HomeMy WebLinkAboutC07-038 Blue Ridge PUD First Amendment to SIAEAGL TEAKEJCSIMONTONO 200703842 Pgs: 18 04:47:00PM 02/12/2007REC. $0.00 DOC: $ FIRST AMENDMENT TO SUBDIVISION AND OFF-SITE IMPROVEMENTS AGREEMENT FOR BLUE RIDGE PLANNED UNIT DEVELOPMENT File No. PDF -00035 THIS FIRST AMENDMENT to the Subdivision and Off -Site Improvements Agreement for Blue RicUe Planned Unit Development (hereinafter "PUD") is entered into this � day of 7, by and between the Board of County Commissioners of the County of Eagle, State of Colorado (hereinafter "County") and Blue Ridge Investments, Ltd. and Kevin and Tammy Tucker (hereinafter "Subdivider"). WITNESSETH: WHEREAS, Subdivider and County entered into a Subdivision and Off -Site Improvements Agreement recorded in the records of the Eagle County Clerk and Recorder at Reception No. 200608136 on December 6, 2005 as a condition of approval of the Final Plat of the Blue Ridge Planned Unit Development (hereinafter "Agreement"); and WHEREAS, Section 4.6 of the 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, in accordance with the understanding of the parties to the Agreement, Kevin and Tammy Tucker conveyed their interest in the property to Blue Ridge Investments, Ltd. by Quit Claim Deed recorded in the records of the Eagle County Clerk and Recorder at Reception No. 200608014. The County and Subdivider desire to remove Kevin and Tammy Tucker from the Subdivision Improvements and Off -Site Improvements Agreement; and WHEREAS, the County and Subdivider desire to amend the agreement to reflect a change in the engineer's total cost estimate and required collateral for the project from $2,868,025.15 to $3,395,783.41 (see Engineer's Cost Estimate attached as Exhibit "A" to this First Amendment); and WHEREAS, the County and Subdivider desire to amend the agreement to release the Plat Note recorded in the records of the Eagle County Clerk and Recorder at Reception No. 200608134 on the property to allow for a substitution of collateral required by the Agreement for the public improvements with a letter of credit; and WHEREAS, the Subdivider desires a first partial release of collateral, reducing the amount of collateral by $397,430.99, thereby reducing the amount of collateral held by the County from $3,395,783.41 to $2,998,352.42. AGREEMENT In accordance with Section 4.6 of the Agreement the County and Subdivider agree to amend the Agreement as follows: The County and Subdivider hereby agree to remove Kevin and Tammy Tucker from their obligations under the Subdivision and Off -Site Improvements Agreement. All references to Subdivider in the Agreement will be applicable solely to Blue Ridge Investments, Ltd. who agrees to assume all obligations of Subdivider thereunder. Section 1.7 of the Agreement is deleted in its entirety and replaced with the following effective upon execution of this First Amendment: 1.7 Estimated Costs of Subdivision Improvements. The estimated cost of the Subdivision Improvements is the sum of $3,395,783.41, as summarized in Exhibit "A" to the First Amendment. The County, upon the recommendation of the Eagle County Engineer (see memorandum attached as Exhibit `B" to this First Amendment) agrees to a first reduction in collateral required for the improvements by reducing the collateral by $397,430.99, thereby reducing the amount of collateral held by the County from $3,395,783.41 to $2,998,352.42. 