HomeMy WebLinkAboutPROSPECT INDUSTRIAL PARK - Filed DCP-DEV. CONSTRUCTION PERMIT - 2005-06-13Iransporwtion Services
City of Fort Collins, Colorado
DEVELOPMENT CONSTRUCTION PERMIT
Permit Number: Issuance Date: `,%-1 � � - C I
Project Name: Prospect Industrial Park, Lot 32, Midpoint Self Storage
Project A.K.A.: Midpoint Self Storage
Project Location: South side of Midpoint Road just west of the Spect Point intersection
Permittee: Barry Sherman, DCB Construction Co., Inc., (303) 287-5525
City and developer contacts: See attached Exhibit AA @ for names and phone numbers of all
contact persons for this project.
Fees: Permit Application Fee ($300.00) $ 300.00
Construction Inspection Fee (paid prior to issuance of this permit) $ 4,055.60
Excavation Permit in Row (paid prior to the issuance of this permit) $ 375.00
Total $ 4,730.60
Development Bond or other approved security:
Amount of security deposited with the City to guarantee the completion of all public
improvements to be constructed as shown on the approved plans for the development.
$ 89,360.00
I`
Form of security deposited with the City:
PERFORMANCE REQUIREMENTS OF THIS PERMIT:
1. The Permittee shall be responsible to require their Project Engineer to incorporate into all
design drawings and specifications the certification of all materials testing by an Engineer. The
Permittee shall have an Engineer prepare revised design drawings and secure City approval for
all revisions to the Utility Plans and related documents. The Permittee shall have an Engineer
represent, as required by the City in the Development Agreement, that the improvements are
constructed in conformance with the approved Utility Plans and the standards and specifications
of the City. The Permittee shall provide "as -constructed" plans prepared by an Engineer prior to
the City's acceptance of the constructed public improvements. (All references above to the terms
"Project Engineer" and "Engineer" shall mean a Professional Engineer licensed in Colorado.)
2. All contractors who perform work on this project must be bonded and licensed in
conformance with City requirements.
(u70) "_ I -b(,05 1-AX (11, �21-(1378
EXHIBIT I
CERTIFICATE
The City of Fort Collins hereby certifies as follows with respect to the certain
Irrevocable Letter of Credit No. 145 dated August 7, 2001, established in the 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 applicant/developer is in default under the terms of the development
agreement and/or the development construction permit.
(c) The sum of $ , which is the amount of the draft
presented with this Certificate, is the amount currently due to the City of
Fort Collins from Midpoint Development LLC;
(d) The amount of the accompanying draft together with all previous draws
under the Letter of Credit do not exceed in the aggregate $89,360.00; and
(e) The Letter of Credit has not expired.
IN WHITNESS WHEREOF, the undersigned has executed this Certificate of behalf of
the City of Fort Collins this day of
THE CITY OF FORT COLLINS, COLORADO
A Municipal Corporation
EXHIBIT 2
Request for Amendment or Release of Letter of Credit 4145
The City of Fort Collins certifies that the person signing below is authorized to execute
this Request for Amendment or Release of Letter of Credit on behalf of the City of Fort
Collins, and further certifies with respect to the provisions contained in the Development
Construction Permit dated , and/or the Development
Agreement dated between the City of Fort Collins (Beneficiary)
and Midpoint Development LLC (Developer), the following:
The Letter of Credit is to be reduced to $
The expiration date of the Letter of Credit is revised to be
The 60-day automatic one year renewal provision contained in the
Letter of Credit is no longer in effect.
Release Original Letter of Credit upon receipt of separate
replacement Maintenance Letter of Credit in the amount of
(current value).
Release Letter of Credit
In witness whereof, the undersigned has executed this certificate on behald of the City of
Fort Collins this day of
CITY OF FORT COLLINS, COLORADO
A Colorado Municipal Corporation
By:
(Name and Title)
City of Fort Collins
Transp*Wation Services .004
Engineering Department
EXHIBIT 2
Request for Amendment to Letter of Credit #Prospect Industrial Park Lot 2
Project Name: Prospect Industrial Park, Lot 2
The City of Fort Collins certifies that the person signing below is authorized to execute this
Request for Amendment or release of the Letter of Credit on behalf of the City of Fort Collins,
and further certifies with respect to the provisions contained in the Development Construction
Permit dated n/a and/or the Development Agreement dated n/a, between the City of Fort Collins
(Beneficiary) and Prospect Industrial Park Lot 2 (Developer), the following:
■ Release Bond
❑ Release Original Bond upon receipt of separate replacement Maintenance Letter of Credit
in the amount of
❑ The Bond is to be reduced to
❑ The expiration date of the Bond is revised to be
❑ The 60-day automatic one-year renewal provision contained in the Bond is no longer in
effect.
