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HomeMy WebLinkAboutC03-348 Vail Corporation - Red Sky Ranch ", 1" ., l' ~ . -l<4;~ ., Gos- '3 <+56'" Sf. <- \ \.J \ \" '-, \ \~ SUBDIVISION IMPROVEMENTS AGREEMENT . RED SKY RANCH File No. PDF-00080 THIS SUBDIVISION IMPROVEMENTS ,AGREEMENT ("Agreement") made and entered into this 2nd day of St {lYfK/h-t v. 2003, by and between . The Vail Corporation, a Colorado corp.tion (hereinafter "Subdivider") and the Board of County Commissioners of the County of Eagle, State of Colorado (hereinafter "County"). '1 WITNESSETH WHEREAS, the Subdivider, as a condition of approval of the Final Plat of the Red Sky Ranch, A Resubdivision 01 Lot 69 and 70,and Tracts GC8, GCIO, GCl2 and 088 (hereinafter referred to as "Subdivision"), desires an Agreement as provided for by the Land Use Regulations of Eagle County, Colorado, 1999, as amended (hereinafter referred to as "Land Use Regulations") Chapter IT, Section 5-280.B.5.e. and C.R.S. ~30-28-137; and WHEREAS, pursuant to the same authority, the Subdivider is obligated to provide security or collateral sufficient in the judgment of the County to make reasonable provisions for completion of certain public improvements hereinafter described ("Subdivision Improvements"); and WHEREAS, pursuant to Chapter IT, Secti~n 4-620 of the Land Use Regulations, when a proposed subdivision is located in an area serviced by an existing County road and the County determines that 'the traffic generated by such development will result in safety hazards for vehicle drivers, pedestrians and/or adjacent residents, or will result in substantially increased maintenance costs to the County,. the County is empowered to determine the amount of work necessary to bring the affected County road to acceptable standards to provide adequate safe service to present owners, to the proposed subdivision and to other probable subdivisions, and to require the Subdivider to improve its eqUitable portion of such road to an acceptably safe condition; and WHEREAS, the County has determined that the traffic which will be generated by the Subdivision, along with other potential subdivisions in the area, will not result in safety hazards and substantially increased maintenance costs relative to the off-site roads; and o WHEREAS, as a further condition of approval of the final plat of this Subdivision, the. Subdivider is obligated to provide security and collateral sufficient in the judgment of the County to make reasonable provision for completion of the Subdivision Improvements, including but not limited to off-site road improvements, referred to herein; and WHEREAS, pursuant to Chapter IT, Section 4-620.9 of the Land Use Regulations and C.R.S. 43-2-147, the Subdivider shall provide access for all lots and parcels it creates to the state highway system in conformance with the State Highway Access Code. 111111111111111111111111111 ~f1f~~"41 Teak J Simonton Eagle, CO 23 R 0.00 0 0.00 "'~ "w SUBDIVISION IMPROVEMENTS AGREEMENT , RED SKY RANCH File No. PDF-00080 THIS SUBDNISION IMPROVEMENTS AGREEMENT ("Agreement") made and entered into this 2.11 cL day of $I pHJVihl' v. 2003, by and between , The Vail Corporation, a Colorado corpQlation (hereinafter "Subdivider") and the Board of County Commissioners of the County ofEagl,e, State of Colorado (hereinafter "County"). ,1 WITNESSETH WHEREAS, the Subdivider, as a condition of approval of the Final Plat of the Red Sky Ranch, A Resubdivision of Lot 69 and 70,and Tracts GC8, GCIO, GCl2 and OS8 (hereinafter referred to as "Subdivision"), desires an Agreement as provided for by the Land Use Regulations ofiEagle County, Colorado, 1999, as amended (hereinafter referred to as "Land Use Regulations") Chapter IT, Section 5-280.B.5.e. and C.RS. ~30-28-137; and