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HomeMy WebLinkAboutC05-284 Kummer Development Corporation Public Improvements Agreement Second Amendment Ie SECOND AMENDMENT TO PUBLIC IlVIPROVEMENTS AGREEMENT FOR FROST CREEK PUD ROADWAY GRADING PERMIT NO. MI-12007 File No. PDF-12007 THIS SECOND AMENDMENT to the Public Improvements Agreement for Frost Creek PUD Roadway Grading Permit No. MI-12007 (hereinafter "Frost Creek") is entered into this ~ay of ~" 2005, by and between the Board of County Commissioners of the County 0 Eagle, State of Colorado (heremafter "County") and Kummer Development Corporation (hereinafter "Developer"). WITNESSETH WHEREAS, Developer and County entered into a Public Improvements Agreement for Frost Creek PUD Roadway Grading Permit No. MI-12007 on May 31, 2005 to permit additional construction activities on the Frost Creek project site (hereinafter "Agreement"); and WHEREAS, Section 1.7 of the Agreement provided that the estimated cost of the Public Improvements was in the sum of$2,441,308.21; and WHEREAS, Developer provided to the County WestStar Bank Letter of Credit No. 838 in the amount of $2,441 ,308.21 as security for the performance by the Developer of its obligations under the Agreement; and WHEREAS, County and Kummer Development entered into a First Amendment to the Public Improvements Agreement dated August 2,2005 increasing the total of collateral required for the Frost Creek project by $4,444,010.98 increasing the total amount of collateral required to $6,885,319.19. Said First Amendment was recorded in the records ofthe Eagle County Clerk and Recorder at Reception No. 924972; and WHEREAS, Developer provided to the County WestStarBank Letter of Credit No. 841 in the amount of$4,444,010.98 as security for the performance by the Developer of its obligations under the Agreement; and WHEREAS, the Eagle County Engineering Department has recommended additional work be added to the project in the form of utility construction as identified in the Preliminary Engineers Estimate and memorandum (see Exhibit "A" attached hereto and incorporated herein by this reference) increasing the amount of collateral by $2,020,085.14 for a total amount of collateral being required to $8,905,404.33; and WHEREAS, the Developer provided to County WestStar Bank Letter of Credit No. 845 in the amount of$2,020,085.14; and WHEREAS, Section 4.5 ofthe Agreement provides 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"; and WHEREAS, the County and Developer desire to amend the Agreement to reflect the additional amount of collateral required. AGREEMENT 1. Section 1.7 of the Agreement is hereby amended to read as follows: Estimated Cost of Public Improvements. The estimated cost of the Public Improvements is the sum of$8,905,404.33, 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 Public Improvements, the Developer hereby agrees to provide security and collateral in the form and as set forth in Section 2, below." 2. Section 2.1 of the Agreement is hereby amended to read as follows: Collateral. Security and Collateral required in Section 1.7 herein, as security for the performance by Developer of its obligations under this Agreement, shall be in the total amount of$8,905,404.33. The Developer shall obtain collateral in such form acceptable to the County ("Collateral") prior to approval ofthe Frost Creek PUD Roadway Grading Permit, File No. MI-12007 as specified in attached Exhibit "B." 3. All other terms and conditions of the Public Improvements Agreement for Frost Creek PUD Roadway Grading Permit File No. MI-12007 shall remain in full force and effect. IN WITNESS WHEREOF, the parties hereto have executed this Second Amendment the day and year first above written. COUNTY: County of Eagle, State of Colorado By and Through its Board ounty Commissioners Clerk to the Board of County Commissioners 