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HomeMy WebLinkAboutC05-041 The Vail Corporation dba Vail Associates t:?~r CJ;,/~ -6/ SUBDIVISION AND OFF-SITE IMPROVEMENTS AGREEMENT V AIL RESORTS EAGLE-VAIL DISTRIBUTION FACILITY File No. ZS-00120 THIS SUBDIVISION AND OFF-SITE IMPROVEM NTS AGREEMENT ("Agreement") made and entered into this I ~ day of / , 2005, by and between . the County of Eagle, State of Colorado, a body corporate and politic, y and through its Board of County Commissioners (hereinafter "County") and The Vail Corporation, d/b/a Vail Associates, Inc. (hereinafter "Subdivider"). WITNESSETH WHEREAS, the Subdivider, as a condition of approval of the Final Plat of the Eagle- Vail Commercial Service Center, ARe-subdivision of Lot 6, 7, and 8, Block 1 (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 II, Section 5-280.B.5.e. and C.R.S. S30-28-137; 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 II, 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 result in safety hazards and substantially increased rnaintenance costs relative to the off-site roads; and WHEREAS, the Subdivider has agreed to improve the roads to an acceptably safe condition and to accommodate the incremental increase in traffic burden to the said roads resulting from the development of this Subdivision, by the engineering, construction and completion of physical improvements to the said road as set forth in this Agreement; and 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 irnprovements, referred to herein; and 1 WHEREAS, pursuant to Chapter II, 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 systern in conformance with the State Highway Access Code. NOW, THEREFORE, in consideration ofthe prernises 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. SUBDIVISION IMPROVEMENTS. 1.1 Subdivision Improvernents. Subdivision Improvements are deemed to include all public improvements, including but not limited to off-site improvements as set forth in all docurnents, construction drawings, designs, rnaps, specifications, sketches, cost estimates, 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 Improvernents as referenced in the attached Exhibit "A," and as set forth in all docurnents, construction drawings, designs, maps, specifications, sketches, and other materials subrnitted 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 Improvernents required herein, including but not limited to the reconstruction and physical improvernent 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 2 -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 roadway prisms - one density test per 200 C.Y. of backfill or a minirnum 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 pnsm. b. Ernbankments for roadways - one density 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. Aggre~ate 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 Bikepaths - tests for air content, slump and compressive strength per 50 C.Y. of concrete placed or minimum of one set of tests per day. 1.3.3 Notification/Road 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. 3 1.3.4 Witnessing of Water and Sewer Laterals. It is essential that the ends of these laterals be witnessed by the Subdividerls engineer to a minirnum of three divergent points and a permanent record rnade 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 corners, fire hydrants, manholes, and other "permanent" features. Vertical witnessing shall be based on depth below ground and elevation based on a datum used for the subdivision. Bench marks shall be shown on witness records. 1.3.5 Test Reports. 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 horizontal and vertical locations of Subdivision Improvements shall be submitted 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 of Monumentation. An Affidavit of Monumentation sealed, signed and dated by a Registered Professional Land Surveyor stating that the subdivision has been monumented in accordance with ~38-5l-I05, C.R.S., and Chapter II, 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 Completion. All Subdivision Improvements shall be completed prior to January 1, 2008. 