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HomeMy WebLinkAboutC97-253 Vail-Arrowhead Inc SIASUBDIVISION AND OFF-SITE IMPROVEMENTS AGREEMENT ARROWHEAD AT VAIL, FILING 18 THIS SUBDIVISION AND OFF-5ITE IMPROVEMENTS AGREEMENT ("Agree- ment") made and entered into this �— day of September, 1997, by and between Vail/Arrowhead, Inc., a Colorado corporation (hereinafter "Subdivider") and the Board of County Commissioners of the County of Eagle, State of Colorado (hereinafter "County"). WITNESSETH WHEREAS, the Subdivider, as a condition of approval of the Final Plat of Arrowhead at Vail, Filing 18 (hereinafter referred to as "Subdivision"), desires an Agreement as provided for by 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 Section 2.20 of the Land Use Regulations of Eagle County, Colorado, 1982, as amended ("hereinafter referred to as "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 mainte- nance 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 WHERLAS, the Subdivider and the County have determined that th,: traffic which will be generated by the Subdivision will not impact an existing County road; and 111111111111111111111111111111111111111111111111111 IN 633247 09/16/1997 03:32P B737 P294 1 of 15 R 0.00 D 0.00 Sera J Fisher, Eagle, CO 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 Section 2.15.05 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. 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. SUBDIVISION IMPROVEMENTS. 1.1 Subdivision Improvements. Subdivision Improvements are deemed to include all public improvements, including but not limited to off-site improvements - including roads, utilities and other similar public improvements. 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, either directly or as set forth in Section 4 hereof. 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 1990 Field Materials Manual as a guide for frequency of sampling and testing. 111111111111111111 111111111111111111111111111111111 1111 633247 09/16/1997 03:52P 8737 P294 2 of 15 R 0.00 D 0.00 Sara J Fisher, Eagle, CO 2 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 T s in . 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 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 roadway - one density test per 2,000 C.Y. of any additional embankment(s). 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, a, 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. 111111111111 111111 111111111111111111111 III I'll' 1111 IN 633247 09/16/1997 03:32P 8737 P294 3 of 15 R 0.00 D 0.00 Sara J Fisher, Eagle, CO 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 subgrade 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 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 acceptance of the Subdivision Improvements by the County. 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 Record Drawings of Subdivision Improvements. Record 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 completion of the two year warranty period and the final release of Collateral by the County. 111111111111111111111111111111111111111111111111111 IN 633247 09/16/1997 03:52P 8737 P294 4 of is R 0.00 D 0.00 Sara J Fisher, Eagle, CO 4 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 §38-51-105, C.R.S., and §2.19.01.2d 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. The designs shall be provided to the County at the same time as the right-of-way map which shall be provided pursuant to paragraph 4.3. 1.5 Date of Completion. All Subdivision Improvements shall be completed prior to April 30, 2001. 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 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 Subdivi- sion Improvements is the sum of $909,304.50, 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 Subdivision Improvements, the Subdivider hereby agrees to provide security and collateral in the form and as set forth in Section 2, below. 111111111111111111111111111111111111111111111111111111111111111 633247 09/16/1997 03:52P 8737 P294 5 of 15 R 0.00 D 0.00 Sara J Fisher, Eagle, CO 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 $909,304.50. The Subdivider shall obtain collateral in a form acceptable to the County ("Collateral") prior to signing of the final plat, as shown on the attached 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 of Collateral/Warrantv_.. 