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." Section 2.1 of the Agreement is deleted in its entirety and replaced with the following effective upon execution of this First Amendment: "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 $2,998,352.42. Such security and collateral shall be in the form of either 1) a letter of credit acceptable to the County or 2) a Plat Note in substantially the following from: Plat Note: No lots within the Blue Ridge Planned Unit Development shall be sold, transferred or otherwise conveyed - nor shall any building permit be issued by Eagle County for these lots - until all of the improvements required under the Subdivision Improvements Agreement recorded at Reception No. 200608134, are either (a) in place and approved by Eagle County, or (b) collateralized in the form as described in the Subdivision 2 and Off -Site Improvements Agreement and Land Use Regulations and acceptable to Eagle County to secure the performance of the obligations as described in the Agreement. This Plat Note shall only be released in accordance with the procedures set forth in Eagle County Resolution No. 95-35. Any documentation denoting the release of the Plat Note shall be recorded in the Eagle County Clerk and Recorder's Office. The Subdivider provides herewith Letter of Credit No.96006518 dated December 27, 2006 issued by Colorado Capital Bank in the amount of $2,998,352.42 (See letter of credit attached as Exhibit "C" to this First Amendment) which is an acceptable form of collateral pursuant to this Section 2.1." County and Subdivider agree that, except as expressly altered, modified and changed in this First Amendment, all terms and provisions of the Agreement shall remain in full force and effect, and hereby are ratified and confirmed in all respects as of the date hereof. If any conflict exists between the provisions of this First Amendment and the Agreement, the provisions of this Agreement shall control. This First Amendment shall be binding on the parties hereto, their heirs, executors, successors, and assigns. IN WITNESS WHEREOF, the parties hereto have executed this First Amendment the day and year first above written. COUNTY: COUNTY OF EAGLE, STATE OF COLOR BY AND THROUGH ITS VOA1VOUNTY COMMISSIONERS Clerk to the Board of County Commissioners BLUE RIDGE INVESTMENTS, LTD. GP 31w4 R%d�s�w�s,�NC. By: Bernard C. Grenon, Vice President AGREED: Kevin Tucker _ I C,Ymnl� -77P c,42,-- Tammy Tucker '%x"5 STATE OF CDfl ) COUNTY OF 1;AfrE ) The foregoing instrument was acknowledged Vice President of Blue Ridge Invest ents, Ltd. My commission expires: Witness my hand and official seal. , OiT�tt DUNCAN-DAVIS Moarlr Prelie, 3tah R hxn "IcomoNpbeE*M 09-21-08 STAT �...,Z....... )ss: COUNTY OF EAGLE ) me by Bernard C. Grenon as ty�of -7&,eX1, 2007. Public The foregoing instrument was acknowledged befo �,c • Tammy Tucker thisagt" day o c� , 2007. FRAM 1C 'LYNN MA)LIC AS NOTARY PUBLIC My commission Expires: STATE OF COLORADO Witness my hand and official sealer p n My Commission Expires "/09/09 C:UKS\Agreements\Blue Ridge.doc Notary Pulffic 11. Decemher 14 9MR Peter Fralick, Project Engineer