2 DEVELOPER: KUMMER DEVELOPMENT --~ ) State o~ ) ) ss: County ok~ ) 1J:t if LtLL~~4 The foregoing was acknowledged before me this of 2005, by Fred D. Kummer as President of Kummer Development. Witness my hand and official seal. My commission TERRI ADAMS JONES NOTARY PUBLIC. STATE OF MISSOURI CITY OF ST. LOUIS MY COMMISSION EXPIRES JUNE" 2001 G:\JKS\Agreements\SECOND AMENDMENT TO PIA. doc 3 MEMORANDUM EAGLE COUNTY ENGINEERING TO: Janice Scofield, Attorney's Office FROM: Phillip M. Bowman, Engineering f ~ 7;{74s- DATE: July 27, 2005 RE: Grading Permit MI-12007, Amendment #2, Frost Creek The approval of the Grading Permit MI-12007 included a Public Improvements Agreement recorded at Reception No. 917945, with collateral in the amount of$2,441,308.21 received by Eagle County in a Letter of Credit. A memorandum to you dated July 1, 2005, requested the preparation of Amendment #1 to this Agreement, and also transmitted an original Letter of Credit in the amount of $4,444,010.98. The total amount of collateral for this Public Improvements Agreement at this point was $6,885,319.19. Additional work is being added to the project in the form of utility construction as identified in the attached Preliminary Engineer's Estimate. The additional amount of collateral identified in this estimate is $2,020,085.14. An original Letter of Credit in this amount is also attached to this memo. As amended, the total amount of collateral for this project is now $8,905,404.33. Please amend the Public Improvements Agreement as necessary to include the additional scope of work and collateral amount. If you have any questions, please call me at 328-3560. xc: Helen Migchelbrink, County Engineer Chrono/file , EXHIBIT ~ t( r/ :0 j PRELIMINARY ENGINEER'S ESTIMATE PROJECT NA Adams Rib Frost Creek P.U.D. Shallow Utilities JK Job# EA05009 DATE :7-21-2005 ITEM NO. DESCRIPTION ESTQTY UNIT UNIT PRICE AMOUNT REMARKS on 1.00 18. $45,000.00 $45,000.00 1.00 18. $20,000.00 $20,000.00 1.00 18. $5,000.00 .- $5,000.00 1.00 18. $5,000.00 $5,000.00 1.00 is. $2,500.00 $2,500.00 '- r-' ITOTAL - -- -'-- r---- $77,500.00 SHALLOW' UTILITIES .- Common Trench, Main - 48" depth (Excavate, Bedding, Backfill. Compact) 38,326.00 LF. $9.00 $344.934.00 Trench Stabilization Material 1,500.00 CY. $22.00 $33,000.00 Drop Down Transformer (take power underground) 1.00 EACH $2,000.00 $2,000.00 Electric Conduit, Mainline, PVC (Sch 40E) - 6" 25,160.00 LF. $3.50 r--- $88,060.06 Electric Conduit, Mainline, PVC (Sch 40E) - 4" 114,978.00 -tr -~i~ ~______p16,189.50 Electric Splice Vault, Precast Concrete 4' 30R diameter (with top cover) 62.00 EACH $800.00 ____ $49,600.00 Electric Splice Vault, Precast ConcreIe - 7' 35L (with top cover) 36.00 EACH $1,200.00 $43,200.00 -'-~'---^~.---,.,,~,,---- Common Trench Crossings, Main out of vaults - 48" depth - r---- (Excavate, Bedding, Backfill. Compact) 5,000.00 LF. $9.00 $45.000.00 Electric Conduit Crossings, Mainline out of vaults, PVC /"', Alltl\ _ 4" 10,000.00 LF. $2.75 $27,500.00 $0.00 -' "-""'- Telephone / Cable TV Conduit, Mainline, PVC - 4" 38.326.00 LF. $2.75 $105,396.50 Telephone, Mainline, PYc - 2" 1,000.00 LF. $1.75 $1,750.00 Telephone/Cable TV Splice Vault 100.00 EACH $500.00 $50,000.00 Telephone / Cable TV Conduit Crossings, Mainline out of PVC -4" 3,650.00 LF. $2.75 _. $10,037.50 u,,, 'H01Ml. Mainline - 30" depth 37,12()"Q<\, LF. $12.00 $445.512.00 j---- TOTAL - SHALLOW UTILITIES -. $1,562,179.50 --~"--'-'~"'-,,- - =--==jTOTAL C~STRUCTlON COS~_" ----:::-- -- - $1,639,679.50 1--.--------..- . ----- 15 ..- tlRECTCOSTIl .-- ;- __::.~ SUr'\'eyi;g-Ell.gineenng- Testing-As-builts ~ --~- c------__$196,761.54 1 ~ f-- -~-"~ - - TOTAL INDIRECT COSTS---- $196,761.54 (!':tb"J! -' _ ~~-=F~~AL CmiSTRUCTlON & INDIRECT COSTS $1,836,441.04 ~.II~.)i 10% $183,644.10 ..........\\" GRAND TOTAL $2,020,085.14 FROST CREEK P.D.D. ADAMS RIB 1