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HomeMy WebLinkAboutR94-058 third partial release for red rock ranch partnersCommissione moved adoption of thie folio ing Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 94- 5e REQUEST FOR THIRD PARTIAL RELEASE OF COLLATERAL FOR RED ROCK RANCH PARTNERS AND COMMENCEMENT OF WARRANTY PERIOD WHEREAS, on or about November 23, 1992, pursuant to Section 30 -28 -137, C.R.S., the Board of County Commissioners of the County of Eagle, State of Colorado ( "Board ") entered into a Subdivision Improvements Agreement ( "Agreement ") with Red Rock Ranch Partners ( "Subdivider ") as a condition of final plat approval of Red Rock Ranch; and WHEREAS, in order to guarantee the faithful completion of certain public improvements required under the Agreement, the Board accepted as collateral a plat restriction for Lots 1 to 4; and WHEREAS, by Resolution No. 93 -97 the Board authorized the release of the plat restriction on Lots 1 -4 and accepted as substitute collateral Letter of Credit No. 75355 -02 in the amount of $10,600 for the satisfactory completion of the landscaping remaining to be done;,and WHEREAS, by Resolution No. 94 -02 the Board authorized the second partial release of collateral. Collateral was reduced to $4,780.00 for the two -year period on the landscaping and the reseeding of roadside grasses. WHEREAS, the Subdivider has represented to the Board and members of the County staff have corroborated the Subdivider's representations (Exhibit A) , that the reseeding appears to have been completed in compliance with the terms and conditions of the Subdivision Improvements Agreement. The County staff recommends that the two -year correction period on the reseeding of grasses be commenced on the date this resolution is signed. j WHEREAS, the Subdivider has requested a reduction in the collateral being held for the, landscape work to $1,000.00; $580.00 for the two year warranty period for the planting of the trees, said warranty period to expire on January 3, 1996; and $420.00 for the two -year warranty period on the reseeding of the grasses, which warranty period to expire two years from the date this resolution is signed. Based upon the oral and written recommendations of the County staff, THE BOARD FINDS that the Subdivider's obligations under the Agreement for the landscaping have been 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 for the two year warranty period said warranty period to expire on the two -year warranty period on th warranty period to expire two yea is signed. collateral to $1,000.00; $580.00 for the planting of the trees, January 3, 1996; and $420.00 for e reseeding of the grasses, which =s from the date this resolution THAT, the partial release of collateral shall not in any way abrogate the rights of the Board in enforcing the Subdivider's performance of his outstanding obligations under the Agreement. MOVED, READ AND ADOPTED by the Board of County Commissioners of the County of Eagle, State of Colorado, this day of May, 1994. COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its ATTEST: v Zi BOARD OF COUNTY COMMISSIONERS By : r Tj loard of P Philtlps, than .,. County Commissioners Ljomm E - �+" •� on issi George,//A. Gates, Commissioner Commissioner seconded adoption of the foregoing resolutioh. Theroll having been called, the vote was as follows: Commissioner Johnnette Phillips Commissioner James E. Johnson, Jr. Commissioner George A. Gates This Resolution passed by 3 —Q vote of the Board of County Commissioners of the County of Eagle, State of Colorado. r \redrock.3rd 91 -42 -3- 1 MEMORANDUM EAGLE COUNTY ENGINEERING TO: Nancy Lewis, Attorney's Office FROM: Phill Scott, Engineering �v DATE: April 26, 1994 RE: Red Rock Ranch Subdivision Subdivision Improvements Agreement Third Partial Release of Collateral At the request of the developer, Ken Cunning of the Planning Department and I conducted a site visit on Thursday, April 21, 1994 to inspect the remaining outstanding public improvements constructed and collateralized as part of the above referenced development. The total amount of remaining improvements prior to this release is forty -two percent of the landscaping (re- seeding). All other public improvements listed on the attached Collateral Release Summary have previously been accepted as complete. We found that the work appears to have been completed in compliance with the terms and conditions of the Subdivision Improvements Agreement. It should be noted, however, that as this work was the re- seeding portion of the landscaping, and was done recently, not all of the areas treated have germinated at the same rate. There were a few areas that germination appeared to be sparse. The developer indicated to us that in the next week or so he intends to have these areas retreated with a hydro seed and mulch mix. Given the nature of the work, the fact that is has been a fairly dry this spring, and that the re- seeding will carry at least a two year correction period from the date of completion and acceptance by the BOCC, we would recommend that the BOCC grant this third partial release of collateral as shown on the attached Collateral Release Summary. Please schedule this for the next available BOCC hearing. Thank you. cc: Larry Metternick File COLLATERAL RELEASE'SUMMARY SIA: Red Rock Ranch Subdivision 3rd Partial Release of Collateral DATE: April 26, 1994 ORIGINAL EXHIBIT A: • Road construction, utility trenching (except gas) and Drainage • Electric cable, transformers and vaults • Cable TV materials • Telephone materials • Natural gas trenching and materials • Irrigation ditching and clean up • Landscaping Original amount collateralized AMOUNT COLLATERALIZED $ 57,000 $ 22,500 $ 7,500 $ 10,000 $ 10,500 $ 10,000 $ 10,000 $127,500 $127,500.00 Improvements completed and accepted to date including current improvements complete $127,500.00 Less 10% Retainage* $ 420.00 Total collateral release to date including previous releases and current release recommendations $126,500.00 Revised collateral amount recommendation ** $ 1,000.00 * At the first partial release of collateral the subdivider requested a wavier of withholding 10% of the collateral for work completed up to that time due to the nature of the project, i.e., the accesses in this subdivision are actually driveways that will remain private, not subject to county maintenance in the future. The Board granted subdivider's request (Resolution No. 93 -97, August 23, 1993). We are recommending withholding 10% of the amount of work completed since the First Partial Release of Collateral at this time as a matter of consistency in the way we are dealingwith existing Subdivision Improvements Agreements. ** "The $1,0.00.00 breaks down as follows: $580.00 represents 10% of the landscaping work accepted as complete in Resolution 94 -02. The expiration of the two year correction period for that work is January 3 1996. The remaining $420.00 of collateral is 10% of the work accepted as completed at this time. The correction period will expire two years from the date of the resolution approving this release.