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Home My WebLink About20160886.tiff RESOLUTION RE : APPROVE ACCEPTANCE OF REPLACEMENT COLLATERAL FOR HICKMAN MINOR SUBDIVISION , MINF12-0001 - BIG THOMPSON INVESTMENT HOLDINGS , LLC WHEREAS , the Board of County Commissioners of Weld County , Colorado. pursuant to Colorado statute and the Weld County Home Rule Charter. is vested with the authority of administering the affairs of Weld County. Colorado. and WHEREAS , on October 31 . 2012 , by Resolution #2012-3002 . the Weld County Board of Commissioners approved Minor Subdivision Final Plan , MINF12-0001 , for Big Thompson Investment Holdings , LLC , 1205 W. Elizabeth Street , P . O. Box 134 . Fort Collins , Colorado 80521 , c/o Mark Goldstein , Manager, P. O. Box 273180 , Fort Collins , Colorado 80527 , for a nine (9) Lot Minor Subdivision in the 1 -3 ( Industrial) Zone District, on the following described real estate , to- wit: Lot B of Recorded Exemption , RECX12-0056 : being part of the W1 /2 of Section 23 . Township 4 North , Range 66 West of the 6th P. M . , Weld County , Colorado WHEREAS, on March 12 , 2014 , the Board of County Commissioners of Weld County, Colorado . approved an Improvements Agreement According to Policy Regarding Collateral for Improvements for Minor Subdivision Final Plan , MINF12-0001 , between the County of Weld . State of Colorado. by and through the Board of County Commissioners of Weld County, and Big Thompson Investment Holdings . LLC , with terms and conditions being as stated in said agreement. and accepted Letter of Credit #835-3047 from First Bank. 10403 West Colfax Avenue . Lakewood , Colorado 80215 , in the amount of $706, 286. 00, which is set to expire March 10. 2016 , and WHEREAS , the Board has been presented with replacement collateral in the form of Irrevocable Letter of Credit No . 10031 from FirsTier Bank, 1508 Stillwater Avenue , Cheyenne , WY 82009 , in the amount of $706. 286. 00, which is set to expire February 19 , 2018 . and WHEREAS , upon recommendation of staff. the Board deems it advisable to release the original collateral , and accept the replacement collateral . NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County. Colorado , that Letter of Credit #835-3047 from First Bank , 10403 West Colfax Avenue , Lakewood . Colorado 80215, in the amount of $706 . 286 . 00, be, and hereby is , canceled and released . BE IT FURTHER RESOLVED by the Board that the Clerk to the Board be, and hereby is , directed to return said collateral to the appropriate issuing party . 4191686 Pages : 1 of 2 03/30/2016 04 : 10 PM R Fee : $0 . 00 $0 . 00 2016-0886 Carly Koppes Clerk and Recorder Weld County CO VIII !�!��RI�Z� II��'I�kltihl� kYl ,E'��C WHIM tli' If II I PL2147 REPLACEMENT COLLATERAL - BIG THOMPSON INVESTMENT HOLDINGS . LLC PAGE 2 BE IT FURTHER RESOLVED by the Board that the replacement collateral in the form of Irrevocable Letter of Credit No. 10031 from FirsTier Bank, 1508 Stillwater Avenue , Cheyenne, WY 82009 . in the amount of $706 , 286. 00 . which is set to expire February 19 . 2018 . be, and hereby is . accepted . The above and foregoing Resolution was . on motion duly made and seconded . adopted by the following vote on the 9th day of March . A. D . . 2016. BOARD OF COUNTY COMMISSIONERS WELD COUNTY , COLORADO ATTEST: W i4z2 &A f _ Mike Freeman hair Weld County Clerk to the Board c•• ��„�. Sean P. Conway. Pro-Tern C) BY: I .. �. l.� I. S ... .� .�► . 1 1 D - • „ y Clerk to a Boa �•`►``� ` . '�� _ ie A. ozad. t APP AS M : ` �'�� ►' �� arbara Kirkmeyer ounty ttorney �'►�•''�+ �;� Steve Moreno Date of signature : ( 9 4191686 Pages : 2 of 2 03/30/2016 04 : 10 PM R Fee : $0 . 00 Carly Koppes Clerk and Recorder Weld County . CO III Fitt 1 I�1 I I I ■ I I I III I I` Lril�l�l I h u' I1 �Pd1! 11 �It F t�lk�� iIIII II H I 2016-0886 PL2147 MEMORANDUM TO : Clerk to the Board w�`�.� 1861 �� TETI DATE: 3/8/2016 FROM: Richard Hastings, Public Works Department u � r G O '1 SUBJECT: BOCC Agenda Item — Release Original and Accept Replacement Collateral For: Weld County Industrial Park — (MINF12-0001) Request for Release of Original Collateral and Acceptance of Replacement Collateral : The Department of Public Works received a request from the applicant, Mark Goldstein/Peckham Development Corporation requesting that the Board of County Commissioners consider releasing the original collateral and accepting replacement collateral in the form of an Irrevocable Letter of Credit (FirsTier Bank) in the amount of $706,286.00, for the Commercial Sub-Division Site and Facility (MINF 12-0001 ), located near CR's 33 & 44, east of the town of Peckham. The request for this replacement collateral is due to the fact that the current Letter of Credit collateral will expire prior to the time that the facility improvements will have been completed by the applicant. All Public Works related items, of the replacement collateral for MINF12-0001 , are found to be acceptable and have been reviewed and approved by Frank Haug/Assistant County Attorney. Weld County Collateral List: "Original MINF 12-0001 Collateral" Big Thompson Investment Holdings, LLC — ( PL2147) 2014-0745 MINF12-0001 Improvements Agreement for Hickman Minor Subdivision Irrevocable Standby Letter of Credit #835-3047 from First Bank Expires March 10, 2016 . $706 , 286 . 