HomeMy WebLinkAboutLOC Transmittal Memo and Original LOCGarfield County
Community Development Department
TRANSMITTAL MEMORANDUM
TO: Garfield County Treasurer's Office
FROM: Sarah LaRose, Vegetation Manager
Glenn Hartmann, Director of Community Development
CC: John Plano, Chief Building Official
Jill Cantway, Assistant County Attorney
DATE: 7/28/26
SUBJECT: Elk Mesa Letter of Credit for Revegetation Security
ORIGINAL LETTER OF CREDIT
Attached is the original letter of credit for the Elk Mesa grading permit providing security for
revegetation associated with road and infrastructure improvements on their property. The
following information is provided for tracking and filing purposes.
Property Owner: Elk Mesa Properties LLC
Project: Roads and appurtenant civil infrastructure for 15 — 35 + acre lots
Location: North or the Elk Springs Subdivision
Parcel Number: 2187-311-00-047
Grading Permit: GRAD-9703
Release Contact Sarah LaRose., Vegetation Manager
RELEASE PROVISIONS
Formal release of the Letter Credit will require submittal of a "Request for Final Release of
Letter of Credit" or "Revegetation Acknowledgement of Satisfaction" form along with
inspection and acceptance by Vegetation Management.
Wells Fargo Bank, N.A.
U.S. Standby Trade Operations
1525 W W.T. Harris Blvd.
MAC D1116-026
Charlotte, NC 28262
Phone: r (Soo) 776-3862, Option 2
E-Mail: StandbyCostomerCare@wellsfargo.com
Irrevocable Standby Letter Of Credit
Number: IS000628586U
Issue Date : July 27, 2026
BENEFICIARY APPLICANT
BOARD OF COUNTY COMMISSIONERS OF ELK MESA PROPERTIES, LLC
OF GARFIELD COUNTY 225 W. WASHINGTON, SUITE 2200
108 8TH STREET, SUITE 213 CHICAGO, ILLINOIS 60606
GLENWOOD SPRINGS, COLORADO 81601
LETTER OF CREDIT ISSUE AMOUNT USD 22,500.00 EXPIRY DATE AUGUST 1, 2028
LADIES AND GENTLEMEN:
WE, WELLS FARGO BANK N.A. ("BANK"), HEREBY ESTABLISH, ISSUE, AND OPEN, ATTHE REQUEST OF THE ELK
MESA PROPERTIES, LLC, THIS IRREVOCABLE STANDBY LETTER OF CREDIT NO. IS000628586U IN AN AMOUNT
NOT TO EXCEED ($22,500) TWENTY-TWO THOUSAND AND FIVE HUNDRED U.S. DOLLARS.
WE HAVE BEEN INFORMED BY THE APPLICANT THAT THE PURPOSE OF THIS LETTER OF CREDIT IS TO SECURE
THE APPLICANT/ACCOUNT PARTY'S PERFORMANCE OF AND COMPLIANCE WITH THE AGREEMENT
BETWEEN APPLICANT/ACCOUNT PARTY AND BENEFICIARY, ON THAT CERTAIN DATE, AND THAT CERTAIN
TITLE ("SUBDIVISION IMPROVEMENTS AGREEMENT").
THIS LETTER OF CREDIT EXPIRES AT WELLS FARGO BANK N.A, 1525 W W.T. HARRIS BLVD., MAC D1116-026,
CHARLOTTE, NC 28262 ATTN: US TRADE SERVICES, STANDBY LETTERS OF CREDIT AT 5:00 PM EST ON
08/01/2028. IT IS A CONDITION OF THIS LETTER OF CREDIT THAT SUCH EXPIRATION DATE SHALL BE
DEEMED AUTOMATICALLY EXTENDED, WITHOUT WRITTEN AMENDMENT, UNLESS AT LEAST 30 DAYS PRIOR
TO SUCH EXPIRATION DATE WE SEND WRITTEN NOTICE TO YOU AT YOUR ADDRESS ABOVE BY OVERNIGHT
COURIER OR REGISTERED MAIL THAT WE ELECT NOT TO EXTEND THE EXPIRATION DATE OF THIS LETTER OF
CREDIT BEYOND THE DATE SPECIFIED IN SUCH NOTICE.