1.6 Approval and Acceptance 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 Subdividerls 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 Comrnunity Development, and shall not be deemed complete until approved and accepted as complete by the County. 4 1.7 Estimated Costs of Subdivision Improvements. The estimated cost of the Subdivision Improvements is the sum of$ 80,176.25, 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 Comrnon Park and Recreation Areas. If applicable, Subdivider agrees to submit a Comrnon Open Space, Park and Recreation Area Plan to be approved by the County Department of Community Development prior to approval of final plat. 1.9 Landscape Guarantee. If applicable, Subdivider agrees to subrnit a landscaping plan, prior to approval of final plat, for the subdivision which will cornply with Section 4-240, Installation and Maintenance Requirements. The Subdivider agrees to abide by the Landscape Plan approved by the County Department of Community Development. 2. SECURITY and COLLATERAL. 2.1 Collateral. 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 of $ 80,176.25. The Subdivider shall obtain collateral in the form of an irrevocable LETTER OF CREDIT prior to signing ofthe final plat, and attached hereto as Exhibit "B". 2.2 Partial Release of Collateral. Subdivider may apply to the County for the release of portions of the Collateral based upon work completed in accordance with this Agreement. To make such releases, Subdivider shall request the County Engineer to inspect the work in order to verify satisfactory completion in accordance with plans and specifications in accordance with Section 1.6. 2.3 Final Release ofCollaterallWarranty. Within thirty (30) days after Subdivider has completed all of the work required by this Agreement and the work has been approved and accepted by the County, the entire remaining amount of the Collateral, less an amount equal to ten percent (10%) of the original Collateral, shall be released. Subdivider shall be responsible for the condition of the Subdivision Improvements for a period of two (2) years after completion; this shall be guaranteed either through the retention of Collateral, as set forth above, or Subdivider may provide a substitute form of Collateral as set forth in Section 2.4 hereunder. 2.4 Substitution of Collateral. The Subdivider may at any tirne substitute the Collateral originally deposited with the County herein, for another form of collateral acceptable to the County, to guarantee the faithful completion of the Subdivision Improvements referred to herein and the performance of the terms of this Agreement. At the time of substitution of collateral, an inflationary and/or deflationary factor based upon the Denver-Boulder, Colorado Consumer Price Index for All Urban Consumers, All Items (1967=100) published by the U.S. Bureau of Labor Statistics, 303-837-2467, or, alternatively, an approved construction cost index, shall be used to determine an adjusted estimated cost for all Subdivision Improvements as described herein, and collateral shall be submitted by the Subdivider in accordance therewith. 5 2.5 Draws. Draws against the Collateral shall only be made as directed by written Resolution of the County, stating that there has been an event of default under this Agreement and that 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 this Agreement and related expenses and costs. 