HomeMy WebLinkAboutR94-008 first partial release for Cordillera Filing 7 Phase 2Commissione moved adoption
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BOARD OF COUNTY COMMISSIONERS
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COUNTY OF EAGLE, STATE OF COLORADO✓
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RESOLUTION NO. 94-
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FIRST PARTIAL RELEASE OF COLLATERAL
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Filing 7
Phase 2
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 -115, the plat restriction was
released and Letter of Credit No. 59179359 in the amount of
$661,899.41 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 7d
of the County staff have corroborated the Subdivider's o0 i
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representations, that improvements required under the Agreement o0
have been partially completed in a satisfactory manner (Exhibit A);
WHEREAS, the Subdivider has requested a reduction in the p
amount of $351,367.77, leaving a balance of $310,531.64 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
$351,367.77 for a balance of $310,531.64 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 A? day of
January, 1994. dy
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
ATTEST: BOARD OF COUNTY COMMISSIONERS
By:
Clerk to e Board of George Gates, Chairman
County Commissioners
ohnnette Phillips, Commi
s E nso Jr.
ommissione
Commissioner &.1a:024 seconded adoption of the
foregoing resol6tion. The roll having been called, the vote was as
follows:
Commissioner George A. Gates
Commissioner Johnnette Phillips
Commissioner James E. Johnson, Jr.
This Resolution passed by S — 0 vote of the Board of
County Commissioners of the County of Eagle, State of Colorado.
cord -2.par
#87 -84
525800 B -629 P -740 01/11/94 03:07P PG 2 OF 6
MEMORANDUM
EAGLE COUNTY ENGINEERING
TO: Mary Jo Berenato, Attorney's Office
FROM: Phill Scott, Engineering p17
DATE: December 14, 1993
RE: Cordillera, Filing 7, Phases I & II
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.
525800 B -629 P -740 01/11/94 03:07P PG 3 OF 6
CC: Larry Metternick
File
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Cordillera Filing 7, Phase II
December 14, 1993
Work Remaining
Road Construction
Fine Grading
8,981.7 S.Y.
$
6,736.20
Aggregate Base Course
5,745 Tons
$
48,832.50
Asphalt
1,036 Tons
$
41,440.00
Testing
25%
$
2,500.00
Street signs
4 Each
$
900.00
Place topsoil
7,407.5 S.Y.
$
18,518.75
Landscaping:
Grade topsoil
5,486 S.Y.
$
2,194.40
Grass
10,972 S.Y.
$
2,304.12
$123,425.97
Water Construction
6 11 C.l. tee 2 Each $ 350.00
Service Assy 16 Each $ 9,600.00
$ 9,950.00
Sewer Construction
Service connection 8 Each $ 5,600.00
Drainage
Rip Rap 51 C.Y. $ 1,785.00
18" CMP Pipe 145 L.F. $ 1,964.75
18" CMP E.S. 8 Each $ 1,120.00
$ 4,869.75
Electrical
4' trench 3,520 L.F. $ 17,600.00
Conduit 4,800 L.F. $ 14,400.00
Cable 4 L.F. $ 52,800.00
Transformers 7 Each $ 10,500.00
Vaults 6 Each $ 7,500.00
$102,800.00
Telephone and TV
Buried cable 2,560 L.F. $ 10,240.00
TV cable 2,560 L.F. $ 10,240.00
$ 20,480.00
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Cordillera Filing 7, Phase II
December 14, 1993
Work Remaining
Natural Gas 3,200 L.F.
Engineering, Surveying
and Testing 200
TOTAL PHASE II
GRAND TOTAL PHASES I & II
TOTAL AMOUNT COMPLETE (PHASE II)
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$ 33,600.00
$ 9,805.92
$310,531.64
$371,630.59
$351,367.77
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525800 B -629 P -740 01/11/94 03:07P PG 5 OF 6
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January 4, 1994
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B HF -BANK
Berliner Handels-
und Frankfurter Bank
New York Branch
Board of County Commissioners
County of Eagle
State of Colorado
P.O. Box 850
Eagle, Colorado 81631
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RE: IRREVOCABLE LETTER OF CREDIT
Number S9179359
Gentlemen:
We hereby amend our above referenced Letter of Credit as follows:
55 East 59th Street
New York, NY 18022 -1186
Telephone (212) 756 -5580
FAX: (212) 756-5966
- Amount is decreased by USD351,367.77 (Three Hundred Fifty One Thousand Three
Hundred Sixty Seven and 77/100 U. S. Dollars) to a new balance of USD310,531.64
(Three Hundred Ten Thousand Five Hundred Thirty One and 64/100 U.S. Dollars).
- Expiration date is extended until May 15, 1995.
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All other terms and conditions remain unchanged.
Please signify your agreement to this amendment by signing and returning the attached (;t
copy.
Very truly yours,
Berliner Handels- and Frankfurter Bank
New York Branch
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Managing Partners:
Wolfgang Graebner
Heinz -Gemot Reiner;
Wolfgang Rupf
Wulf v. Schimmelmann
Wolfgang Strata
Louis Graf von Zech
Registered Head Offices. Registry and Commercial Register. Chairman of the Supervisory Board
FrankfuNM and Berlin No. FrankfuNM 72 HRe 20000 Klaus Subjetzki
Charlottenburg in Berlin 92 HRB 20000 Corporate Status:
Limited Company with General Partners
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