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Home My WebLink About20253276 Resolution Approve Full Release of Project Collateral and Acceptance of Warranty Collateral for Planned Unit Development Final Plan, PUDF22-0004 — Olson Bros, LP, and Spring Meadows Development, 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, by Resolution dated the 8th day of March, 2023, the Board approved the application of Olson Bros, LP, and Spring Meadows Development, LLC, c/o Roger Olson, P.O. Box 86, Johnstown, Colorado 80534, for a Planned Unit Development Final Plan, PUDF22-0004, for four (4) residential lots for E (Estate) Zoned Uses and one (1) lot for A (Agricultural) Zoned Uses on the following described real estate, to wit: Lot B of Recorded Exemption, RE-2746; being part of the NE1/4 of Section 30, Township 4 North, Range 67 West of the 6th P.M., Weld County, Colorado Whereas, on October 23, 2023, the Board of County Commissioners of Weld County, Colorado, approved an Improvements Agreement According to Policy Regarding Collateral for Improvements for Planned Unit Development Final Plan, PUDF22-0004, for four (4) residential lots for E (Estate) Zoned Uses and one (1) lot forA (Agricultural) Zoned Uses, between the County of Weld, State of Colorado, by and through the Board of County Commissioners of Weld County, and Olson Bros, LP, and Spring Meadows Development, LLC, c/o Roger Olson, with further terms and conditions being as stated in said agreement, and accepted Irrevocable Letter of Credit, number 2023-01 , drawn on the Front Range State Bank, 2001 Main Street, Longmont, Colorado 80501 , in the amount of $63,875.35, and Whereas, staff from the Weld County Departments of Public Works and Planning Services conducted a visual inspection and recommend release of said project collateral, and Whereas, upon recommendation of staff, the Board deems it advisable to release said project collateral. Now, therefore, be it resolved by the Board of County Commissioners of Weld County, Colorado, that the collateral in the form of Irrevocable Letter of Credit, number 2023-01, drawn on the Front Range State Bank, 2001 Main Street, Longmont, Colorado 80501 , in the amount of$63,875.35, be, and hereby is, released, and warranty collateral in the form of Irrevocable Letter of Credit, number 2025-01 , drawn on the Front Range State Bank, 2001 Main Street, Longmont, Colorado 80501 , in the amount of $9,581 .30, be, and hereby is, accepted. 2025-3276 PL1595 Full Release of Project Collateral and Acceptance of Warranty Collateral for Planned Unit Development Final Plan, PUDF22-0004 — Olson Bros, LP, and Spring Meadows Development, LLC Page 2 Be it further resolved by the Board that the Clerk to the Board be, and hereby is, directed to return said project collateral to the appropriate issuing party. The Board of County Commissioners of Weld County, Colorado, approved the above and foregoing Resolution, on motion duly made and seconded, by the following vote on the 1st day of December, A.D., 2025: [Insert Resolution Attestation Block Post Meeting] 2025-3276 PL1595 MEMORANDUM