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 years after completion; this shall be guaranteed either through the retention of Collateral, as set forth above, or Subdi- vider may provide a guarantee bond in an amount and in a form acceptable to the County - which would be substituted for the release of the entire amount of the Collateral. 2.4 Substitution of Collateral. The Subdivider may at any time 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. 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. I I'IIII'IIII "III"IIII I'III III 11111111111111111111 IN 633247 09/16/1997 03:52P 8737 P294 6 of 15 R 0.00 D 0.00 Sara J Fisher, Eagle, CO 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 complete said work and compensate 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 days prior to its expiration. 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 County's 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 Lien Waiver. In addition to the Collateral described herein, the Subdivider shall insure that all public improvements are free of liens of any kind. Subdivider shall provide lien waivers satisfactory to the County prior to the release of any collateral. 3. INSURANCE and INDEMNIFICATION. 3.1 Indemnification. 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 claims against the County because of the activities conducteu 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. 11111111111111111111111111111111111111111111111111 IN IN 633247 09/16/1997 03:52P B737 P294 7 of 15 R 0.00 D 0.00 Sara J Fisher, Eagle, CO 3.2 County Incurs No Liability. The County shall not, nor shall any officer or employee thereof, be liable or responsible for any accident, loss or damage happening or occurring to the Subdivision and/or Subdivision Improvements specified in this Agreement prior to the comple- tion 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. CONDEMNATION. 4.1 Right -of -Way Acquisition. No off-site improvements are required for this Subdivision; therefore, Subdivider is not required to obtain rights-of-way or easements for the constructions of the off-site improvements. 4.2 Condemnation. Condemnation proceedings will not be necessary for this Subdivision. 4.3 Right -of -Way Map. A right-of-way map is not necessary for this Subdivision. 5. GENERAL PROVISIONS. The following shall apply to all Subdivision Improvements, set forth in this Agreement: 5.1 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. 5.2 Subdivision Improvement Agreement Controls. In the event of any inconsistency or incongruity between the provisions of this Agreement and the Land Use Reguiations, the provisions of this Agreement shall in all respects govern and control. 111111111111111111111111111111111111111111111111111111111111111 IN 633247 09/16/1997 03:52P 8737 P294 8 of 15 R 0.00 D 0.00 Sara J Fisher, Eagle, CO 5.3 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 Improvements during which time the Subdivider shall promptly correct or remove and replace, in accordance with the County's 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 amount 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. 5.4 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. 5.4.1 Final Plat Amendments. Where field changes or other circumstances have caused the road, utilities, or other subdivision improvements 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. 5.5 Amendment and Modification. The parties hereto mutually agree that this Agree- ment may be amended or modified from time to time, provided that such amendment or modification be in writing and signed by all parties hereto. 5.6 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 of this Agreement without prior written consent of the County, which consent shall not be unreasonably withheld. 111111111111 111111 VIII VIII III 11111111111111111111 IIII 633247 09/16/1997 03:52P B737 P294 9 of 15 R 0.00 0 0.00 Sara J Fisher, Eagle, CO 9 5.7 Binding upon Successors. This Agreement shall inure to the benefit of and be binding upon the parties hereto, their respective successors, and assigns. 5.8 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 improvements not accepted as complete shall be under the sole responsibility and charge of the Subdivider. When it is neces- sary to allow the general public to utilize the roadways under construction by the 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. 5.9 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 damages 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. 