Eagle County Engineering Department P.O. Box 850 O Eagle, CO 81631 01 206 Re: Blueridge Subdivision/Shadowrock Engineer's Estimate Cr�� 15 Dear Peter: ENGINEERING This letter has been written to inform you that the Engineer's Estimate has been updated per your comments dated December 6, 2006. Sopris Engineering's revised cost estimate is $3,395,783.41. This revised value includes collateral for 125% of the estimated landscaping cost per the requirements of the SIA. Attached is a revised cost estimate and work completed schedule. On behalf of the owner, we request that the letter of credit be for a total amount of $2,995,382.42 to satisfy the SIA. If you have any questions or need additional information, please give me a call. ey,'°Nfchol, P.E.�E;y Y ,- Pri`cf Cc: Larry Vineyard Matt Starr Steve Isom Nick Adeh EXHIBIT 502 Main Street - Suite A3 - Carbondale, CO 81623 - (970) 704-0311 - Fax (970) 704-0313 SopENGINEERING• RIS LLC civil consultants SUMMARY OF ENGINEER'S OPINION OF PROBABLE CONSTRUCTION COST SHADOWROCK DEVELOPMENT SE JOB NO.26008 12/14/06 PAGE 1 OF 6 ON-SITE ROADWORK AND TRAILS ON-SITE STORM AND IRRIGATION ON-SITE SEWER SYSTEM ON-SITE WATER SYSTEM ON-SITE SHALLOW BURY UTILITIES LANDSCAPE AND PLAYGROUND AREA SHADOWROCK DRIVE FROM EL JEBEL ROAD TO WEST PROPERTY LINE EL JEBEL ROAD IMPROVEMENTS SEWER MAIN CROSSING HWY 82 AND TO WEST PROPERTY LINE 12" WATERMAIN FROM EAST PROPERTY LINE ACROSS HIGHWAY 82 FRONTAGE ROAD FROM EAST PROPERTY LINE TO WILLITS INTERSECTION COST ESTIMATE $ 1,346,718.78 $ 80,382.50 $ 306,785.60 $ 477,169.00 $ 230,428.25 $ 75,625.00 $88,013.64 REMAINING COST ESTIMATE $ 1.104217.79 $ 80,382.50 $ 306 785.60 $ 47716900 $ 230.428.25 $ 75.625.00 $ 88 01364 $77,186.45 $ 77.18645 $194,458.00 $ 8,899.00 $85,470.00 $ 85.470.00 $433,546.19 TOTAL PROJECT $ 3,395,783.41 WORK COMPLETED -10% WORK COMPLETED WORK REMAINING (SECURITY) $ 416 716.19 $ 2,950,893.42 $ 444,889.99 $ 44,489.00 $ 2,995,382.42 r �3 a6 p ENGINEERING Note: This opinion of probable construction cost was prepared for budget purposes only. 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Z O Q z ¢¢UwwfNi�rCL zC) W=,"LLm��500 OU 6 w U x¢ w g Q U z o J om z 0 w m~ FULUM wL)!6 (rioOU z55(nxrL) 0U) O MEMORANDUM EAGLE COUNTY ENGINEERING TO: Janice Scofield, Eagle County Attorney's Office FROM: Mike Gruber, Engineering Department DATE: December 18, 2006 RE: Subdivision Improvements Agreement, Shadowrock PUD, Eagle County File No. PDF -00035 Authorization of the First Partial Collateral Release A written request for reduction of the collateral for the construction of portions of the improvements under the agreement was received from Sopris Engineering, LLC on November 17, 2006, and revised on December 7, 2006. An inspection was conducted by me on December 13, 2006. Construction items were checked for completion as listed on the Collateral Reduction Request prepared by Sopris Engineering, LLC. The items requested for reduction were found to be constructed and completed in a satisfactory manner with one minor exception. I recommend a reduction of the collateral in the amount of $397,430.99 from the $3,395,783.41 as established in the Subdivision Improvements Agreement entered into December 6, 2005, and amended in December 2006. This will leave a