In witness whereof, the undersigned has executed this certificate on behalf of the City of Fort Collins
on.
CITY OF FORT COLLINS, COLORADO
a Colorado municipal corporation
By: l2 c ►��
Cam McNair
City Engineer
_o 1 1No' ui � uurp,e nv"'Iu • ev. HM 180 • I'ort (ollins, CO 80522-0581) • (970) 221-oo05 • FAX (970) 221-o"78
www.ci.tort-coIIins.cn.its
United Bank of Ft. Collins
40, So. College Avenue
Ft. Collins. Co W524
482-1100
Pieces of issue
FL Collins, Colorsdo
Date of issue
Credit Number `—a y—oa
of Nwin0 bank of advising bank
ng Bank 424
Applicant
G B Ventures
P. 0. Box 1666
Boulder, Colorado 80306
- Beneficiary Amount
Forty two thousand one hundred eighteen
City of Fort Collins and 75/100------------- --($42,118.75)
Fort Collins, Colorado -• Expiry
Date 2-19-90
We hereby issue this irrevocable credit
which is available against beneficiary's draft(s) at eight
drawn on United Bank of Ft. Collins, N.A. bearing the clause: "Drawn under Irrevocable credit No. 424
the following documents: 1) This Letter of Credit
inFt. Collins, CO fornegotis0on
accompanied by
2) A statement purportedly signed by an authorized official of the
City of Fort Collins, that such funds are due for non —completion
of landscaping pursuant to the landscaping plan, parking lot
striping, trash enclosure pads and two parking lot light pole
bases for 1825 Sharp Point Drive Fort Collins, Colorado 80525.
SPECIAL INSTRUCTIONS: Partial drawings are permissible.
This Letter of Credit is issued and subject to the Uniform Customs
and Practices for Documentary Credits (1983 Revision), International
Chamber of Commerce Publications No. 400, to the extent that it does
not conflict with Article 5 of the Commercial Code for the State of
Colorado.
We hereby agree to honoreach draft drawn and in compliance with the terms
of this credit If duly presented (together with the documents as specified) at
this office on or before the expiry date.
is Unitad Bank of Ft. Collins National Association
Indications of Me advising bank
This Is an Irrevocable credit of the above mentioned issuing bank and Is
transmitted to you without any responsibility or engagement on our part.
FORM 10-29
plats, dab, name and Signature of advising bank.
M
Subdivision / Project
Development Agreement Dated:
DCP Dated:
Initial BOND Dated:
Initial BOND Amount
Initial BOND #:
Initial BOND Expiration Date:
Requested By:
Reductions:
$0.00
$0.00
$0.00
Replacement
Amount
BOND #:
Date:
Current Value:
Notes:
v.l
Bond
Prospect Industrial Park Lot
October 8, 1999
$33,162.1 1
880127S
Irrevocable
Dohn Construction, Inc.
x
x
x
$ 0.00
x
x
$33,162.11
02/28/00 Bond Covers
.THE LINDEN CO. 19702291398 09/04 101 10:41 NO.423 02/03
Wit--T---
Bond No. 860127S
DEVELOPMENT BOND
KNOW ALL MEN BY THESE PRESENTS: that we Doha Construction, Inc.
132 Commerce Drive, Unit 1. Fort Collins, CO 80524 as Principal, hereinafter
referred to as the "Developer" and Developers Surety and indemnity Company
a corporation orgatized under the laws
of the State of Iowa _ , as Surety, hereinafter referred io as "Surety", are held and firmly
bound unto the CITY OF FORT COLLINS. COLORADO, a municipal corporation, hereinafter
referred to as the "City", in the suns of Thirty Three Thousand One Hundred Sixty Two and
1 I / 100- - - - - - - - - - - - - - - - - - - - - Dollars (S 33.162.11 ) to be
paid to the City, for which payment well and truly to be trade, we b;nd oursclyc% our heirs, executors
and adrunlstrators, successors and assigns, firmly by these presents.
