HomeMy WebLinkAbout2.0 SIA 02.22.2017
VELASQUEZ MINOR SUBDIVISION IMPROVEMENTS AGREEMENT
THIS VELASQUEZ MINOR SUBDIVISION IMPROVEMENTS AGREEMENT (SIA) is made and entered
into this ___ day of _________________, ____, by and between TINA KIM VELASQUEZ AND ROBERT
CLAY VELASQUEZ AND ROBERT LEE BEASLEY AND IDA MAE BEASLEY (Owners) and the BOARD OF
COUNTY COMMISSIONERS OF GARFIELD COUNTY, COLORADO, acting for the County of Garfield, State of
Colorado, as a body politic and corporate, directly or through its authorized representatives and agents
(BOCC).
Recitals
Owner is the owner and developer of the Velasquez Minor Subdivision (the “Subdivision”),
which property is depicted on the Final Plat of Velasquez Minor Subdivision (Final Plat or Final Plat of the
Subdivision). The real property subject to this SIA is described in that Final Plat, recorded at Reception
Number of the real estate records of Garfield County, Colorado and incorporated by this
reference.
On _________________, 20__, the BOCC, by Resolution No. _________, recorded at Reception
Number ____________of the real estate records of Garfield County, Colorado and incorporated by this
reference, approved a preliminary plan for the Subdivision which, among other things, would create 2
single-family residential lots.
As a condition precedent to the approval of the Final Plat submitted to the BOCC as required by
the laws of the State of Colorado and by the Garfield County Land Use and Development Code, as
amended (LUDC), Owner wishes to enter into this SIA with the BOCC.
Owner has agreed to execute and deliver a letter of credit or other security in a form
satisfactory to the BOCC to secure and guarantee Owner’s performance under this Agreement and has
agreed to certain restrictions and conditions regarding the sale of properties and issuance of building
permits and certificates of occupancy within the subdivision, all as more fully set forth below.
NOW, THEREFORE, in consideration of the foregoing recitals and the mutual covenants and promises
contained herein, the BOCC and Owner (Parties) agree as follows:
Agreement
1. FINAL PLAT APPROVAL. The BOCC hereby accepts and approves the Final Plat of the
Subdivision, on the date set forth above, subject to the terms and conditions of this SIA, the
Preliminary Plan Approval, and the requirements of the LUDC and any other governmental or
quasi-governmental regulations applicable to the Subdivision (Final Plat Approval). Recording of
the Final Plat in the records of the Garfield County Clerk and Recorder shall be in accordance
with this SIA and at the time prescribed herein.
2. OWNERS PERFORMANCE AS TO SUBDIVISION IMPROVEMENTS.
a. Completion Date/Substantial Compliance. Owner shall cause to be constructed and
installed the subdivision improvements, identified in section 4 “water Supply” and as
shown on the the Exhibits defined in subparagraph 2.a.i., below (Subdivision
Improvements) at Owner’s expense, including payment of fees required by Garfield
County and/or other governmental and quasi-governmental entities with regulatory
jurisdiction over the Subdivision. Any disturbance from installation of improvements
shall be revegetated as noted in Plat not #10. The Subdivision Improvements shall be
completed on or before the end of the first full year following execution of this SIA
(Completion Date@), in substantial compliance with the following:
i. Plans marked Approved for Construction for all Subdivision
Improvements prepared by High County Engineering and submitted to
the BOCC on _______________, 20____, such plans being summarized
in the list of drawings attached to and made a part of this SIA by
reference as Exhibit A; the estimate of cost of completion, certified by
and bearing the stamp of Owner’s professional engineer licensed in the
State of Colorado (Owner’s Engineer), attached to and made a part of
this SIA by reference as Exhibit B, which estimate shall include an
additional 10% percent of the total for contingencies; and all other
documentation required to be submitted along with the Final Plat under
pertinent sections of the LUDC (Final Plat Documents).
ii. All requirements of the Preliminary Plan Approval.
iii. All laws, regulations, orders, resolutions and requirements of Garfield
County and all special districts and any other governmental entity or
quasi-governmental authority (ies) with jurisdiction.
iv. The provisions of this SIA.
b. Satisfaction of Subdivision Improvements Provisions. The BOCC agrees that if all
Subdivision Improvements are constructed and installed in accordance with this
paragraph 2; the record drawings have been submitted upon completion of the
Subdivision Improvements, as detailed in paragraph 3(c), below; and all other
requirements of this SIA have been met, then the Owner shall be deemed to have
satisfied all terms and conditions of the Preliminary Plan Approval, the Final Plat
Documents and the LUDDC, with respect to the installation of Subdivision
Improvements.