2.6 Events of Default. The following events shall be deemed "Events of Default," entitling the County to draw on the Collateral: 2.6.1 If Subdivider has not completed the work required by this Agreement within thirty (30) days prior to the Date of Completion set forth herein, the County may, after ten (10) working days written Notice to Subdivider, draw upon the Collateral an amount sufficient to cornplete said work and cornpensate the County for its reasonable costs and expenses related to said draw. 2.6.2 If the original collateral presented to the County (or any extension thereof) is due to expire and the work is not yet completed, and Subdivider has not provided substitute collateral or the bank's written extension to the original collateral (as it may have been previously extended), the County shall draw on the Collateral according to the provisions set forth in this Section 2. It is Subdivider's responsibility, with or without notice, to ensure that the Collateral is extended, or that substitute collateral is provided in a form acceptable to the County, at least ten (10) days prior to its expiration. If Collateral is neither extended nor substitute collateral provided, in a form acceptable to the County, at least ten (10) days prior to its expiration, the developer shall pay the County an additional $500 (Five hundred dollars) for the additional administrative work required because of the failure to extend or substitute collateral in a timely manner as required by this agreement. 2.6.3 If the Collateral is substituted, as otherwise provided herein, this Agreement may be amended or modified in order to set forth specific Events of Default deemed necessary, in the Countyls sole discretion, commensurate with the type of collateral substituted. 2.7 Costs and Expenses. Subdivider agrees to pay any costs and expenses, including but not limited to legal fees, which the County may incur in determining to accept collateral, in drawing upon the Collateral, or in accomplishing an extension of its expiration. 2.8 Landscape Plan Collateral. 2.8.1 If applicable, Subdivider agrees to provide collateral in a form acceptable to the County Attorney to ensure landscaping will be installed. Subdivider agrees to provide collateral for no less than one hundred and twenty-five percent (125%) of the estimated cost of the landscaping improvements listed in the Landscape Plan. 2.8.2 As portions of the landscape improvements are completed, the Community Development Director shall inspect them, and upon approval and acceptance, shall authorize the release of the agreed estimated cost for that portion of the improvements, except that the ten percent (10%) shall be withheld until all proposed improvements are cornpleted and approved, and an additional twenty-five percent (25%) be retained until the improvernents have been maintained in a satisfactory condition for two (2) years. 6 3. INSURANCE and INDEMNIFICATION. 3.1 fudemnification. Subdivider shall indemnify and hold the County harmless from any and all claims made against the County by any contractor, subcontractor, materialmen, employee, independent contractor, agent or representative involved in the work necessary to comply with this Agreement, or on account of any other clairns against the County because of the activities conducted in furtherance of the terms of this Agreement. This indemnification and hold harmless provision shall include any legal expenses or costs incurred by the County. 3.2 Certificates offusurance. The Subdivider shall secure from any contractor or subcontractor engaged in the work necessary to comply with this Agreement a Certificate of fusurance providing for liability protection in the minimum arnount of $150,000 per individual and $600,000 per occurrence, naming the County as an additionally named insured. The Subdivider, if it serves as the contractor for the Subdivision Improvements, shall provide insurance in the same form and amounts as required of the general contractor. Said limits shall be adjusted to cornply with any changed limits in the Colorado Governmental Immunity Act, Title 24, Article 10, Colorado Revised Statutes. 