HomeMy WebLinkAboutGREYROCK COMMONS - Filed GC-GENERAL CORRESPONDENCE - 2004-08-09Linder
Real Estate
August 15, 1993
Dave Stringer
Chief Construction Inspector
City of Ft. Collins Engineering Dept.
P.O. Box 580
Ft. Collins, CO 80522
Dear Dave:
It is my desire to post a letter of credit to collateralize a portion of the
water line that I do not wish to build at this time on my Briarwood MRD project.
The property is in the county (off Liberty Drive), but in the UGA and served by
city water and sewer. This letter shall serve to document the situation and
should be attached to and kept with the letter of credit and contractor's
estimate of costs involved.
The approved plans call for me to extend a 6" water line 344' to the north
property line of the three -lot MRD. I am the owner of Tract A to which this
line is being extended. I am presently under contract to sell Lots 1 and 2 to a
group of people who have formed the Ft. Collins Cohousing Community, L.L.C..
This group also has an option for a one year period to purchase Tract A. They
plan on processing a PUD through the county for a 25-lot development on this
property and replatting everything. The 6" water line that I am required to
extend would be of no use to them because its alignment does not work with their
site plan. Therefore, it doesn't make much sense to build it now, never use it,
and abandon it within a year. I have already extended the 6" main to the end of
the cul-de-sac, put in three services to serve my three lots, and a fire hydrant.
With these things in place and a collateralized escrow arrangement such as this
done, the Water and Wastewater Department will sign off on my plans and allow my
plat to be recorded so I can sell Lots 1, 2, and 3. I have chosen not to
collateralize the improvements cost with the county, so I must do all the
improvements first, get them all signed off, and then they will sign off on the
plat and I can sell the lots.
My arrangements with the Group are as follows:
Specializing in Development Properties
309 W. Harmony Road ' ' Fort Collins, Colorado 80526 (303) 229-0544
Dave Stringer
Page 2
9. Seller agrees to install 6" water line to beyond the end of
the cul-de-sac; install hydrant as shown, and collateralize the
additional extension of the water line to the North boundary of
the road right-of-way to allow the Briarwood MRD plat to be
recorded. Seller has priced the property to purchaser improved
as set forth above based on agreement with purchaser that for
their purposes this line extension is unnecessary and
undesirable. Seller shall enter into an escrow agreement with
the City of Fort Collins that states that should purchaser be
successful in their attempts to replan and replat the propertyy,
then at time of County Commission approval this escrow shall be
released and returned to seller. If purchaser's an requires
this water line, even if in its present alignmen it shall be
purchaser's obligation to pay for it and construe it. The cost
of. this water line has not been reflected in the purchase price
of the property andpurchaser shall have nq rights to expect to
use said line: or said escrow money. Should purchaser terminate
this contract:, or purchase Lots 1 & 2 and fail to obtain their
project a proval and not exercise the option and resell Lots 1 &
2, then i shall be the seller's obligation to install this line
in accordancewith the escrow a reement. Seller and purchaser
shall enter into an agreement closing concerning this issue.
This may seem a little unusual, but they did not want to pay for something they
in all likelihood would not need. They also wanted to purchase fully developed
lots so that if their development plans failed to be approved, or failed to get
financed, they they will resell the lots and be done. So I would see this
working as follows:
1. I collaterali'_ze the water line extension and they purchase the lots and
submit their plan to the county expecting a nine month processing time.
2. If they fail„ they resell Lots 1 and 2 and never exercise their option on
Tract A in which case I will install the line and request return of the
letter of credit.
3. If their plan gets approved, the line will not have to be built, or will
become their obligation to build under our arrangement and I will request
the return of the letter of credit.
4. If their plans fall totally apart and they fail to purchase lots 1 and 2,
then I will complete the line and request the return of the letter of
credit.
Please consider this arrangement. If you or Mark Taylor see any problems
with it, I will redo this letter. The letter of credit will be in your format in
the amount of 150% of the contractor's estimate, or $8,724.
Very truly yours,
Mark Linder
cc: Mark Taylor
BRIARWOOD MRD
Develt ient Services
Engineering Department
City of Fort Collins
September 13, 1993
Mark Lender
Linder Real Estate
3500 JFK Parkway Suite 221
Fort Collins, Co. 80525
Re: Water and Sewer lines at Briarwood MRD a County Subdivision
Dear Mr. Mark:
This letter is to inform you that the water and sewer mainlines and
services installed by Hahn Construction in conjunction with the
Briarwood MRD project have been inspected, tested and initially
accepted by the city. The final acceptance of the mainline
utilities will not occur until after the contractors normal 2 year
warranty period ( September 13, 1995 ). Please be informed as per
City of Fort Collins Code the maintenance of the sewer and water
service lines become the responsibility of the property owner after
the warranty period has expired.
If you have questions please contact me at 221-6605.
Sincerely,
Pavia S`t���
Chief Construction Inspector
cc: file Briarwood MRD
181 A'cnth ( allege A%enue • P.O- Bov -,80 • Fort Collins, CO 80522-0580 • (303) 221-660;
Key Bank of Colorado 0--ff
A KeyCorp Bank
BANK
300 West Oak
P.O. Box 2182
Fort Collins, Colorado 80522
(303)482-3216
September 3, 1993
City of Fort Collins
300 LaPorte Avenue
Fort Collins, Co 80521
Dear Sirs:
We hereby establish, at the request and for the account of
Linder Real Estate and Development Co. in your favor as
beneficiary, cur Irrevocable Letter of Credit No. KBCO-001, in
the amount of EIGHT THOUSAND SEVEN HUNDRED FORTY-TWO AND NO
HUNDREDTHS DOLLARS ($8,742.00) (as more fully described below),
effective immediately and expiring at the close of banking
business on September 2, 1994, unless automatically renewed as
herein provided, at our office at 300 W. Oak, Fort Collins,
Colorado.