3. SECURITY FOR SUBDIVISION IMPROVEMENTS (EXCEPT RE-VEGETATION). Subdivision
Improvements Letter of Credit and Substitute Collateral. As security for Owner’s obligation to
complete the Subdivision Improvements Owner shall deliver to the BOCC, on or before the date
of recording of the Final Plat of the Subdivision, a Letter of Credit in the form agreed to be
acceptable to the BOCC, attached to and incorporated in this SIA by reference as Exhibit C (LOC)
or in a form consistent with the Uniform Commercial Code, C.R.S. § 4-1-101, et seq. and
approved by the BOCC. The LOC shall be in the amount of $10,120, representing the full
estimated cost of completing the Subdivision Improvements, with a sufficient contingency to
cover cost changes, unforeseen costs and other variables (not less than 10% of the estimated
cost and as approved by the BOCC), the cost of Subdivision Improvements already completed as
of the date of execution of this SIA, i.e. $( reduced amount )], as set forth and certified by
Owner’s Engineer on Exhibit B , to guarantee completion of the Subdivision Improvements. The
LOC shall be valid for a minimum of six (6) months beyond the Completion Date for the
Subdivision Improvements set forth in Paragraph 2.a., above. The BOCC, at its sole option, may
permit the Owner to substitute collateral other than a Letter of Credit, in a form acceptable to
the BOCC, for the purpose of securing the completion of the Subdivision Improvements subject
of this Paragraph 3.a.
1. LOC Requirements and Plat Recording. The LOC required by this SIA shall be issued by a
state or national banking institution acceptable to the BOCC. If the institution issuing
the LOC is not licensed in the State of Colorado and transacting business within the
State of Colorado, the LOC shall be confirmed within the meaning of the Uniform
Commercial Code, Letters of Credit, 4-5-101, et seq., C.R.S., as amended, by a bank that
is licensed to do business in the State of Colorado, doing business in Colorado, and
acceptable to the BOCC. The LOC shall state that presentation of drafts drawn under
the LOC shall be at an office of the issuer or confirmer located in the State of Colorado.
The Final Plat of the Subdivision shall not be recorded until the security, described in
this paragraph 3 has been received and approved by the BOCC.
2. Extension of LOC Expiration Date. If the Completion Date, identified in paragraph 2.a.,
above, is extended by a written amendment to this SIA, the time period for the validity
of the LOC shall be similarly extended by the Owner. For each six (6) month extension,
at the sole option of the BOCC, the face amount of the LOC shall be subject to re-
certification by Owner’s Engineer of the cost of completion and review by the BOCC.
3. Unenforceable LOC. Should the LOC expire or become void or unenforceable for any
reason, including bankruptcy of the Owner or the financial institution issuing or
confirming the LOC, prior to the BOCC’s approval of Owner’s Engineer’s certification of
completion of the Subdivision Improvements, this SIA shall become void and of no force
and effect and the Final Plat shall be vacated pursuant to the terms of this SIA.
4. Partial Releases of Security. Owner may request partial releases of the LOC, and shall do
so by means of submission to the Building and Planning Department of a “Written
Request for Partial Release of LOC”, in the form attached to and incorporated by this
reference as Exhibit D, accompanied by the Owner’s Engineer’s stamped certificate of
partial completion of improvements. The Owner’s Engineer’s seal shall certify that the
Subdivision Improvements have been constructed in accordance with the requirements
of this SIA, including all Final Plat Documents and the Preliminary Plan Approval. Owner
may also request release for a portion of the security upon proof that 1) Owner has a
valid contract with a public utility company regulated by the Colorado Public Utilities
Commission obligating such company to install certain utility lines; and 2) Owner has
paid to the utility company the cost of installation as required by the contract. The
BOCC shall authorize successive releases of portions of the face amount of the LOC as
portions of the Subdivision Improvements, dealt with in this Paragraph 3, are certified as
complete to the BOCC by the Owner’s Engineer and said certification is approved by the
BOCC.
