HomeMy WebLinkAboutR94-006 first partial release for Cordillera Tracts L, M. N. S and Tt
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Commissione moved adoption
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BOARD OF COUNTY COMMISSIONERS
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COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 94 - 6(2-
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FIRST PARTIAL RELEASE of COLLATERAL
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Filing 3
Tracts L, M, N, S and T
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CORDILLERA SUBDIVISION
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WHEREAS, pursuant to C.R.S. 30 -28 -137, the Board of County
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Commissioners of the County of Eagle, State of Colorado ('Board ")
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entered into a Subdivision Improvements Agreement dated August 10,
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1993 ( "Agreement ") with Kensington Partners, a Colorado General
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Partnership ( "Subdivider "), as a condition of final plat approval
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for Filing 3, Tracts L, M, N, S and T, Cordillera Subdivision; and
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WHEREAS, the Subdivider provided collateral in the form of a
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plat restriction to guarantee the faithful completion of the public
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improvements in the project; and
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WHEREAS, Paragraph 2.4 of the Agreement allows the Subdivider
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to provide Substitute Collateral in a form acceptable to the
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County, all as described therein; and
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WHEREAS, by Resolution No. 93 -114 the plat restriction was
released and Letter of Credit No. 59180359 in the .amount of
$444,869.99 with an expiration date of November 30, 1994 was
accepted by the Board.
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WHEREAS, Subdivider has represented to the Board, and members °
of the County staff have corroborated the Subdivider's o
representations, that improvements required under the Agreement o
have been partially completed in a satisfactory manner (Exhibit A);
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WHEREAS, the Subdivider has requested a reduction in the 0
amount of $350,771.67, leaving a balance of $94,098.32 to be
collateralized under a new Letter of Credit acceptable to the Board
(Exhibit B).
Based upon the oral and written recommendations of the County
staff, THE BOARD FINDS that the Subdivider's obligations under the
Agreement have been partially satisfied.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO:
THAT, a reduction in the collateral in the amount of
$350,771.67 for a balance of $94,098.32 is granted.
THAT, all other provisions of the Agreement shall remain in
full force and effect.
MOVED, READ AND ADOPTED by the Board of County Commissioners
of the County of Eagle, State of Colorado, this /0 day of
.7annary _ 1 q9d _
County Con
Commission
foregoing
follows:
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
BOARD OF COUNTY COMMISSIONERS
By: �/vt<
George Gates, Chairman
Commissioner George A. Gates
Commissioner Johnnette Phillips v
Commissioner James E. Johnson, Jr.
This Resolution passed by ��j —� vote of the Board of
County Commissioners of the County of Eagle, State of Colorado.
cord -3.par
#87 -84
525798 B -629 P -738 01/11/94 03:05P PG 2 OF 5
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MEMORANDUM
EAGLE COUNTY ENGINEERING
TO: Mary Jo Berenato, Attorney's Office
FROM: Phill Scott, Engineering 0 7
DATE: December 14, 1993
RE: Cordillera, Filing 3, Granada Glen
Subdivision Improvements Agreement
First Partial Release of Collateral
On Wednesday, October 27, 1993, John Althoff and myself, along
with Mark Avery and Herb Eaton of Cordillera, and Chris Williams
of Johnson, Kunkel & Associates conducted a site visit to inspect
the progress of the public improvements constructed in the above
referenced subdivision.
We found that work has been completed which would warrant a first
partial release of collateral, and that this work appears to be
in compliance with the terms and conditions of the SIA.
Attached is correspondence from the developers and their engineer
that outlines work which has been completed to date. We concur
with these representations. I have also attached a summary of
the work that remains to be done under the SIA.
525798
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B -629 P -738 01/11/94 03:05P PG 3 OF 5
Larry Metternick
File
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Cordillera Filing 3, Granada Glen
December 14, 1993
Work Remaining
Road Construction
Fine grading
11,557 S.Y.
$
4,044.95
Aggregate Base Course
5,174 Tons
$
30,526.60
Asphalt
1,046 Tons
$
31,380.00
Soil testing
20%
$
2,000.00
Street lights
2 Each
$
3,200.00
Street signs
4 Each
$
1,300.00
Place topsoil
1,052 S.Y.
$
3,156.00
Landscaping:
Grade topsoil
6,311.2 S.Y.
$
2,524.48
Seed & mulch
6,311.2 S.Y.
$
1,893.36
$ 80,025.39
Water Construction .
Testing 1 L.S. $ 1,100.00
Drainage
Rip Rap 20 C.Y. $ 700.00
Engineering, Surveying
and Testing 200 $ 9,532.93
TOTAL REMAINING FILING 3, GRANADA GLEN $ 91,358.32
TOTAL AMOUNT COMPLETED
$353,511.67
525798 B -629 P -738 01/11/94 03:05P PG 4 OF 5
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BF -BANK
January 4 , 1994 Berliner Handels-
und Frankfurter Bank
Board of County Commissioners
County of Eagle
State of Colorado
P.O.Box 850
Eagle, Colorado 81631
New York Branch
55 East 59th Street
New York. NY 10022 -1186
Telephone (212) 756 -5500
FAX: 1212)756 -5966
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RE: IRREVOCABLE LETTER OF CREDIT
Number S9180359
Gentlemen:
We hereby amend our above referenced Letter of Credit as follows:
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- Amount is decreased by USD350,771.67 (Three Hundred Fifty Thousand Seven
Hundred Seventy -One and 67/100 U. S. Dollars) to a new balance of USD94,098.32
(Ninety Four Thousand Ninety -Eight and 321100 U.S. Dollars).
- Expiration date is extended until May 15, 1995.
All other terms and conditions remain unchanged.
Please signify your agreement to this amendment by signing and returning the attached
copy.
Very truly yours,
Berliner Handels- and Frankfurter Bank
New York Branch
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Managing Partners: Registered Head Offices.
Registry and Commercial Register. Chairman of the Supervisory Board
Wolfgang Graebner Frankfud/M and Berlin
No. Frankf.WM 72 HRB 20000 Klaus Subjetzki
Heinz -Gemot Refiners
Charlottenburg in Berlin 92 HRB 20000 Corporate status:
Wolfgang Rupf
Limited Company with General Partners
Wulf v. Schlmmelmann
Wolfgang Strutz
Lours Graf von Zech
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