WHEREAS, pursuant to the same authority, the Subdivider is obligated to provide security or collateral sufficient in the judgment of the County to make reasonable provisions for completion of certain public improvements hereinafter described ("Subdivision Improvements"); and WHEREAS, pursuant to Chapter IT, Section 4-620 of the Land Use Regulations, when a proposed subdivision is located in an area serviced by an existing County road and the County determines that the traffic generated by such development will result in safety hazards for vehicle drivers, pedestrians and/or adjacent residents, or will result in substantially increased maintenance costs to the County, the County is empowered to determine the amount of work necessary to bring the affected County road to acceptable standards to provide adequate safe service to present owners, to the proposed subdivision and to other probable subdivisions, and to require the Subdivider to improve its equitable portion of such road to an acceptably safe condition; and WHEREAS, the County has determined that the traffic which will be generated by the Subdivision, along with other potential subdivisions in the area, will not result in safety hazards and substantially increased maintenance costs relative to the off-site roads; and o WHEREAS, as a further condition of approval of the final plat of this Subdivision, the Subdivider is obligated to provide security and collateral sufficient in the judgment of the County to make reasonable provision for completion of the Subdivision Improvements, including but not limited to off-site road improvements, referred to herein; and WHEREAS, pursuant to Chapter II, Section 4-620.9 of the Land Use Regulations and C.RS. 43-2-147, the Subdivider shall provide access for all lots ,and parcels it creates to the state highway system in conformance with the State Highway Access Code. " NOW, THEREFORE, in consideration of the premises and the covenants and agreements herein contained to be kept and performed by the parties hereto, it is hereby understood and agreed as follows: 1. SUBDMSION IMPROVEMENTS. 1.1 Subdivision Improvements. Subdivision Improvements are deemed to include all public improvements, including but not limited te off-site improvements as set forth in all documents, construction drawings, designs, maps, specifications, sketches, cost e.stimates, and other materials submitted by the Subdivider prior to or at final plat approval and acceptance by the County. Such Subdivision Improvements shall include roads, utilities and other similar public improvements as specified by the County Engineer. 1.2 Scope of Work. The Subdivider hereby agrees, at its sole cost and expense, to furnish all necessary equipment and material, and to complete all Subdivision Improvements as referenced in the attached Exhibit "A", and as set forth in all documents, construction drawings, 'designs, maps, specifications, sketches, and other materials submitted by the Subdivider prior to or at final plat approval and accepted by the County, and in accordance with all laws of the United States of America, State of Colorado, County of Eagle, and their respective agencies and affected governmental entities. Such performance shall include acquisition of all necessary rights-of-way. . 1.3 Duties of Subdivider. For those Subdivision Improvements required herein, including but not limited to the reconstruction and physical improvement of that portion of any road subject to this Agreement, the Subdivider shall retain an engineer whose duties shall include construction staking, observation of construction for conformance to the approved plans and specifications, and materials sampling, testing and inspection using the Colorado Department of Highways 2001 Field Materials Manual as a guide for frequency of sampling and testing. 