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HomeMy WebLinkAboutR94-111 second partial release for Cordillera filing 8` f Commissioner moved adoption of the following esolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 94 -�� SECOND PARTIAL RELEASE of COLLATERAL Filing 8 CORDILLERA SUBDIVISION 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 June 22, 1993 ( "Agreement ") with Stag Gulch Partners, a Colorado General Partnership ( "Subdivider "), as a condition of final plat approval for Filing 8, Cordillera Subdivision; and WHEREAS, the Subdivider provided collateral in the form of a plat restriction to guarantee the faithful completion of the public �2 improvements in the project; and WHEREAS, Paragraph 2.4 of the Agreement allows the Subdivider to provide Substitute Collateral in the form of a certain letter of credit, together with an Enforceability Opinion, all as described therein; and WHEREAS, by Resolution No. 93 -116, the plat restriction was released and Letter of Credit No. 59181359 in the amount of $1,683,367.07 was accepted as substitute collateral; and WHEREAS, by Resolution Number 94 -09 the Board approved a reduction in collateral in the amount of $344.191.87 leaving a balance of $1,339,175,20 which was collateralized by Irrevocable Letter of Credit Number 59181359; and WHEREAS, Subdivider has represented to the Board, and members of the County staff have corroborated the Subdivider's representations, that further improvements required under the Agreement have been partially completed in a satisfactory manner (Exhibit A) and therefore Subdivider has applied for a second release of collateral; and WHEREAS, the Subdivider has requested a reduction in the amount of $841,580.18 leaving a balance of $497,595.02 to be collateralized under a new Letter of Credit acceptable to the Board (Exhibit B). 543542 B -647 P -500 08/10/94 05:28P PG 1 OF 5 REC DOC Sara J. Fisher Eagle County Clerk & Recorder 0.00 to w 0 Pu 0 a. w 00 v 0 a� a 0 00 0 0 i Q4 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 further reduction in the collateral held by the Board is warranted. THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: THAT, the Board hereby collateral in the amount of collateral to $497,595.02 authorize the partial release of $841,580.18 thereby reducing the THAT, the Board hereby accepts Letter of Credit No. S9181359 in the amount of $497,595.02. 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 ADOPTED by the Board of County Commissioners of the County of Eagle, State of Colorado, this ? �k— day of August, 1.994. ATTEST: C e to thLd Board of County Commissioners COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its B ARD OF COUNTY COMMISSIONERS By. � Johnnette Phi lips, Chairman a Commissioner seconded adoption of the o foregoing resolution. The roll having been called, the vote was as pa follows: Commissioner Johnnette Phillips Commissioner James E. Johnson, Jr. L " Commissioner George A. Gates a(LQ <r � i p ie 6� a— �— 6 M �,�..P 7 George Gates, Commissioner ' 04604Z 13-04 ! r—uuu vo /1v /yet vu:c,or ru a Ur v i COLLATERAL RELEASE SUMMARY SIA: Cordillera Filing #8 Second Partial Release DATE: July 11, 1994 ORIGINAL AMOUNT OF AMOUNT IMPROVEMENTS COLLATERALIZED COMPLETED ROAD CONSTRUCTION Mobilization $ 15,000.00 $ 15,000.00 Clear and Grub $ 16,200.00 $ 16,200.00 Topsoil soil Removal $ 39,000.00 $ 39,000.00 Unclassified Excavation $ 118,300:00 $ 118,300.00 Fine Grading $ 8,484.00 $ 8,484.00 Aggregate Base Course $ 161,075.00 $ 