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Home My WebLink About2.0 Treasurer's Deposit Agreement1111 liP Rili:111i111+ r,W. Li 11111 Reception#: 882614 09120/2016 11:38:51 AM Jean Alberico 1 of 6 Rec Fee:$36.00 Dcc Fee:0.00 GARFIELD COUNTY CO • \ GARFIELD COUNTY TREASURER'S DEPOSIT AGREEMENT Pinyon Mesa Phase 2 REVEGETATION Owner: PMGC 2, LLC THIS 2016 GARFIELD COUNTY TREASURER'S DEPOSIT AGREEMENT — PINYON MESA PHASE 2 REVEGETATION ("Deposit Agreement") is entered into by and between the Garfield County Board of County Commissioners ("BOCC" or "beneficiary"), the Garfield County Treasurer, Karla Bagley ("Treasurer"), and PMGC 2, LLC ("Owner"). Whereas, the BOCC approved the Owner's application to conduct grading and construct certain improvements within the Pinyon Mesa Subdivision, Phase 2 pursuant to that certain Subdivision Improvement Agreement between the Owner and the BOCC recorded as Reception No. `SIA"). Whereas, the SIA requires provision of "Security for Revegetation" and Owner wishes to deposit good funds for such security. Whereas, the BOCC is willing to allow Owner's use of a Garfield County Treasurer's Deposit Agreement as such financial assurance. Whereas, the Treasurer is willing and able to hold such funds in accordance with the Treasurer's statutory duties outlined in C.R.S. §§ 30-10-701, et seq. and 30-1-102. Agreement NOW THEREFORE, in consideration of the foregoing Recitals, the parties agree as follows: 1. Pinyon Mesa Phase 2 Revegetation Treasurer's Account. Owner shall deposit with the Treasurer the sum of Twelve Thousand, Five Hundred Dollars ($12,500.00) to secure revegetation as required in the Grading Permit. In consideration of the service fee payable to the Treasurer, identified in Paragraph 2, below, the Treasurer shall place the funds in an interest bearing account and disburse funds there from in accordance with the terms of this Deposit Agreement. Such account shall be known as the "Pinyon Mesa Phase 2 Revegetation Treasurer's Account" and shall be subject to the terms and conditions of this Deposit Agreement. 2. Treasurer's Service Fee. The Treasurer's service fee shall be, in accordance with C.R.S. § 30-1-102(1)(c), as amended, one percent (1.0%) of the deposited funds, i.e., One Hundred and Twenty -Five Dollars ($125.00). The service fee covers administrative costs incurred by the Treasurer in distributing and accounting for the Pinyon Mesa Phase 2 Revegetation Treasurer's Account. Such fee shall be paid by Owner in cash or by check made payable to the Garfield County Treasurer, as identified in the "Receipt" section of this Deposit Agreement (page 5), on or before the date of execution of this Deposit Agreement. The service fee is deemed to be earned by the Treasurer upon execution of this Deposit Agreement. Interest earned on the Pinyon Mesa Phase 2 Revegetation Treasurer's Account shall be paid to Owner as part of the single disbursement detailed in Paragraph 3, below. The Treasurer shall thereafter provide to Owner a report of interest earned, as 11111 POPalr J gfitili pig!I!t' 1111 Reception#: 882614 09120/2016 11:38:51 AM Jean Alberico 2 of 6 Rec Fee:$36.00 Doc Fee:0.00 GARFIELD COUNTY CO required by state and federal tax law. Owner shall provide a completed Form W-9 to the Treasurer at the time the deposit is made. 3. Disbursement Procedure. Disbursement from the Pinyon Mesa Phase 2 Revegetation Treasurer's Account shall be made by the Treasurer upon the written direction of the BOCC, as follows: a. Request for Review and Approval. Upon complying with the two-year revegetation requirement, Owner shall obtain written approval from the Garfield County Vegetation Management Department of the required revegetation work. b. c. d. e. f. Deficiencies. If the Garfield County Vegetation Management Department refuses approval of the success of revegetation, the Garfield County Vegetation Management Department shall provide written notice of deficiency in substantial compliance with the provisions of the Grading Permit and Owner shall