HomeMy WebLinkAboutR94-105 fifth partial release Codillera filing 6 Phases I and IIf �
542262 B -646 P -219 07/27/94 10:15A PG 1 OF 4 REC DOC
Sara J. Fisher Eagle County Clerk & Recorder 0.00
I y Commissioner / moved adoption
of the following Resolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 94- 5
AUTHORIZING THE FIFTH PARTIAL RELEASE OF COLLATERAL
CORDILLERA FILLING 6, PHASES I AND II
WHEREAS, on or about November 2, 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 Stag Gulch Partners, a
Colorado General Partnership ( "Subdivider ") as a condition of final
plat approval of Filing 6, Cordillera Subdivision; and
WHEREAS, in order to guarantee the faithful completion of
certain public improvements required under the Agreement, the Board
accepted as collateral a cash deposit in the amount of $797,425.88
for Phase I of Filing 6; and the sum of $1,996,972.52 for Phase II
of Filing 6; and
WHEREAS, by Resolution No. 92 -151, the Board approved a
reduction of collateral for Phase I to $462,689.92, and accepted a
cash deposit in said amount; and
WHEREAS, at Subdivider's request, by its Resolution No. 92-
173, the Board accepted a letter of credit in the amount of
$200,000 as substitute collateral for Phase I and directed the
Treasurer to pay over the Subdivider the like sum of $200,000; and
WHEREAS, by Resolution No. 92 -174, the Board approved a second
partial release of collateral for Phase I in the amount of
$163,454.64, resulting in a collateral balance of $299,235.28 for
C�
Phase I; and
d
WHEREAS, by Resolution No. 93 -49 the Board accepted the
following letters of credit issued by BHF -Bank, New York Branch, as
collateral for Phase II of the Subdivision, and released the plat
restriction on the entire Subdivision:
Number Amount
58968359
$ 150,000.00
S8969359
250,500.00
58970359
390,301.00
58971359
402,057.00
58972359
402,057.00
58973359
402,057.52
TOTAL $1,996,972.52
WHEREAS, by Resolution 93 -96 the following Letters of Credit
were released:
#58698259
$ 200,000.00
#58969359
250,500.00
#58973359
402,057.52
#58972359
402,057.00
and the following letters of credit were held:
#58968359 $ 150,000.00
#58970359 390,301.00
#58971359 402,057.00
Total $ 942,358.00
WHEREAS, by Resolution No. 93 -140, Letter of Credit No.
58971359 in the amount of $402,057.00 was released and Letter of
Credit No. 59265359 in the amount of $81,392.08 was accepted.
WHEREAS, Subdivider has represented to the Board that certain
of the improvements are complete, (as indicated on Exhibit A
attached hereto and incorporated herein) and has applied for a
fifth partial release of collateral in the amount of $105,317.08
Based upon the oral and written recommendations of the
Department of Engineering, THE BOARD FINDS that the Subdivider's
obligations under the Agreement have been partially satisfied, and
a reduction in the collateral held by the Board is warranted.
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 partial release of
collateral in the amount of $105,317.08 thereby reducing the
collateral to $516,376.00.
THAT, the partial release of collateral granted hereby 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
of the County of Eac
July, 1994. 6
X
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
BOARD OF COUNTY COMMISSIONERS
Commissioner s ZZ.�e ) seconded adoption of the
foregoing resolution. The roll having been called, the vote was as
follows:
Commissioner Johnnette Phillips Cf - mac )
Commissioner James E. Johnson, Jr.
Commissioner George A. Gates
This Resolution passed by vote of the Board of
County Commissioners of the County of Eagle, State of Colorado.
ADOPTED by the Board of County Commissioners
.e, State of Colorado, this �1( f� day of
r \cord6.db1 87 -84
County Commissioners
Georg A. Gates, Commissioner
Jam-
EAGLE COUNTY ENGINEERING
TO: Nancy Lewis, Attorney's Office
FROM: John Althoff, Engineering
DATE: July 26, 1994
RE: Cordillera Filing #6
Collateral held today = $621,693.08
Old method:
Original SIA
First Release
Second Release
Third Release
Fourth Release
This Release
Revised SIA
Phase I
$797,425.88
$334,735.96
$163,454.64
$291,327.70
$ 2,973.00
$ 3,884.58
$ 1,050.00
Phase II
$1,996,972.52
1 0-
-0-
$1,111,521.02
$ 268,693.00
$ 101,432.50
$ 515,326.00
Total
$2,794,398.40
$ 334,735.96
$ 163,454.64
$1,402,848.72
$ 27 6ti6.O
O5 317.08,
$ 00
$516,376.00 would be collateral as figured under the old method.
New Method:
Filing 6
Original SIA
First Release
Second Release
Third Release
Fourth Release
This Release
Revised SIA _
Phase I
$797,425.88
$334,735.96
$163,454.64
$291,327.70
_.,$ 2,973.00
($75,753.01)
$ 80,687.59
Phase II
$1,996,972.52
-0-
-0-
$1,111,521.02
$ 268,693.00
($ 46.732.15)
$ 663,490.65
Total
$2,794,398.40
$ 334,735.96
$ 163,454.64
$1,402,848.72
$ 271,666.00
/ ($ 122,485.16)
$ 744,178.24
$744,178.24 would be collateral required under the new method of retaining
10% of completed work and remaining uncompleted work.
instead of increasing the amount of collateral, we would approve holding
collateral at present value of $621,693.08 until such time, in future partial
release, the amount to be retained falls below this current value using the
new method to determine amount of remaining collateral.
CC: Larry Metternick
Mark Avery
File
EXHIBIT