TO: Clerk to the Board 11' IT � � - DATE: November 17, 2025 v� V i G ON T Y FROM: Jazmyn Trujillo-Martinez, Planning Services Dept. � _ SUBJECT: BOCC Agenda Item—Approve Full Release of Project Collateral and Accept Warranty Collateral For: Olson Bros, LP, and Spring Meadows, LLC—PUDF22-0004 Request to Approve Full Release of Project Collateral and Accept Warranty Collateral: The Department of Planning Services received a request from Roger Olson, representative of Olson Bros, LP, and Spring Meadows, LLC, requesting that the Board of County Commissioners release the currently held project collateral in the amount of $63,875.35. Warranty collateral is required to be held for the duration of the two-year warranty period. Warranty collateral in the amount of $9,581.30 has been provided in the form of Irrevocable Letter of Credit Number 2025-01, guaranteed by Front Range State Bank, 2001 Main Street, Longmont, Colorado 80501. Weld County Planning Services and Public Works Departments performed a site inspection, at the above-mentioned site,and observed the following: •All items on Exhibit C,of the Improvements Agreement According to Policy Regarding Collateral for Improvements Document Tyler #2023-3136, have been completed and are found to be acceptable. County Attorney's Office has reviewed the Improvements Agreement and Collateral requirements and recommends this full release of project collateral and acceptance of warranty collateral. Weld County Collateral List: Olson Bros, LP and Spring Meadows Development, LLC, c/o Roger Olson PUDF22-0004 (PL1595, #2023-3136) Improvements and Road Maintenance Agreement, Approved 10/23/23, Contract ID 7525, Irrevocable Letter of Credit, #2023-01, Front Range State Bank, $63,875.35 Recommendation: The Departments of Planning Services, Public Works, and the County Attorney's Office are recommending approval of the full release of project collateral and accept warranty collateral for Olson Bros,LP,and Spring Meadows,LLC—PUDF22-0004,and that this item be placed on the next regularly scheduled BOCC Hearing, as part of the Regular Agenda. cc: Dawn Anderson, Planning Services 2025-3276 t /OI PL1595 FRONT C 0 e / RANGE ----- State Bank Taking Care Of Business Since 1899 IRREVOCABLE LETER OF CREDIT Number 2025-01 BENEFICIARY: APPLICANT: BOARD OF COMMISSIONERS WELD COUNTY SPRING MEADOWS DEVELOPMENT LLC 1555 NORTH 17TH AVE 19480 County Road 15 GREELEY, CO 80601 Johnstown, CO 80534 AMOUNT: EXPIRATION DATE: USD $9,581.30 August 25, 2027 AT THE REQUEST AND FOR THE ACCOUNT OF SPRING MEADOWS DEVELOPMENT, LLC ("APPLICANT"). WE, FRONT RANGE STATE BANK A DIVISION OF RNB STATE BANK, 2001 MAIN STREET, LONGMONT, CO 80501. ("ISSUER") ISSUE THIS IRREVOCABLE STANDBY LETTER OF CREDIT NUMBER 2025-01 ("STANDBY') IN FAVOR OF BOARD OF COUNTY COMMISSIONERS WELD COUNTY ("BENEFICIARY") IN THE MAXIMUM AGGRIGATE AMOUNT OF USD $9,581.30 ISSUER UNDERTAKES TO BENEFICARY TO PAY BENEFICIARY'S DEMAND FOR PAYMENT IN THE CURRENCY AND FOR AN AMOUNT AVAILABLE UNDER THIS STANDBY AND IN THE FORM OF THE ANNEXED PAYMENT DEMAND COMPLETED AS INDICATED AND PRESENTED TO ISSUER