THIS LETTER OF CREDIT IS NOT TRANSFERABLE. HOWEVER, THE PROCEEDS OF THIS LETTER OF CREDIT ARE
ASSIGNABLE BY THE BENEFICIARY, BY MEANS OF DELIVERY TO US, AT OUR OFFICE OF PRESENTATION, OF
OUR CUSTOMARY'NOTICE OF ASSIGNMENT AND AUTHORIZATION TO PAY LETTER OF CREDIT PROCEEDS'
FORM, MADE AVAILABLE BY US UPON REQUEST, COMPLETED AND EXECUTED BYTHE BENEFICIARY. UPON
COMPLETION OF OUR ACKNOWLEDGMENT THEREOF, ANY PROCEEDS OF THIS LETTER OF CREDIT PAYABLE
BY US SHALL BE PAID TO SUCH ASSIGNEE AS REQUESTED. ALL CHARGES IN CONNECTION WITH ANY
ASSIGNMENT ARE FOR THE ELK MESA PROPERTIES, LLC.
MULTIPLE PARTIAL DRAWS ARE PERMITTED. THE BENEFICIARY MAY PRESENT COMPLYING DEMANDS FOR
Page 1 of 4
Each page of this document is an integral part
of this Irrevocable Standby Letter of Credit Number IS000628586U
Wells Fargo Bank, N.A.
U.S. Standby Trade Operations
1525 W W.T. Harris Blvd.
14IAC Dui6-o26
Charlotte, NC 28262
Phone: 1(800) 776-3862, Option 2
E-Mail: StandbyCustomerCare@ivellsfargo.com
AMOUNTS LESS THAN THE FULL AVAILABLE AMOUNT UNDER THIS LETTER OF CREDIT. THIS LETTER OF
CREDIT SHALL REMAIN IN EFFECT FOR THE UNDRAWN BALANCE UNTIL THE EXPIRATION DATE, AND THE
AVAILABLE AMOUNT SHALL BE REDUCED BY THE AMOUNT OF EACH HONORED DRAW.
THE FACE AMOUNT OF THIS LETTER OF CREDIT MAY BE REDUCED ONLY WITH THE BANK'S CONSENT AND
THE ISSUANCE OF A WRITTEN AMENDMENT TO THIS LETTER OF CREDIT EXECUTED BY THE BANK.
ALL DRAFTS OR DEMANDS FOR PAYMENT SUBMITTED BY BENEFICIARY MUST BE ACCOMPANIED BY THE
FOLLOWING DOCUMENTS ("DRAW DOCUMENTS"):
I. A DATED STATEMENT SIGNED BY THE CHAIRMAN OF THE BOARD OF COUNTY COMMISSIONERS OF
GARFIELD COUNTY ('BOCC') OR THE BOCC'S AUTHORIZED DESIGNEE, IN THE FOLLOWING FORM:
"ELK MESA PROPERTIES, LLC, DEVELOPER OF THAT CERTAIN SUBDIVISION NAME [SUBDIVISION/P.U.D.], IS IN
DEFAULT OF ITS OBLIGATIONS SET FORTH IN THAT CERTAIN SUBDIVISION IMPROVEMENTS AGREEMENT
BETWEEN ELK MESA PROPERTIES, LLC AND THE BOARD OF COUNTY COMMISSIONERS OF GARFIELD
COUNTY, COLORADO, ON THAT CERTAIN DATE, AND OF THAT RECEPTION NUMBER IN THAT CERTAIN BOOK
NUMBER AT THAT CERTAIN PAGE NUMBER OF THE REAL ESTATE RECORDS OF THE OFFICE OF THE
GARFIELD COUNTY CLERK AND RECORDER."
II. THE ORIGINAL OF THIS 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
$[DRAW AMOUNT]," MANUALLY SIGNED BY THE CHAIRMAN OF THE BOCC OR THE BOCC'S AUTHORIZED
REPRESENTATIVE.
III. A WRITTEN DEMAND FOR PAYMENT SPECIFYING THE AMOUNT DEMANDED (WHICH MUST NOT EXCEED
THE THEN -AVAILABLE AMOUNT UNDER THIS LETTER OF CREDIT) AND REFERENCING THIS LETTER OF CREDIT
BY NUMBER.
PRESENTATION OF DRAW DOCUMENTS MAY BE MADE BY ANY OF THE FOLLOWING METHODS:
I. DRAWINGS MAY BE PRESENTED TO US BY EMAIL PRESENTATION SENT FROM ONE OF THE FOLLOWING
EMAIL ADDRESSES @GARFIELDCOUNTYCO.GOVTO STANDBYLC@WELLSFARGO.COM AND
STANDBYCUSTOMERCARE@WELLSFARGO.COM (EACH SUCH DRAWING, AN "EMAIL DRAWING") PROVIDED,
HOWEVER, THAT AN EMAIL DRAWING WILL NOT BE EFFECTIVELY PRESENTED UNTIL YOU CONFIRM BY
TELEPHONE OUR RECEIPT OF SUCH EMAIL DRAWING BY CALLING US AT TELEPHONE NUMBER
1-800-776-3862, OPTION 2. IF YOU PRESENT AN EMAIL DRAWING UNDER THIS LETTER OF CREDIT YOU DO
NOT NEED TO PRESENT THE ORIGINAL OF ANY DRAWING DOCUMENTS, AND IF WE RECEIVE ANY SUCH
ORIGINAL DRAWING DOCUMENTS, THEY WILL NOT BE EXAMINED BY US. IN THE EVENT OF A FULL OR FINAL
DRAWING THE ORIGINAL STANDBY LETTER OF CREDIT MUST BE RETURNED TO US BY OVERNIGHT COURIER.