1.3.1 ,Construction Staking. Where applicable and by way of example only, the following is a highlighting of the construction staking that will be required of the Subdivider: a. Roadway - horizontal and vertical control every 50 feet or every 25 feet in critical areas, specifically including: -slope staking -points of curvature -points of tangency -fillet radius points -culverts -transition points for super-elevation -finished sub-grade -finished gravel b. Water. Sewer. and Other Utilities - horizontal and vertical control every 100 feet, or every 50 feet in critical areas. " 1.3.2 Testing. Where applicable and by way of example only, the following is a highlighting of the acceptance testing that will be required of the' Subdivider: a. Utility and drainage culvert trench backfill under roadwav prisms - one density test per 200 C.Y. of backfill or a minimum of one test per roadway crossing. This will require daily visits to the site by a testing laboratory when utilities or drainage culverts are being backfilled within the roadway prism. ': ~ b. Embankments for roadways - oneiJensity test per 2,000 C.Y. of any additional embankment(s); and one density test per 500 C.Y. when within 100 feet of bridge approaches." c. Finished sub-grade - one density test per 250 lineal feet of roadway. d. Aggregate base course - one in-place density per 250 lineal feet of roadway, and gradation and Atterberg Limits test per 2000 tons of aggregate base course. e. Hot Bituminous Pavement - two asphalt content, gradation and in-place density tests per day's production. f. Concrete - Curb and Gutter. Sidewalks and Bike.paths - tests for air content, slump and compressive strength per 50 C.Y. of concrete placed or minimum of one set oftests per day. 1.3.3 NotificationlRoad Construction. Subdivider or his Engineer shall notify the Eagle County Engineer for the purpose of arranging an on-site inspection no less than forty-eight (48) hours in advance of the following stages of road construction: 1) Finished sub grade 2) Finished Aggregate Base Course 3) Asphalt Placement: 4) Concrete - Curb and Gutter, Sidewalks and Bikepaths The County Engineer shall make an on-site visit within the forty-eight (48) hours notification period or as shortly thereafter as reasonably possible for the purpose of observing proof rolls on items 1) and 2) above and for general observation of construction methods being employed at these stages. Said on-site inspection by the Eagle County Engineer shall in no way abrogate the duties of the Subdivider outlined elsewhere in this Agreement. The Subdivider shall provide the proof rolling by arranging for a loaded single unit truck carrying 18,000 pounds per rear axle. 1.3.4 Witnessing of Water and Sewer Laterals. It is essential that the ends of these laterals be witnessed by the Subdivider's engineer to a minimum of three divergent points and a permanent record made of the same. Copies of these records are required to be furnished to the Eagle' County Engineer prior to commencement of the two year warranty period. In addition to witnessing of the horizontal location of these laterals, a vertical witness shall be required. Horizontal witnessing shall be to property comers, fire hydrants, manholes, and other "p~rmanent" features. Vertical witnessing shall be based on depth below ground and elevation based on a datum used for the sub,givision. Bench marks shall be shown on witness recor~. 1.3.5 Test Re.ports. All test reports shall be consecutively numbered, with copies furnished directly to the Eagle County Engineer from the laboratory as they are reported to the Subdivider or its engineer. 