3.3 County fucurs No Liability. The County shall not, nor shall any officer or employee thereof, be liable or responsible for any accident, loss or darnage happening or occurring to the Subdivision and/or Subdivision Improvements specified in this Agreement prior to the completion and acceptance of the same; nor shall the County, nor any officer or employee thereof, be liable for any persons or property injured or damaged by reasons of the nature of said work on the Subdivision Improvements, but all of said liabilities shall be and are hereby assumed by the Subdivider. The Subdivider hereby agrees to indemnify and hold harmless the County and any of its officers, agents and employees against any losses, claims, damages or liabilities for which the County or any of its officers, agents, or employees may become subject to, insofar as any such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any performance by the Subdivider hereunder; and the Subdivider shall reimburse the County for any and all legal and other expenses incurred by the County in connection with investigating or defending any such loss, claim, damage, liability or action. This indemnity provision shall be in addition to any other liability which the Subdivider may have. 4. GENERAL PROVISIONS. The following shall apply to all Subdivision Improvements, including off-site improvements, set forth in this Agreement: 4.1 Compliance with Land Use Regulations. The Subdivider shall be required to obtain all necessary permits and comply with the provisions of the Land Use Regulations, including but not limited to the Regulations for Construction within the Public Ways of Eagle County (Chapter V), as the same are in effect at the time of commencement of construction of the Subdivision Improvements referred to herein. 7 4.2 Subdivision Improvement Agreement Controls. In the event of any inconsistency or incongruity between the provisions of this Agreement and the Land Use Regulations, the provisions of this Agreement shall in all respects govern and control. 4.3 Warranties and Guarantees. There shall be a two-year correction period, or such longer period as may be prescribed by law, from the time of completion of the Subdivision Irnprovements during which time the Subdivider shall promptly correct or remove and replace, in accordance with the Countyls written instructions, defective work or materials and consequences thereof. Repair or replacement made under the two-year correction period shall bear an additional one-year correction period from the acceptance of the repair or the replacement by the Eagle County Engineer. The work shall be collateralized during the correction period in an arnount and type of collateral as shall be reasonably determined by the County. The work shall be inspected, at the request of the Subdivider, no less than sixty (60) days prior to expiration of the one-year additional correction period, and any deficiencies shall be noted to the Subdivider. 4.4 Approval of Final Plat. The County agrees to the approval of the final plat of this Subdivision, subject to the terms and conditions of this Agreement. 4.5 Final Plat Amendments. Where field changes or other circumstances have caused the road, utilities, or other subdivision improvernents to be constructed in locations different from those shown on the approved plans, the locations of rights-of-way, easements, lot lines, building envelopes, setback lines, or other attributes shown on the Final Plat shall be amended as necessary to comply with Final Plat requirements of the Eagle County Land Use Regulations. 4.6 Amendment and Modification. The parties hereto mutually agree that this Agreement may be amended or modified from time to time, provided that such amendment or modification be in writing and signed by all parties hereto. 4.7 Assignability. This Agreement shall be enforceable against the Subdivider, provided, however, that in the event the Subdivider sells, transfers or assigns all or part of the subject Subdivision, the obligations of the Subdivider under this Agreement as to that portion of the subject Subdivision may be assumed in writing by the purchaser of the parcel, and the Subdivider shall have no further obligations hereunder. It is agreed, however, that no such assumption of these obligations shall be effective unless the County gives its prior written approval to such assumption following an investigation of the financial condition of the purchaser. The Subdivider shall not otherwise assign, transfer, convey, pledge or otherwise dispose ofthis Agreement without prior written consent of the County, which consent shall not be unreasonably withheld. 