WIMEAS, the Developer has submitted to the City for its approval of the following
developrnentprcjcct: Prospect Industrial Yark, Lot No. 2
^: and
WHEMAS, the City has approved said development project and the Developer desires to
commence construction of the infrastructure that upon its completion and acceptance by the City,
shall become the property of the City; end
WIiERBAS, the City Code requires that the Developer post a bond equal to the total cost to
construct the Developer's portion of said public infrastructure, which for the above -described
development project shall be Thirty Three Thousand One Hundred Sixty Two and 111100
- - - - - - - - - - - - - - - - - ' Dollars (S 33,162.11 ), with such Surety
to be in fora+ approved by the City and upon condition that the bond remain in full force and effect
until such time as the City releases such bond, which release shall occur upon (1) issuance to the
Developer of a notice of 9ra1 acceptance stating that all of the public infrastructure improvements
have been completed in accordance with the approved plans for said development project and the
specifications and standards of the City; and (2) delivery to the City by the Developer of a bond, cash
or other securing deposit in a form acceptable to the City to guarantee that the Developer shall
maintain and repair all of said public infrastructure improvements in accordance with the City Code.
NOW, THEREFORE, the condition of this obligation is such that if the Developer shall truly
and faithfully perform its obligations in constructing, meintainirg and repairing the public
infrastructure constructed in connection wiih the aforesaid development project in accordance with
the City Code (including the Land Use Code and Transitional Land Use Regulations, as applicable),
and specifically in accordance of the provisions of Ordinance No. 178, 1998, of the Council of the
City of Fort Collins (the provisions of which Ordinance have been incorporated into the City Code
and into the "Design and Construction Criteria, Standards and Specifications for Streets. Sidewalks,
Alleys and Other Public Ways" of the City) as the text of the provisions of said Ordinance may be
amended from time to time, then this obligation shall be void; otherwise to remain in full farce and
THE LINDEN CO. 19702291398 09/04 101 10:42 NO.423 03/03
rr/ rr/
DATED this day of
DEVELOPER: Dohn Construction, Inc.
Printed Nam*
By
Title:
SURETY: Developers Suret_y and Indamnity Company
Printed Name
Br
Kathryn Y. Broyles
Attorney -in -Fact (attach Power of Attorney).
City of Fort Collins
Transp*Wation Services .004
Engineering Department
EXHIBIT 2
Request for Amendment to Letter of Credit #Prospect Industrial Park Lot 2
Project Name: Prospect Industrial Park, Lot 2
The City of Fort Collins certifies that the person signing below is authorized to execute this
Request for Amendment or release of the Letter of Credit on behalf of the City of Fort Collins,
and further certifies with respect to the provisions contained in the Development Construction
Permit dated n/a and/or the Development Agreement dated n/a, between the City of Fort Collins
(Beneficiary) and Prospect Industrial Park Lot 2 (Developer), the following:
■ Release Bond
❑ Release Original Bond upon receipt of separate replacement Maintenance Letter of Credit
in the amount of
❑ The Bond is to be reduced to
❑ The expiration date of the Bond is revised to be
❑ The 60-day automatic one-year renewal provision contained in the Bond is no longer in
effect.
In witness whereof, the undersigned has executed this certificate on behalf of the City of Fort Collins
on.
CITY OF FORT COLLINS, COLORADO
a Colorado municipal corporation
By: l2 c ►��
Cam McNair
City Engineer
_o 1 1No' ui � uurp,e nv"'Iu • ev. HM 180 • I'ort (ollins, CO 80522-0581) • (970) 221-oo05 • FAX (970) 221-o"78
www.ci.tort-coIIins.cn.its
United Bank of Ft. Collins
40, So. College Avenue
Ft. Collins. Co W524
482-1100
Pieces of issue
FL Collins, Colorsdo
Date of issue
Credit Number `—a y—oa
of Nwin0 bank of advising bank
ng Bank 424
Applicant
G B Ventures
P. 0. Box 1666
Boulder, Colorado 80306
- Beneficiary Amount
Forty two thousand one hundred eighteen
City of Fort Collins and 75/100------------- --($42,118.75)
Fort Collins, Colorado -• Expiry
Date 2-19-90
We hereby issue this irrevocable credit
which is available against beneficiary's draft(s) at eight
drawn on United Bank of Ft. Collins, N.A. bearing the clause: "Drawn under Irrevocable credit No. 424
the following documents: 1) This Letter of Credit
inFt. Collins, CO fornegotis0on
accompanied by
2) A statement purportedly signed by an authorized official of the
City of Fort Collins, that such funds are due for non —completion
of landscaping pursuant to the landscaping plan, parking lot
striping, trash enclosure pads and two parking lot light pole
bases for 1825 Sharp Point Drive Fort Collins, Colorado 80525.
SPECIAL INSTRUCTIONS: Partial drawings are permissible.
This Letter of Credit is issued and subject to the Uniform Customs
and Practices for Documentary Credits (1983 Revision), International
Chamber of Commerce Publications No. 400, to the extent that it does
not conflict with Article 5 of the Commercial Code for the State of
Colorado.
We hereby agree to honoreach draft drawn and in compliance with the terms
of this credit If duly presented (together with the documents as specified) at
this office on or before the expiry date.
is Unitad Bank of Ft. Collins National Association
Indications of Me advising bank
This Is an Irrevocable credit of the above mentioned issuing bank and Is
transmitted to you without any responsibility or engagement on our part.
FORM 10-29
plats, dab, name and Signature of advising bank.
M
Subdivision / Project
Development Agreement Dated:
DCP Dated:
Initial BOND Dated:
Initial BOND Amount
Initial BOND #:
Initial BOND Expiration Date:
Requested By:
Reductions:
$0.00
$0.00
$0.00
Replacement
Amount
BOND #:
Date:
Current Value:
Notes:
v.l
Bond
Prospect Industrial Park Lot
October 8, 1999
$33,162.1 1
880127S
Irrevocable
Dohn Construction, Inc.
x
x
x
$ 0.00
x
x
$33,162.11
02/28/00 Bond Covers
Citv of Fort Collins
Transportation Services
Engineering Department
City of Fort Collins, Colorado
DEVELOPMENT CONSTRUCTION PERMIT
Permit Number: Cl - a3 Issuance Date:
Project Name: Prospect Industrial Park, Lot 32, Midpoint Self Storage
Project A.K.A.: Midpoint Self Storage
Project Location: South side of Midpoint Road just west of the Spect Point intersection
Permittee: Barry Sherman, DCB Construction Co., Inc., (303) 287-5525
City and developer contacts: See attached Exhibit AA @ for names and phone numbers of all
contact persons for this project.
Fees: Permit Application Fee ($300.00) $ 300.00
Construction Inspection Fee (paid prior to issuance of this permit) $ 4,055.60
Excavation Permit in Row (paid prior to the issuance of this permit) $ 375.00
Total $ 4,730.60
Development Bond or other approved security:
Amount of security deposited with the City to guarantee the completion of all public
improvements to be constructed as shown on the approved plans for the development.
$ 89,360.00
Form of security deposited with the City:
PERFORMANCE REQUIREMENTS OF THIS PERMIT:
1. The Permittee shall be responsible to require their Project Engineer to incorporate into all
design drawings and specifications the certification of all materials testing by an Engineer. The
Permittee shall have an Engineer prepare revised design drawings and secure City approval for
all revisions to the Utility Plans and related documents. The Permittee shall have an Engineer
represent, as required by the City in the Development Agreement, that the improvements are
constructed in conformance with the approved Utility Plans and the standards and specifications
of the City. The Permittee shall provide "as -constructed" plans prepared by an Engineer prior to
the Citv's acceptance of the constructed public improvements. (All references above to the terms
"Project Engineer" and "Engineer' shall mean a Professional Engineer licensed in Colorado.)
2. Al I contractors who perform work on this project must be bonded and licensed in
conformance with City requirements.
_81 Norlh Culloy;c.-Avonur I'U. Linz _,FII •fort Collins, <.<. N(152�-O;HO • 1`)70) ^_"'1-h6U5 I-A.X (970) _31-/i378
www., i.iort-col l ins.,o_us
.THE LINDEN CO. 19702291398 09/04 101 10:41 NO.423 02/03
Wit--T---
Bond No. 860127S
DEVELOPMENT BOND
KNOW ALL MEN BY THESE PRESENTS: that we Doha Construction, Inc.
132 Commerce Drive, Unit 1. Fort Collins, CO 80524 as Principal, hereinafter
referred to as the "Developer" and Developers Surety and indemnity Company
a corporation orgatized under the laws
of the State of Iowa _ , as Surety, hereinafter referred io as "Surety", are held and firmly
bound unto the CITY OF FORT COLLINS. COLORADO, a municipal corporation, hereinafter
referred to as the "City", in the suns of Thirty Three Thousand One Hundred Sixty Two and
1 I / 100- - - - - - - - - - - - - - - - - - - - - Dollars (S 33.162.11 ) to be
paid to the City, for which payment well and truly to be trade, we b;nd oursclyc% our heirs, executors
and adrunlstrators, successors and assigns, firmly by these presents.
WIMEAS, the Developer has submitted to the City for its approval of the following
developrnentprcjcct: Prospect Industrial Yark, Lot No. 2
^: and
WHEMAS, the City has approved said development project and the Developer desires to
commence construction of the infrastructure that upon its completion and acceptance by the City,
shall become the property of the City; end
WIiERBAS, the City Code requires that the Developer post a bond equal to the total cost to
construct the Developer's portion of said public infrastructure, which for the above -described
development project shall be Thirty Three Thousand One Hundred Sixty Two and 111100
- - - - - - - - - - - - - - - - - ' Dollars (S 33,162.11 ), with such Surety
to be in fora+ approved by the City and upon condition that the bond remain in full force and effect
until such time as the City releases such bond, which release shall occur upon (1) issuance to the
Developer of a notice of 9ra1 acceptance stating that all of the public infrastructure improvements
have been completed in accordance with the approved plans for said development project and the
specifications and standards of the City; and (2) delivery to the City by the Developer of a bond, cash
or other securing deposit in a form acceptable to the City to guarantee that the Developer shall
maintain and repair all of said public infrastructure improvements in accordance with the City Code.
NOW, THEREFORE, the condition of this obligation is such that if the Developer shall truly
and faithfully perform its obligations in constructing, meintainirg and repairing the public
infrastructure constructed in connection wiih the aforesaid development project in accordance with
the City Code (including the Land Use Code and Transitional Land Use Regulations, as applicable),
and specifically in accordance of the provisions of Ordinance No. 178, 1998, of the Council of the
City of Fort Collins (the provisions of which Ordinance have been incorporated into the City Code
and into the "Design and Construction Criteria, Standards and Specifications for Streets. Sidewalks,
Alleys and Other Public Ways" of the City) as the text of the provisions of said Ordinance may be
amended from time to time, then this obligation shall be void; otherwise to remain in full farce and
THE LINDEN CO. 19702291398 09/04 101 10:42 NO.423 03/03
rr/ rr/
DATED this day of
DEVELOPER: Dohn Construction, Inc.
Printed Nam*
By
Title:
SURETY: Developers Suret_y and Indamnity Company
Printed Name
Br
Kathryn Y. Broyles
Attorney -in -Fact (attach Power of Attorney).
3. Construction time restrictions: N/A
4. The applicant understands that additional permits may be required for this development
project and the applicant shall secure those permits directly from the issuing departments.
5. This permit, along with a complete set of all approved plans and documents for this project
(utility plans, site plan, landscape plan, development agreement, soils report, pavement design,
traffic study, drainage report, plat easements and any other official documents), shall be kept on
the development site available for use by City staff doing inspections.
6. Permit Expiration (in accordance with Section 29-12 of the Transitional Land Use
Regulations or Section 2.6.3(K) of the Land Use Code, whichever is applicable):
a. If construction has not begun within sixty (60) days from the date of issuance of this
permit, this permit shall expire and the applicant will forfeit the permit fee paid for this
permit, whereupon the applicant must re -apply for a new permit.
b. In addition, this permit shall expire one year from the date of issuance. The applicant
may apply for an extension by reapplication at least two weeks prior to the expiration
date. Such application shall contain information sufficient to justify the granting of the
extension. An extension may be granted for up to six months.
7. Building permits and certificates of occupancy will only be issued when all conditions
contained in the Development Agreement and Sections 3.3.2(C) and (D) of the Land Use Code or
Sections 29-678 and 29-679 of the Transitional Land Use Regulations, whichever is applicable,
are met. if the Development Agreement does not specify times for completion of public
improvements, or if there is no Development Agreement, then the improvement requirements
specified in Section 24-95 of the City Code shall apply, which provides that construction of all
improvements shall be required prior to the time of issuance of the first building permit .
8. Acceptance by the City of the public improvements shall be after (1) final inspection has
been conducted by the City ; (2) punch list items from the final inspection arc completed and
accepted by the City; (3) required certifications from the licensed professional engineer that
improvements are completed to City standards, specifications and approved Utility Plans; and (4)
the "as -constructed" plans have been received and accepted by the City.
9. The warranty on street improvements is for five (5) years from the date of acceptance by the
City of the completed improvements, in accordance with Sections 29-13 and 29-14 of the
Transitional Land Use Regulations and/or Sections 2.2.3(C)(3)(g), 3.3.I (C)(2), and 3.3.2(C) of
the Land Use Code, as applicable.
2
10. The City Erosion Control Inspector must be notified at least twenty four (24) hours prior to
any planned construction on this project. All required perimeter silt fencing and other
erosion/sediment control best management practices (BMP's) that can be installed prior to
construction must be in place and inspected by the City Erosion Control Inspector before any
land disturbing activity begins.
11. No work (including grading) shall be started in State Highway right-of-way until a permit is
issued by the Colorado Department of Transportation to allow such work to begin.
12. Other
Permittee's acknowledgment signature:
By signing this permit I acknowledges that I am acting with the knowledge, consent, and authority of
the owners of the property (including all owners having legal or equitable interest in the real property,
as defined in Section 1-2 of the City Code; and including common areas legally connected to or
associated with the property which is the subject of this application) without whose consent and authority
the requested action could not lawfully be accomplished. Pursuant to said authority, I hereby permit City
officials to enter upon the property for purposes of inspection and, if necessary, to enter upon such
property to perform work required of the applicant if the applicant were to fail to perform the required
work. I also acknowledge that I have read this permit document with all its requirements and
conditions, and I agree to all of the terms and
Applicant/Project Manager's
Approval for issuance:
so stated in this permit.
L Q
City Engineer Approval: V�kid--Date:
(Permit Issuance Date)
Exhibit "A" page 3 of 3
EXHIBIT "A"
DEVELOPMENT PROJECT CONTACT PERSONS
Project Name: Prospect Industrial Park, Lot 32, Midpoint Self Storage
Project A.K.A.: Midpoint Self Storage
Name, address and numbers
City Staff Contact Persons:
Development Engineer: Sheri Wamhoff
Construction Inspector:
281 N. College Avenue, Fort Collins, Co 80524
(970)221-6750 x7140
281 N. College Avenue, Fort Collins, Co 80524
(970)221-6605
Cell (970)
Current Planner: Steve Olt
281 N. College Avenue, Fort Collins, Co 80524
(970) 221-6750
Water Utilities Engineer: Roger Buffington
700 Wood Street, Fort Collins, Co 80521
(970)221-6681
Erosion Control Inspector: Bob Zackley
700 Wood Street, Fort Collins, Co 80521
(970)224-6063
Natural Resources: Kim Kreimeyer
281 N. College Avenue, Fort Collins, Co 80524
(970)221-6641
Traffic Operations: Eric Bracke
625 Ninth Street, Fort Collins, Co 80524
(970)224-6062
Street closures: Syl Mireles
625 Ninth Street, Fort Collins, Co 80524
(970)221-6815
Transportation Planning: Kathleen Reavis
210 E. Olive, Fort Collins, Co 80524
(970) 224-6140
Exhibit "A" page 4 of 3
Forestry: Tim Buchanan
281 N. College, Fort Collins, Co 80524
(970)221-6361
Light and Power:
700 Wood Street, Fort Collins, Co 80521
(970)221-6700
Developer's Contact Persons:
Project Manager: Shawn Duncan
DCB Construction Co. Inc.
