HomeMy WebLinkAboutR94-112 second partial release for Codillera filing 3Commissioner 6;a& moved adoption
of the following Resolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
�< RESOLUTION NO. 94-
SECOND PARTIAL RELEASE
OF COLLATERAL
Filing 3
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 August 10,
1993 ( "Agreement ") with Kensington Partners, a Colorado General
Partnership ( "Subdivider "), as a condition of final plat approval
for Filing 3, Cordillera Subdivision; and
WHEREAS, the Subdivider provided collateral in the form of a
plat restriction to guarantee the faithful completion of the public
improvements in the project; and
WHEREAS, by Resolution Number 93 -114 Subdivider substituted
collateral by Irrevocable Letter of Credit No. 59180359 issued by
the New York Branch of Berliner Handels -und Frankfurter Bank ("BHF-
Bank") in favor of JLP Realty Corp. in the amount of $444,869.99;
and
WHEREAS, by Resolution Number 94 -06 the Board approved a
reduction in collateral in the amount of $350,771.67 leaving a
balance of $94,098.32 which was collateralized by Irrevocable
Letter of Credit Number 59180359.
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
ea
WHEREAS, the Subdivider has requested a reduction in the
amount of $10,420.11, leaving a balance of $83,678.91 to be CD
collateralized under a new Letter of Credit acceptable to the Board
(Exhibit B).
543543 B -647 P -501 08/10/94 05:28P PG 1 OF 7
Sara J. Fisher Eagle County Clerk & Recorder R 0. DOC
0.00
r 3
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 $83,678.21.
authorize the partial release of
$10,420.11, thereby reducing the
THAT, the Board hereby accepts Letter of Credit No.S9180359
in the amount of $83,678.91.
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 day of
a
4 4; a zti
Georg Gates, Commissioner
u7
`a
Commissioner seconded adoption of the
foregoing resolution. The roll having been called, the vote was as
follows:
Commissioner Johnnette Phillips
Commissioner James E. Johnson, Jr.
Commissioner George A. Gates
543543 B -647 P -501 08/10/94 05:28P PG 2 OF 7
County Commissioners
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
BOARD OF COUNTY COMMISSIONERS
This Resolution passed by 3 -- 0 vote of the Board of
County Commissioners of the County of Eagle, State of Colorado.
cord- 3 /2.rel
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543543 B -647 P -501 08/10/94 05:28P PG 3 OF 7
COLLATERAL RELEASE SUMMARY�
SIA: Cordillera Filing #3, Granada Glen
Second Partial Release
DATE: July 11, 1994
yr r
ORIGINAL AMOUNT OF
AMOUNT IMPROVEMENTS
COLLATERALIZED COMPLETED
ROAD CONSTRUCTION
Mobilization
$
20,000.00
$
20,000.00
Clear and Grub
$
7,350.00
$
7,350.00
Topsoil Removal
$
39,445.00
$
39,445.00
Unclassified Excavation
$
11,852.95
$
11,852.95
Embankment
$
491.25
$
491.25
Fine Grading
$
4,044.95
$
4,044.95
Aggregate Base Course
$
30,526.60
$
30,526.60
Asphalt
$
31,380.00
$
_
Soil Testing
$
10,000.00
$
9,0 00.00
Street Lights
$
3,200.00
$
3,200.00
Street Signs
$
1,300.00
$
_
Place Topsoil
$
7,890.00
$
7,8 90.00
Landscaping:
Grade Topsoil
$
6,311.20
$
5,048.96
Seed & Mulch
$
4.733.40
$
3.786.72
TOTAL ROAD CONSTRUCTION
$
178,525.35
$
142,636.43
(Total in SIA was incorrectly listed
as $173,791.95)
WATER CONSTRUCTION
7' Trench B & C
$
23,400.00
$
23,400.00
6 Dip
$
61,200.00
$
61,200.00
6" Gate.Valve
$
1,720.00
$
1,720.00
6" CI Elbow
$
2,070.00
$
2,070.00
Testing
$
1,100.00
$
1,100.00
(Original SIA listed 12" CI Elbow
@ $3,900.00, was cancelled and
replaced with testing @ $1000)
6 CI Tee
$
.250.00
$
250.00
Hydrant Assy.