5. BOCC’s Investigation. Notwithstanding the foregoing, upon submission of the Owner’s
Written Request for Partial Release of LOC, along with Owner’s Engineer’s certificate of
partial completion of improvements, the BOCC may review the certification and may
inspect and review the Subdivision Improvements certified as complete to determine
whether or not they have been constructed in compliance with relevant specifications,
as follows:
a. If no letter of potential deficiency is furnished to Owner by the BOCC
within fifteen (15) business days of submission of Owner’s Written
Request for Partial Release of LOC, accompanied by Owner’s Engineer’s
certificate of partial completion of improvements, all Subdivision
Improvements certified as complete shall be deemed approved by the
BOCC, and the BOCC shall authorize release of the appropriate amount
of security.
b. If the BOCC chooses to inspect and determines that all or a portion of
the Subdivision Improvements certified as complete are not in
compliance with the relevant specifications, the BOCC shall furnish a
letter of potential deficiency to the Owner, within fifteen (15) business
days of submission of Owner’s Written Request for Partial Release of
LOC, accompanied by Owner’s Engineer’s certificate of partial
completion of improvements.
c. If a letter of potential deficiency is issued identifying a portion of the
certified Subdivision Improvements as potentially deficient, then all
Subdivision Improvements not identified as potentially deficient shall be
deemed approved by the BOCC, and the BOCC shall authorize release of
the amount of security related to the Subdivision Improvements
certified as complete and not identified as potentially deficient.
d. With respect to Subdivision Improvements identified as potentially
deficient in a letter of potential deficiency, the BOCC shall have thirty
(30) days from the date of the letter to complete the initial
investigation, begun under subparagraph 3.f.ii., above, and provide
written confirmation of the deficiency(ies) to the Owner.
e. If the BOCC finds that the Subdivision Improvements are complete, in
compliance with the relevant specifications, then the appropriate
amount of security shall be authorized for release within ten (10)
business days after completion of such investigation.
6. BOCC Completion of Improvements and Other Remedies. If the BOCC finds, within the
thirty (30) day period of time, defined in subparagraph 3.f.iv. above, that the Subdivision
Improvements are not complete, or if the BOCC determines that the Owner will not or
cannot construct any or all of the Subdivision Improvements, whether or not Owner has
submitted a written request for release of LOC, the BOCC may withdraw and employ
from the LOC such funds as may be necessary to construct the Subdivision
Improvements in accordance with the specifications, up to the face amount or
remaining face amount of the LOC. In such event, the BOCC shall make a written finding
regarding Owner’s failure to comply with this SIA prior to requesting payment from the
LOC, in accordance with the provisions of Article 13 of the LUDC. In lieu of or in addition
to drawing on the LOC, the BOCC may bring an action for injunctive relief or damages
for the Owner’s failure to adhere to the provisions of this SIA regarding Subdivision
Improvements. The BOCC shall provide the Owner a reasonable time to cure any
identified deficiency(ies) prior to requesting payment from the LOC or filing a civil
action.
7. Final Release of Security. Upon completion of all Subdivision Improvements, Owner
shall submit to the BOCC, through the Community Development Department: 1) record
drawings bearing the stamp of Owner’s Engineer certifying that all Subdivision
Improvements: have been constructed in accordance with the requirements of this SIA,
including all Final Plat Documents and the Preliminary Plan Approval, in hard copy and
digital format acceptable to the BOCC; 2) copies of instruments conveying real property
and other interests which Owner is obligated to convey to the Homeowner’s Association
of the Subdivision at the time of Final Plat Approval; and 3) a Written Request for Final
Release of LOC, in the form attached to and incorporated herein as Exhibit E, along with
Owner’s Engineer’s stamp and certificate of final completion of improvements.
a. The BOCC shall authorize a final release of the LOC after the Subdivision
Improvements are certified as final to the BOCC by the Owner’s
Engineer and said final certification is approved by the BOCC. If the
BOCC finds that the Subdivision Improvements are complete, in
accordance with the relevant specifications, the BOCC shall authorize
release of the final amount of security, within ten (10) business days
following submission of the Owner’s Written Request for Final Release
of LOC accompanied by the other documents required by this paragraph
3.h.