909 E. 62"d Ave, Denver, Co 80216
(303) 287-5525
Cell (303) 434-3797
Fax (303) 287-3697
Developer/Owner: Chuck McNeal
Midpoint Development, LLC
4815 Hogan Dr., Fort Collins, Co 80525
(970)222-2680
Cell (970) 222-2680
Fax
Cmcnealkfrii.com
Project Engineer: Dave Klockman
JR Engineering
2620 E. Prospect Rd, Fort Collins, Co 80521
(970) 491-9888
Cell (970)
Fax (970) 491-9984
Rprovencio(c7jrengineerin com
Architect/Planner: Barry Sherman
DCB Construction Co., Inc.
909 E. 62"d Ave, Denver, Co 80216
(303) 287-5525
Cell (303) 434-5483
Fax (303) 287-3697
BarrvshermanAdcb Lcom
Exhibit "A" page 5 of 3
General Contractor: Shawn Ducan
DCB Construction Co., Inc.
909 E. 62°d Ave, Denver, Co 80216
(303)287-5525
Cell (303) 434-3797
Fax (303) 287-3697
Shawnduncangdcb l .com
Exhibit "A" page 6 of 3
��NRf .�
a,ir
CENTENNIAL
August 7, 2001
City of Fort Collins
300 Laporte Avenue
Fort Collins, CO 80521
Dear Sirs:
We hereby establish, at the request and for the account of Midpoint Development, LLC,
in your favor as beneficiary our Irrevocable Letter of Credit No. 145, in the amount of
Nighty Nine Thousand Three Hundred Sixty Dollars ($89,360.00) (as more fully
described below), effective immediately and expiring at the close of banking business on
July 11, 2002, at our office at 713 South Lemay Avenue, Fort Collins, CO 80524.
This Letter of Credit is intended for the funding required for the Lot 32, Prospect
Industrial Park, Midpoint Self Storage Solutions Development Project ("Development
Project") for the assurance of the completion of the construction and the maintenance and
repair of the public infrastructure in connection with the aforesaid development project
and its associated development agreement and development construction permit. Funds
under this Letter of Credit are available to you for one or more drawings prior to the close
of business on July 11, 2002, against sight drafts in an aggregate cumulative amount not
to exceed $89.M0.00, 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 acknowledge as therein provided in the form of
Exhibit I 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 $89,360.00 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.
It is understood tL-iat the amount of this Letter of Credit may be reduced as public
improvements are constructed and accepted by the City. As components of the
infrastructure are satisfactorily completed in accordance with approved utility plans, the
value of the completed components may be established from the Development
..i S_ I Pl l), 1,
( , 111l)" CC) .YI}i 1
)701 V)O
copy
Construction Permit worksheet for determining costs of infrastructure and inspection
fees, whereupon the amount of this Letter of Credit may be reduced by the value of the
completed component(s), upon execution of a "Request for Amendment to Letter of
Credit" in the form attached hereto as Exhibit 2.
This Letter of Credit shall be subject to the Uniform Commercial Code as in effect in the
State of Colorado, and, to the extend not inconsistent with the terms of this Letter of
Credit and the Uniform Commercial Code, the Uniform Customs and Practice for
Documentary Credits, 1993 revision, ICC publication number 500.
This Letter of Credit will be automatically extended without amendments for one year
from the present and each future, expiration date thereof, unless Issuer delivers written
notice at least sixty (60) days prior to any such expiration date to the City of Fort Collins
of its intent not to renew this Letter of Credit. Any such notice shall be in writing and
shall be delivered with an acknowledged receipt, either in hand or by certified mail. Any
amendments to this Letter of Credit shall be made in the form of Exhibit 2 hereto.
The City may at any time request that the Bank amend this Letter of Credit by submitting
to the Bank a fully executed certificate in the form of Exhibit 2. The Bank may thereafter
promptly issue an amendment to the Letter of Credit corresponding to the change or
changes requested in such certificate.
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 or agreement referred to herein, except only the certificate and draft(s)
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).
Sine ely,
Gary Butler
Branch Manager
Centennial Bank of the West
713 S. Lemay Ave.
Port Collins, CO 80524
970-490-2121