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HomeMy WebLinkAboutR95-001 substitution of collateral/partial release for Cordillera Filing 11Cormissioner e & fz moved adoption of the following Resolution: BOARD OF COUNTY COMMISSIONERS �r COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 95 .�. A SUBSTITUTION of COLLATERAL AND FIRST PARTIAL RELEASE Filing 11 CORDILLERA SUBDIVISION WHEREAS, pursuant to C.R.S. 30 -28 -137, the Board of County Commissioners of the County of Eagle, State of Colorado ( "Board ") entered into a Subdivision Improvements Agreement dated March 11, 1994 ( "Agreement ") with Stag Gulch Partners, a Colorado General Partnership ( "Subdivider "), as a condition of final plat approval for Filing 11, Cordillera Subdivision; and WHEREAS, the Subdivider provided collateral in the form of a plat restriction to guarantee the faithful completion of the public improvements in the project; and WHEREAS, the Agreement allows the Subdivider to provide Substitute Collateral in the form of a certain letter of credit and to apply to the County for releases of collateral based on the work completed, all as described therein; and WHEREAS, Subdivider has represented and County Staff has concurred, that certain public improvements required under the Agreement have been partially completed (see the attached Exhibit "A")' and therefore Subdivider has applied for a first partial release of the collateral as well as a substitution of collateral; and WHEREAS, the Subdivider requests a first partial release of its collateral reducing the amount of collateral to be held by the County from $997,655.67 to $756,278.42 for a release of $241,377.25; and WHEREAS, based on the finding of the Department of Engineering, THE BOARD FINDS that the that. public improvements associated with Cordillera, Filing it appear to have been partially completed and a reduction in the collateral to be held by the Board is warranted; and WHEREAS, Irrevocable $756,278.42, 555125 B -659 Sara J. Fisher the Subdivider has provided Letter of Credit No. S9845459 attached hereto as Exhibit "B ". P- 95 Eagle /Countyl G 8 Clerk &Recorder the County with in the amount of REC DOC 0.00 e` �j C1 THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: THAT, the Board hereby releases the plat note for Filing 11. THAT, the Subdivider has provided the Board with Irrevocable Letter of Credit No. S9845459 in the amount of $756,278.42. THAT, the Board hereby authorizes the partial release of collateral in the amount of $241,377.25 thereby reducing the collateral to $756,278.42 which represents the balance of the public improvements to be completed in Cordillera Filing 11. THAT, this first partial release of collateral granted hereby does not represent the County's acceptance of the work purportedly completed by the Subdivider, nor does it in any way signify the commencement of the warranty period; the warranty period shall begin on the date all work is complete and accepted by the County, pursuant to Paragraph 2.6 of the Agreement. THAT, the first partial release of collateral granted hereby shall not in any way abrogate the rights of the Board in enforcing the Subdivider's performance of his outstanding obligations under the Agreement. THAT, all other provisions of the Agreement shall remain in full force and effect. THAT, this resolution shall be recorded in the Records of the Eagle County Clerk and Recorder, which shall be evidence that the plat note for Filing 11, Cordillera Subdivision, is released. MOVED, READ AND ADOPTED by the Board of County Commissioners of the County of Eagle this day of January, 1995. By COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOARD OF COUNTY COMMISSIONERS County Commissioners GeZyfge Gates, Commissioner Ci r Commissioner � seconded adoption of the foregoing resolution. The roll having been called, the vote was as follows: Commissioner Johnnette Phillips Commissioner James E. Johnson, Jr. - -�� Commissioner George A. Gates This Resolution passed by vote of the Board of County Commissioners of the County of Eagle, State of Colorado. mta /cord- ll.sub #87 -84 MEMORANDUM EAGLE COUNTY ENGINEERING D TO: Maureen Amundson, Attorney's Office NOV ' 1994 FROM: John Althoff, Engineering EAGLE COUNTY ATTOF,NEY DATE: November 8, 1994 RE: Cordillera Filing 11 First Partial Release of Collateral --------------------------------------------- On October 20, 1994 I visited the site with Chris Williams of Johnson, Kunkel & Associates to verify completion of the work on Filing 11. I have received compaction test results and all tests are passing. Attached is our Collateral Release Summary. Please process the first partial release of $241,377.25. EXHIBIT A C , C, COLLATERAL RELEASE SUMMARY SIA: Cordillera Filing 11 First Partial Release DATE: November 8, 1994 WATER CONSTRUCTION 7' Trench B &C $ ORIGINAL $ AMOUNT