HomeMy WebLinkAboutR94-100 release of collateral start of warranty period for creamery ranchi
542864 B -646 P -821 08/03/94 04:39P PG 1 OF 7
Sara J. Fisher Eagle County Clerk & Recorder R0 DOC
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Commissioner l< h p V moved adoption
of the following Resolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO_ 94-
AUTHORIZING THE RELEASE OF COLLATERAL
AND
COMMENCEMENT OF THE WARRANTY PERIOD
FOR
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
e°d
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
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 L�
Creamery Ranch; and
r°a
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, were 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 represented to the Board, and
members of the County staff corroborated, that the additional
improvements were satisfactory to serve the needs of the subdivi-
sion, all as provided in the Second Amendment dated April 19, 1994;
and
WHEREAS, by Second Amendment to the SIAS, and the Consent to
Assignment, dated April 19, 1994, Subdivider secured collateral in
the amount of $277,596.05, by Letter of Credit Number 913 -1388 to
guarantee the completions of its obligations under the SIAS, and
any amendments thereto; and
WHEREAS, the Subdivider here has represented to the Board, and
members of the County staff have corroborated the Subdivider's
representations, that all the off -site improvements required under
the Agreements, and any amendments thereto, have been satisfactori-
ly completed and the requirements of the Subdivision Improvements
Agreement dated June 23, 1992 and September 15, 1992 have been
satisfied, see the attached Exhibit "A "; and
WHEREAS, the Subdivider has requested a reduction in the
collateral being held for the improvements to 10$ - -or $71,614.37 of
the total cost estimate for the off -site and public improvements
associated with the Subdivision- -for the two -year warranty period
which will expire on July 26, 1996; and
WHEREAS, Subdivider has requested a Release of Letter of
Credit Number 913 -1388 in the amount of $277,596.05 which is set to
expire August 1, 1994; and
WHEREAS, the Subdivider has provided Letter of Credit Number
#914- 8655 -A in the amount of $71,614.37, as collateral for the two -
year warranty period.
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NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO:
THAT, based upon written recommendations of the Department of
Engineering, the Board finds that the Subdivider's obligations
under the Agreements, and any amendments thereto, have been CIO
satisfied, see the attached Exhibit "A ". ;0
THAT, a reduction in the collateral to 10% or $71,614.37 for
the two -year warranty period on the improvements be granted, the
warranty period will expire on July 26, 1996.
THAT, the Subdivider has provided the County with Letter of
Credit Number #p914- 8655 -A from the First Bank of Eagle in the
amount of $71,614.37 for the two year warranty period, see the
attached Exhibit "B ".
THAT, the Board hereby authorizes the release of said Letter
of Credit Number 913 -1388 in the amount of $277,596.05.
THAT, this Resolution is necessary for the health, safety and
welfare of the County of Eagle, State of Colorado.
MOVED, READ AND ADOPTED by the Board of County � Commis-
sioners of the County of Eagle, State of Colorado, this
day of July, 1994.
� OUNTY OF EAGLE, STATE OF
OLORADO, By and Through Its
ATTEST: c,,'ffOARD OF COUNTY COMMISSIONERS
j�
By:
C erk to the B rd of ohnnette Phillips, Cha4rman
County Commissioners
Commissioner seconded adoption of the
foregoing resolut' n. The roll having been called, the vote was as
follows:
542864 B -646 P -821 08/03/94 04:39P PG 3 OF 7
George/A. Gates, issioner
Commissioner
Commissioner
Johnnette
Phillips
Commissioner
James E.
Johnson, Jr.
Commissioner
George A.
Gates.
This Resolution passed
by (3 -0 vote of the Board of
County Commissioners of the County of Eagle, State of Colorado.
r \creamery.war
#87 -112
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OF 7
MEMORANDUM
EAGLE COUNTY ENGINEERING
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TO: James R. Fritze, County Attorney &JUL 1 8 1994 ��
FROM: Phill Scott, Engineering EAGLE COUNTYATfORNEY
DATE: July 14, 1994
RE: Creamery Ranch Subdivision Improvements Agreement: Q0
Completion of Public Improvements
Commencement of Two Year Warranty Period
Third partial Release of Collateral
On Tuesday, July 12, 1994, I inspected the public improvements
constructed and collateralized as part of the above referenced
Subdivision Improvements Agreement, in response to the request of
Mr. Dave Mott, engineer for the developer, for a determination of
the state of completion of said public improvements and a
reduction in collateral corresponding to the work that has been
completed.