5.10 Notice. Notice required pursuant to the terms of this Agreement shall be deemed given on the day that the same is placed in the United States Mails, postage prepaid, certified or registered mail, return receipt requested. IN WITNESS WHEREOF, the parties hereto have executed this Agreement this day of September, 1997. County Commissioners COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOARD OF C LINTY COMMISSIONERS L By: Johnnette Phillips, Chairman Address for giving notice: P.O. Box 850 Eagle, CO 81631 (303) 328-8685 11111111111111111111111111111111111111111111111111111 IN 633247 09/16/1997 03:52P 8737 P294 10 of is R 0.00 D 0.00 Sara J Fisher, Eagle, CO - 10 STATE OF COLORADO ss. County of Eagle SUBDIVIDER: VAIL/ARROWHEAD, INC. A Colorado Comoratioh J rkTvi(K- rna,4.er Title: V ►`c -.0 Lre -s r' Address for giving notice: P.O. Box 7 Vail, CO 81658 The foregoing was acknowle ed before me this day of September, 1997 by mac. s csL_ President of Vail/Arrowhead, Inc., a Colorado corporation. WITNESS my hand and official seal. 9� OFB O�OQ,P C file##882tE)pIres M114 -m# ivoLary ruoiic IIIIIIIIIIIIII 11111111111111111111111111111111 HIM III IN 633247 09/16/1997 03:92P 8737 P294 11 of is R 0.00 D 0.00 Sara J Fisher, Eagle, CO Landscape Cost Estimate Arrowhead at Vail / Filing 18 Tract E `Public Open Space' Item Rough Grading Fine Grading Gravel Path (Bicycle parking, Picnic Benches, tables, bike rack, etc. Spruce (average 12' High) Cottonwood trees (2.5" Caliper) Shrubs _ Irrigation System Hydroseeding _ Total Ioty.. I unit cost _ Total_ A_llow $12,000.00_ _Allow _ $3,000.00 4,000 Sq .Ft.� 1.25 $5,000.00 lAllow _ $4,000.00 25 Each$600.66 $600.00 $_15,000.00 _ 10 ; Each ' $300.00 $3,000.00 -_ 50 I Each, $30.00 _ $1,500.00 _ $15,000.-00....- 1 Acre jAllow—... $2,600.00 $2,600.00 111111111111111111111111111111111111111111 HIM III IN 633247 09/16/1997 03:52P 8737 P294 12 of 13 R 0.00 0 0.00 Sara J Fisher, Eagle, CO Dennis Anderson Assoc., Inc. August 29, 1997 EXHIBIT A Page 1 ARROWHEAD FILING 18 VELOPMENT S.I.A. COST ESTIMATE 26 UNIT PLAN JUNE 1997 (REVISED AUGUST 25, 1997) ITEM DESCRIPTION UNIT QUANTITY UNIT PRICE TOTAL 1 MOBILIZATION LS 1 $ 120,000.00 $ 120,000.00 2 BOND LS 1 $ 30,000.00 $ 30,000.00 EARTHWORK 3 Excavation CY 4,500 $ 2.85 $ 12,825.00 4 Embankment at 95% CY 4,500 $ 2.50 $ 11,250.00 5 MSE Retaining Wall SF 2,230 $ 16.00 $ 35,680.00 6 Boulder Retaining Wall SF 2,080 $ 20.00 $ 41,600.00 SUBTOTAL $ 101,355.00 ROADWAYS 7 Roadbase TON 1,675 $ 18.00 $ 30,150.00 8 Asphalt TON 1,110 $ 44.00 $ 48,840.00 9 Curb and Gutter LF 570 $ 26.00 $ 14,820.00 10 Stop Signs Ea 2 $ 200.00 $ 400.00 SUBTOTAL $ 94,210.00 EROSION CONTROL 10 Silt Fence LF 1,500 $ 2.00 $ 3,000.00 11 Revegetation LS 1 $ 10,000.00 $ 10,000.00 12 Stabilized Construction Entrance EA 1 $ 4,000.00 $ 4,000.00 13 Stone Outlet Structure EA 1 $ 600.00 $ 600.00 SUBTOTAL $ 17,600.00 STORM DRAINAGE/IRRIGATION 14 18" Hancor LF 633 $ 30.00 $ 18,990.00 15 End Sections EA 10 $ 350.00 $ 3,500.00 16 24" Hancor LF 231 $ 35.00 $ 8,085.00 17 Drainage Inlets EA 2 $ 6,000.00 $ 12,000.00 18 Manholes EA 3 $ 2,000.00 $ 6,000.00 19 84" CMP LF 36 $ 200.00 $ 7,200.00 20 Headwall (84" CMP) EA 1 $ 8,000.00 $ 8,000.00 21 Boulder RipRap LS 1 $ 2,000,00 $ 2,000.00 SUBTOTAL $ 65,775.00 WATER SYSTEM 22 8" DIP Water Main LF 738 $ 45.00 $ 33,210.00 23 12" DIP Water Main LF 1087 $ 55.00 $ 59,785.00 24 Wet Tap EA 2 $ 3,700.00 $ 7,400.00 25 Gate Valves EA 5 $ 950.00 $ 4,750.00 26 Fire Hydrants EA 4 $ 3,750.00 $ 15,000.00 27 Water Service EA 26 $ 1,100.00 $ 28,600.00 SUBTOTAL $ 148,745.00 SANITARY SEWER SYSTEM 28 8" PVC Sewer Main LF 633 $ 31.50 $ 19,939.50 29 8" DIP Sewer Main LF 858 $ 40.00 $ 34,320.00 30 Manholes . EA 8 $ 2,000.00 $ 16,000.00 31 Sewer Services EA 26 $ 2,125.00 $ 55,250.00 32 Sewer Encasement EA 12 $ 300.00 $ 3,600.00 33 Abandon Existing Sewer EA 1 $ 25,000.00 $ 25,000.00 SUBTOTAL $ 154,109.50 SHALLOW UTILITIES 34 Joint Trench with Cable LF 2220 $ 15.00 $ 33,300.00 35 . • . vas i c �� e nn �,.,... Q W 8.00 $ 5 200 nn .,.,.., 36 Electric Conduit and Cable LF 5230 $ 3.00 $ 15,690.00 37 ITelephone Conduit and Cable LF 2570 $ 3.00 $ 7,710.00 I111). Coloradc'Vational Bank 950 Saventeenth Street Denver, CO 80202 IRREVOCABLE STANDBY LETTER OF CREDIT NO. 6243 DATE: 05 SEPTEMBER 1997 BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE STATE OF COLORADO I IIIIII IIIII IIIIII