4.8 Binding upon Successors. This Agreement shall inure to the benefit of and be binding upon the parties hereto, their respective successors, and assigns. 4.9 Sole Responsibility of Subdivider Prior to County Acceptance. It is further agreed and understood that at all times prior to the completion and acceptance of the off-site Subdivision Improvements set forth herein by the County, each of said irnprovements not accepted as complete shall be under the sole responsibility and charge of the Subdivider. When it is necessary to allow the general public to utilize the roadways under construction by the 8 Subdivider, traffic control and warning devices shall be placed upon such roadways by the Subdivider in accordance with the Manual on Uniform Traffic Control Devices for Streets and Highways as prepared by the U.S. Department of Transportation, Federal Highway Administration. 4.10 No Rights to Third Parties. This Agreement does not and shall not be deemed to confer upon or grant to any third party any right to claim darnages or to bring any lawsuit, action or other proceedings against either the County or its officers, employees or agents because of any breach hereof or because of any terms, covenants, agreements or conditions contained herein. 4.11 Notice. Notice required pursuant to the terms of this Agreement shall be deemed given on the day that the sarne is placed in the United States Mail, postage prepaid, certified or registered mail, return receipt requested. 4.12 Enforcement and Attorney Fees. The County may enforce the provisions of this Agreement in the same manner and with the same remedies applicable to the enforcement of land use regulations pursuant to the Eagle County Land Use Regulations, as they may be amended from time to time, or as otherwise provided by law. Alternatively, the terms of this Agreement may be enforceable by the Board or its designee by any appropriate equitable or legal action, including but not limited to specific performance, mandamus, abatement, or injunction. The remedies explicitly provided herein are cumulative, and not exclusive, of all other remedies provided by law. The prevailing party in any action brought pertaining to this Agreement shall be entitled to an award of costs and reasonable attorney's fees. 9 IN WITNESS Vv11.EREOF, the parties hereto have executed this Agreement the day and year first above written. COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its ATTEST: ~~UNTY COMMISSIONERS Teak J. Simonton, Clerk to the Boat t:k:nconi County Commissioners Chairman Address for giving notice: P.O. Box 850 Eagle, CO 81631 Phone: (970) 328-8685 SUBDIVIDER: The Vail Corporation, d/b/a Vail Associates, By: Address for giving notice: The Vail Corporation, d/b/a Vail Associates, Inc. P.O. Box 959 Avon, CO 81620 STATE OF COLORADO ) , ) ss: County of J ~ ) The foregoing was acknowledged before me this b~f~tlt-t..h6 D. R-t h ~ . as$r \Jle~ Pre..s. va d . ",-SoC i a:1 <2.5 f J-: h ~ W my hand and official seal. c..;~.~~~...~/?Ij;;~ J.YJ.-Y. romtn. 'l~~expires : l\u 'ARt-.. ,f ~: llr ~ Vi ~ ! ! BT'l '" : : __-l I : :1 cI>\ ..: .1 ~ ~ A " " T( 'lit ?)':..... ./ 'S:>~I:! ~~-9.' 10 ENGINEER'S OPINION OF PROBABLE CONSTRUCTION COSTS for PUBLIC IMPROVEMENTS, SUBDIVISION IMPROVEMENT AGREEMENT VAil RESORTS, EAGLE VAIL DISTRIBUTION CENTER EAGLE VAil, COLORADO December 7, 2004 1.0 STORM SEWER SYSTEM QUANTITY UNITS PRICE FACTOR COST 1.01 12f1R.einf9r(;~d<=ol1c~~!ePipe ______ 96 l.f. __ _s>~5.00___L2~3,360.00 1.02 I?" R.einf()r(;~~ C::<3.n(;ret~ ;Pipe (~O%Y_RJ:}c:t 5()%13C~l)) 71 I. f. _ $35.00 0 ..~$1 ,242.50 1.03 l~" Reil1f~c~d~ol1creteXip~(59%_YRf)c::/50%13C::f\1I)).l4Lm $36.00____0.5 - ~2,556.00 1.0_41?"Uar_e~~ndSe(;ti().nJ5.90/~\lR.[)C::/ ~0!o!3c::Mf)2_____ __1__ _. ea. . _ .J~gO.OO ~ 0.5 $400.00 .1.g5 _!sn !Iar~_~.nd~~c!i()n(~()roVR.[)<::!59'Yo_BC::f\1I)L___1__ __.~a._._$J_,~()O.O_O _ __ g.5 m ...