161,075.00 Asphalt $ 74,160.00 $ -0- Testing $ 10,000.00 $ 9,000.00 Street Signs $ 600.00 $ -0 Place Topsoil $ 52,000.00 $ 52,0 00.00 Landsca in P� g� Grade Topsoil $ 15,681.60 $ 15,681.60 Grass $ 8,232.84 $ -0 Guardrail . Guardrail Anchors $ 1,200.00 $ 1,200.00 C TOTAL ROAD CONSTRUCTION $ 525,933.44 $ 441,940.60 -u- WATER CONSTRUCTION 7' Trench B & C $ 87,818.00 $ 87,818.00 6 Dip $ 27,255.00 $ 27,255.00 8 Dip $ 126,511.00 $ 126,511.00 6 Gate Valve $ 1,920.00 $ 1,920.00 8 Gate Valve $ 11,570.00 $ 11,570.00 6 CI Elbow $ 230.00 $ 230.00 8 CI Elbow $ 3,840.00 $ 3,840.00 8 CI Tee $ 1,440.00 $ 1,440.00 Hydrant Assy. $ 21,000.00 $ 21,000.00 Service Assy. $ 19,800.00 $ 19,800.00 PRV $ 7,500.00 Air Release Valve $ 6,750.00 $ 6,750.00 TOTAL WATER CONSTRUCTION $ 315,634.00 $ 315,634.00 SEWER CONSTRUCTION Trench 12' B & C $ 124,000.00 $ 124,000.00 8 PVC $ 37,591.20 $ 37,591.20 Manholes $ 75,430.00 $ 75,430.00 Service Connection $ 23.100.00 $ 23,100.00 TOTAL SEWER CONSTRUCTION $ 260,121.20 $ 260,121.20 f�9 %ld A Cordillera Filing #8 Second Partial Release July 11, 1994 Page 2 ELECTRICAL 4' Trench $ ORIGINAL $ AMOUNT OF Conduit AMOUNT IMPROVEMENTS $ 23,587.50 COLLATERALIZED Cable COMPLETED DRAINAGE $ 82,556.25 Cable 3Ph Rip Rap $ 1,050.00 $ 735.00 18" CMP Pipe $ 5,691.00 $ 3,983.70 18" CMP End Sections $ 2,800.00 $ 1,960.00 TOTAL DRAINAGE $ 9,541.00 $ 6,678.70 ELECTRICAL 4' Trench $ 46,375.00 $ 23,187.50 Conduit $ 47,175.00 $ 23,587.50 Cable $ 165,112.50 $ 82,556.25 Cable 3Ph $ 40,000.00 $ -0- Transformers $ 18,000.00 $ 9,000.00 Vaults $ 17,500.00 $ 11,250.00 Riser $ 2,000.00 $ 2,000.00 TOTAL ELECTRICAL $ 336,162.50 $ 151,581.25 TELEPHONE AND TV V Buried Cable $ 37,100.00 $ 18,550.00 Pedestals $ 480.00 -0- TOTAL TELEPHONE AND TV $ 37,580.00 $ 18,550.00 NATURAL GAS 2 Gas Line $ 103,110.00 $ 51,555.00 ENGINEERING, SURVEYING. TESTING $ 95,284.93 $ 71,463.70 TOTAL FILING #8 $1,683,367.07 $1,317,524.45 IMPROVEMENTS COMPLETED: 10°1. RETAINAGE FIRST PARTIAL RELEASE: THIS RELEASE: ORIGINAL SIA: FIRST RELEASE: THIS RELEASE: REVISED SIA: $1,317,524.45 $ 131,752.45 $1,185,772.05 $ 344,191.87 $ 841,580.18 $1,683,367.07 $ 344,191.87 $ 841,580.18 $ 497,595.02 543542 B -647 P -500 08/10/94 05:28P PG 4 OF 6 August 03, 1994 i1 i. \Ik/ Berliner Handels- und Frankfurter Bank New York Branch Board of County Commissioners County of Eagle State of Colorado P.O.Box 850 Eagle, Colorado 81631 55 East 59th Street New York, NY 10022 -1186 Telephone (212) 756 -5500 FAX: (212) 7565966 Cn w c� ti RE: IRREVOCABLE LETTER OF CREDIT Number S9181359 Gentlemen: We hereby amend our above referenced Letter of Credit as follows: Amount is decreased by USD841,580.18 (Eight Hundred Forty -One Thousand Five Hundred Eighty and 18/100 U. S. Dollars) to a new balance of USD497,595.02 (Four Hundred Ninety -Seven Thousand Five Hundred Ninety -Five and 02/100 U.S. Dollars). All other terms and conditions remain unchanged. Please signify your agreement to this amendment by signing and returning the attached copy. Very truly yours, Berliner Handels- and Frankfurter Bank 00 ew York Branch Managing Partners: Registered Head Offices: Registry and Commercial Register. Wolfgang Graebner FmnkfuWM and Berlin No. Prank(.WM 72 HRB 20000 Heinz - Gernot Refiners Chadotlenburg in Berlin 92 HRB 20000 Wolfgang Rupf Wulf v. Schimmelmann Wolfgang st Louis Grai v on Zech X1 1 18 1 T EAn Chairman of the Supervisory Board Klaus Subjetzki Corporate Status: Limited Company with General Partners I ro rr c c C cc tc c tc c cn N; a ro ro c� M 0 I'll m i� e°i