correct the identified deficiencies. Single Request for Disbursement. This Deposit Agreement does not provide for successive partial releases or disbursements from the Pinyon Mesa Phase 2 Revegetation Treasurer's Account. One (1) final disbursement shall be requested by Owner, upon completion of Revegetation. Owner specifically recognizes and agrees that partial releases are not allowed. Request for Disbursement/Release. Owner shall request disbursement by means of a written "Request for Disbursement," addressed to the BOCC and delivered to the Garfield County Building and Planning Department. The Request for Disbursement shall be accompanied by an approval statement from the Garfield County Vegetation Management Department. BOCC's Acknowledgment and Direction. Upon review of the submittals required by Paragraph 3.D., above, if the BOCC approves the statement from the Garfield County Vegetation Management Department, the BOCC shall issue its "Acknowledgment of Satisfaction and Direction to Treasurer", in a form substantially similar to that document attached to and incorporated herein by reference as "Exhibit A". BOCC's Completion of Revegetation. If, in the sole discretion of the BOCC, the Owner's revegetation success is deemed unsatisfactory within the period of time defined in Paragraph 4, below, or if the BOCC determines that Owner will not or cannot complete the revegetation under the Grading Permit, the BOCC may withdraw and employ from the Pinyon Mesa Phase 2 Revegetation Treasurer's Account such funds as may be necessary to carry out the revegetation. If funds are inadequate, responsibility to complete remaining Revegetation shall be that of the Owner, not the BOCC. If the BOCC elects to complete the Owner's revegetation work, expenditure on the effort shall be no more than the principal amount of the Pinyon Mesa Phase 2 Revegetation Treasurer's Account, plus interest, if interest is due Owner. If the cost of the revegetation to the BOCC is less than the amount available, the BOCC shall return the overage to Owner within a reasonable period of time following completion by the BOCC. 1111 1MIEMlw&lik 11111 Reception#: 882614 09/20/2016 11:38:51 RM Jean Rlberico 3 of 6 Rec Fee:$36.00 Doc Fee:0.00 GARFIELD COUNTY CO 4. Term. The term of this Deposit Agreement shall begin on the date of execution, as defined below, and end on or before two years following approval of the Grading Permit. If Owner has failed to complete the Revegetation within this term, all funds held under this Agreement shall continue to be maintained by the Treasurer until needed for completion of revegetation by the BOCC under Paragraph 3.F. S. Waiver, Consent and Indemnity. Owner consents to the disbursement procedure and other actions authorized and provided for by the terms of this Deposit Agreement. Owner waives any claim against the BOCC, the Treasurer, their officers, employees, agents, and contractors, on account of each of their good faith performance of their obligations under this Deposit Agreement. Owner shall defend, indemnify and hold harmless the BOCC, the Treasurer, their officers, employees, agents, and contractors from and against any claim made on account of this Deposit Agreement. 6. Indemnification of Treasurer. Owner and the BOCC each shall mutually defend indemnify and hold the Treasurer harmless from any claim made. Owner and the BOCC each waive any claim against the Treasurer involving this Deposit Agreement, unless such claim is premised upon the wanton and willful misconduct of the Treasurer. 7. Binding Effect. This Deposit Agreement shall be binding on the successors and assigns of all parties and shall terminate upon final disbursement of funds held by the Treasurer in the Pinyon Mesa Phase 2 Revegetation Treasurer's Account. 8. Immunity. Nothing contained in this Deposit Agreement constitutes a waiver of governmental immunity applicable to the BOCC under Colorado law. 9. No Agency. The making and execution of this Deposit Agreement shall not be deemed to create a partnership, joint venture, or agency or fiduciary relationship among the parties. 