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HomeMy WebLinkAboutR94-052 release of collateral for Creamery Ranchi 534374 B -638 P -323 04/22/94 11:31A PG 1 OF 6 REC DOC Sara J. Fisher Eagle County Clerk & Recorder 0.00 pp Commissioner moved adoption of the following R solution: BOARD OF COUNTY COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 94 - 6c4 THE RELEASE OF COLLATERAL CREAMERY RANCH FORMERLY KNOWN AS CREAMERY GULCH RANCH WHEREAS, on June 23, 1992, the County entered into a Subdivi- sion Improvements Agreement ("SIA") recorded at Book 583 at Page 275 in the records of the Eagle County Clerk and Recorder, with Frank Lynch (hereinafter "Subdivider "), as a condition of the County's final plat approval for A Resubdivision of Lot 3, Creamery Gulch Ranch; and WHEREAS, on September 15, 1992, the County entered into a Subdivision Improvements Agreement, (SIA) recorded in Book 589, at Page 224, in the records of the Eagle County Clerk and Recorder, with the Subdivider, as a condition of the County's final plat approval for A Resubdivision of Tracts C and X, Creamery Gulch Ranch; and WHEREAS, by Resolution Number 92 -101, the Board accepted certain letters of credit as substitute collateral for the above - mentioned SIAs, found that certain improvements had been completed, and authorized the release of the plat restriction and a reduction in collateral all as provided in said resolution; and WHEREAS, by Resolution Number 93 -88, the Board authorized a second reduction in collateral, to the amount of $176,900.00, secured by Letter of Credit Number 809 -8573 all as provided in said resolution; and WHEREAS, by Eagle County Resolution Number 93 -88 and by First Amendment to the SIAs, dated August 3, 1993, the completion date of the SIAs was extended to on or before July 31, 1994; and 534374 B -638 P =323 04/22/94 11:31A PG 2 OF 6 WHEREAS, by Second Amendment to the SIAs, dated April 19, 1994, said SIAs were each amended to indicate a re- subdivision of the property known as Creamery Gulch Ranch and to reflect the change in the name of the subdivision, from Creamery Gulch Ranch to Creamery Ranch; and WHEREAS, as a result of this re- subdivision, and approval of the Final Plat for Creamery Ranch, additional public improvements, beyond those stated in the above - mentioned SIAs, are required; and WHEREAS, by Second Amendment to the SIAs, dated April 19, 1994, said SIAs were each amended to incorporate these new public improvements generated as a result of this re- subdivision, as well as those unfinished improvements required under the above - mentioned SIAs; and WHEREAS, the Subdivider has represented to the Board, and members of the County staff have corroborated, as shown on the attached Exhibit "A ", the Subdivider's representations, that the improvements as shown on the attached Exhibit "B" are satisfactory to serve the needs of the subdivision; and WHEREAS, by Second Amendment to the SIAs, and the Consent to Assignment, dated April 19, 1994, Subdivider was required to secure collateral in the amount of $277,596.05, to guarantee the comple- tions of its obligations under the SIAs, and amendments thereto; and WHEREAS, Subdivider has secured such collateral in the amount of $277,596.05, by Letter of Credit Number 913 -1388; and Subdivider has therefore applied for full release of the Letter of Credit Number 809 -8573 which is in the amount of $176,900.00. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: THAT, the Board hereby authorize the full release of said Letter of Credit No. 809 -8573 in the amount of $176,900.00. MOVED, READ AND ADOPTED by the Board of County Commis- sioners of the County of Eagle, State of Colorado, this /9941- County Commissioners COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOARD OF COUNTY COMMISSIONERS 534374 B -638 P -32o 04/22/94 11:31A PG 3 OF Q Jo ,� .Q, IQ James E. son Jr., Commissioner George Gates, Commissioner Commissioner Commissioned seconded adoption of the foregoing resol tion. T roll having been called, the vote was as follows: Commissioner Johnnette Phillips GGf9!Jon. Commissioner James E. Johnson, Jr. Commissioner George A. Gates. x This Resolution passed by cI vote of the Board of County Commissioners of the County of Eagle, State of Colorado. r \creamery.ful #87 -112 -3- I►1 ut:_.�r �►�i EAGLE COUNTY ENGINEERING TO: Maureen Amundson, Attorney's Office FROM: Phill Scott, Engineering a" DATE: April 15, 1994 RE: Creamery Ranch Based on a brief review of the cost estimate submitted to this office yesterday, April 14, 1994, we would recommend that the Board of County Commissioners release the existing Letter of Credit in the amount of $176,900 and accept in its place a Letter of Credit in the amount of $277,596.05 to cover the cost of public improvements remaining in Creamery Ranch, Phase IIB. We feel that the subdivider's engineer, in this case Johnson and Kunkel, has intimate and thorough knowledge of this project and is qualified to make the representations they have in the Schedule of Values, Creamery Ranch, Phase IIB - 1994. 534374 B -638 P -323 04/22/94 11:31A PG 4 OF 6 ■ �t Cc: Larry Metternick File 534374 B -638 p-3 3 04/22/94 11:31A PG 5 t r� 1. N •„ 0 .._o N0. 1T UNIT LF MTWATm UNIT QUANTl'1'Y PRICE TOTAL ESTIMATED Road Paven'mt: 7 8" Pv'C Pipe LF 3220 1 Road StabilizatioA 570.292.60 8 8" Gate Valve EA Material CY 100 10.60 ICY S' C.I. Elbow 2 Fine Gang SY 10.433 SO . /8Y , S 5.346.40 3 Remove, Stockpile & EA S 9.07o.0p &2A 1IS.USU0 Plate existing Road Service Assy EA 16 I QjZ-00 /P4 R=c Aggregate CY 500 4.73 !CY 2 375. 4 Aggxegatn Ease Course T 3100 _11,9 X36.952.00 5 Asphalt T 1565 WLtcr CMtrucdon, 6 7' Trench B & C LF 3725 _ 7.784.00 7 8" Pv'C Pipe LF 3220 21.83 ILF 570.292.60 8 8" Gate Valve EA 2 530.00 MA S 1.060.00 9 S' C.I. Elbow EA 9 _ 238. /EA _ S 2,162.00 10 hydrant Assy EA S 9.07o.0p &2A 1IS.USU0 11 Service Assy EA 16 I QjZ-00 /P4 A16.272.00 00510 -3 at e 12 1 W" Water Servleo LP 13 Air Release Valve EA 14 Road Cut & patch SP rains e• •.� 25 .30" CUP LF I6 38" Paid Section EA 17 50" x 31" Arch CUP Lp )7etrntion Pend: 1s Remove Top Soil CU 19 Excavate, Place & Ctxnpaa CU 20 Spread A Grad* Top Soli CU I m oil 0 - --1.23 = o .7 CU 0 _ 3.50 /CU 2k y- 21 4' Electric Trench LP 22 4" Conduit, Install* Lp 23 30" Gas Trench LF 24 Electric Vauitc* EA 25 2" Conduit, jmtali» Lp • Conduit and vaults W be supplied by others. TOTAL OF ALL UNIT PRICF—S Hondret =M—N 5 ,596.05 {dollars) (use words) .:. :. .. 3760 •.� — S 7,320 "' 0 . . + +yt —121, QL&A 15,565.00 3460 00SI0 -4 G�{ 534374 B -638 P -323 04/22/94 11:31A PG 6 OF 6