II. BY PERSONAL DELIVERY, OVERNIGHT COURIER, OR CERTIFIED MAIL TO: WELLS FARGO BANK N.A, 1525 W
W.T. HARRIS BLVD., MAC D1116-026, CHARLOTTE, NC 28262, USA ATTN: US TRADE SERVICES, STANDBY
LETTERS OF CREDIT
III. DRAWINGS MAY BE PRESENTED TO US BY FACSIMILE TRANSMISSION TO FACSIMILE NUMBER
844-879-5593 (EACH SUCH DRAWING, A "FAX DRAWING"); PROVIDED, HOWEVER, THAT A FAX DRAWING
WILL NOT BE EFFECTIVELY PRESENTED UNTIL YOU CONFIRM BY TELEPHONE OUR RECEIPT OF SUCH FAX
DRAWING BY CALLING US AT TELEPHONE NUMBER 1-800-776-3862, OPTION 2. IF YOU PRESENT A FAX
DRAWING UNDER THIS LETTER OF CREDIT YOU DO NOT NEED TO PRESENT THE ORIGINAL OF ANY
Page 2 of 4
Each page of this multipage document is an integral part
of this Irrevocable Standby Letter of Credit Number IS000628586U
Wells Fargo Bank, N.A.
U.S. Standby Trade Operations
1525 W W.T. Harris Blvd.
MAC D1116-026
Charlotte, NC 28262
Phone: 1 (Soo) 776-3862, Option 2
E-Mail: StandbyCustomeiGireCwellsfargo.com
DRAWING DOCUMENT, AND IF WE RECEIVE ANY SUCH ORIGINAL DRAWING DOCUMENTS, THEY WILL NOT
BE EXAMINED BY US. IN THE EVENT OF A FULL OR FINAL DRAWING THE ORIGINAL STANDBY LETTER OF
CREDIT MUST BE RETURNED TO US BY OVERNIGHT COURIER N THE EVENT OF A FULL OR FINAL DRAWING
UNDER THIS LETTER OF CREDIT, THE ORIGINAL LETTER OF CREDIT MUST BE RETURNED TO THE BANK BY
OVERNIGHT COURIER OR OTHER SECURE DELIVERY METHOD. SIMULTANEOUSLY WITH ANY PHYSICAL
PRESENTATION.
IN THE EVENT OF A FULL OR FINAL DRAWING UNDER THIS LETTER OF CREDIT, THE ORIGINAL LETTER OF
CREDIT MUST BE RETURNED TO THE BANK BY OVERNIGHT COURIER OR OTHER SECURE DELIVERY METHOD.
UPON PRESENTATION OF DRAW DOCUMENTS, THE BANK SHALL EXAMINE THE DOCUMENTS AND
DETERMINE WHETHER TO HONOR OR GIVE NOTICE OF DISHONOR WITHIN A REASONABLE TIME NOT TO
EXCEED SEVEN (7) BUSINESS DAYS FOLLOWING THE DAY THE BANK RECEIVES THE DOCUMENTS.
IF THE BANK DETERMINES THAT A PRESENTATION DOES NOT STRICTLY COMPLY WITH THE TERMS AND
CONDITIONS OF THIS LETTER OF CREDIT, THE BANK SHALL PROVIDE TIMELY NOTICE OF ALL
DISCREPANCIES TO THE BENEFICIARY.
IF THE BANK HONORS A COMPLYING PRESENTATION, THE BANK SHALL MAKE PAYMENT TO THE
BENEFICIARY WITHIN THREE (3) BUSINESS DAYS OF THE BANK'S DETERMINATION TO HONOR.