b. Notwithstanding the foregoing, upon Owner’s Written Request for Final
Release of LOC, accompanied by Owner’s Engineer’s certificate of final
completion of improvements, the BOCC may inspect and review the
Subdivision Improvements certified as complete. If the BOCC does so
review and inspect, the process contained in paragraph 3.f., above, shall
be followed.
c. If the BOCC finds that the Subdivision Improvements are complete, in
accordance with the relevant specifications, the BOCC shall authorize
final release of security within ten (10) days after completion of such
investigation.
d. If the BOCC finds that the Subdivision Improvements are not complete,
in accordance with the relevant specifications, the BOCC may complete
remaining Subdivision Improvements, or institute court action in
accordance with the process outlined in paragraph 3.g., above.
4. WATER SUPPLY. As stated in paragraph 13, below, prior to issuance by the BOCC of any
certificates of occupancy for any residences or other habitable structures constructed within the
Subdivision, Owner shall install, connect and make operable a water supply and distribution
system for potable water in accordance with approved plans and specifications. All easements
and rights-of-way necessary for installation, operation, service and maintenance of such water
supply and distribution system shall be as shown on the Final Plat. Owner shall deposit with the
Garfield County Clerk and Recorder executed originals of the instruments of conveyance for
easements appurtenant to the water system, for recordation following recording of the Final
Plat and this SIA. All facilities and equipment contained within the water supply system shall be
transferred by Owner to the Homeowner’s Association of the Subdivision by bill of sale. If a
third party water [or sewer] service entity requires warranty of the system(s), Owner shall
provide proof to the BOCC that such warranty is in effect and, if necessary, has been assigned.
5. PUBLIC UTILITY RIGHTS-OF-WAY. Whether or not utility easements exist elsewhere in the
Subdivision, all road rights-of-way within the Subdivision shall contain rights-of-way for
installation and maintenance of utilities. Public utility easements shall be dedicated by the
Owner to the public utilities on the face of the Final Plat, subject to the Garfield County Road
and Right-of-Way Use Regulations, recorded as Reception No. 643477, in the records of the
Garfield County Clerk and Recorder, as amended. The Homeowner’s Association of the
Subdivision shall be solely responsible for the maintenance, repair and upkeep of said public
utility easements, unless otherwise agreed to with the public utility company(ies). The BOCC
shall not be obligated for the maintenance, repair and upkeep of any utility easement within the
Subdivision. In the event a utility company, whether publicly or privately owned, requires
conveyance of the easements dedicated on the face of the Final Plat by separate document,
Owner shall execute and record the required conveyance documents.
6. INDEMNITY. The Owner shall indemnify and hold the BOCC harmless and defend the BOCC
from all claims which may arise as a result of the Owner’s installation of the Subdivision
Improvements [including off-site improvements and revegetation] and any other agreement or
obligation of Owner, related to development of the Subdivision, required pursuant to this SIA.
The Owner, however, does not indemnify the BOCC for claims made asserting that the standards
imposed by the BOCC are improper or the cause of the injury asserted, or from claims which
may arise from the negligent acts or omissions of the BOCC or its employees. The BOCC shall
notify the Owner of receipt by the BOCC of a notice of claim or a notice of intent to sue, and the
BOCC shall afford the Owner the option of defending any such claim or action. Failure to notify
and provide such written option to the Owner shall extinguish the BOCC’s rights under this
paragraph. Nothing in this paragraph shall be construed to constitute a waiver of governmental
immunity granted to the BOCC by Colorado statutes and case law.
7. ROAD IMPACT FEE. Road Impact Fees will be due at the time of building permit and will be
assessed in relation to the square footage and type of dwelling unit or other structure that is
proposed.
8. FEES IN LIEU OF DEDICATION OF SCHOOL LAND. Owner has made a cash deposit in lieu of
dedicating land to the RE-1 School District, calculated in accordance with the LUDC and the
requirements of state law. The Owner and the BOCC acknowledge and agree that the cash in
lieu payment for the Subdivision is calculated as follows:
Unimproved per acre market value of land, based upon an appraisal submitted to the BOCC by
Owner, i.e. $25,727.00 x .02 x 1 = $515.00.
Said fee shall be transferred by the BOCC to the school district in accordance with the provisions
of 30-28-133, C.R.S., as amended, and the LUDC.