10. Integration. This Deposit Agreement constitutes the entire agreement among the parties pertaining to the method of deposit and disbursement of the Pinyon Mesa Phase 2 Revegetation Treasurer's Account. No supplement, modification or amendment of this Deposit Agreement, other than changes as to notice information, shall be binding unless executed in writing in a document of equal formality as this Deposit Agreement. 11. Notices. Any notice required or permitted by this Deposit Agreement shall be given in writing and shall be effective upon the date of delivery, or attempted delivery if delivery is refused. Delivery shall be made in person, or by certified return receipt requested U.S. Mail or receipted delivery service to: BOCC c/o Community Development Department attn: Director 108 Bch Street, 4th Floor Glenwood Springs, CO 81601 Garfield County Treasurer Karla Bagley 109 8th Street, Suite 204 Glenwood Springs, CO 81601 ■II114��.r��J��h��iIi U.� �i •� � �L�:�,1' ��L�'+i ,1I II Reception#: 882614 09/20/2016 11:38:51 AM Jean Alberico 4 of 6 Rec Fee:$36.00 Doc Fee:0.00 GARFIELD COUNTY CO Owner: PMGC 2, LLC c/o Ronald Norman, Manager 265 Ponderosa Pass Carbondale, CO 81623 With a copy to: Balcomb & Green, P.C. Attn: Chad J. Lee, Esq. P.O. Drawer 790 Glenwood Springs, CO 81601 clee@balcombgreen.com Changes in address, phone number and identity of contact person(s) shall be made in writing, and may be made without formal amendment of this Deposit Agreement. WHEREFORE, the parties have caused this Deposit Agreement to be effective on the date of execution by the BOCC, as ben- ciary, noted below. Ne.kti, NA &&& a • 3! B�A ATTEST: rk to the Board Date: q- I 1 Karla Bagley, Treat rer MISSIONERS ORADO DEPOSIT HOL GARFIELD CO Date: D/ Q 111114�r r1� �lr �ll� ��i��ti��i4t>*��G�+.iI��E� l:f��r� 11111 Reception#: 882614 09/20/2016 11:38:51 RM Jean Rlberico 5 of 6 Rec Fee:536.00 Doc Fee:0.00 GARFIELD COUNTY CO DEPOSITOR/OWNER: PMGC 2, LL By: o • d Norger Date: 97(7/ State of Colorado County of Garfield 51' Supscribed and sworn to before me this I— day of Se+ eri ?r, 2016, by Ronald klns-mrin, Arwie.0 oc, PM6C 2 , LLP, a TPMc-1ila.kec{ ( ;abs 11 company. Witness my hand and official seal. I My Commission expires: RECEIPT Check No. ; or Cash Form W-9: Received By: Print Name: Title: Date: Office of the Treasurer Form 1099 shall be sent to: Nota ITT J. CHOATE NOTARY PUBLIC STATE OF COLORADO NOTARY ID #19974007655 I My Commission Expires July 1, 2017 1111 ra 4!l ItALKIIAti'.10W11I:4ti411.i4ki 11111 Reception#: 882614 09/20/2016 11;38:51 AM Jean Rlberico 6 of 6 Rec Fee:$36.00 Doc Fee:0.00 GARFIELD COUNTY CO Exhibit A ACKNOWLEDGMENT OF SATISFACTION AND DIRECTION TO TREASURER TREASURER'S DEPOSIT AGREEMENT Recitals 1. , [a Colorado ] [an individual], entered into a 20 Garfield County Treasurer's Deposit Agreement with the Board of County Commissioners of Garfield County, Colorado ("BOCC") and the Treasurer of Garfield County, Colorado ("Treasurer") dated and recorded on as Reception Number of the Real Estate Records of the Garfield County Clerk and Recorder ( "Deposit Agreement"). 2. has presented certification to the BOCC from a licensed engineer that construction of Improvements is final and/or written approval from the Garfield County Vegetation Manager that revegetation is successful related to Grading Permit number Acknowledgment NOW THEREFORE, at the request of and in consideration of the premises and the prior agreements contained in the Deposit Agreement the BOCC hereby: 1. acknowledges full satisfaction of the security requirements of the Grading Permit; 2. authorizes disbursement of funds from the Treasurer's Account in the amount of $ , resulting in a remaining balance of $ -0- ; 3. authorizes and directs the Treasurer to release the funds held in the Treasurer's Account to an authorized representative of BOARD OF COUNTY COMMISSIONERS ATTEST: OF GARFIELD COUNTY, COLORADO By: Clerk to the Board John Martin, Chairman Date: