HomeMy WebLinkAbout 19-56 Barefoot Lakes LLC Public Drainage ImprovementsRESOLUTION 19-56
A RESOLUTION OF THE BOARD OF TRUSTEES OF THE TOWN OF
FIRESTONE, COLORADO, APPROVING A DEVELOPMENT
AGREEMENT BETWEEN THE TOWN OF FIRESTONE AND
BAREFOOT, LLC REGARDING CONSTRUCTION AND PROVISION
OF PUBLIC DRAINAGE IMPROVEMENTS
WHEREAS, Barefoot, LLC ("Barefoot") is the owner of Tract A, Barefoot Lalces Filing
No. 2 and the owner of an unplatted parcel of land within the Northwest Quarter of Section 36,
Township 3 North, Range 68 West, lying east of and immediately adjacent to Tract A, Barefoot
Lakes Filing No. 2 (the "Property"); and
WHEREAS, a Final Utility Plan ("FUP") titled Barefoot Lalces -Culvert Design, has been
approved for the Property, which will require construction of certain public drainage improvements
and related structures; and
WHEREAS, the Town of Firestone (the "Town") and Barefoot desire to enter into a
development agreement to set forth the parties' responsibilities and obligations related to the
construction, installation and maintenance of the public drainage improvements; and
WHEREAS; the Board of Trustees has determined that this development agreement is
consistent with the Town's applicable regulations, and the Town's approval of the FUP for the
Property.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF TRUSTEES OF THE
TOWN OF FIRESTONE, COLORADO:
The Development Agreement between the Town of Firestone and Barefoot, LLC, for the
construction and provision of certain public drainage improvements is approved in substantially
the same form as the copy attached hereto as "Exhibit A" and made a part of this resolution, and
the Mayor is authorized to execute the Agreement on behalf of the Town.
INTRODUCED, READ AND ADOPTED this 26th day of June, 2019.
ATTEST(r: ll
�U ,(Ian��r
Leah Vanarsdall, Town Cleric
o
RO VIED AS TO FORM:
William .• a�ashi, Town Attorney
1✓xxIBIT A
[Barefoot Loa U3 Culvert Crossing Development Agreement]
DEVELOPMENT AGREEMENT
[Barefoot Lakes Culvert Crossing]
THIS AGREEMENT is made and entered into this day off ,
20, band between the TOWN OF FIRESTONE, a Colorado municipal corporation whose
y
address is 151 Grant Avenue, Firestone, CO 80520 ("Town") BAREFOOT LLC, a Colorado limited
liability company f/k/a Carina Bayshore LLC, a Colorado limited liability company, whose address
is 6465 S. Greenwood Plaza Boulevard, Suite 700, Centennial, CO 80111 ("Owner") a
WHEREAS, Owner is the owner of Tract A, Barefoot Lakes Filing No. 2 and the owner of
an unplatted parcel of land within the Northwest Quarter of Section 36, Township 3 North, Range 68
West, lying east of and immediately adjacent to Tract A, Barefoot Lakes Filing No. 2 (the "Property");
and
WHEREAS, the Town and Owner have entered into a Development and Vested Rights
Agreement for the Barefoot Lakes Annexation dated May 27, 2015 (the "DVR Agreement"), which
agreement was recorded with the Weld County Cleric and Recorder on October 12, 2015 at Reception
No. 4149333; and
WHEREAS, a Final Utility Plan ("FUP") titled Barefoot Lalces -Culvert Design, prepared
by Redland Consulting and approved by the Town on May 22, 2019 has been approved for the
Property, a copy of which FUP is attached hereto as Exhibit A, and which FUP will require
construction of the public improvements set forth herein; and
WHEREAS, the development regulations of the Town require that the Owner enter into a
Development Agreement ("Agreement") with Lite Town relative to improvements related to the FUP.
NOW, THEREFORE, in consideration of the foregoing, the parties hereto promise,
covenant and agree as follows:
1. Owner Obli ag tion. The Owner shall be responsible for performance of the covenants
set forth herein.
2. Construction Deadline• WarrantX• Acceptance of Public Improvements. (a) Owner
shall at its sole expense construct and install, on or before October 1, 2021, all drainage and related
improvements (collectively the "Public Improvements") required by the approved FUP for Barefoot
Lakes Culvert Crossing attached hereto as Exhibit A, which Public Improvements are set forth in
Exhibit B. All such Public Improvements shall be completed by such date and in full conformance
with the FUP and with all other applicable drawings, plans and specifications approved in writing by
the Town, and with all applicable ordinances, rules and regulations of the Town.
(b) No later than fourteen (14) days after the Public hnprovements are completed, Owner
shall request inspection of the same by the Town. If Owner does not request this inspection within
2019 06-21 Barefoot Lakes Culvert Crossing DA.DRAFT MO revision [CLEAN] 1
fourteen (14) days of completion of improvements, the Town may conduct the inspection without the
approval of Owner. Owner shall provide "as -built" drawings, in both hard copy and electronic file
format acceptable to the Town, and a certified statement of construction costs. If Owner has not
completed the Public Improvements on or before the completion date set forth in subsection (a), the
Town may exercise its rights to secure performance as provided in Section 4 of this Agreement. If
Public Improvements completed by Owner and as -built drawings provided by the Owner are
satisfactory, the Town shall grant Conditional Acceptance, which shall be subject to Final Acceptance
as set forth in subsection (d). If the Public Improvements completed by Owner are unsatisfactory, the
Town shall provide written notice to Owner of the repairs, replacements, construction or other work
required to receive Conditional Acceptance. Owner shall complete all needed repairs, replacements,
construction or other work within thirty (30) days of said notice, unless delayed by weather or other
Force Majeure event, as defined below. After Owner completes the repairs, replacements, con-
struction, or other work required, Owner shall request the Town re -inspect the work to determine if
Conditional Acceptance can be granted, and the Town shall provide written notice to Owner of the
acceptability or unacceptability of such work prior to proceeding to complete any such work at
Owner's expense. If Owner does not complete the repairs, replacements, construction or other work
required within thirty (30) days of said notice, subject to delays as provided above, the Town may
exercise its rights to secure performance as ,provided in Section 4 of this Agreement. The Town
reserves the right to schedule re -inspections, depending upon scope of deficiencies.
(c) Until such time as the Town grants Final Acceptance, Owner shall warrant all Public
Improvements and, at its own expense, take all actions necessary to maintain said improvements and
make all needed repairs or replacements which, in the reasonable opinion of the Town, shall become
necessary. If within thirty (30) days after Owner's receipt of written notice from the Town requesting
such repairs or replacements, the Owner has not completed such repairs, the Town may exercise its
rights to secure performance as provided in Section 4 of this Agreement.
(d) At least thirty (30) days before one (1) year has elapsed from the issuance of
Conditional Acceptance, or as soon thereafter as weather permits, Owner shall request a Final
Acceptance inspection. The Town shall inspect the improvements and shall notify the Owner in
writing of all deficiencies and necessary repairs, if any. If there are no deficiencies, or after Owner
has corrected all deficiencies and made all necessary repairs identified in said written notice, the Town
shall grant written Final Acceptance. If Owner does not correct all deficiencies and make repairs
identified in said inspection to the Town's satisfaction within thirty (30) days after receipt of said
notice, weather permitting, the Town may exercise its rights to secure performance as is provided in
Section 4 of this Agreement.
3. Financing and Improvement Guarantees. (a) Except as otherwise specially agreed
herein, the Owner agrees to install and pay for all improvements described in Exhibit B ar• otherwise
required by this Agreement as shown on the approved utility plans shown on Exhibit A. Said
Improvement Guarantee shall include, but not be limited to, street construction, storm sewer and
drainage improvements.
2019 06-21 Barefoot Lakes Culvert Crossing DA.DRAFT MO revision [CLEAN] 2
(b) Prior to commencing construction of the Public Improvements, Owner shall submit to the
Town the following Improvement Guarantees for all Public hmprovements related to the phase:
(1) Owner shall provide a letter of credit in form and substance as shown in
Exhibit C as the Improvement Guarantee in an amount equal to one hundred percent (100%)
of the total estimated cost, including labor and materials, to secure the performance of erosion
control, dust management, and site stabilization work in the amount shown in Exhibit B; and
(2) For the remainder of the Public Improvements set forth in Exhibit B, Owner
shall provide cash, letter of credit in form and substance as shown in Exhibit C, or a bond, in
an amount equal to one hundred percent (100%) of the total estimated cost, including labor
and materials, of the Public Improvements for each phase not secured by the letter of credit
provided pursuant to subsection (b)(1), above. If the Owner provides a bond, the bond must
be in accordance with the requirements set forth in the DVR Agreement.
(c) The term of every Improvement Guarantee provided by Owner shall be for a period
of time sufficient to cover the completion of construction of the Public Improvements for the phase
and, except as set forth in subsection (d) below, shall not be released until conditional acceptance of
the Public Improvements for such phase has been granted by the Town. If the Owner provides a letter
of credit, the letter of credit shall not expire during the winter season (November 1 — March 1).
(d) At the time of conditional acceptance of all of the Public Improvements, the Town
shall reduce the amount of the required Improvement Guarantees to fifteen percent (IS%) of the
certified statement of construction costs.
(e) At the time of final acceptance of the Public Improvements, the Town shall release
the remaining Improvement Guarantee, provided no mechanics' liens have been filed with respect to
the Public Improvements and the Owner is not otherwise in breach of this Agreement. If any
mechanics' liens have been filed with respect to the Public Improvements, the Town may retain all
or a portion of the Improvement Guarantee up to the amount of such liens. If Owner fails to have
improvements for any phase finally accepted within one (1) year of the date of the issuance of
conditional acceptance or any improvements are found not to conform to this Agreement, or to
applicable Town standards and specifications, then Owner shall be in default of the Agreement and
the Town may exercise its rights under Section 4 of this Agreement.
(f) In addition to any other remedies it may have, the Town may, at any time prior to
Final Acceptance, draw on any Improvement Guarantee issued or provided pursuant to this
Agreement if Owner fails to extend or replace any such Improvement Guarantee at least thirty (30)
days prior to expiration of such Improvement Guarantee. If the Town draws on the guarantee to
correct deficiencies and complete improvements, any portion of said guarantee not utilized in
correcting the deficiencies and/or completing improvements shall be returned to Owner within thirty
(30) days after said final acceptance. In the event that the Improvement Guarantee expires or the
entity issuing the Improvement Guarantee becomes non -qualifying, or the cost of improvements and
2019 06-21 Barefoot Lakes Culvert Crossing DA.DRAFT MO revision [CLEAN] 3
construction for a phase is reasonably determined by the Town to be greater than the amount of the
security provided for such phase, then the Town shall furnish written notice to the Owner of the
condition, along with supporting documentation, and within thirty (30) days of receipt of such notice
the Owner shall provide the Town with a substituted qualifying Improvement Guarantee, or augment
the deficient security as necessary to bring the security into compliance with the requirements of this
Section 3. If such an Improvement Guarantee is not submitted or maintained, then Owner is in default
of this Agreement and is subject to the provisions of Section 4 of this Agreement, as well as the
suspension of development activities by the Town including, but not limited to, the issuance of
building permits and certificates of occupancy; provided, however, that no additional 30-day notice
to cure under Section 4 is required prior to the suspension of the issuance of building permits and
certificates of occupancy.
(g) Notwithstanding any provision herein to the contrary, the right to provide a bond as security
for the completion of Public Improvements as set forth in subsection (b)(2), above, is personal to
Barefoot LLC, a Colorado limited liability company, as Owner and may be exercised by Barefoot
LLC only for so long as Barefoot LLC is a wholly owned subsidiary of Brookfield Residential
Properties, Inc., and Barefoot LLC does not have the right to assign this right to any third party.
Notwithstanding any provision herein to the contrary, successors and/or assigns of Barefoot LLC
shall not be able to provide a bond or bonds as security for the completion of Public Improvements,
but shall provide a letter of credit in a form and substance acceptable to the Town in its sole discretion.
4. Breach of Agreement. In the event that the Owner should fail to timely comply with
any of the terms, conditions, covenants and undertakings of the Agreement, and if such noncom-
pliance is not cured and brought into compliance within thirty (30) days of written notice of breach
of the Owner by the Town, unless the Town in writing and in its sole discretion designates a longer
cure period, then the Town may exercise any one or more of the following rights and remedies: (a)
immediately upon the expiration of such cure period draw upon the Guarantee, which may be used
by the Town to complete or cause to be completed any or all of the Public Improvements at Owner's
expense; (b) restrict or withhold the issuance of any building permits, COs or other approvals or
permits; (c) if the Town so chooses, complete the required Public Improvements with funds other
than the Guarantee, in which event Owner shall reimburse the Town within thirty (30) days after
receipt of written demand and supporting documentation from the Town; or (d) pursue any other
remedy at law or in equity that may be appropriate under municipal, state or federal law, including
but not limited to an action for specific performance. All notices by the Town to the Owner will
specify the conditions of default. All costs incurred by the Town, including, but not limited to,
administrative costs, court costs and reasonable attorney fees, in pursuit of any remedies due to the
breach by the Owner shall be the responsibility of the Owner. The Town may deduct these costs from
the Guarantee. All of the foregoing rights and remedies of the Town shall be cumulative, and the
Town may exercise any one or all of such rights and remedies without prejudice to any other right or
remedy available to the Town. No act, event or omission will be a breach hereunder if the Owner's
failure to perform is caused by Force Majeure or by any act, omission or default by the other Party.
As used herein, "Force Majeure" shall mean delays of Owner in performing hereunder which are
caused by or related to governmental moratoria or similar development restrictions processing delays,
2019 06-21 Barefoot Lakes Culvert Crossing DA.DRAFT MO revision [CLEAN] 4
strikes, work shortages, acts of God or any other matter beyond Owner's control. In the event of any
force majeure event, the date on which Owner was otherwise obligated to perform shall be deemed
automatically extended for a like number of days as the duration of the force majeure event.
5. Testing and Inspection. (a) Owner shall employ, at its own expense, a licensed and
registered testing company, previously approved by the Town in writing, to perform all testing of
materials or construction that may reasonably be required by the Town, including but not limited to
compaction testing for embankment fills, structural backfills, pipe bedding, trench bacicfills,
subgrades, road base course and asphalt, and concrete strength testing, and shall furnish copies of test
results to the Town on a timely basis for Town review and approval prior to commencement or
continuation of construction to which the testing is applicable. In addition, at all tithes during said
construction the Town shall have access to inspect the materials and workmanship of said
construction, determine the progress of the work, and determine compliance of the work with the
approved plans and the Town's construction regulations, and all materials and work not conforming
to such regulations,. plans and specifications shall be repaired or removed and replaced at Owner's
expense so as to conform to such regulations, plans and specifications. Until Final Acceptance, the
Owner shall be responsible for, and shall promptly pay upon receipt of invoice therefor, all actual
costs incurred by the Town for engineering, planning, inspection, testing, and legal services related
to the Public Improvements to be constructed under this Agreement or to the administration of this
Agreement.
(b) All work shown on the approved Public Improvement plans shall be subject to
inspection by the Town. Inspection by the Town shall not relieve the Owner from compliance with
the approved plans and specifications or the Town's construction regulations. Inspection services
requiring the presence of Town staff are provided Monday through Friday, except legal holidays,
from 9:00 a.m. to 4:00 p.m. During the hours listed above, inspections shall be scheduled a minimum
of forty-eight (48) hours in advance with the Town. Requests for inspection services beyond the
hours listed above, shall be submitted in writing a minimum of forty-eight (48) hours in advance to
the Town for approval. If the request is denied, the work shall not proceed after the time requested
until an inspection has been performed during the hours listed above. The Owner shall comply with
all notification and inspection requirements of the sanitation district serving the property with regard
to sanitary sewer and storm drainage improvements.
6. Recording of Agreement. The Town shall record this Agreement at Owner's expense
in the office of the Cleric and Recorder, County of Weld, State of Colorado, and the Town shall retain
the recorded Agreement.
7. Binding Effect of Agreement. This Agreement shall run with the Property and shall
inure to the benefit of and be binding upon the successors and assigns of the parties hereto.
8. Assignment, Delegation and Notice. Owner shall provide to the Town for approval
written notice of any proposed transfer of the Property to any successor, as well as arrangements, if
2019 06-21 Barefoot Lakes Culvert Crossing DA.DRAFT MO revision [CLEAN] 5
any, for assignment or delegation of the obligations hereunder. Owner and successor shall, until
written Town approval of the proposed transfer of title and assignment or delegation of obligations,
be jointly and severally liable for the obligations of Owner under this Agreement.
9. Modification and Waiver. No modification of the terms of this Agreement shall be
valid unless in writing and executed with the same formality as this Agreement, and no waiver of the
breach of the provisions of any section of this Agreement shall be construed as a waiver of any
subsequent breach of the same section or any other sections which are contained herein.
10. Addresses for Notice. Any notice or communication required or permitted hereunder
shall be given in writing and shall be personally delivered, or sent by United States mail, postage
prepaid, registered or certified mail, return receipt requested, addressed as follows:
TOWN:
Town of Firestone
Town Cleric
151 Grant Avenue
P.O. Box 100
Firestone, CO 80520
With a required copy to:
Williamson &Hayashi, LLC
Attn: William Hayashi
1650 38"' Street, Suite 103 West
Boulder, CO 80301
Barefoot LLC
6465 Greenwood Plaza Blvd #700
Centennial, CO 80111
Lyons Gaddis Kahn Hall Jeffers
Dworalc &Grant, P.C.
515 Kimbark Street
Longmont, CO 80501
or to such other address or the attention of such other persons) as hereafter designated in writing by
the applicable parties in conformance with this procedure. Notices shall be effective upon mailing or
personal delivery in compliance with this paragraph.
11. Title and Authority. Owner warrants to the Town that it is the record owner of the
Property, and that he has full power and authority to enter into this Agreement.
12. Applicable Law; Venue; SeyerabilitX. This Agreement is to be governed and
construed according to the laws of the State of Colorado. Venue for any action related to this
Agreement shall be in the district courts of Weld County. In the event that upon request of Owner or
any agent thereof, any provision of the Agreement is held to be violative of the municipal, state, or
federal laws and hereby rendered unenforceable, the Town, in its sole discretion, may determine
whether the remaining provisions will or will not remain in force.
13. Indemnity. Owner agrees to indemnify and hold harmless the Town and its officers,
2019 06-21 Barefoot Lakes Culvert Crossing DA,DRAFT MO revision [CLEAN] 6
agents, and employees from and against all liability, claims, damages, losses, and expenses,
including but not limited to, attorney fees arising out of, resulting from, or in any way connected
with this Agreement or the right and obligations of the Owner hereunder.
14. Non -Liability. Owner acknowledges that the Town's review and approval of any
plans for the Public Improvements is done in furtherance of the general public health, safety and
welfare and that no specific relationship with, or duty of care to the Owner or third parties is
assumed by such review approval, or immunity waived, as is more specifically set forth in the
Colorado Governmental Immunity Act.
15. lilsurance; OSHA. Subdivider shall, through contract requirements and other normal
means, guarantee and furnish to the Town proof thereof that all employees and contractors engaged
in the construction of improvements are covered by adequate Workers' Compensation Insurance and
Public Liability Insurance, and shall require the faithful compliance with all provisions of the Federal
Occupational Safety and Health Act (OSHA).
16. Agreement Status After. Completion. Upon completion of the Public Improvements
and inspection approval thereof by the Town, and provided that no litigation or claim is pending
relating to this Agreement, this Agreement shall no longer be in effect.
17. Ownership of Public Improvements. Subject to this Agreement and to any
provisions of this Agreement relating to Conditional or Final Acceptance of the Public
Improvements stated herein, Owner shall convey to the Town all of the Public Improvements at
the time of Conditional Acceptance, free and clear of all liens, encumbrances and restrictions, by
bill of sale or other proposed document of conveyance. All improvements made upon Town
property or Town rights -of --way or Town easements shall, after conditional acceptance by the
Town, be and remain the sole and exclusive property of the Town, free and clear from any and all
claims by the Owner or others.