- -- $750.00 1:()_6_ I)'p~ 13Jnlet_______ _ ._. __ __._______ _ ________1. ea. _ __~..i,()()():()() -_. _._.1.0 -. --- .$4~OO().OO.- I_.O} _l)'pe} 31n.Ie!.(~()~_\J'R.f)C::1. ~()<l,i(>B_Crv1[)2_____ __ ___ _ _____ ~?_ _ .._ .._ _~~1.____$~,-9()():2() _ _ _0. 5 -$4~OOO ~oo= - .1.()8 _. 4'-J)i(llneter.f\1a.nl1()le (5_()~\lR.l)C::/~()'Yo_I3c::fv!f)1._.______. l~a.__ g,5(j0.06 __ 05. -$1)50'-00 - 1.09 _ 6~l)ial11~t~r_I\-1.a.1111()le(~OroY:R.J)<::1.5()roI3<::rv1f)2__ ._ 1 ea.$4,O()0.OO-__- 0.3-- .--S2'-OOO'-OIY- 1.10 OutletStructure (50%VRDC/50% BCMD) .. .. ... . .. . ea. $5,000.00- - 0.5-- $2,-500.00. -1.lf Rl nRa --(So%VRJ5cT5b%i3CMI5) -------- --1 -1..5. - _ $1,000.00 -03- $500:00- Subtotal Division 1.0 $22,558.50 2.0 PAVING QUANTITY UNITS PRICE FACTOR COST 2.01 AsphaltPatchback, 74 s.y: $16.00 1.0 $1 184.00 2.02 Sidewalk 1004 s.f. $5.00 1.() _.$5,Q?():..()0 . 2.03 Curb and Gutter 169 l.f. $15.00 1.0 $2,535.00 Subtotal Division 2.0 $8,739.00 3.0 EARTHWORK QUANTITY UNITS PRICE FACTOR COST 3.01 Detention Pond Excavation (50% VRDC/ 50% BCMD) 645 c.y. $4.00 0.5 $1,290.00 _________ ___ ___ _________ _. __________u________ __ _________ ___ 3.02 Pond Retaining Wall (50% VRDC/ 50% BCMD) 284 l.f. $275.00 0:5 - $39:050.00 I Subtotal Division 3.0 $40,340.00 4.0 MISCELLANEOUS QUANTITY UNITS PRICE FACTOR COST 4.01 Survey (50% VRDC/ 50% BCMD) 1 I.s. .$1,50.0.00 0.5 $750.00 4.02 Ins ection (50% VRDC/ 50% BCMD) 1 I.s. $1,000.00 0.5 $500.00 Subtotal Division 3.0 $1,250.00 SUMMARY OF PUBLIC PROBABLE IMPROVEMENT COSTS DIVISION TOTAL COST 1.0 STORM SEWER SYSTEM $22,558.50 2.0 PA VING $8,739.00 3.0 EARTHWORK $40,340.00 4.0 MISCELLANEOUS $1,250.00 SUBTOTAL $72,887.50 10% CONTINGENCY $7,288.75 EXHIBIT TOTAL AMOUNT $80,176.25 i .D 1/ J!/ ,/ P:\BCR04008\Docs\SIA-Cost VRDC.xls ~ 17 PAGE: 1 DATE: FEBRUARY 15, 2005 IRREVOCABLE STANDBY LETTER OF CREDIT NUMBER: 3073304 BENEFICIARY APPLICANT BOARD OF COUNTY COMMISSIONERS THE VAIL CORPORATION COUNTY OF EAGLE, STATE OF COLORADO 137 BENCHMARK ROAD 500 BROADWAY AVON, CO 81620 EAGLE, CO 81631 AMOUNT USD 80,176.25 EIGHTY THOUSAND ONE HUNDRED SEVENTY SIX AND 25/100'S US DOLLARS EXPIRATION FEBRUARY 28, 2006 AT OUR COUNTERS WE HEREBY ESTABLISH IN YOUR FAVOR OUR IRREVOCABLE STANDBY LETTER OF CREDIT WHICH IS AVAILABLE WITH BANK OF AMERICA, N.A. BY PAYMENT AGAINST PRESENTATION OF THE ORIGINAL OF THIS LETTER OF CREDIT AND YOUR DRAFTS AT SIGHT DRAWN ON BANK OF AMERICA, N.A., ACCOMPANIED BY THE DOCUMENT DETAILED BELOW: A SIGNED STATEMENT BY THE BENEFICIARY STATING THE FOLLOWING: "THERE HAS BEEN A DEFAULT IN THE COMPLETION OF SUBDIVISION IMPROVEMENTS AT THE VAIL RESORTS EAGLE-VAIL DISTRIBUTION FACILITY REQUIRED BY EAGLE COUNTY, STATE OF COLORADO PURSUANT TO THE FEBRUARY 2005 AGREEMENT BETWEEN THE VAIL CORPORATION AND THE COUNTY OF EAGLE, AND THE AMOUNT DRAWN IS REASONABLY REQUIRED TO REMEDY THE DEFAULT." THE BOARD OF COUNTY COMMISSIONERS OF EAGLE COUNTY, COLORADO, AS BENEFICIARY, MAY DRAW ON STANDBY LETTER OF CREDIT ISSUED BY BANK OF AMERICA, N.A. BY SENDING THE DOCUMENTATION REQUIRED IN SUCH LETTER OF CREDIT, DELIVERED BY OVERNIGHT COURIER TO THE ADDRESS OF 333 SOUTH BEAUDRY AVENUE, 19TH FLOOR, MAIL CODE: CA9-703-19-23, LOS ANGELES, CA 90017 ATTN: STANDBY LETTER OF CREDIT DEPARTMENT (TELEPHONE 213-345-0395) . WE HEREBY ENGAGE WITH YOU THAT DRAFT(S) DRAWN UNDER AND IN COMPLIANCE WITH THE TERMS OF THIS LETTER OF CREDIT WILL BE DULY HONORED UPON PRESENTATION TO US, ON OR BEFORE THE EXPIRATION DATE. THIS LETTER OF CREDIT IS SUBJECT TO THE INTERNATIONAL STANDBY PRACTICES 1998, ICC PUBLICATION NO. 590. ORIGINAL Bank of America. N.A. Trade Operations tvfail Code: CA 9-703- [9-09 333 S. Beaudry Avenue. 19th Fioor, Los Angeles, CA 90017 00-35-020INSB 9-1999_CA9 19 PAGE: 2 THIS IS AN INTEGRAL PART OF LETTER OF CREDIT NUMBER: 3073304 IF YOU REQUIRE ANY ASSISTANCE OR HAVE ANY QUESTIONS REGARDING THIS TRANSACTION, PLEASE CALL 213-345-0135. ----------~~~~:~~" AUTHORIZE SIGNATUR THIS D CUMENT CONSISTS OF 2 PAGE(S). ORIGINAL Bank Moil Code: CA9-703~ 19-09 333 S. Beaudry Avenue, 19th Floor, Los Angeles, CA 90017 00-35-020INSB 9-1999JA9 19