OF 8 DIP $ AMOUNT IMPROVEMENTS -0- COLLATERALIZED $ COMPLETED ROAD CONSTRUCTION -0- 8 CI Elbow $ 18,240.00 Mobilization $ 10,000.00 $ 5,000.00 Clear and Grub $ 9,400.00 $ 9,400.00 Topsoil Removal $ 19,666.00 $ 19,666.00 Unclassified Excavation $ 68,400.00 $ 68,400.00 Fine Grading $ 14,750.25 $ 7,375.13 Aggregate Base Course $ 84,286.00 $ 33,714.40 Asphalt $ 46,655.00 $ -0- Testing $ 7,500.00 $ 3,750.00 Street Signs $ 675.00 $ -0- Place Topsoil $ 24,582.50 $ 12,291.25 Landscaping /Revegetation $ 3,600.00 $ -0- TOTAL ROAD CONSTRUCTION $289,514.75 $159,596.78 WATER CONSTRUCTION 7' Trench B &C $ 78,930.00 $ -0- 8 DIP $ 47,358.00 $ -0- 8 Gate Valve $ 2,625.00 $ -0- 8 CI Elbow $ 18,240.00 $ -0- Hydrant Assy $ 10,500.00 $ -0- Water Services $ 13,200.00 $ -0- 6 PRV $ 24,000.00 $ -0- TOTAL WATER CONSTRUCTION $194,853.00 $ -0- SEWER CONSTRUCTION 10' Trench B &C $ 61,538.00 $ 24,615.20 8" PVC $ 44,562.00 $ 17,824.80 48" Manholes $ 74;800.00 $ 30,600.00 Service Connection $ 18,000.00 $ 6,000.00 TOTAL SEWER CONSTRUCTION $198,900.00 $ 79,040.00 Rip Rap $ 1,750.00 $ -0- 18" Plastic Pipe $ 2,900.00 $ -0- 18" CMP End Sections $ 1,200.00 $ -0- TOTAL DRAINAGE $ 5,850.00 $ -0- ELECTRICAL 4' Trench $ 22,600.00 $ -0- 2% Conduit $ 7,062.50 $ -0- Cable $ 67,800.00 $ -0- Transformers $ 18,700.00 $ -0- 4' Vault $ 3,000.00 $ -0- TOTAL ELECTRICAL $119,162.50 $ -0- Cordillera Filing 11 First Partial Release November 8, 1994 Page 2 ORIGINAL AMOUNT OF AMOUNT IMPROVEMENTS COLLATERALIZED COMPLETED TELEPHONE AND TV Buried Telephone Cable $ 25,425.00 $ -0- 4 Conduit $ 14,125.00 $ -0- Pedestals $ 1,100.00 $ -0- TV Cable $ 25,425.00 $ -0- TOTAL TELEPHONE AND TV $ 66,075.00 $ -0- p,. RWA . " 2 " Gas Line $ 4.9,400.00 $ -0- TOTAL NATURAL GAS $ 49,400.00 $ -0- ENGINEERING SURVEYING TESTING $ 73,900.42 $ 29,560.17 TOTAL FILING 11 $997,655.67 $268,196.95 IMPROVEMENTS COMPLETED: 10% RETAINAGE FIRST RELEASE $268,196.95 $ 26,819.70 $241,377.25 ORIGINAL SIA: FIRST RELEASE: REVISED SIA: $997,655.67 $241,377.25 $756,278.42 C, BHF -BANK 15- Dec -94 Berliner Handels- und Frankfurter Bank IRREVOCABLE LETTER OF CREDIT New York Branch Number S9845459 55 East 59th Street New York, NY 10022 -1186 Telephone (212) 75&6500 Board of County Commissioners FAX: (212) 758 -5966 County of Eagle State of Colorado P.O. Box 850 Eagle, Colorado 81631 Gentlemen: We hereby open our Irrevocable Letter of Credit in your favor, available by draft at sight drawn on BHF -BANK, New York Branch for any sum or sums not exceeding in total the sum of US$ 756,278.42 (Seven Hundred Fifty -Six Thousand Two Hundred Seventy -Eight and 42/100 U.S. Dollars). For the account of: JLP Realty Corp. P.O. Box 988 Edwards, CO 81632 For the purpose of securing the improvements under the Subdivision Improvements Agreement for Filing 11, Cordillera Subdivision, in the County of Eagle, State of Colorado pursuant to that certain Subdivision Improvements Agreement, dated July 28, 1994 between the County of Eagle, Colorado, and Stag Gulch Partners, relative to the Cordillera Subdivision. Each draft drawn at sight on BHF -BANK, New York shall be endorsed on the reverse side of this Letter of Credit and bear upon its face Drawn under Letter of Credit number S9845459 of BHF -BANK, New York Branch dated December 15, 1994" and shall be accompanied by a Resolution of the Board of County Commissioners of Eagle County certifying 1.) that there has been a default under the Subdivision Improvements Agreement, Filing 11, Cordillera Subdivision, and 2.) that a sum certain is required to remedy the default. BHF -BANK, New York Branch agrees with the drawers, endorsers and bonafide holders of drafts drawn and negotiated in compliance with the terms of this Letter of Credit that such draft will be duly honored upon due presentation at the counter of this bank. BHF -BANK, New York Branch 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 Continued on the following page which forms an integral part of this Letter of Credit. Managing Partners: ' Registered Head Offices: Registry and Commercial Register. Chairman of the Supervisory Board Wolfgang Graebner Frankfurt/M and Berlin No. Frankfurt/M 72 HRB 21X100 Klaus Subjetzki Heinz Gemot Reinars Chariottenburg in Berlin 92 HRB 20000 Corporate Status: Wolfgang Rupf Limited Company with General Partners Wulf v. Schimmelmann Wolfgang van Zach Louis Graf von EXHIBIT B Page Two Letter of Credit No. S9845459 15- Dec -94 - B HF -BANK governs the establishment and regulation of BHF -BANK, New York Branch 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, BHF -BANK, New York Branch 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 May 15, 1995. Unless otherwise stipulated, this Letter of Credit is subject to the Uniform Customs and Practice for Documentary Credits (1993 Revision), ICC Publication No. 500. Very truly yours, Benin ndels- and Frankfurter Bank ew York