18. Le ag 1 Expenses. In the event that it is necessary to initiate legal proceedings to
enforce the provisions of this Agreement, the non -prevailing party shall be responsible for all
reasonable legal expenses and costs incurred by the prevailing party.
19. Third Party Beneficiaries. This Agreement will not be construed as or deemed to
be an agreement for the benefit of any third party or parties, and no third party or parties will have
any right of action hereunder for any cause whatsoever.
[SIGNATURE PAGE FOLLOWS]
2019 06-21 Barefoot Lakes Culvert Crossing DA.DRAFT MO revision [CLEAN] 7
IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first set
forth above.
TOWN:
TOWN OF FIRESTONE, COLORADO
By:
bbi Sin'd�lar, Mayor
ATTEST:° TORN ,/0
rrY
at io
° 8
Leah Vanarsdall, Town Clerlc �C;
2019 06-21 Barefoot Lakes Culvert Crossing DA.DRAFT MO revision [CLEAN] 8
OWNER:
BARFEFOOT, LLC
ACI�OWLEDGMENT
STATE OF COLORADO •)
) ss.
COUNTY OF 0, ft& pFi )
The foregoing instrument was acknowledged before me this °z�+�' day of
, 20x1, by Sl nr'N6 ra �G 1N S as �L'�t'v o1y 6C(and
�tGE t Pap cJ p�i�1 f�► J� as KeSIWFNT. Ce)t vo f:(o of Barefoot, LLC.
Witness my hand and official seal.
My comtnission expires:
(SEAL)
Loma Ann MoNamee
NOTARY PUBLIC
BTATH OF COI.ORADO
NOTARY ID 19004033012
MY COMMISSION aftalArI 101A
119�'e-� C�Vw
Notary Public
2019 OG-21 Barefoot Lalces Culvert Crossing DA•DRAFT MO revision [CLEAN] 9
EXHIBIT A
FUP — Barefoot Lakes Culvert D
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IJxxIBIT B
List of Public Improvements
_, Bnrefoc�t Lakes firain�fle Crassin
Exhibit B - Schedule of Improvernents
Crate. 0127.201'
I�'ra`$inc��� CrQSS[n� In1�3r�YWel7�entS
Letter of Credit Rents
��tdlT
T�:aTr;°.L
A - Erosion Control
QUANTrFY
UNIT
PRICE
COST
Silt Fence
1-12
LF
S1.25
$140
CcnsIMUctrcn Fence
195
LF
52.0O
$3910
Vehicle Trach.ing Control
Fad
'1
Er,.
$2,<0G,010
$2,3010
�t>`dIimen[rtraal Log
8O
LF
,r2}}�GO
Surface Roi.ikghi n
�.+�. G
ACCV
�S2,50
$,7 5 u 0
$ 50
Teniporary Seeding and
MUIChing
0.72
AL
$2 00 .0O
$1,440
re.rn"n-nent Seecling and
Mulching
0.08
AC=
$1151a.0t0
$12-1
B - E�rtE�ti+ror
FlI
Sub, -Excavation (10-ft Depth)
Erc+sign Coantn�.tl Totai $�,0-=51
Tc�t��t Lest
g405!
Bond Itenis
UNIT
TrDTAL
QWoMTV UNIT
PRICE
CU5T
5.520 CY
$2.^0
$8,18:O
2,257 CY
$1150
$3.0,505
Earlh'*fsrk Total $09,405
UNIT
TC)Th.L
%, - St�rin Se'�+rer
�uAtdTiTS`
ltI•11T
PRI�`E
CC��T
54" RCP
525
LF
$266,00
s1n,650
Concrete I-leachio+:tills and Vv'In,0walis
7t1
CY
,�1500"_00
W5105,0100
Rita Rap Apron
333
CY
$1010.04+
$33,3POO
Storni
Cegwiml' Cuhitctal
$-27050
Totals - IOrt�inmpte Creassrnfl Letter of Credit
,� -Erosion Ctaratl'cl
Totals - tiraina0e Crossing Bond
B - Eartia�+,crlc
C - toHl l Sep+titer
r.LL
Total Cost $317R355
$277,�I50
Total All Public Inal�rawetrtents $322,006
2019 06-21 Barefoot Lakes Culvert Crossing DA.DRAFT MO revision [CLEAN]
22
EXHIBIT C
IRREVOCABLE LETTER OF CREDIT
Required Form
[date of Letter of Credit -the date the credit is opened]
Town of Firestone, CO
151 Grant Avenue
P.O. Box 100
Firestone, CO 80520
Attn: Town Clerk:
We hereby issue our Irrevocable Letter of Credit Number in your favor for the account of
in an amount not to exceed
effective immediately and expiring at our counters on (except November 1 - March 1) or any extended
expiration date as indicated below.