AT THE FOLLOWING PLACE FOR PRESENTATION: FRONT RANGE STATE BANK A DIVISION OF RNB STATE BANK 2001 MAIN STREET, LONGMONT, CO 80501 BEFORE THE EXPIRATIOINS DATE. THE EXPIRATONS DATE OF THIS STANDBY IS August 25, 2027. THE EXPIRATION DATE OF THIS STANDBY SHALL BE AUTOMATICALLY EXTENDED FOR SUCCESSIVE ONE YEAR PERIODS, UNLESS ISSUER NOTIFIES BENEFICIARY BY OVERNIGHT COURIER, REGISTERED MAIL OR OTHER RECEIPTED MEANS OF DELIVERY SENT TO BENEFICIARY'S ABOVE STATED ADDRESS SIXTY (60) OR MORE DAYS BEFORE THE CURRENT EXPIRATION DATE THAT ISSUER ELECTS NOT TO EXTEND THE EXPIRATON DATE. 2001 Main St.•Longmont,CO 8o5oi (303)772-2296•Fax(303)772-2487 www.frontrangestatebank.com Member FDIC PAYMENT AGAINST A COMPLYING PRESENTATION SHALL BE MADE WITHIN 3 BUSINESS DAYS AFTER PRESENTATION BY WIRE TRANSFER TO A DULY REQUESTED ACCOUNT OF BENEFICIARY. ANY ADVICE OF SUCH PAYMENT SHALL BE SENT TO BENEFICIARY'S ABOVE STATED ADDRESS. PARTIAL AND MULTIPLE DRAWING ARE PERMITTED. THIS STANDBY IS ISSUED SUBJECT TO THE INTERNATIONAL STANDBY PRACTICES 1998 (ISP98) (INTERNATIONAL CHAMBER OF COMMERCE PUBLICATOIN NO. 590) AND, FRONT RANGE STATE BANK A DIVISION OF RNB STATE BANK UNDER THIS STANDBY ARE GOVERNED BY THE LAWS OF THE STATE OF COLORADO AND THE STATE OF WYOMING. THE COURTS LOCATED IN THE STATE OF COLORADO SHALL HAVE EXCLUSIVE JURISDICTION OVER ANY ACTION TO ENFORCE FRONT RANGE STATE BANK A DIVISION OF RNB STATE BANK OBLICATIONS UNDER THIS STANDBY. ALL DOCUMENTS MUST BE ISSUED IN THE ENGLISH LANGUAGE EXCEPT THAT ANY STAMPS, LEGALIZATION, OR ENDORSEMETNS, SHOWN ON A DOCUMENT MAY BE IN A LANGUAGE OTHER THAN ENGLISH. DOUCUMENTS WHICH SHOW PRE-PRINTED FIELD HEADINGS IN BOTH ENGLISH AND A SECOND LANGUAGE ARE ALSO ACCEPTABLE. ANY PROPER NAMES (INDLUDING NAMES OF PERSONS, ENTITIES, VESSELS) THAT USE NON-LATIN CHARACTERS MUST BE TRANSLITERATED USING LATIN-ALPHABET CHARACTERS. ISSUER SHALL NOT BE LIABLE FOR ANY DELAY, NON-RETURN OF DOCUMENTS, NON-PAYMENT, OR OTHER ACTION OR INACTION COMPETTED BY A JUDICAL ORDER OR BY ANY LAW OR REGULATION APPLI CABLE TO ISSUER. FRONT RANGE STATE BANK A DIVISION OF RNB STATE BANK ee© Ryan Sword Chief Credit Officer ANNEXED PAYMENT DEMAND (INSERT DATE) TO: FRONT RANGE STATE BANK A DIVISION OF RNB STATE BANK 2001 MAIN STREET LONGMONT, COLORADO 80501 ATTN: LETTER OF CREDIT DEPARTMENT RE: STANDBY LETTER OF CREDIT NUMBER 2025-01 DATED August 25-2025 ISSUED BY FRONT RANGE STATE BANK A DIVISION OF RNB STATE BANK. THE UNDERSGINED BENEFICIARY DEMANDS PAYMENT OF [INSEERT CURRENCY/AMOUNT] UNDER THE STANDBY. BENEFICIARY STATES THAT: APPLICANT IS OBILIGATED TO PAY THE BENEFICIARY THE AMOUNT DEMANDED UNDER (OR IN CONNECTIONS WITH) THE BETWEEN BENEFICARY AND APPLICANT FOR ROAD CONSTRUCTION COSTS. BENEFICIARY REQUESTS THAT PAYMENT BE MADE BY WIRE TRANSFER TO AN ACCOUNT OF BENEFICIARY AS FOLLOW: [ INSERT NAME, ADDRESS,AND ROUTING NUMBER OF BENEFICAY'R SBANK, AND NAME AND NUMBER OF BENEFICARY'S ACCOUNT). BOARD OF COUNTY COMMISSIONERS WELD COUNTY 1555 NORTH 17TH AVE GREELEY, CO 80631 BY ITS AUTHORIZED OFFIERS: [INSERT ORIGINAL SIGNATURE] [INSERT TYPED/ PRINTED NAME AND TITLE] Hello