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HomeMy WebLinkAboutR95-057 commencement of warranty period McGrady Acres/Nottingham RanchCommissioner ~ ~_~ moved adoption of the foll wing Resolution: HOARD OF COIINTY COMMISSIONERB COIINTY OF EAGLE, BTATE OF COLORADO RESOLIITION NO. 95-~ AIITHORIZING THE COMMENCEMENT OF THE WARRANTY PERIOD McGRADY ACRES/NOTTINGHAM RANCH WHEREAS, on or about July 23, 1991, pursuant to Section 30-28- 137, C.R.S., the Board of County Commissioners of the County of Eagle, State of Colorado ("Board") entered into a Subdivision Improvements Agreement ("Agreement") with Nottingham Ranch Company, a Limited Partnership and Susan Nottingham ("Subdivider") as a condition of final plat approval of McCrady Acres; and WHEREAS, in order to guarantee the faithful completion of the public improvements required under the Agreement, the Board accepted as collateral Irrevocable Letter of Credit No. 144, in the amount of $348,000.00; and WHEREAS, by Eagle County Resolution No. 93-151 the Board reduced the collateral held by the County to $67,100.00 to ensure the completion of the bridge repairs (hereinafter referred to as "Bridge Repairs") and reduced the collateral to $31,400.00 for work completed under the Agreement (hereinafter referred to as ''Completed Work"), and commenced the warranty period for the Completed Work which is set to expire on May 28, 1995; and WHEREAS, the County currently holds Letter of Credit No. 170 issued by First Bank of Eagle County in the amount of $98,500.00 as collateral required under the Agreement, ($67,100.00 for Bridge Repairs and $31,400.00 as collateral under the warranty period for the Completed Work); and WHEREAS, The Subdivider has represented to the Board, see Exhibit "A", and members of the County staff have corroborated the Subdivider's representations, see Exhibit "B" that the Subdivider has satisfactorily completed the Bridge Repairs and that the Completed Work has satisfactorily survived the two-year warranty period; and WHEREAS, the Subdivider therefore requests a reduction in the collateral currently being held by the Board for the Bridge Repairs, reducing the collateral held by the Board from $67,100.00 to $6,700.00 and a commencement of the warranty period for the Bridge Repairs; and BASED UPON the oral and written recommendations of the Engineering Department, the Board finds that the Bridge Repairs appear to have been satisfactorily completed and a reduction in the collateral and commencement of the warranty period is appropriate. WHEREAS, the Subdivider further requests a release of its collateral for the Completed Work which is being held under the warranty period, (the $31,400.00); and BASED UPON the oral and written recommendations of the Engineering Department the Board finds that the Completed Improvements have satisfactorily survived the two-year warranty period, and the full release of the collateral in the amount of $31,400.00 is warranted. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: THAT, the Board hereby authorizes the partial release of collateral for the Bridge Repairs, reducing the collateral held by the Board from $67,100.00 to $6,700.00, which amount is to be held for the two year warranty period. THAT, the Board hereby authorizes the commencement of the warranty period for the Bridge Repairs, said warranty period is to terminate on May 23, 1997. THAT, the Board hereby authorizes the termination of the warranty period for the Completed Improvements and the release of the collateral currently held by the County in the amount of $31,400.00. MOVED, READ AND ADOPTED by the Board of County Commissioners of the County of Eagle, State of Colorado, thiso~~.f~ day of May, 1995. ~~ ' J ATTEST : 4 -~.' ~'~ ~J , i 't F. U/L/~ ~~/J~/J/L~~/rn r- COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOARD OF COUNTY COMMISSIONERS clerk to -the Boa"rd- o County Commissioners .1~~~ ~~~ George A. Gates, Commissioner hnnette Phillips, Commis Toner Commissioner ,~,~~ seconded adoption of the foregoing re ion. -~'he roll having been called, the vote was as follows: Commissioner James E. Johnson, Jr. ' . Commissioner George A. Gates Commissioner Johnnette Phillips ~y_; This Resolution passed by ~ -~,{Z vote of the Board of County Commissioners of the County o- Eagle, State of Colorado. #91-39 mta\r\mcgrady.war r!'~~ A~i11& 1995 Boatd of CosaQt! ~~~ RE: McGradr Anna 3Qbdieisina Imorav+cmexta ~„eeme~; U ~, 1~:~ ~act~ co!;,~l~r Qro~~~r Dqr Sit'i~ta,~m: that tlsz leibet of credit teauired fCc the 4.iJ1. be t:<ssCtd fsflatt l4S;SCO.CO to ~tR +ttltt,AA tare - It 1! rcqu~ - . . Deiaa that S~9,SQb.bb of this u to ba released on MsY 2E„ 1995). e taa pet th+s SSA. are °°~~' ~meent tear sealing Ste ~a deck yPhiclt 1. &ld.a isnora~'em ~ ~pR=E 29th. 1945. oosrt ~I.300.Ob, and it selkduled to be oom~pl~ ~, - -_ Thy biiawis>aC is a >~~ °~ Lem °t Crt~t Suers. _ - $S9.ODO.t)D etid~ Rte _ . . _ ~+~~~ ~ ~~e ~ Utitittes and Tstt<r~+'aabtsre _ ~,soo.oo Curran i,etterof Cs~it - . . '[bc 5I9.3Q0.00 retaa~e for ~ two year caeiod oa the Utslities ssssd ~~trne~are is ~qe to be neitssed oa Maj- 2lt. 1995: :~~"JJ^.rm " }Aridscs Reprice srauu~iit~ w w-3-. DO 1076 otSi<9.OOO.aO (~ 7+~ S62.100.b0 R,ed~~ in Letter o£ Cry - . - . ltavhedLrmes o~Credit lltnvt~ xt9.504.Qb l b7f ir,Ceaatructua R ~ ~' Zs. 1995 . 66,900.00 i~b gemtroga, dace Jrt~t~!-1'S~ 1997 a l+sr. fllaem Palater (Atgine F~~ ffi0i' 303l9Eti~3373) It ~'an hams teY pltasa casstattthis caonDaaY - gttestio9s at require ~S tie. - - SissosarlY, lr ~ ..s,~„=.. L~:'-.-..~. Cam= ~e ~f Nlcr~m ~,~ APR 2 11995 .: ~ ,o~ A ~ ~Dfh' Glom pa~aer, Atpiaa ~faeurtna. Iac• Maut~en. ~-LY wt~a) ~ s i~mcs 4 •~y 65TLt~i QL X11 9Ni2133'Il~ 3dld"k! WaN~ ZB ~f2-ig-1995 12' 37 Ztstt 566=-6t-~dH P.01 M~'~MORANDUM EAGLE CO~JN~"Y ENGINEERING TO: Maureen Amundson, Attorney's Office FROM: John Althoff, Engineering DATE: May 3, 1995 RE: McCrady Acres _____________________________________________ The contractor is scheduled to come this week to complete work on the bridge, weather permitting, per Glenn Palmer of Alpine Engineering. I will check to see that work is completed and let you know if it is not completed. Suggest reducing the collateral to $36,200, $6,700 being 10% for the warranty period for the bridge SIA, and $29,500 for the original SIA warranty period. Start warranty period for bridge SIA with this release. Original SIA - $29,500 - 10% for warranty period expires May 28, 1995. Bridge: SIA as of October 24, 1994 $67,100 Work done to date $67,100 Subtotal -0- 10% Retainage $ 6,700 Total Retainage: $29,500 May 28, 1995 $ 6,700 May, 1997 $36,200 cc: George Roussos File E~MIBIT 8