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Home My WebLink AboutR94-009 first partial release for Cordillera Filing 8Commissione c ��Ol . moved adoption of the followi g Resolution: BOARD OF COUNTY COMMISSIONERS M COUNTY OF EAGLE, STATE OF COLORADO N F) OC) RESOLUTION NO. 94- 4 0 }q FIRST PARTIAL RELEASE of COLLATERAL N ro m i Filing 8 0 ' CORDILLERA SUBDIVISION fD y N co ro WHEREAS, pursuant to C.R.S. 30 -28 -137, the Board of County n Commissioners of the County of Eagle, State of Colorado ( "Board ") P entered into a Subdivision Improvements Agreement dated June 22, i o 1993 ( "Agreement ") with Stag Gulch Partners, a Colorado General m Partnership ( "Subdivider "), as a condition of final plat approval o for Filing 8, Cordillera Subdivision; and o � WHEREAS, the Subdivider provided collateral in the form of a o plat restriction to guarantee the faithful completion of the public 0 w improvements in the project; and m o �1 00 z' ro WHEREAS, Paragraph 2.4 of the Agreement allows the Subdivider ro to provide Substitute Collateral in the form of a certain letter of credit, together with an Enforceability Opinion, all as described therein; and 0 0 �1 WHEREAS, by Resolution No. 93 -116, the plat restriction was � 0 released and Letter of Credit No. 59181359 in the amount of rn $1,683,367.07 was accepted as substitute collateral; and WHEREAS, the 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); o trj and . 0 0 0 WHEREAS, the Subdivider has requested a reduction in the amount of $344,191.87, leaving a balance of $1,339,175.20 to be d collateralized under a new Letter of Credit acceptable to the Board o (Exhibit B). o 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. i r� 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 $344,191.87 for a balance of $1,339,175.20 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 January, 1994. COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOARD OF COUNTY COMMISSIONERS r � Commissioner foregoing reE follows: 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 -8.rel #87 -84 525801 B -629 P -741 01/11/94 03:08P PG 2 OF 6 Gates, Chairman l MEMORANDUM EAGLE COUNTY ENGINEERING TO: Mary Jo Berenato, Attorney's Office FROM: Phill Scott, Engineering DATE: December 14, 1993 RE: Cordillera, Filing 8 Subdivision Improvements Agreement First Partial Release of Collateral On Wednesday, October 27, 1993, John Althoff and myself, along r 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. 525801 B -629 P -741 01/11/94 03:08P PG 3 OF 6 cc: Larry Metternick File 1 3 t Cordillera Filing 8 December 14, 1993 r Work Remaining C Road Construction Mobilization 20% $ 3,000.00 Fine grading 21,210 S.Y. $ 8,484.00 Aggregate Base Course 18,950 Tons $161,075.00 N Asphalt 1,854 Tons $ 74,160.00 v Testing 25 $ 2,500.00 CO Street signs 4 Each $ 600.00 Place topsoil 5,200 S.Y. $ 10,400.00 Landscaping: Grade topsoil 7,840.8 S.Y. $ 3,136.32 Grass 39,204 S.Y. $ 8,232.84 rn v Guardrail 400 L.F. $ 6,000.00 O Guardrail anchors 2 Each $ 1,200.00 ti $278,788.16 Water Construction J 7' trench B &C 9,244 L.F. $ 87,818.00 6 D.I.P. 2,300 L.F. $ 27,255.00 8 D.I.P. 7,470 L.F. $126,511.00 6 Gate valve 3 Each $ 1,920.00 cn 8 Gate valve 13 Each $ 11,570.00 6 C.I. Elbow 2 Each $ 230.00 8" C.I. Elbow 24 Each $ 3,840.00 8 C.I. Tee 6 Each $ 1,440.00 00 Hydrant Assy 14 Each $ 21,000.00 d Service Assy 33 Each $ 19,800.00 PRV 1 Each $ 7,500.00 Air release valve 3 Each $ 6,750.00 A $315,634.00 0 Sewer Construction m 12' trench B &C 8,928 L.F. $111,600.00 8 PVC 7,354.8 L.F. $ 33,832.08 Manholes 337 V.F. $ 64,030.00 Service connections 29 Each $ 20,300.00 $229,762.08 Drainage Rip Rap 30 C.Y. $ 1,050.00 18" CMP Pipe 420 L.F. $ 5,691.00 18" CMP E.S. 20 Each $ 2,800.00 $ 9,541.00 9b3 d8 �j.. AN T Cordillera Filing 8 December 14, 1993 Work Remaining Electrical 4' Trench 8,347.5 L.F. $ 41,737.50 Conduit 14,152.5 L.F. $ 42,457.50 Cable 15,725 L.F. $165,112.50 Cable 3Ph 1,600 L.F. $ 40,000.00 Transformers 10 Each $ 15,000.00 Vaults 12 Each $ 15,000.00 Riser 1 Each $ 2,000.00_ $321,307.50 Telephone and TV Buried cable 8,347.5 L.F. $ 33,390.00 Natural Gas 2 Gas line 9,820 L.F. $103,110.00 Engineering, Surveying and Testing 50 $ 47,642.46 TOTAL FILING 8 $1,339,175.20 TOTAL AMOUNT COMPLETED $344,191.87 525801 B -629 P -741 01/11/94 03:08P PG 5 OF 6 _ � x January 4, 1994 BF -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 55 East 59th Street New York. NY 10022 -1186 Telephone (212) 7565500 FAX: (212) 756-5966 l' P � RE: IRREVOCABLE LETTER OF CREDIT Number S9181359 Gentlemen: We hereby amend our above referenced Letter of Credit as follows: - Amount is decreased by USD344,191.87 (Three Hundred Forty Four Thousand One Hundred Ninety One and 87/100 U. S. Dollars) to a new balance of USD1,339,175.20 (One Million Three Hundred Thirty Nine Thousand One Hundred Seventy Five and 20/100 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 Managing Partners: r. Registered Head Offices: Registry and Commercial Register Wolfgang Graebn¢r FrenkfuwM and Berlin No. Frankf.WM 72 HRB 20000 Heinz- Gernot Reimers Charlonenburg in Berlin 92 HRB 20000 Wolfgang Rupf Wulf v. Schimmelmann Wolfgang Strutz Louis Graf van tech N cc cc O r 0 ro J .P N O r r 0 cc 0 w 0 ro ro c� M 0 ro m X 3' 3 s Chairman of the Supervisory Board Klaus Subletzki Corporate Status: Limited Company with General Panne.