1.3.6 As-Built Drawings of Subdivision Improvements. As-Built drawings, sealed~ signed and dated by a Registered Professional Engineer showing the as-constructed horizolital and vertical locations of Subdivision Improvements shall be '$Ubmitted to the Eagle County Engineer prior to commencement of the two year warranty period. This shall include as- built drawings in an electronic format acceptable to the County Engineer. 1.3.7 Affidavit ofMonumentation. An Affidavit ofMonumentation sealed, signed and dated by a Registered Professional Land Surveyor stating that the subdivision has been monumented in accordance with ~38-51-105, C.RS., and Chapter IT, Section 5-280.5.a (l)(a) of the Eagle County Land Use Regulations shall be provided to the Eagle County Engineer prior to the acceptance of the Subdivision Improvements by the County. 1.4 Compliance with Colorado Department of Highways Access Code. Subdivider shall provide the County with designs in compliance with the Colorado Department of Highways Access Code for all road improvements. 1.5 Date of Comoletion. All Subdivision Improvements shall be completed prior to October 31, 2004. 1.6 Approval and Acce.ptance of Work. 1.6.1 Copies of all test results corresponding to work which is being inspected and any other information which may be necessary to establish the satisfactory completion of the work for which inspection is requested must be submitted prior to said inspection. All such information shall be accompanied by a letter from the Subdivider's engineer verifying the satisfactory completion' of the work performed to date. 1.6.2 Notwithstanding Section 1.3.3 above, promptly after receiving a request for inspection and the required documentation, the County Engineer shall review the information presented and, if necessary, make an on-site inspection of the work completed. 1.6.3 All said work shall be done to the reasonable satisfaction of the County Engineer and/or the County Department of Community Development, and shall not be deemed complete until approved and accepted as complete by the County. 1.7 Estimated Costs of Subdivision Improvements. The estimated cost of the Subdivision Improvements is the sum of$ 225,733.37, as summarized in Exhibit "A". To secure and guarantee performance of its obligations as set forth in this Section 1, including the completion of the required Off-site Improvements, the Subdivider hereby agrees to provide security and collateral in the form and as set forth in Section 2, below. - 1.8 QomDlon Parl< and }tecWltion Arell$.. If applicable. Subdivider agrees to submit a Coromon Open Space. Park and Recreation Area Plan to be approved by theC:Ounty Department of Coromunity Development prior to approval of final plat. 1.91!l!dscape QoaJ:aIlte~. Subdivider agrees !bat all areas distUrbed by the ImprovertlenlS will be revegelated in native grasses at the Subdivider's expense. 2. &:C1TRlTY and COLLATERAL. '1 2.1 Collaten!l. Security and Collateral required in Section 1.7 herein, as security for the performance by Subdivider of itS obligations under this Agreement, shall be in the total amount ofS 225,733.37. The Subdivider shall obtain collateral in the fonn of a LETTER OF CREDIT prior to signing of the final plat, and attached hereto as Exhibit "B". 2.2 partial Release of Co~' Subdivider may apply to the County for the release of portions of the Collateral based upon work completed in """"rdance with 1his AgreelUent To make such releases. Subdivider shall request the County Bnginee' to inspect the wod< in order to verify salisfactory completion in accord= with plans and specifications in accordaUce with . Section 1.6. i 2.3 flnal Release of Co11ateralf\'l arran\'l. Within thirty (30) days after Subdivider has completed all of the wod< required by this ~ and the work has been approved and accepted by the County. the entire reIJlllining amount of the ConateIal. less an amount equal to ten percent (10%) of the original CoJlateral. shall be released. Subdivider shall be responsible for the condition of the Subdivision bnpIOvementS for a period of two years after completion; this sball be goaranteed either through the retention of Conateral. as set forth above. or Subdivider may provide a substitute form of CoJlateral as set forth in Section 2.4 bereIJIlder. 