IIIII IIIII III IIIIIIII III IIIIII III IN P. O. BOX S50 EAGLE, COLOR.,kDO 81631 633247 09/16/1997 03:32P 8737 P294 14 of 13 R 0.00 D 0.00 Sara J Fisher, Eagle, CO Gentlemen, We hereby establish, in your favor, our irrevocable Standby Letter of Credit available by your drafts, at sight, drawn on Colorado National Bank, 950 17th Street, Denver, Colorado 80302 for any sum or sums not exceeding in total the sum of USD61,100.00. For the account of The Vail Corporation, 137 Benchmark Road, Avon, Colorado 81620. For the purpose of guaranteeing construction of public improvements required by the County of Eagle, State of Colorado pursuant to that certain Subdivision and Off -Site Improvements Agreement dated September 15, 1997, between the County of Eagle, Colorado and Vail/Arrowhead, Inc., relative to Arrowhead at Vail. Filing 18 Subdivision. Each draft drawn on Colorado National Bank Denver, 950 17th Street, Suite 230, Denver, Colorado 80202, at sight, shall be endorsed on the reverse side of this Letter of Credit and bear upon its face "Drawn under Letter of Credit No. 6243 dated September 5, 1997 of Colorado National Bank Denver", and shall be accompanied by a Resolution of the Board of County Commissioners of Eagle County. Colorado National Bank agrees with the drawers, endorsers and bona Fide holders of drafts drawn and negotiated in compliance with the terms of this Letter of Credit that such drafts will be duly honored upon due presentation at the counter of this Bank. Colorado National 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 regulations of Colorado National Bank charter, by-laws and other applicable rules and regulations adopted pursuant thereto. Should it be necessary for the County of Eagle to file suite in an effort to enforce this Irrevocable Letter of Credit, Colorado National Bank hereby waives all venue rights and submits to the jurisdiction of the District Count in and for the County of Eagle, State of Colorado . All drafts hereunder must be drawn on or before October 31, 1998. Very truly yours, t EXHIBIT Richard A. Koniar Assistant Vice President /!0.q l! �10 Colorado lational Bank 950 Seventeenth Street Denver, CO 80202 IRREVOCABLE STANDBY LETTER OF CREDIT NO. 6249 DATE: 05 SEPTEMBER 1997 BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE STATE OF COLORADO P. O. BOX 850 EAGLE, COLORADO 81631 Gentlemen, We hereby establish, in your favor, our irrevocable Standby Letter of Credit available by your drafts, at sight, drawn on Colorado National Bank, 950 17th Street, Denver, Colorado 80202 for any sum or sums not exceeding in total the sum of USD848,204.50. For the account of The Vail Corporation, 137 Benchmark Road, Avon, Colorado 81620. For the purpose of guaranteeing construction of public improvements required by the County of Eagle, State of Colorado pursuant to that certain Subdivision and Off -Site Improvements Agreement dated September 15, 1997, between the County of Eagle, Colorado and Vail/Arrowhead, Inc., relative to Arrowhead at Vail. Filing 18 Subdivision. Each draft drawn on Colorado National Bank Denver, 950 17th Street, Suite 230, Denver, Colorado 80202, at sight, shall be endorsed on the reverse side of this Letter of Credit and bear upon its face "Drawn under Letter of Credit No. 6249 dated September 5, 1997 of Colorado National Bank Denver", and shall be accompanied by a Resolution of the Board of County Commissioners of Eagle County. Colorado National Bank agrees with the drawers, endorsers and bona fide holders of drafts drawn and negotiated in compliance with the terms of this Letter of Credit that such drafts will be duly honored upon due presentation at the counter of this Bank. Colorado National 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 regulations of Colorado National Bank charter, by-laws ,and other applicable rules and regulations adopted pursuant thereto. Should it be necessary for the County of Eagle to file suite in an effort to enforce this Irrevocable Letter of Credit, Colorado National Bank hereby waives all venue rights and submits to the jurisdiction of the District Count in and for the County of Eagle, State of Colorado . All drafts hereunder must be drawn on or before October 31, 1998. Very truly yours, 1111111111111111111111111111 III IIIIIIII III 111111 III III! _ t 633247 09/16/1997 03:52P 8737 P294 15 of 15 R 0.00 0 0.00 Sara J Fisher, Eagle, CO Richard A. Koniar Assistant Vice President