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HomeMy WebLinkAboutR94-002 second partial release of collateral for Red Rock Ranchw �✓ Commission r moved adoption of e foll ing Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 9,V --0,1 REQUEST FOR SECOND PARTIAL RELEASE OF COLLATERAL FOR RED ROCK RANCH PARTNERS WHEREAS, on or about November 23, 1992, 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 Red Rock Ranch Partners ( "Subdivider ") as a condition of final plat approval of Red Rock Ranch; and WHEREAS, in order to guarantee the faithful completion of certain public improvements required under the Agreement, the Board accepted as collateral a plat restriction for Lots 1 to 4; and WHEREAS, by Resolution No. 93- 97'the Board authorized the release of the plat restriction on Lots 1 -4 and accepted as substitute collateral Letter of Credit No. 75355 -02 in the amount of $10,600 for the satisfactory completion of the landscaping remaining to be done; and WHEREAS, the Subdivider has represented to the Board (Exhibit A), and members of the County staff have corroborated the Subdivider's representations (Exhibit B), that the trees required under the landscaping plan of the Subdivision Improvements Agreement have been planted and the two -year warranty period can commence, expiring on November 18, 1995. Subdivider also represents that the reseeding of roadside grasses has not been completed and cannot be until spring. WHEREAS, the Subdivider has requested a reduction in the collateral being held for the landscape work to $4,780.00 for the two -year warranty period which will expire on November 18, 1995 and the work remaining on the reseeding of roadside grasses. Based upon the oral and written recommendations of the County staff, THE BOARD FINDS that the Subdivider's obligations under the Agreement for the landscaping have been satisfied. 525284 B -629 P -224 01/04/94 03:15P PG 1 OF 5 REC DOC Sara J. Fisher Eagle County Clerk & Recorder 0.00 J NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY ERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: THAT, a reduction in the collateral to $4,780.00 for the two -year warranty period on the landscaping and the reseeding of roadside grasses be granted. THAT, the two -year warranty period will expire on November 18, 1995. THAT, the partial release of collateral shall not in any way abrogate the rights of the Board in enforcing the Subdivider's performance of his outstanding obligations under the Agreement. MOVED, READ AND ADOPTED by the Board of County Commissioners of the County of Eagle, State of Colorado, this day of January, 1994. ATTEST: A . : Y to the Board of County Commissioners Commis forego _ follows: - he as Commissioner George A. Gates Commissioner Johnnette Phillips Commissioner James E. Johnson, Jr. This Resolution passed by vote of the Board of County Commissioners of the County of Eagle, State of Colorado. r \redrock.res 91 -42 COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOARD OF COUNTY COMMISSIONERS BY: - d 'e"J George es, Chairman 525284 B -629 P -224 01/04/94 03:15P PG 2 OF 5 J nnette Phillip sr, Commi sioner 525284 B-629 P-224 01/04/94 03:15P PG 3 OF 5 November 29, 1993 Eagle Canty Ccamissioners P.O. Box 850 Eagle, 00 81631 Dear Commissioners, R R R P hereby requests a partial release of the collateral for our landscaping plan at Red Rwl-, Ranch, PUD. The trees that were required under our Subdivision improvements Agreement have been planted, but the reseeding of roadside grasses can not be completed until spring. Enclosed you will find copies of what I believe are the pertinent d=mients. Please let ne know if there is anything else that you require. Thank you. Respectfully submitted ! NEW, 0 e — 2Y VC. r . .- Enclosures cc: Phil Scott RECEI-14I.M.n. DEC - I yv9- BOARD OFCOUNTYCO.... EAGLE COUiSiY EAGLE COUNTY ENGINEERING TO: Nancy Lewis, Attorney's office FROM: Phill Scott, Engineering DATE: December 21, 1993 RE: Red Rock Ranch Subdivision Subdivision Improvements Agreement Second Partial Release of Collateral We recently received a request from Greg Baker of Red Rock Ranch Partnership for a partial release of collateral pertinent to the planting of trees required by the above referenced SIA. On November 18, 1993 Paul Clarkson of Community Development made a site visit on my behalf to inspect the status of the trees. Mr. Clarkson has reported to me that the trees were planted in substantial compliance with the terms and conditions of the SIA (and approved landscape plan), and that we should recommend favorably with regard to Mr. Baker's request. In light of this information we are recommending this second partial release of collateral shown on the attached Collateral Release Summary. This memo replaces my memo to you dated December 16, 1993. Please discard that memo. Please schedule this for the next available BOCC meeting. 525284 B -629 P -224 01/04/94 03:15P PG 4 CC: Larry Metternick File (7) 00 EXHIBIT OF 5 COLLATERAL RELEASE SIA: Red Rock Ranch Subdivision 2nd Partial Release of Collateral DATE: December 21, 1993 ORIGINAL EXHIBIT A: • Road construction, utility trenching (except gas) and Drainage • Electric cable, transformers and vaults • Cable TV materials • Telephone materials • Natural gas trenching and materials • Irrigation ditching and clean up • Landscaping Original amount collateralized Improvements completed and accepted to date including current improvements complete Less 10a Retainage* Total collateral release to date including previous releases and current release recommendations Revised collateral amount recommendation $ 57,000 $ 22,500 $ 7,500 $ 10,000 $ 10,500 $ 10,000 $ 10,000 $127,500 $127,500.00 $123,300.00 $ 580.00 $122,720.00 $ 4,780.00 * At the first partial release of collateral the subdivider requested a wavier of withholding 10% of the collateral for work completed up to that time due to the nature of the project, i.e., the accesses in this subdivision are actually driveways that will remain private, not subject to county maintenance in the future. The Board granted subdivider's request (Resolution No. 93 -97, August 23, 1993). We are recommending withholding 10% of the amount of work completed since the First Partial Release of Collateral at this time as a matter of consistency in the way we are dealing with existing Subdivision Improvements Agreements. SUMMARY AMOUNT COLLATERALIZED 525284 B -629 P -224 01/04/94 03:15P PG 5 OF 5