2.4 Substitution of Col[ateral. The Subdivider may at any time substitute the Collateral originallY deposited with the County herein. for another fotm of coJlatetal acceptable to the County. to guarantee the faitbfill completion of the Subdivision improvementS referred to herein and the performllI1ce of the tenJlS of 1his AgreelUent. At the time of substitution of coJlateral, an inflationary and/or deflationary fw:tor based upon the Denver-Boulder. Colorado eonsumer Price Index for All Urban C()l)llUIIlers. All ItemS (1967=100) published by the U.s. Bureau of Labor statistics. 303-837-2467. or. alternatively. an approved cons1:r1Jclion cost index, shall be used to determine an adjusted es\iIlUlted cost for all Subdivision improvementS as descnDed heJ:ein, and coJlateral shall be submitted by the Subdivider in """"rdanC<' therewith. 2.5 Draws. Draws against the CoJlateral shall ouly be made as djrected by written ResOlution of the County. stating !bat there has been an event of default under this AgreelUent and !bat a sum certain is required to remedY the default. Any amount drawn on the Collateral must be applied for the purpose of completing the work required by 1his Agreement and related ex.penses and costs. 2.6 EventS of Default. The follOwing eventS shall be deemed "EventS of Default," entitlirig the County to draw on the Collateral: , , '. RED SKY RANCH LOTS 70, 88, AND 89 OPINION OF PROBABLE COSTS SUBDIVISION IMPROVEMENT AGREEMENT Jun-03 ALPINE --- --- --- ---- ---- ---- --- --- - --- - --- ENGINEERING INC " Qij~ ,m",anllMc ;jii:;i'}]b~nj~,~rlq,],i;;}",), - ",' 'I',; r- ':,;:::",:"""",,':Y'<o:"u :"':':'::;:{@,' .;~, 1 Mobilization LS 1 $ 24,100.00 $ 24,100.00 2 ClearinQ LS 1 $ 1,200.00 $ 1,200.00 3 Rock Excavation CY 200 $ 1.00 $ 200.00 -- ,I) , , ~!i.~~~~.i; 4 Silt Fence LF 160 $ 1.47 $ 235.20 5 Stabilized Construction Entrance EA 2 $ 500.00 $ 1,000.00 6 TODsoil Remove and Stockpile CY 1409 $ 4.00 $ 5,636.00 7 TODsoil ReD lace on Roadwav SloDes (4") CY 182 $ 10.00 $ 1,820.00 8 Excavation to Embankment CY 706 $ 5.00 $ 3,530.00 9 ImDort and Embankment CY 3226 $ 10.12 $ 32,647.12 10 Road Subdrains LF 255 $ 15.00 $ 3,825.00 11 18" CMP LF 125 $ 32.00 $ 4,000.00 12 18" CMP Stone aDenine EA 4 $ 350.00 $ 1,400.00 13 Subarade PreDaration LS 1 $ 4,400.00 $ 4,400.00 14 Class 6 ABC (9'') TON 590 $ 23.00 $ 13,570.00 15 ASDhalt (4'') TON 224 $ 59.00 $ 13,216.00 Subtotal $""'" , "'I$,.~9Z~2 ,"-",.;'< lIVafijriSfl$fem".o;I!:'QtSi;' 16 8" DIP and Fittinas LF 326 $ 36.00 $ 11,736.00 17 8" Gate Valve EA 1 $ 900.00 $ 900.00 18 Fire Hydrant AssemblY EA 2 $ 5,000.00 $ 10,000.00 19 AirNac Vault EA 2 $ 2,100.00 $ 4,200.00 20 Water Service EA 3 $ 500.00 $ 1,500.00 Bdlli;I;' Subtotal II $ 28,336.00 sz_ '$iX:, :W'1~9,11!i'~~!' ", -,,~{ ~'T?'" :t,P;; ~llQ~Qfllltii$: '> or' 1 Mobilization LS 1 $ 4,750.00 $ 4,750.00 2 Joint Trench LF 527 $ 10.00 $ 5,270.00 3 4" Electric Conduit LF 985 $ 2.50 $ 2,462.50 4 4" Phone Conduit LF 555 $ 2.50 $ 1,387.50 5 4" Conduit (SDare) LF 560 $ 2.50 $ 1-,400.00 6 2" Plowcon LF 185 $ 2.00 $ 370.00 7 Phone Handholes EA 3 $ 150.00 $ 450.00 8 Relocate Handhole EA 1 $ 150.00 $ 150.00 9 , Gas Line Trench LF 386 $ 6.00 $ 2,316.00 10 Transformer Pad and Vault EA 1 $ 12,000.00 $ 12,000.00 Subtotal II - .- ',$frI,J' ~Q';~J$~. '$"iiiyg~i'an;55'Sii. ~Q1tlS.~l\lYlg~aDl\l"s~lj~duIiS;. '1.i~ '$"',',",,",<,;i,1:li$l.6i'1.