balance of $2,998,352.42 collateral remaining for completion of items under the terms of the agreement. This reduction does not start the warranty period. A collateral release summary is attached for this Public Improvements Agreement. PC: Greg Schroeder, Acting County Engineer Pete Fralick, Project Engineer Yancy Nichol, Sopris Engineering, LLC., fax 970-704-0313 Chrono/File EXHIBIT COLLATERAL RELEASE SUMMARY Shadow Rock File Number PDF -00035 First Release - December, 2006 Blue Ridge / Shadow Rock PUD First Partial Release Page 1 of 4 COMPLETED FIRST RELEASE ORIGINAL AMOUNT DESCRIPTION COLLATERAL % AMOUNT REMAINING On -Site Roadwork and Trails Mobilization 50,000.00 20% 10,000.00 $40,000.00 Clear and Grub 133,000.00 60% 79,800.00 $53,200.00 Excavation 465,000.00 25% 116,250.00 $348,750.00 4" Asphalt 88,908.80 0.00 $88,908.80 Crusher Fine Trail with Weed Fabric 13,625.00 0.00 $13,625.00 Trail In Open Area 11,000.00 0.00 $11,000.00 Class 6 ABC 69,255.00 0.00 $69,255.00 6' Wide Concrete Sidewalk 19,600.00 0.00 $19,600.00 Concrete Pedestrian Ramps w/ Truncated Domes 3,500.00 0.00 $3,500.00 4" Mountable Curb & 1.5' Gutter 89,262.00 0.00 $89,262.00 6" Vertical Curb & 1.5' Gutter 30,762.00 0.00 $30,762.00 3'Valley Pan 6,876.00 0.00 $6,876.00 10' Valley Pan & Fillets 13,365.00 0.00 $13,365.00 Rock Wall 69,636.00 0.00 $69,636.00 Signs 4,000.00 0.00 $4,000.00 Topsoil Placement 41,500.00 0.00 $41,500.00 Erosion control 35,000.00 0.00 $35,000.00 Construction Surveying, Observation, Testing & As-builts 80,000.00 18% 14,405.44 $65,594.56 Contingency 10% 122,428.98 18% 22,045.55 $100,383.43 Total: On -Site Roadwork and Trails 1,346,718.78 242,500.99 $1,104,217.79 On -Site Storm and Irrigation Mobilization 2,500.00 0.00 $2,500.00 Curb Inlet 12,000.00 0.00 $12,000.00 15" HDPE Pie 12,845.00 0.00 $12,845.00 24" HDPE Pie 6,840.00 0.00 $6,840.00 24" HCPE FES 600.00 0.00 $600.00 18" RCP 5,586.00 0.00 $5,586.00 42" X 29" Arch CMP 13,680.00 0.00 $13,680.00 42" X 29" Arch CMP Flared End 1,400.00 0.00 $1,400.00 Irrigation Vault 2,000.00 0.00 $2,000.00 Irrigation Ditch 1,624.00 0.00 $1,624.00 Irrigation Box 2,000.00 0.00 $2,000.00 Dry Well 7,000.00 0.00 $7,000.00 Construction Surveying, Observation, Testing & As-builts 5,000.00 0.00 $5,000.00 Contingency 10% 7,307.50 0.00 $7,307.50 Total: On -Site Storm and Irrigation 80,382.50 0.00 $80,382.50 On -Site Sewer System Mobilization 10,000.00 0.00 $10,000.00 8" SDR 35 Sewer Main 83,296.00 0.00 $83,296.00 4' Dia. Manhole 64,000.00 0.00 $64,000.00 4" Sewer Services 100,000.00 0.00 $100,000.00 8" Plug w/ Marker 1,600.00 0.00 $1,600.00 Construction Surveying, Observation, Testing & As-builts 20,000.00 0.00 $20,000.00 Contingency 10% 27,889.60 0.00 $27,889.60 Total: On -Site Sewer System 306,785.60 0.00 $306,785.60 On -Site Water System Mobilization 15,000.00 0.00 $15,000.00 4" Class 52 DIP Service Lines 160,000.00 0.00 $160,000.00 8" Class 52 DIP " 78,400.00 0.00 $78,400.00 10 Class 52 DIP So ris Village) 49,440.00 0.00 $49,440.00 12" Class 52 DIP Water Main 54,250.00 0.00 $54,250.00 Blue Ridge / Shadow Rock PUD First Partial Release Page 1 of 4 Total: On -Site Water System 477,169.00 U.UU 0.00 �13,aIW.UU $477,169.00 On -Site Shallow Bury Utilities Mobilization 3,000.00 0.00 $3,000.00 Electric Splice Vault 