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HomeMy WebLinkAboutR94-007 first partial for Cordillera Filing 7 Phase 1Filing 7 Phase 1 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 April 27, 1993 ( "Agreement ") with Stag Gulch Partners, a Colorado General Partnership ( "Subdivider "), as a condition of final plat approval for Filing 7, Cordillera Subdivision; and WHEREAS, the Subdivider provided collateral in the form of a plat restriction to guarantee the faithful completion of the public improvements remaining in the project; and WHEREAS, Paragraph 2.4 of the Agreement allows the Subdivider to provide Substitute Collateral in the form of a certain letter of credit, together with an Enforceability Opinion, all as described therein; and WHEREAS, by Resolution No. 93 -109, the plat restriction was released and Letter of Credit No. 59166359 in the amount of $271,183.27 with an expiration date of November 30, 1994 was accepted by the Board. WHEREAS, Subdivider has represented to the Board, and members of the County staff have corroborated the Subdivider's representations, that improvements required under the Agreement have been partially completed in a satisfactory manner (Exhibit A); WHEREAS, the Subdivider has requested a reduction in the amount of $210,084.32, leaving a balance of $61,098.95 to be collateralized under a new Letter of Credit acceptable to the Board (Exhibit B). J w G ou ro m � 0 � Ct 0 0 w m o y M x ro x m � 0 0 ao m m F1 o t� 0 0 ty 0 0 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. � CT Commis sio r moved adoption G N of the folio ng Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO 4 td RESOLUTION NO. 94- 0 � o (D i N FIRST PARTIAL RELEASE OF COLLATERAL ro Filing 7 Phase 1 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 April 27, 1993 ( "Agreement ") with Stag Gulch Partners, a Colorado General Partnership ( "Subdivider "), as a condition of final plat approval for Filing 7, Cordillera Subdivision; and WHEREAS, the Subdivider provided collateral in the form of a plat restriction to guarantee the faithful completion of the public improvements remaining in the project; and WHEREAS, Paragraph 2.4 of the Agreement allows the Subdivider to provide Substitute Collateral in the form of a certain letter of credit, together with an Enforceability Opinion, all as described therein; and WHEREAS, by Resolution No. 93 -109, the plat restriction was released and Letter of Credit No. 59166359 in the amount of $271,183.27 with an expiration date of November 30, 1994 was accepted by the Board. WHEREAS, Subdivider has represented to the Board, and members of the County staff have corroborated the Subdivider's representations, that improvements required under the Agreement have been partially completed in a satisfactory manner (Exhibit A); WHEREAS, the Subdivider has requested a reduction in the amount of $210,084.32, leaving a balance of $61,098.95 to be collateralized under a new Letter of Credit acceptable to the Board (Exhibit B). J w G ou ro m � 0 � Ct 0 0 w m o y M x ro x m � 0 0 ao m m F1 o t� 0 0 ty 0 0 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 $210,084.32 for a balance of $61,098.95 is granted. THAT, all other provisions of the Agreement shall remain in full force and effect. ATTEST: County Commissioners COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOARD OF COUNTY COMMISSIONERS z , J cy) Commissioner foregoing reso follows: seconded adoption of the been called, the vote was 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. cord ? -l.par #87 -84 525799 B -629 P -739 01/11/94 03:06P PG 2 OF 5 MOVED, READ AND ADOPTED by the Board of County Commissioners of the County of Eagle, State of Colorado, this day of January, 1994. MEMORANDUM f EAGLE COUNTY ENGINEERING TO: Mary Jo Berenato, Attorney's Office FROM: Phill Scott, Engineering �v DATE: December 14, 1993 RE: Cordillera, Filing 7 Phases I'& II Subdivision ImprovemenEa'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 cy 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. 525799 B -629 P -739 01/11/94 03:06P PG 3 OF 5 cc: Larry Metternick File 3 e 1 Cordillera Filing 7, Phase I December 14, 1993 Work Remaining Road Construction Aggregate Base Course 1334.8 Tons $ 11,345.80 Asphalt 611.0 Tons $ 24,440.00 Testing 200 $ 2,000.00 Street signs 4 each $ 900.00 $ 38,x'85.80 Electrical Cable 3Ph 600 L.F. $ 15,000.00 Telephone and TV Buried 600 L.F. $ 2,400.00 TV Cable 500 L.F. $ 2,000.00 $ 4,400.00 r Engineering, Surveying & Testing 150 $ 3,013.15 t� v" TOTAL PHASE I TOTAL AMOUNT COMPLETE (PHASE I) 525799 B -629 P -739 01/11/94 03:06P PG 4 $ 61,098.95 $210,084.32 OF 5 January 4, 1994 Board of County Commissioners County of Eagle State of Colorado P.O. Box 850 Eagle, Colorado 81631 RE: IRREVOCABLE LETTER OF CREDIT Number S9166359 �HF-BANK Berliner Handels- - - and Frankfurter Bank - 7 New York Branch 55 Best 59th Street New York, NY 10022 -1186 -' " Telephone (2121756-5500 FAX: (212) 7565966 - , N CD CD .. .. -- l z� I CN J Gentlemen: We hereby amend our above referenced Letter of Credit as follows: U: - Amount is decreased by USD210,084.32 (Two Hundred Ten Thousand Eighty Four and 32/100 U. S. Dollars) to a new balance of USD61,098.95 (Sixty One Thousand Ninety Eight and 95/100 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 cc� Managing Partners: Wolfgang Graebner Heinz- Gernot Reiners Wolfgang Rupf Wulf v. Schimmelmann Wolfgang StruU Louis Graf von Zech Registered Head Offices: Registry and Commercial Register. F.nkfuNM and Berlin No, F.nkfuWM 72 HAS 20000 Charlottenburg in Berlin 92 HRB 20000 Chairman of the Supervisory Board Klaus Sublemki Corporate Status: Limited Company with General Panne. ro I w 0 H N H 0 w 0 ro ro c� M 0 ro cn