This Letter of Credit is intended for the Briarwood MRD
project for the assurance of the completion of the water line.
Funds under this Letter of Credit are available to you for one or
more drawings prior to the close of business on September 2, 1994
(unless automatically renewed as provided herein) against sight
drafts in an aggregate cumulative amount not to exceed $8,742.00,
dated the date of presentment, drawn on our office referred to
above, referring thereon to the number of this Letter of Credit
and accompanied by your written certificate signed by you and
acknowledged as therein provided in the form of Exhibit 1 hereto.
Presentation of such draft and certificate shall be made at
our office referred to above.
Upon the earlier of (i) our honoring your draft(s) totaling
$8,742.00 in the aggregate presented on or before this Letter of
Credit expires pursuant to the terms herein or (ii) the surrender
to us by you of this Letter of Credit for cancellation, this
Letter of Credit shall automatically terminate.
This Letter of credit shall be automatically renewed
annually, commencing immediately before the end of the initial
term or any renewal term, unless the issuer is notified in
writing by the beneficiary sixty (60) days prior to such annual
expiration date that this Letter of Credit is cancelled. The
issuer may terminate this Letter of Credit at the end of the
America's neighborhood bank
initial term or any renewal term provided that the issuer give
the beneficiary sixty (60) days advance written notice of the
issuer's intent to so terminate.
This Letter of Credit shall be governed by the laws of the
State of Colorado, including the Uniform Commercial Code as in
effect in the State of Colorado. Communications with respect to
this Letter of Credit shall be addressed to us at the office
referred to above, specifically referring to the number of this
Letter of Credit.
This Letter of Credit is not transferable.
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 of
agreement referred to herein; and any such reference shall not be
deemed to incorporate herein by reference any document,
instrument or agreement except for such certificate and draft(s).
Since ly,
Howard C. Wigert
Commercial Loan Offi er
EXHIBIT 1
CERTIFICATE
The undersigned hereby certifies as follows with respect to
the certain Irrevocable Letter of Credit No. KBCO-001 dated
September 3, 1993, established in favor of The City of Fort
Collins, Colorado (the "Letter of Credit"):
(a) He (she) is authorized to execute this Certificate on
behalf of The City of Fort Collins;
(b) The sum of $8,742.00, which is the amount of the draft
presented with this Certificate, is the amount
currently due to The City of Fort Collins from Linder
Rea:L Estate and Development Co.;
(c) The amount of the accompanying draft together with all
previous draws under the Letter of Credit do not exceed
in the aggregate $8,742.00; and
(d) The Letter of Credit has not expired.
IN WITNESS WHEREOF, the undersigned has executed this
Certificate on behalf of The City of Fort Collins this day
of
THE CITY OF FORT COLLINS, COLORADO
A Municipal Corporation
UZ
Title
STATE OF COLORADO )
) ss.
County of Larimer )
Subscribed and sworn to before me this day of
_, , by as
authorized officer of The City of Fort Collins, Colorado.
Witness my hand and official seal.
Notary Public
My Commission Expires:
City of Fort Collins
Community Planning and Environmental Services
Engineering Department
MEMORANDUM
DATE: November 08,1994
TO: Karla Smith, City Clerk's Office
FROM: Dave Stringer, Chief Engineering Inspector---,-;�
RE: Release Letter of Credit
Please release the amount $8,742.00 held in the form of Letter of Credit for water line
improvements at Briarwood MRD.
Release the amount of $8,742.00 to:
Engineering Dept.
City Of Ft. Collins
cc: Briarwood MRD
281 North College Aaenue • P.O. Box 580 • Fort Collins, CO 80522-0580 • (303) 221-6605
Linder
Real Estate
October 19, 1994
City of Fort Collins Water Utility
Mr. Mark Taylor
P.O. Box 580
Fort Collins, CO 80522
Dear Mark:
I have recently sold all of my interest in my Briarwood MRD
property to the Fort Collins Cohousing Community, Limited
Liability Company. They now own Lots 1, 2 and Tract A and have
processed a new development plan through Larimer County for the
entire property.
Enclosed are copies of the deeds to them, the Findings and
Resolution from the commissioners evidencing their project
approval, and a copy of my agreement with them concerning the
water line extension and letter of credit that I have posted
securing my obligation to install that line.
The purpose of this letter is to request the release and return
of my letter of credit that I turned in to Dave Stringer. They
now own all of the affected property and have a new approved plan
which nullifies the need for this line extension. My bank has
extended the letter of credit original term with me until
12/3/94. I would like to retrieve it personally from Dave before
that date.
Please process this request and call me at 229-0544 if you have
any questions, or problems with this.
Very truly yours,
Mark Linder
ML:cll
Enclosures
DATE:
Specializing in Development Properties
350o J.F.K. Parkway #221 � Fort Collins, Colorado 80525 i 1 (303) 229-0544