2,850.00 0.00 $2,850.00 Transformer 4,250.00 0.00 $4,250.00 4' Main Trench 15,478.13 0.00 $15,478.13 3' Main Trench 16,758.50 0.00 $16,758.50 Street Lights 10,800.00 0.00 $10,800.00 Street Light Conduit 2,343.60 0.00 $2,343.60 Holy Cross 80,000.00 0.00 $80,000.00 Kinder Mor an 38,000.00 0.00 $38,000.00 Qwest 28,000.00 0.00 $28,000.00 Construction Staking, Observation, Testing & As-builts 8,000.00 0.00 $8,000.00 Contingency 10% 20,948.02 0.00 $20,948.02 Total: On -Site Shallow Bury Utilities 230,428.25 0.00 $230,428.25 Shadowrock Dr - El Jebel Rd to W. Property Line Mobilization 2,000.00 0.00 $2,000.00 Sub rade Preparation 4,466.00 0.00 $4,466.00 Class 6 ABC 19,344.00 0.00 $19,344.00 4" Asphalt 28,582.40 0.00 $28,582.40 12" RCP 5,220.00 0.00 $5,220.00 12" Flared End Sections 1,500.00 0.00 $1,500.00 Drywell 3,500.00 0.00 $3,500.00 Sin 4,500.00 0.00 $4,500.00 Striping 2,000.00 0.00 $2,000.00 Relocation of Fire Hydrant 1,900.00 0.00 $1,900.00 Construction Surveys, Observation, Testing & As-builts 7,000.00 0.00 $7,000.00 Contingency 10% 8,001.24 0.00 $8,001.24 Total: Shadowrock Dr - El Jebel Rd - W. Prop. Line 88,013.64 0.00 $88,013.64 EI Jebel Road Improvements Asphalt Removal 1,000.00 0.00 $1,000.00 SawcutAsphalt 1,240.00 0.00 $1,240.00 Tree Removal 1,200.00 0.00 $1,200.00 Mobilization 3,500.00 0.00 $3,500.00 Clearing and Grubbing 2,400.00 0.00 $2,400.00 Excavation 4,000.00 0.00 $4,000.00 Class 6 ABC 9,720.00 0.00 $9,720.00 18" Class 3 Pitrun 13,787.00 0.00 $13,787.00 2" Asphalt 3,516.50 0.00 $3,516.50 2" Asphalt Overlay 10,056.00 0.00 $10,056.00 Sin Striping 750.00 0.00 $750.00 Topsoil and Seeding 3,500.00 8,500.00 0.00 $3,500.00 Construction Surveys, Observation, Testing & As-Builts 7,000.00 0.00 0.00 $8,500.00 $7,000.00 Contingency 10% 7,016.95 0.00 $7,016.95 Total: Shadowrock Dr -EI Jebel Rd to Pro .Line 77,186.45 0.00 $77,186.45 Sewer Main Crossing Hwy 82 To W. Property Line Mobilization 6,000.00 75% 4,500.00 $1,500.00 135 L.F. 3/8" x 48" Dia Steel Casing w/Su orts &'Boring 120,000.00 100% 120,000.00 $0.00 Blue Ridge / Shadow Rock PUD First Partial Release Page 2 of 4 Blue Ridge / Shadow Rock PUD First Partial Release Page 3 of 4 COMPLETED FIRST RELEASE ORIGINAL AMOUNT DESCRIPTION COLLATERAL % AMOUNT REMAINING Interconnection to Sewer Main 4,000.00 100% 4,000.00 $0.50- 8" Sewer Main 10,780.00 50% 5,390.00 $5,390.00 4' Diameter Manhole 9,000.00 67% 6,000.00 $3,000.00 Traffic Control 15,000.00 100% 15,000.00 $0.00 Construction Surveys, Observation, Testing & As-Builts 12,000.00 90% 10,800.00 $1,200.00 Contingency 10% 17,678.00 94% 16,569.00 $1,109.00 Total Sewer Main Crossing Hwy 82 to W. Prop. Line 194,458.00 182,259.00 $12,199.00 Watermain From Property Across Highway 82 Mobilization 2,800.00 0.00 $2,800.00 Interconnection to Water Line 8,000.00 0.00 $8,000.00 12" Dip Class 52 Water Main 37,750.00 0.00 $37,750.00 12" x 12" Tapping Sleeve and Valve 5,000.00 0.00 $5,000.00 12" Valve 4,400.00 0.00 $4,400.00 Pipe Spacers 6,250.00 0.00 $6,250.00 Traffic Control 5,000.00 0.00 $5,000.00 Restoration 2,500.00 0.00 $2,500.00 Construction Surveys, Observation, Testing and As-Builts 6,000.00 0.00 $6,000.00 Contingency 10% 7,770.00 0.00 $7,770.00 Total Watermain From Property Across Hwy 82 85,470.00 0.00 $85,470.00 Frontage Road From East