Funds under this Letter of Credit are available for payment by sight, by presentation of your sight
drafts) substantially in the form of Exhibit "A" accompanied by your written certificate substantially
in the form of Exhibit "B".
Partial and multiple drawings are permitted.
This Letter -PO A,+ will automatically be extended for a period of one (1) year from the present or
any future expiration date unless we notify you in writing by certified mail ninety (90) days prior to
any expiration date that we elect not to renew this Letter of Credit for any additional period.
We hereby engage with you that all drawings in conformity with terms and conditions of the Letter
of Credit will be duly honored upon presentation to our counters on or before any expiration date as
indicated above.
All bank charges, including any advising bank charges, are to be charged to (account patty's name).
If a demand for payment by you hereunder does not, in any instance, conform to the terms and
conditions of this Letter of Credit, the bank shall give the Town written notice, and send copy of this
notice by FAX to the Town of Firestone (Attn: Town Clerk) to (720) 4764232, within three business
days of presentment of any nonconforming draft that the purported negotiation was not effective in
accordance with the terms and conditions of the Letter of Credit, stating with particularity the reasons
therefore. The bank will hold all documents at the bank for the Town, or send them to the Town, at
the Town's option. Any such nonconforming demand may be corrected and resubmitted within three
2019 06-21 Barefoot Lakes Culvert Crossing DA.DRAFT MO revision [CLEAN] 23
(3) business days of receipt of the banlc's mailed notice of nonconformity. A resublilt ttal will be
deemed to have been presented to the bank on the date of the original demand for payment.
We are a current member of (FDIC) (FSLIC).
This credit is subject to the Uniform Customs and Practice for Documentary Credits, 2007 revision,
ICC publication number 600.
This Irrevocable Letter of Credit sets forth in full the terms of our undertaking and such undertaking
shall not in any way be modified, amended or amplified by reference to any document or instrument
referred to herein or in which the Irrevocable Letter of Credit relates and any such reference shall not
be deemed to incorporate herein by reference any document or instrument.
Sincerely,
(Bank)
2019 06-21 Barefoot Lakes Culvert Crossing DA.DRAET MO revision [CLEAN] 24
EXHIBIT A TO LETTER OF CREDIT
DRAFT FOR PAYMENT DRAWN UNDER
IRREVOCABLE LETTER OF CREDIT NO.
DATE:
20
PAY TO: The account of the Town of Firestone, Colorado, Account
No.
Colorado, TBE SUM OF
at
($ �
DOLLARS
TOWN OF FIRESTONE, COLORADO
By:
Town Clerk
2019 06-21 Barefoot Lakes Culvert Crossing DA.DRAFT MO revision [CLEAN] 25
To:
EXHIBIT B TO LETTER OF CREDIT
CERTIFICATE FOR PAYMENT
The undersigned, a duly appointed officer of the Town of Firestone, Colorado (the "Town"),
hereby certifies to (the "Bank"), with reference to the Bank's
Irrevocable Letter of Credit No. (the "Letter of Credit"), issued by the
Bank in favor of the Town, that:
the
(1) The undersigned is the Town Cleric for the Town
(2) The Town is authorized to make a drawing under the Letter of Credit.
(3) The amount which is due and payable from the Letter of Credit is
$ , and the amount of the sight draft accompanying this
certificate does not exceed such amount.
IN WITNESS WHEREOF, the undersigned has executed and delivered this certificate as of
day of , 20
By:
Town Cleric
2019 06-21 Barefoot Lakes Culvert Crossing DA.DRAFT MO revision [CLEAN] 26