00 Recommendation: The Department's of Public Works, Planning Services and the County Attorney's Office are recommending approval of the release of the original collateral and the acceptance of replacement collateral for, Weld County Industrial Park — (MINF 12-0001 ). pc: Janet Lundquist, Public Works Michelle Martin, Planning Services Frank Haug, Assistant County Attorney 2016-0886 C:\Users\egesick\AppData\Local\Microsoft\Windows\Temporary Internet Files\Content.Outlook\7QSDTUPR\Exchange Collateral (MIN F12-0001 ) Weld County Industrial Park- MEMO (002).docx ( be•/ _ givjeuifki IRREVOCABLE LETTER OF CREDIT Borrower: Peckham Development Corporation Lender: FirsTier Bank 2850 McClelland Dive, 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. : 10031 EXPIRATION DATE. This letter of credit shall expire upon the dose 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 Seven Hundred Six Thousand Two Hundred Eighty-six & 00/100 Dollars ($706,286.00) (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 clam 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. 10031 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 cam_ ' By: Tim Ostic, Branch President ENDORSEMENT OF DRAFTS DRAWN: Amount Amount Date Negotiated BY In Words In Figures LONrPro,Ver. 18410 002 Cow. D•11 USA CorpiMon 1907. 2010. NI Rlgtt Rsusn -WI C:ICE I'&PIC43LOC EC TR-1710 PR-37 r IRREVOCABLE STANDBY LETTER OF CREDIT Letter of Credit Number: 835-3047 Amount: U.S. $ 706,286.00 (seven hundred and six thousand two hundred and eighty six dollars and zero co This Letter of Credit is issued on March 10, 2014 by Issuer in favor of the Beneficiary for the accour' �to, `SS their addresses are as follows: _` GO,� APPLICANT: P� O�'G cX4 PECKHAM DEVELOPMENT CORPORATION -ct� NO ked GovN Entity Type: Corporation Q� `'` _ G��-!!'' PS�OOk�e '��D Fort Collins, iQ 80527 eb � �� /3 ��`ick 24".* A R . lolli elE, -set \ BENEFICIARY: VA e . BOARD OF COUNTY COMMISSIONERS OF WELD COUNTY, COLOR (sr. \kt • . Entity Type: Domestic Government Unit �� G�e� ;�,.�bs 1150 0 Street Vy • pv no' j� : � Greeley, CO 80631 ISSUER: FiRRSTBANK 10403 West Colfax Avenue Lakewood, CO 80215 1 . LETTER OF CREDIT. Issuer establishes this Irrevocable Standby Letter of Credit (Letter of Credit) in favor of Beneficiary in the amount indicated above. Beneficiary may draw on this Letter of Credit with a Draft (or Drafts, if the maximum number of drawings is greater than one). Each Draft shall be signed on behalf of Beneficiary and be marked "Drawn under FirstBank Letter of Credit No. 835-3047 dated March 10, 2014." Drafts must be presented at Issuer's address shown above on or before the Expiration Date. The presentation of any Draft shall reduce the Amount available under this Letter of Credit by the amount of the draft. This Letter of Credit sets forth in full the terms of Issuer's obligation to Beneficiary. This obligation cannot be modified by any reference in this Letter of Credit, or any document to which this Letter of Credit may be related. This Letter of Credit expires on the Expiration Date. 2. DRAWINGS. Partial drawings shall not be permitted under this Letter of Credit. "Draft" means a draft drawn at sight. 3. DOCUMENTS. Each Draft must be accompanied by the following, in original and two copies except as stated: A. The original Letter of Credit, together with any amendments. Issuer shall be entitled to accept a draft and the documentation described above, as required by the terms of this Letter of Credit, from any person purporting to be an authorized officer or representative of Beneficiary without any obligation or duty on the part of Issuer to verify the identity or authority of the person presenting the draft and such documentation. 4. EXPIRATION DATE. This Letter of Credit expires at the close of business at Issuer's address at 6:00 PM Mountain Time (Time) on March 10, 2016 (Date). Issuer agrees to honor all Drafts presented in strict compliance with the provisions of this Letter of Credit on or before the Expiration Date. 5. NON-TRANSFERABLE. This Letter of Credit is not transferable. 6. APPLICABLE LAW. This Letter of Credit is governed by the Uniform Customs and Practice for Documentary Credits, 2007 Revision, International Chamber of Commerce Publication No. 600 (UCP), or any later version or amendment. This Letter of Credit is also governed by the laws of Colorado, except as those laws conflict with the UCP. ISSUER: FirstBank 1 r By Date / ` Kevin . Minner, Senior Vice President RECEIVED MAR 0 70W Weld County Public Works Depth Esther Gesick Subject: FW:Collateral re:PUDF13-0001,Peckham Development Corporation,do Mark Goldstein From:Meadows,Julie[mailto:Julie.Meadows@efirstbank.com] Sent:Thursday,March 17,2016 10:39 AM To:Esther Gesick<egesick@co.weld.co.us> Subject:RE:Collateral re:PUDF13.0001,Peckham Development Corporation,c/o Mark Goldstein Received! ulie A.Meadows SCI s 'tv tL 14DC. '. 1,41 Loan Specialist J yy142.4.4 [ MLS ID:1441315 97a�$a-39ato j1tW...mtadaws @,2.6u,.otliark.Cum irstBankly� 1013 E Harmony Road w\,ce-cm-,c ao` rQ-2-tD— � �` Fort Collins,Colorado 80525 �� T 970 282 3926 F 970 282 3925 .efirstbank.com nil w 1 Hello