It should be noted that Creamery Ranch (formerly Creamery Gulch
Ranch) has been developed over a period of years and done in
phases. Each phase was covered by a Subdivision Improvements
Agreement or Amended Subdivision Improvements Agreement.
On July 12, 1994 I found work completed as follows:
Exhibit A 7 -12 -94 Remaining
PHASE I Amount Amount Amount
ROAD CONSTRUCTION
WATER CONSTRUCTION
DRAINAGE CONSTRUCTION
ENGINEERING, SURVEYING,
TESTING
TOTAL COST - PHASE I
PHASE II
ROAD CONSTRUCTION
WATER CONSTRUCTION
DRAINAGE CONSTRUCTION
ENGINEERING, SURVEYING,
TESTING
TOTAL COST - PHASE II
$221,436.00 $221,436.00 -0-
$149,106.30 $149,106.30 -0-
$ 43,789.75 $ 43,789.75 -0-
$ 24,859.92 $ 24,859.92 -0-
$439,191.97
$439,191.97
S
$104,315.24
$ 60,430.00
$ 1,533.75
$ 9,976.74
$176,255.72
T
$104,315.24
$ 60,430.00
$ 1,533.75
$ 9,976.74
$176,255.72
-0-
-0-
-0-
-0-
�Z
Creamery Ranch -#
Third Partial Release
July 14, 1994
Page 2
2>
PHASE IIB
ROAD CONSTRUCTION
$ 15,657.45
$ 15,657.45
-0-
WATER CONSTRUCTION
$ 37,169.60
$ 37,169.60
-0-
UTILITIES **
$ 47,869.00
S 47,869.00
-0-
TOTAL COST PHASE IIB
$100,696.05
$100,696.05
-0-
TOTAL PHASE I
$439,191.97
$439,191.97
-0-
TOTAL PHASE II
$176,255.72
$176,255.72
-0-
TOTAL PHASE IIB
5100,696.05
5100,696.05
-0-
TOTAL COST ALL PHASES
$716,143.74
$716,143.74
-0-
TOTAL WORK COMPLETED
$716,143.74
loo FOR TWO YEAR
WARRANTY PERIOD
$ 71,614.37
* The amounts shown here are NOT the amounts indicated on
Exhibit A of the Second Amendment to the Subdivision
Improvements Agreement. Rather, the amounts shown reflect
the difference between the amount of work that was remaining
in Phases I & II and the additional work that was necessary
due to the re- subdivision of the property at the time of the
Second Amendment to the Subdivision Improvements Agreement
(4- 19 -94). The remaining improvements in Phases I & II were
incorporated into Phase IIB.
** Not previously collateralized in Phases I & II.
We recommend that the two year warranty period be commenced.
cc: Larry Metternick
Paul Clarkson
Maureen Amundson
File
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OF VAIL
EXHIBIT 'B'
IRREVOCABLE LETTER OF CREDIT
DATE:
July 31, 1994
AMOUNT:
$71,614.37
NUMBER:
#914- 8655 -A
EXPIRATION:
June 1, 1995
Board of Commissioners
County of Eagle
Eagle, Colorado 81631
Gentlemen:
We hereby open our Irrevocable Letter of Credit in your favor available by
your drafts drawn on the FirstBank of Vail, 17 Vail Road, Vail, Colorado
81657, at sight for any sum not exceeding the total of SEVENTY- ONE- THOUSAND-
SIX- HUNDRED - FOURTEEN AND 37/100 DOLLARS($71,614.37) on the account of FRANK J.
LYNCH.
Each draft must bear upon its face the clause, "Drawn Under Letter of Credit
No. 914 - 8655 -A, dated July 31, 1994 of FirstBank of Vail, Vail, Colorado."
Each draft must be accompanied with a statement by a duly authorized officer
of The Board of County Commissioners of The County of Eagle, State of
Colorado, stating that this draw is in connection with funds needed for the
account of FRANK J. LYNCH.
The amount of each draft, which is negotiated pursuant to this credit,
together withxthe date of negotiation, must be endorsed on the reverse side of
the Letter of'Credit.
We hereby agree that drafts drawn under this Letter of Credit and in
compliance with the terms, shall be promptly honored if presented to FirstBank
of Vail on or before June 1, 1995.
Sincerely yours, /
��1/L t CZiC�K i�
Ellen M. Jar ow
Assistant Vice President
EMJ /sjw
17 VAIL ROAD VAIL, COLORADO 81657 303-476-5686
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