~: "";'" UliiilliliiQl$''t' ',',:~~--' :' "',' ~~- -/;-:;-, ""'-; 1 Enaineerina LS 1 $ 16,967.13 $ 16,967.13 2 Survevina LS 1 $ 6,786.85 $ 6,786.85 3 Materials Testina LS 1 $ 6,786.85 $ 6,786.85 4 ReveQetation LS 1 $ 5,000.00 $ 5,000.00 5 10% Continaencv LS 1 $ 20,521.22 $ 20,521.22 ~~.. Subtotal i"~ ,,$,il(;/;;' $J$~Q$2..nGi, )ifT ", hi'},; , $,;;;:" ;:':"~$,7~l.,~7:,.:", iEXH Iii -,. '~~ V ! --.> ~/'6/0} 19; 4 P."" :,">' .. IBIT ~'.' ' "- ;: '- '----,,' -~ ,- --------,'-.-,..'-- c,_ -,_,'_ ._._-.;' ,t,_-,~;,;_:{ii_:-'-- .,,'" , - ---~. - 0_.-,-.- < ~,,---;' ~ ~anke ~ =tarServiceGusnmteed~ . U. S. BANK NATIONAL-" ASSOCIATION- INTERNATIONAL DEPT. PD-OR-T5CE, SUITE 500 111 SW FIFTH AVENUE, PORTLAND, OR 97204 P.O. BOX 6979, PORTLAND, OR 97228-6979 SWIFT-i---USBKUS4 ~'PDX'''''- .,------,--,,- TELEX: TRT 192179 TOLLFREE:866-359-2503 FAX: 503-275-5132 08/22/03 ---------------------------------------- ---------------------------------------- IRREVOCABLE STANDBY LETTER OF CREDIT ---------------------------------------- ---------------------------------------- ------------------------------------------------------------------------- BENEFICIARY: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO 500 BROADWAY EAGLE, CO 81631 APPLICANT: VAIL CORPORATION P.O. BOX 7, MAIL DROP 61 VAIL, COLORADO 81658 ========================================================================= LETTER OF CREDIT NUMBER: SLCPPDX02116 EXPIRY DATE: AUGUST 31, 2004 AT: ISSUING BANK'S INTERNATIONAL BANKING COUNTERS LOCATED AT THE ADDRESS LISTED ABOVE. ========================================================================= AMOUNT: USD 225, 733 . 37 (TWO HUNDRED TWENTY-FIVE THOUSAND SEVEN HUNDRED THIRTY-THREE AND 37/100 U.S. DOLLARS) ========================================================================= WE HEREBY ISSUE THIS IRREVOCABLE STANDBY LETTER OF CREDIT AVAILABLE BY PAYMENT BY DRAFT(S) DRAWN AT SIGHT ON U.S. BANK NATIONAL ASSOCIATION AND ACCOMPANIED BY THE FOLLOWING DOCUMENTS: A WRITTEN RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF EAGLE COUNTY CERTIFYING AS FOLLOWS: 1. THERE HAS BEEN A DEFAULT UNDER THE SUBDIVISION AND OFF-SITE IMPROVEMENTS,AGREEMENT FOR RED SKY RANCH SUBDIVISION FILE NO. PDF-00080, REFERENCING THE SUBDIVISION OF LOTS 69 AND 70, AND TRACTS Ge8, GC10, GC12, AND OS8. 2. THE AMOUNT DRAWN IS REASONABLY REQUIRED TO REMEDY THE DEFAULT. ADDITIONAL CONDITIONS: DRAWINGS UNDER THIS LETTER OF CREDIT MAY BE PRESENTED AT THE COUNTERS OF: US BANK, COMMERCIAL BANKING DEPT. 918 SEVENTEENTH ST. DENVER, CO 80202 THIS ORIGINAL LETTER OF CREDIT MUST ACCOMPANY THE DRAWING. ***THIS PAGE 01 FORMS AN INTEGRAL PART OF CREDIT SLCPPDX02116*** EXHIBIT I ~~~@ ~. .... ~.__._.....:..-._-----_._--_..._--_. --. ========================================================================== PURSUANT TO U.S. LAW WE ARE PROHIBITED FROM ISSUING, TRANSFERRING, ACCEPTING OR PAYING LETTERS OF CREDIT TO ANY PARTY OR ENTITY IDENTIFIED BY THE OFFICE OF FOREIGN ASSETS CONTROL, U.S. DEPT OF TREASURY, OR SUBJECT TO THE DENIAL OF EXPORT PRIVILEGES BY THE U.S. DEPT. OF COMMERCE. DRAFTS DRAWN UNDER THIS CREDIT MUST BEAR THE CLAUSE: "DRAWN UNDER U. S . BANK NATIONAL ASSOCIATION IRREVOCABLE STANDBY LETTER OF CREDIT NUMBER SLCPPDX02116." THIS CREDIT IS SUBJECT TO "THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS" (1993 REVISION) INTERNATIONAL CHAMBER OF COMMERCE PUBLICATION NO. 500. WE HEREBY ENGAGE WITH YOU THAT DRAFT(S) DRAWN AND/OR DOCUMENTS PRESENTED AND NEGOTIATED UNDER AND IN COMPLIANCE WITH THE TERMS OF THIS IRREVOCABLE STANDBY LETTER OF CREDIT WILL BE DULY HONORED UPON PRESENTATION TO US. U.S. BANK NATIONAL ASSOCIATION A MEMBER OF THE FEDERAL RESERVE SYSTEM )It. ~ Jr)(~,-vL~ ABTANDBY LETTERS OF CREDIT M. CHRIS JOACHIM! LEITERS OF CREDIT OFFICER ***THIS PAGE 02 FORMS AN INTEGRAL PART OF CREDIT SLCPPDX02116***