9. CARBONDALE AND RURAL FIRE DISTRICT FEE. Owner has made a cash deposit for the impact
fee of $730.00 as required by the Carbondale and Rural Fire Protection District.
10. SALE OF LOTS. No lots, tracts, or parcels within the Subdivision may be separately conveyed
prior to recording of the Final Plat in the records of the Garfield County Clerk and Recorder.
11. BUILDING PERMITS AND CERTIFICATES OF OCCUPANCY. As one remedy for breach of this SIA,
the BOCC may withhold issuance of building permits for any residence or other habitable
structure to be constructed within the Subdivision. Further, no building permit shall be issued
unless the Owner demonstrates to the satisfaction of the Carbondale & Rural Fire Protection
District, if the Fire District has so required, that there is adequate water available to the
construction site for the District’s purposes and all applicable District fees have been paid to the
District. No certificates of occupancy shall issue for any habitable building or structure,
including residences, within the Subdivision until all Subdivision Improvements have been
completed and are operational as required by this SIA
12. CONSENT TO VACATE PLAT. In the event the Owner fails to comply with the terms of this SIA,
the BOCC shall have the ability to vacate the Final Plat as it pertains to any lots for which
building permits have not been issued. As to lots for which building permits have been issued,
the Plat shall not be vacated and shall remain valid. In such event, the Owner shall provide the
BOCC a plat, suitable for recording, showing the location by surveyed legal description of any
portion of the Final Plat so vacated by action of the BOCC. If such a Plat is not signed by the
BOCC and recorded, or if such Plat is not provided by the Owner, the BOCC may vacate the Final
Plat, or portions thereof, by resolution. [It is specifically agreed that this paragraph __ applies to
the Subdivision as a multi-phased project and, therefore, in the event the BOCC vacates the
Final Plat as to the Subdivision, subject of this SIA, the BOCC may also withhold approval of a
proposed final plat for a future phase, if Subdivision Improvements [, including off-site
improvements,] [and revegetation,] covered by this SIA are not completely installed and
operable.]
13. ENFORCEMENT. In addition to any rights provided by Colorado statute, the withholding of
building permits and certificates of occupancy, provided for in paragraph 13, above, the
provisions for release of security, detailed in paragraph 3, above, and the provisions for plat
vacation, detailed in paragraph 14, above, it is mutually agreed by the BOCC and the Owner,
that the BOCC, without making an election of remedies, and any purchaser of any lot within the
Subdivision shall have the authority to bring an action in the Garfield County District Court to
compel enforcement of this SIA. Nothing in this SIA, however, shall be interpreted to require
the BOCC to bring an action for enforcement or to withhold permits or certificates or to
withdraw unused security or to vacate the Final Plat or a portion thereof, nor shall this
paragraph or any other provision of this SIA be interpreted to permit the purchaser of a lot to
file an action against the BOCC.
14. NOTICE BY RECORDATION. This SIA shall be recorded in the Office of the Garfield County Clerk
and Recorder and shall be a covenant running with title to all lots, tracts and parcels within the
Subdivision. Such recording shall constitute notice to prospective purchasers and other
interested persons as to the terms and provisions of this SIA.
15. SUCCESSORS AND ASSIGNS. The obligations and rights contained herein shall be binding upon
and inure to the benefit of the successors and assigns of the Owner and the BOCC.
16. CONTRACT ADMINISTRATION AND NOTICE PROVISIONS. The representatives of the Owner
and the BOCC, identified below, are authorized as contract administrators and notice recipients.
Notices required or permitted by this SIA shall be in writing and shall be effective upon the date
of delivery, or attempted delivery if delivery is refused. Delivery shall be made in person, by
certified return receipt requested U.S. Mail, receipted delivery service, or facsimile transmission,
addressed to the authorized representatives of the BOCC and the Owner at the address or
facsimile number set forth below:
Owner:
BOCC:
TINA KIM VELASQUEZ
ROBERT CLAY VELASQUEZ
ROBERT LEE BEASLEY
IDA MAE BEASLEY
w/copy to,
______________________________
______________________________
______________________________
______________________________
Board of County Commissioners
of Garfield County, Colorado
c/o Community Development Director
108 8th Street, Suite 401
Glenwood Springs, CO 81601
Phone: (970) 945-8212
Fax: (970) 384-3470
17. AMENDMENT AND SUBSTITUTION OF SECURITY. This SIA may be modified, but only in writing
signed by the parties hereto, as their interests then appear. Any such amendment, including, by
way of example, extension of the Completion Date, substitution of the form of security, or
approval of a change in the identity of the security provider/issuer, shall be considered by the
BOCC at a scheduled public meeting. If such an amendment includes a change in the identity of
the provider/issuer of security, due to a conveyance of the Subdivision by the Owner to a
successor in interest, Owner shall provide a copy of the recorded assignment document(s) to the
BOCC, along with the original security instrument. Notwithstanding the foregoing, the parties
may change the identification of notice recipients and contract administrators and the contact
information provided in paragraph 18, above, in accordance with the provisions of that
paragraph and without formal amendment of this SIA and without consideration at a BOCC
meeting.