THE BANK'S OBLIGATION TO HONOR IS CONDITIONED SOLELY UPON PRESENTATION OF DOCUMENTS
THAT STRICTLY COMPLY ON THEIR FACE WITH THE TERMS OF THIS LETTER OF CREDIT, AS DETERMINED BY
THE STANDARD PRACTICE OF FINANCIAL INSTITUTIONS THAT REGULARLY ISSUE LETTERS OF CREDIT. THE
BANK HAS NO OBLIGATION TO VERIFY THE ACCURACY OF ANY STATEMENTS CONTAINED IN PRESENTED
DOCUMENTS OR TO INVESTIGATE WHETHER ANY DEFAULT, NON-PERFORMANCE, OR OTHER CONDITION
DESCRIBED IN PRESENTED DOCUMENTS HAS ACTUALLY OCCURRED. THE BANK'S EXAMINATION IS LIMITED
TO THE FACE OF THE DOCUMENTS PRESENTED.
THIS LETTER OF CREDIT MAY BE CANCELED PRIOR TO THE EXPIRATION DATE ONLY IF THE ORIGINAL LETTER
OF CREDIT IS RETURNED TO THE BANK ACCOMPANIED BY A STATEMENT SIGNED BY THE CHAIRMAN OF THE
BOCC OR THE BOCC'S AUTHORIZED REPRESENTATIVE STATING:
"THIS LETTER OF CREDIT IS NO LONGER REQUIRED BY THE BOARD OF COUNTY COMMISSIONERS OF
GARFIELD COUNTY AND IS HEREBY RETURNED TO WELLS FARGO BANK N.A. FOR CANCELLATION."
UPON RECEIPT OF THE ORIGINAL LETTER OF CREDIT AND THE CANCELLATION STATEMENT DESCRIBED
ABOVE, THE BANK SHALL ISSUE WRITTEN CONFIRMATION OF CANCELLATION TO THE BENEFICIARY AND
THE ELK MESA PROPERTIES, LLC.
WE, WELLS FARGO BANK N.A, HEREBY AGREE TO HONOR EACH DRAFT OR DEMAND DRAWN UNDER AND IN
COMPLIANCE WITH THE TERMS OF THIS LETTER OF CREDIT IF PRESENTED, TOGETHER WITH THE
DOCUMENTS SPECIFIED ABOVE, TO WELLS FARGO BANK N.A, 1525 W W.T. HARRIS BLVD., MAC D1116-026,
CHARLOTTE, NC 28262 ATTN: US TRADE SERVICES, STANDBY LETTERS OF CREDIT, ON OR BEFORE THE
EXPIRATION DATE IDENTIFIED ABOVE.
THIS LETTER OF CREDIT IS ISSUED SUBJECTTO THE UNIFORM CUSTOMS AND PRACTICES FOR
DOCUMENTARY CREDITS (2007 REVISION), INTERNATIONAL CHAMBER OF COMMERCE PUBLICATION NO.
600 ("UCP 600"), AND THE UNIFORM COMMERCIAL CODE ARTICLE 5 (LETTERS OF CREDIT) AT STATE OF NEW
YORK TO THE EXTENT OF ANY CONFLICT BETWEEN UCP 600 AND NEW YORK LAW, NEW YORK LAW SHALL
Page 3 of 4
Each page of this multipage document is an integral part
of this Irrevocable Standby Letter of Credit Number IS000628586U
Wells Fargo Bank, N.A.
U.S. Standby Trade Operations
1525 W W.T. Harris Blvd.
MAC D1116-026
Charlotte, NC 28262
Phone: i (Soo) 776-3862, Option 2
E-Mail: StandbyCustomerCare@wellsfargo.com
GOVERN.
THIS LETTER OF CREDIT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF
THE STATE OF NEW YORK, INCLUDING THE NEW YORK UNIFORM COMMERCIAL CODE ARTICLE 5. THE
PARTIES AGREE THAT THE STATE AND FEDERAL COURTS LOCATED IN NEW YORK, SHALL HAVE
JURISDICTION OVER ANY DISPUTE ARISING OUT OF OR RELATING TO THIS LETTER OF CREDIT, AND VENUE
FOR ANY JUDICIAL PROCEEDING PERTAINING TO THIS LETTER OF CREDIT SHALL LIE IN A COURT OF
COMPETENT JURISDICTION IN STATE OF NEW YORK.
Very Truly Yours,
WELLS FARGO BANK, N.A.
By:
Authorized Signature
The original of the Letter of Credit contains an embossed seal over the Authorized Signature.
Please direct any written correspondence or inquiries regarding this Letter of Credit, always quoting our
reference number, to Wells Fargo Bank, National Association, Attn: U.S. Standby Trade Services
at 1525 W W.T. Harris Blvd.
MAC D1116-026
Charlotte, NC 28262
Phone inquiries regarding this credit should be directed to our Standby Customer Connection Professionals
1-800-776-3862 Option 2
(Hours of Operation: 8:00 a.m. ET to 5:00 p.m. PT)
Page 4 of 4
Each page of this multipage document is an integral part
of this Irrevocable Standby Letter of Credit Number IS000628586U