Bank responds to junk violation after county pulls letter of credit | SkyHiNews.com

Bank responds to junk violation after county pulls letter of credit

Tonya BinaSky-Hi Daily NewsGrand County, Colorado

Grand County’s ruling on a junk violation in the Winter Park Ranch area captured the attention of the bank carrying the development loan. Charlotte Sellers of Pueblo Bank and Trust visited county commissioners on Tuesday upon finding out about violations at Eagle Ridge concerning construction and trash debris strewn across the property and an overflowing Dumpster.County regulators became aware of the propertys neglect at the end of March and repeatedly sent notices to the Colorado Springs developers of the three-building subdivision, according to the county planning department. Last week, commissioners instructed County Attorney Jack Dicola to draw a $20,600 letter of credit for violations to the subdivision improvement agreement. Upon doing so, Dicola grabbed the attention of the Pueblo Bank & Trust. The bank contacted the loan borrower and the property was raked clean shortly thereafter. Sellers informed commissioners that it was the bank’s interest to see the project completed and that it planned to remain involved. The bank inherited the loan at the end of April, but was not made aware of violations on the property until last Friday, Sellers said. Upon commissioners’ approval, a former vote to draw the letter of credit was rescinded. Commissioners then voted to grant a two-month extension on the existing letter of credit at Sellers request. – Tonya Bina can be reached at 887-3334 ext. 19603 or e-mail tbina@skyhidailynews.com.

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