18. COUNTERPARTS. This SIA may be executed in counterparts, each of which shall be deemed an
original, and all of which, when taken together, shall be deemed one and the same instrument.
19. VENUE AND JURISDICTION. Venue and jurisdiction for any cause arising out of or related to this
SIA shall lie with the District Court of Garfield County, Colorado, and this SIA shall be construed
according to the laws of the State of Colorado.
IN WITNESS WHEREOF, the parties have signed this SIA to be effective upon the date of Final Plat
Approval for the Subdivision.
BOARD OF COUNTY COMMISSIONERS
ATTEST: OF GARFIELD COUNTY, COLORADO
_________________________ By: ___________________________
Clerk to the Board Chairman
Date: __________________________
OWNER
By: ____________________________
________________________________
(Name and Title)
Date: __________________________
STATE OF COLORADO )
)ss.
COUNTY OF GARFIELD )
Subscribed and sworn to before me by ________________________, an authorized representative of
__________________, Owner of the Subdivision, this ___ day of __________________, 200__.
WITNESS my hand and official seal.
My commission expires: ____________________________
_______________________________
Notary Public
EXHIBIT A
An Employee-Owned Company
ENGINEERS ESTIMATE OF PROBABLE PUBLIC COSTS
Date: 11-10-16
RE: Velasquez Water System
Estimated improvements include:
Well pump and well pipe - $3000
Purecore piping from well house and tank 140’ $30/ft. - $4200
Electrical work from house to well pump - $500
Pressure tank and switch in house - $1500
Total Estimated Cost of improvements: $9,200
Prepared by Roger Neal, PE
Civil engineering Land surveying
1517 Blake avenue, suite 101 Glenwood Springs, CO 81601
970-945-8676 • phone
970-945-2555 • fax
www.hceng.com
EXHIBIT C
IRREVOCABLE STANDBY LETTER OF CREDIT
Reference #:
Amount:
Date of Issue:
Expiration Date:
BENEFICIARY: Board of County Commissioners of Garfield County (“Beneficiary” or “BOCC”)
108 8th Street, Suite 213
Glenwood Springs, CO 81601
ACCOUNT PARTY/Applicant:
TINA KIM VELASQUEZ AND ROBERT CLAY VELASQUEZ
ROBERT LEE BEASLEY AND IDA MAE BEASLEY
Establishment/Face Amount/Purpose/Expiration Date/Transferability
We hereby establish/issue/open, at the request of the Applicant/Account Party, Irrevocable
Standby Letter of Credit No. ______________ in an amount not to exceed Ten Thousand One Hundred
Twenty Dollars ($10,120). The purpose of this letter is to secure the Applicant/Account Party’s
performance of and compliance with the agreement between Applicant/Account Party and Beneficiary,
dated ______________ and titled Subdivision Improvements Agreement. This Letter of Credit expires at
_____________________ Bank, at _____ p.m. Mountain Standard Time on ______________, 201__.
This letter is not transferable.
Conditions for Payment to Beneficiary
Drafts submitted by Beneficiary must be accompanied by the following documents:
1. Beneficiary’s signed statement executed by the Chairman of the BOCC or the BOCC’s
authorized designee stating:
__________________________________________________, developer of Subdivision
is in default of its obligations set forth in that certain Subdivision Improvements
Agreement between ___________________________ and the BOCC, dated
___________________, and recorded as Reception Number ___________________ in
Book ______________ at Page _____________ of the Real Estate Records of the Office
of the Garfield County Clerk and Recorder.
