one or more drawings prior to the close of business on July 26, 2017, (should Lender choose not to automatically extend as defined below) against sight drafts in as aggregate cumulative amount not to exceed $451,000.00, dated the date of presentment, drawn on our office referred to above, the original Letter of Credit is to be accompanied by your written certificate signed by you and acknowledged as therein provided in the form of Exhibit 1 hereto. 3290 South Wadsworth Blvd. - Lakewood, CO 80227 303-365-8040 - Citywidebanks.com Presentation of the original Letter of Credit, Sight Draft, and Certificate shall be made at our office referred to above. Upon the earlier of (1) our honoring your draft(s) totaling $451,000.00 in the aggregate presented on or before this Letter of Credit expires pursuant to the terms herein, or (2) the surrender to us by you of this Letter of Credit for cancellation, this Letter of Credit shall automatically terminate. It is understood that the amount of this Letter of Credit may be reduced as public and/or private improvements are constructed and accepted by Weld County. As components of the infrastructure are satisfactorily completed in accordance with the terms of the Improvements Agreement, the amount of this Letter of Credit may be reduced by the value of the completed component(s), upon execution of a "Request for Amendment to Letter of Credit" in the form attached hereto as Exhibit 2. Any amendments to the Letter of Credit shall be made in the form of Exhibit 2 hereto. Weld County may at any time request that the Bank amend this letter of Credit by submitting to the Bank a fully executed certificate in the form of Exhibit 2. The Bank may thereafter promptly issue an amendment to the Letter of Credit corresponding to the change or changes requested on such Certificate. This Letter of Credit shall be automatically extended without amendments for one year from the present and for one year from each future expiration date thereof, unless the Issuer delivers written notice at least sixty (60) days prior to any such expiration date to the Board of County Commissioners of Weld County, Colorado of its intent not to renew this Letter of Credit. Any such notice shall be in writing and shall be delivered with an acknowledged receipt, either in hand, by certified mail, or by overnight courier. This letter of Credit is not transferrable. Both the Beneficiary and Applicant in this Letter of Credit Acknowledge that through the Improvements Agreement, Beneficiary reserves the right to require Propp Realty, Inc., to obtain a replacement Letter of Credit from a financial institution other than this Bank in the event that the rating of this Bank falls below a three star rating. This Letter of Credit sets forth in full our undertaking, and such undertaking shall not in any way be modified, amended, amplified or limited by reference to any document, instrument or agreement referred to herein, except by the Certificate and drafts referred to herein. No reference to a document, instrument or agreement shall be deemed to incorporate herein by reference such document, instrument or agreement, except for references to such Certificate and draft(s). CITYWIDE BANKS • Business Banking with the Human Touch Citywidebanks.com This letter of Credit shall be subject to the Uniform Commercial Code as in effect in the State of Colorado and to the extent not inconsistent with the terms of this Letter of Credit and the Uniform Commercial Code, the Uniform Customs and Practice for Documentary Credits, 2007 Revision, ICC Publication Number 600. SINCE Y, David L. Norwoo President Citywide Banks 3290 South Wadsworth Blvd. Lakewood, CO 80227 Tel. No.: 303-365-8043 CITYWIDE BANKS • Business Banking with the Human Touch Citywidebanks.com IRREVOCABLE STANDBY LETTER OF CREDIT NO. 200162187 FOR BOARD OF COUNTY COMMISSIONERS OF WELD COUNTY, COLORADO EXHIBIT 1 CERTIFICATE The Board of County Commissioners of Weld County, Colorado, hereby certifies as follows with respect to the certain Irrevocable Letter of Credit Number 200162187, dated July 26, 2016, established in favor of the Board of County Commissioners of Weld County, Colorado (hereinafter referred to as "the Letter of Credit) (A) He(She) is authorized to execute this Certificate on behalf of the Board of County Commissioners of Weld County, Colorado; (B) The Applicant is in default under the terms of the Improvements Agreement and/or the Development Construction Permit; (C) The sum of $ , which is the amount of the Draft Presented with this Certificate is the amount currently due to the Board of County Commissioners of Weld County, Colorado from ;(Name of Company) (D) The amount of the accompanying draft together with all previous draws under the Letter of Credit do not exceed in the aggregate $451,000.00 and (E) The Letter of Credit has not expired. (F) Funds paid pursuant to this Certificate shall be wire transferred to (Name of County's Bank), according to wire transfer instructions. In witness whereof, the undersigned has executed this Certificate on behalf of the Board of County Commissioners of Weld County, Colorado, this day of , 20 . BOARD OF COUNTY COMMISSIONERS OF WELD COUNTY, COLORADO BY: (NAME), Chair CITYWIDE BANKS • Business Banking with the Human Touch Citywidebanks.com IRREVOCABLE STANDBY LETTER OF CREDIT NO. 200162187 FOR BOARD OF COUNTY COMMISSIONERS OF WELD COUNTY, COLORADO EXHIBIT 2 REQUEST FOR AMENDMENT OR RELEASE OF LETTER OF CREDIT # 200162187 The Board of County Commissioners of Weld County, Colorado certifies that the person signing below is authorize to execute the request for amendment or release of a Letter of Credit on behalf of the Board of County Commissioners of Weld County, Colorado, and further certifies with respect to the provisions contained in the Improvements Agreement between the Board of County Commissioners of Weld County Colorado, (Beneficiary) and Propp Realty, Inc. (Name of Company), (Applicant) the following: [CHECK APPLICABLE BOXES] ❑ The Letter of Credit is to be reduced to $ • ❑ The expiration date of the Letter of Credit is revised to be the day of 20 ❑ Original Letter of Credit shall be released upon receipt of separate Replacement Maintenance Letter of Credit in the amount of $ (Current Value). ❑ Release Letter of Credit. In witness whereof, the undersigned has executed this Certificate on behalf of the Board of County Commissioners of Weld County, Colorado, this day of , 20 . BOARD OF COUNTY COMMISSIONERS OF WELD COUNTY, COLORADO BY: (NAME), Chair CITYWIDE BANKS • Business Banking with the Human Touch Citywidebanks.com Hello