Prop. Line to Willits Inter Mobilization 7,500.00 0.00 $7,500.00 Clear and Grub 4,800.00 0.00 $4,800.00 Escavation 22,000.00 0.00 $22,000.00 Box Culvert 50,000.00 0.00 $50,000.00 Guardrail 3,200.00 0.00 $3,200.00 Steel Handrail 750.00 0.00 $750.00 Class 6 ABC 38,637.00 0.00 $38,637.00 4" Asphalt 49,587.20 0.00 $49,587.20 1.5' Gutter w/6" Vertical Curb 68,052.00 0.00 $68;052.00 Reinforced Concrete Driveway Ramp 5,346.00 0.00 $5,346.00 6' Concrete Sidewalk 4" Thick 2,475.20 0.00 $2,475.20 Concrete Pedestrian Ram w/Truncated Domes 1,000.00 0.00 $1,000.00 10' Reinforced Concrete Gutter Pan w/Fillets 5,395.50 0.00 $5,395.50 15" HDPE Pie 3,640.00 0.00 $3,640.00 Inlet R-3246 Type C 4,000.00 0.00 $4,000.00 Signs Striping 1,750.00 0.00 $1,750.00 H82/Willits Intersection Improvements & Traffic Si nals 2,000.00 75,000.00 0.00 0.00 $2,000.00 $75,000.00 Traffic Control 15,000.00 0.00 $15,000.00 Construction Surveys, Observation, Testing and As-Builts 16,000.00 0.00 $16,000.00 Design / Construction Drawin s / Approvals 18,000.00 85% 15,300.00 $2,700.00 Contingency 10% 39,413.29 4% 1,530.00 $37,883.29 Total Frontage Rd From East Prop. Line to Willits Int 433,546.19 16,830.00 $416,716.19 Landscape and Playground Area Mobilization 3,000.00 0.00 $3,000.00 Landscaping,25,000.00 0.00 $25,000.00 Irrigation Playground Area 12,000.00 0.00 $12,000.00 Construction Surveys, Observation, Testing and As-Builts 18,000.00 2,500.00 0.00 0.00 $18,000.00 Landscaping Contingency 25% 15,125.00 0.00 $2,500.00 $15,125.00 Total Landscaping $75,625.00 0.00 $75,625.00 Total Construction Costs 3,320,158.41 441,589.99 $2,878,568.42 Total Landscaping Costs 75,625.00 0.00 $75,625.00 Total Improvements 1 $3,395,783.41 x441,589.99 $2,954,193.42 Blue Ridge / Shadow Rock PUD First Partial Release Page 3 of 4 W DESCRIPTION ORIGINAL COLLATERAL COMPLETED FIRST RELEASE ---r—% AMOUNT AMOUNT REMAINING PUBLIC IMPROVEMENTS Retainage @ 10% LANDSCAPING IMPROVEMENTS Retainage @ 35% TOTAL IMPROVEMENTS COMPLETED $441,589.99 0.00 $441,589.99 RETAINAGE $44,159.00 0.00 $44,159.00 SUBTOTAL CUMMULATIVE RELEASES $397,430.99 0.00 $397,430.99 FIRST RELEASE $397,430.99 0.00 ORIGINAL COLLATERAL $3,320,158.41 75,625.00 $3,395,783.41 FIRST RELEASE $397,430.991 0.00 $397,430.99 REMAINING COLLATERAL $2,922,727.421 75,625.001 $2,998,352.42 Blue Ridge / Shadow Rock PUD First Partial Release Page 4 of 4 Colorado Capital Bank represents and warrants to the County of Eagle that it has the full authority and power to issue this Letter of Credit to the County of Eagle, State of Colorado, in the total amount and for the period of time stated herein; said authority being pursuant to the laws of the United States, or the State or territory which governs the establishment and regulation of Colorado Capital Bank charter, by-laws and other applicable rules and regulations adopted pursuant thereto. Should it be necessary for the County of Eagle to file suit in an effort to enforce this irrevocable Letter of Credit, Colorado Capital Bank hereby waives all venue rights and submits to the jurisdiction of the District Court in and for the County of Eagle, State of Colorado. All drafts hereunder must be drawn on or before July 27, 2007. Very truly yours, COLORADO CAPITAL BANK andal E. Garman Executive Vice President