2. The original Letter of Credit, endorsed on the reverse side with the words: “Drawn by
the Board of County Commissioners of Garfield County, Colorado in the amount of
$______________________,” manually signed by the Chairman or the BOCC’s
authorized representative.
3. Telefacsimile of the Draw Documents is acceptable to our Fax No. __________. If
presentation is made by fax, prompt phone notification must be given to
_________________________, _____________________ (telephone no.), or
_________________________, _____________________ (telephone no.). The fax
presentation shall be deemed the original presentation. In the event of a full or final
drawing the original standby Letter of Credit must be returned to bank by overnight
courier at the time of fax presentation.
Cancellation
This Letter of Credit and amendments, if any, must be returned to us for cancellation by
Applicant/Account party with a statement signed by the Beneficiary stating: “This Letter of Credit is no
longer required by the BOCC and is hereby returned to the issuing bank for cancellation.”
Issuer’s Undertaking
We hereby agree to honor each draft drawn under and in compliance with the terms of this
Letter of Credit if presented, together with the documents above specified, to
(name)__________________ Bank, (street address)____________________(city/town) _____________,
Colorado, on or before the date of expiration identified above. This letter is issued subject to the
Uniform Customs and Practices for Documentary Credit ( _________ Revision), International Chamber of
Commerce Publication Number 600 and the Uniform Commercial Code at C.R.S., §4-1-101 et seq., as
amended.
The laws of the State of Colorado shall govern the validity, interpretation, performance and
enforcement of this Letter of Credit, and mandatory exclusive venue for any judicial proceeding
pertaining to this Letter of Credit shall be in a court of competent jurisdiction in Garfield County,
Colorado.
_______________________________________ Bank
By _________________________________
Name _________________________________
Title _________________________________
EXHIBIT D
REQUEST FOR PARTIAL RELEASE OF LETTER OF CREDIT
Board of County Commissioners
Garfield County, Colorado
c/o Director of Community Development
108 8th Street, Suite 401
Glenwood Springs, CO 81601
RE: VELESQUEZ MINOR SUBDIVISION
This request is written to formally notify the BOCC of work completed for Velasquez Minor Subdivision.
As Owner [On behalf of the Owner], we request that the BOCC review the attached Engineer’s
Certificate of Partial Completion and approve a reduction in the face amount of the Letter of Credit in
the amount of
$____________________, to a reduced face amount of $_____________________.
Attached is the certified original cost estimate and work completed schedule, showing:
Engineers Cost Estimate _____________
Work Completed, less 10% _____________
Reduced Face Amount of LOC _____________
Based on periodic observation and testing, the construction has been completed, to date, in accordance
with the intent of the plans and specifications that were reviewed and approved by the BOCC’s
representatives and referenced in the Subdivision Improvements Agreement between the BOCC and the
Owner.
If further information is needed, please contact _________________________, at ___________.
_____________________________
Owner
or
_____________________________
Owner’s Representative/Engineer
REQUEST FOR FINAL RELEASE OF LETTER OF CREDIT
Board of County Commissioners
Garfield County, Colorado
c/o Director of Building and Planning
108 8th Street, Suite 401
Glenwood Springs, CO 81601
RE; VELESQUEZ MINOR SUBDIVISION
This request is written to formally notify the BOCC of work completed VELESQUEZ MINOR
SUBDIVISION As Owner [On behalf of the Owner], we request that the BOCC review the
attached Engineer’s Certificate of Completion and approve a full release of the Letter of Credit
in the amount of $____________________.
Attached is the certified original cost estimate and work completed schedule, showing that all
improvements required by the Improvements Agreement and secured by the Letter of Credit
have been completed.
Also enclosed are the following, required by the Improvements Agreement dated _______
between Owner and the BOCC, recorded at Reception No. ____________ at the Real Estate
Records of the Garfield County Clerk and Recorder (the “SIA”):
1. record drawings bearing the stamp of Owner’s Engineer certifying that all improvements
have been constructed in accordance with the requirements of the SIA, both in hand
copy and digital format acceptable to the BOCC; and
2. copies of instruments conveying real property and other interests which Owner was
obligated to convey to the homeowner’s association or other entity at the time of final
Plat Approval.
If further information is needed, please contact _________________________, at ___________.
_____________________________
Owner
or
_____________________________
Owner’s Representative/Engineer