C150233 Approval Letter 5/18/12 - Laserfiche WebLink

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Tom Hill — Change to Existing Loan Agenda Item 26a May 4, 2012 (Updated May 18, 2012) Page 3 of 3 Staff also requests that the Board establish a very clear message regarding its intent to act vigorously to engage Central Collection Services upon any future delinquent annual loan payments. The Board's Financial Policy #3 — Loan Delinquency, Loan Restructuring, and Collections states "If the delinquency continues, and is at least one year past due, staff will recommend that the Board Refer the bad debt to Central Collections and /or the Attorney General's Office to take appropriate legal action against the Project Sponsor ". Collateral: The security for the loan shall not be changed. Currently the loan is secured by: 1. Undivided 100% interest in 213 acre parcel in Grand County ($1.1M appraised value) 2. "water rights owned .... in Grand County" (16 separate water rights total) 3. Undivided 100% interest in "remainder of Gore Pass Ranch" ($2.6M value, current market price estimated at $2.75M) 4. Undivided 100% interest in the Olathe property (40 acre + -) ($1.5M purchase price) Approximate Timeline Date .................................. Event ... ...................... ......................... Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..................... ...... .... . . ... ..... ..... ..... ........................................... 2006 ..... ........................ ................................................................................... _................. .... ........................................ . ...... . ................. .............................. . ......... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . _ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ............... ...................................,..................................................................................................................................................................... ............................... S rin Hills purchase Olathe roe for $1.5M P ............. g................................... P....................................................................._., 1�............ P..... �3'........................................................................................................................................................... .................................................. . . . . . . . . ........ . .. . ................... . . . . . . . . ..... . . . Close to Montrose for medical reasons ................................................... . .................................. . ............................................................. June SEO dam breach order URS hired . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov CWCB approves loan . . . . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . . .. . ............................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ... ... . . . . . . . . . Loan amount is $862,540 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ; . . ... . . ........ . . . . . . .... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .... .................. . ............................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ........................................................... Jan ......................... ........................... Loan Contract C 15 023 3 Executed Loan security is 0 position on 213 ac. portion of ................... ... ..:.......... ........ ..... ..... ............................... ....................................... Ranch and 2 nd position on Bank financed portion Summer Gore Pass Ranch for sale at $6.4M . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .................................................... : ............................................................................................................................................................................................................................................................ Spring Construction work com lete . . . . . . . . . . . . . . . . ........ . ... ....... . . . . . . . . ..................... ...................................... . . . . . . . . . .. . . . ............. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ............................... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Final disbursed amount $820 728.63 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .......................... . . . . . . . . . . ............... .............. . . . . . . . . . . . . . . . . . .................... . .................................................. ................................. Ma Y....., CWCB a roves DOW subordination .............................................. PP..................................................................................................................... .............................., .. ...................... ...... ....... .... ... .... ......'...... Ma Y .............................................................................................................................. Contract Amendment #2 processed P..................................................................................................................................................................................................................................... Increase in collateral loan terms changed ........................_...... June $3.75M contract for conservation easement Ranch value reduced to $2.6M ............................... Summer .. I Hills pa off Bank loan wy roceeds y.............................................................................................................................................................................................................. ........ .................. ....................... ........... .... ....... ..................... .... ..._................................................._..................................................... Ranch and Olathe property free of liens ............................... ................................................... ............................... .....................................:..................................... 2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .............. . . . . . . . . . . . . . . . . . . . . ......................... Ma y....., , ..... . . . . . . . . . . . . . . . . ... . ....................... . . . . . . . .. . . . . . . . . . . . . . . . . . . . ....................... . . . . . . _ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Substantial Completion . . . . ........................................ ...... ...... .... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Hills a $27,441 towards const. interest const. :..... ............. . ........................................................................................... ............................... Summer ' Asking price Ranch is reduced to $3.5M ..........................................:.................... ................................ ...................................................................................................................................:...................................................................... .................................. . .................................... . ..................................................... . .... ..... ... ...................................... ............................. ............................... 2010 ................. Ma y.....; ............. ............ ........... CWCB approves principal deferral ......... .............................�-. .. .. ............................. ..................... . ............................................................................................... ............................... ! Payment for interest only received ..... ................. ........ ............................... June Contract Amendment #2 processed ........... ;Extends loan from 10 to 11 years ...... ................ Summer ............... ................. Asking... price... of Ranch reduced to $3.1 M ......... 2011 .. .__.... ...................................................................................... .............................., .. ............................... ... :........................................................,..................................................................................................................................................................................... Ma y ..................... ............................... Loan payment received P..... Y.................................................................................................................................................................................. .......... Full payment received ($96,023.58) P........................................................................................................................................... ............................... . Summer Asking rice of Ranch reduced to $2.75M ............................... ..........................................................................----...................................................... 2012 ............................... ............................................................... ............................... _..................................................................... , . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .......................... . . . . . . . . . . ..... . . .............................................. Spring . P ............. g....._........................................................................................................................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ............................. . . . . ............................ . . . . . . . . . . . . . . . . . . . Hills indicate an increase in buyer interest y.........................................................._........................................................ . . . , . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ............................... Ma ......................... ............................................................................... Partial payment received y........ .................................... .......................................................................................................................................................................... Hills send $40,000 towards loan .............................. ..... ... ..... ...........................................................,... ......................................................... cc: Tom Hill, Owner Gore Pass Ranch Susan Schneider, AGO Peter Johnson, AGO