$
16,000.00
$
16,000.00
1%" Copper Serv.
$
5,175.00
$
5,175.00
Service Assy.
$
7,800.00
$
7,800.00
4 PRV
15
1 2.800.00
Air Release Valve
$
2,800.00
$
TOTAL WATER CONSTRUCTION
$
136,515.00
$
136,515.00
DRAINAGE
Rip Rap
$
700.00
$
700.00
18" Corrugated Plastic Pipe
$
3,625.00
$
3,625.00
30" Corrugated Plastic Pipe
$
2,250.00
$
2,250.00
36" CMP
$
5,900.00
$
5,900.00
d` J'T
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Cordillera Filing #3, Granada Glen
Second Partial Release
July 11, 1994
Page 2 .
ORIGINAL
AMOUNT
COLLATERALIZED
DRAINAGE (Continued)
18" CMP End Sections
30" CMP End Sections
36" CMP End Sections
TOTAL DRAINAGE
ELECTRICAL
4' Trench
234" Conduit
4 Conduit
Transformer
Splice Vault
TOTAL ELECTRICAL
TELEPHONE AND TV
4 Conduit
Pedestals
TOTAL TELEPHONE AND TV
ENGINEERING. SURVEYING
$ 440.00
$ 530.00
$ $ 720.00
$ 14,165.00
$ 24,600:00
$ 10,000.00
$ 2,300.00
$ 8,400.00
8 1,250.00
$ 46,550.00
$ 18,150.00
$ 500.00
$ 18,650.00
TESTING $ 47,664.64
TOTAL FILING #3, GRANADA GLEN $ 444,869.99
IMPROVEMENTS COMPLETED: $ 401,324.20
10% RETAINAGE $ 40,132.42
$ 361,191.78
FIRST PARTIAL RELEASE: $ 350.771.67
THIS RELEASE: $ 10,420.11
ORIGINAL SIA:
FIRST RELEASE:
THIS RELEASE:
REVISED SIA:
$ 444,869.99
$ 350,771.67
$ 10,420.11
$ 83,678.21
AMOUNT OF
IMPROVEMENTS
COMPLETED
$ 440.00
$ 530.00
$ 720.00
$ 14,165.00
$ 24,600.00
$ 10,000.00
$ 2,300.00
$ 8,400.00
8 1.250.00
$ 46,550.00
$ 18,150.00
$ 500.00
$ 18,650.00
$ 42,807.77
$ 401,324.20
QC
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543543 B -647 P -501 08/10/94 05:28P PG 5 OF 7
BHF -BANK
August 03, 1994 Berliner Handels-
und Frankfurter Bank
Board of County Commissioners
County of Eagle
State of Colorado
P.O.Box 850
Eagle, Colorado 81631
RE: IRREVOCABLE LETTER OF CREDIT
Number S9180359
Gentlemen:
We hereby amend our above referenced Letter of Credit as follows:
New York Branch
55 East 59th Street
New York, NY 10022 -1186
Telephone (212) 756�5500
FAX: (212)756 -5966
Amount is decreased by USD10,420.11 (Ten Thousand Four Hundred Twenty and
11/100 U. S. Dollars) to a new balance of USD83,678.91 (Eighty -Three Thousand Six
Hundred Seventy -Eight and 91/100 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,
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Berliner Handels- and Frankfurter Bank
New York Branch
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Managing Partners: Registered Head Offices: Registry and Commercial Register. Chairman of the Supervisory Board
Wolfgang Graebner FrankfuWM and Berlin No. Frankfu t/M 72 HRB 20000 Klaus Subjetzki
Heinz - Gernot Reinem Charlottenburg in Berlin 92 HRB 20000 Corporate Status:
Wolfgang Rupf Limited Company with General Partners
Wulf v. Schimmelmann
Wolfgang Strutz
Louis Gral von Zech
