HomeMy WebLinkAboutR94-022 first partial release for Bentgrass at CordilleraCommissione moved adoption
of the followidig Resol ion:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 94-
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FIRST PARTIAL RELEASE OF COLLATERAL
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U o BENTGRASS AT CORDILLERA
o A RESUBDIVISION OF TRACT C AND TRACT C -1
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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 September
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7, 1993 ( "Agreement ") with Stag Gulch Partners, a Colorado General
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Partnership ( "Subdivider "), as a condition of final plat approval
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for Bentgrass as Cordillera; and
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WHEREAS, the Subdivider provided collateral in the form of a
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Letter of Credit No. 59130359 in the amount of $148,268.00 to
guarantee the faithful completion of the public improvements of the
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project; and
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WHEREAS, by Resolution No. 93 -119 the Board released Letter of
Credit No. 59130359 and the Subdivider was allowed to substitute
cash in the amount of $148,268.00.
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WHEREAS, the Subdivider has represented to the Board, and
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members of the County staff have corroborated the Subdivider's
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representations, that improvements required under the Agreement
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have been partially completed in a satisfactory manner (Exhibit A);
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and
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WHEREAS, the Subdivider has requested a reduction in the
amount of collateral. The Engineering Department has recommended
that the collateral be reduced to $35,338.00 for the work remaining
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to be done ($148,268.00 minus $112,930.00) (Exhibit A).
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Based upon the oral and written recommendations of the County
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staff, THE BOARD FINDS that the Subdivider's obligations under the
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Agreement have been partially satisfied.
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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 to the amount of
$35,338.00 is granted.
THAT, the Eagle County Treasurer is hereby requested and
directed to issue a warrant in the amount of $112,930.00 to the
Subdivider.
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 _ day of
February, 1994.
ATTEST:
erk to t1ffe Board of
County Commissioners
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
BOARD OF COUNTY COMMISSIONERS
By: FU
hnnette Phillips, Chatirperson
Commissione seconded adoption of the
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foregoing reso ution. The roll awing been called, the vote was as
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Commissioner Johnnette Phillips Q _
C) Commissioner George A. Gates
000 Commissioner James E. Johnson, Jr.
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This Resolution passed by ('j vote of the Board of
County Commissioners of the County of Eagle, State of Colorado.
bent2.res #87 -84
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CORJLLFR�D
European Elrgance. lady Mmnunin Splo idor.
December 20, 1993
Ms. Mary Joan Berenato
Assistant County Attorney
Eagle County Colorado
P.O. Box 850
Eagle, Colorado 81631
Dear Mary Jo:
We are requesting an agenda time with the Eagle County Board of
o County Commissioners to release collateral associated with the
Bentgrass development. I have met with John Althoff and supplied
him with all necessary documentation related to this release.
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Thank you for your help.
sincerely,
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Mark S. Avery
vice President
Chief Financial Officer
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TO: Nancy Lewis, Attorney's Office 1111 JAN 2 7 1994
FROM: John Althoff, Engineering q Y , FAG
DATE: January 21, 1994
RE: Bentgrass at Cordillera Subdivision Improvements
Agreement
I have reviewed the partial release of collateral for the
utilities installed and approved to date. I have received
letters from Upper Eagle Valley Consolidated Sanitation District
for the water and sewer lines, Holy Cross Electric, PTI
Communications, and Rocky Mountain Natural Gas.
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d, I recommend the collateral be reduced to $35,338.00 which is
0 greater than 10% of the original SIA ($14,826.80). Enclosed is a
a collateral release summary showing work completed to date.
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M The two year warranty period shall not start until all work is
completed.
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CC: Larry Metternick
File
A
COLLATERAL RELEASE SUMMARY
SIA: Bentgrass at Cordillera
First Partial Release of Collateral
DATE: January 21, 1994
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ORIGINAL EXHIBIT A:
AMOUNT
COLLATERALIZED
• Water system
$
39,198.00
• Sewer system
$
30,590.00
• Roads
$
43,820.00
• Electric
$
22,940.00
° Telephone
$
4,920.00
• Gas
$
3,740.00
• T.V.
$
2,760.00
• Signs
$
300.00
$148,268.00
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Original amount collateralized
$148,268.00
Improvements completed:
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Water system
$ 39,198.00
Sewer system
$ 30,590.00
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Roads
$ 21,330.00
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(Cut $9450, Fill $9450,
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Topsoil $2430)
Electric
$ 22,940.00
Telephone
$ 4,920.00
Gas
$ 3,740.00
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T.V.
$ 2,760.00
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Total
$125,478.00
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Less 10% retainage
$ 12,548.00
Total
$112,930.00
$112,930.00
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Revised collateral amount recommendation
$ 35,338.00
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