HomeMy WebLinkAboutR94-126 third partial release of collateral for Blue Lake Filing V"a
3
` o
Commissioner _c/p� moved adoption
Re
of the following solution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 94 -
THIRD PARTIAL RELEASE of COLLATERAL
1 v
WHEREAS, the Subdivider provided collateral in the form of an
Escrow Agreement to guarantee the faithful completion of the public
improvements in the project; and
WHEREAS, Paragraph 2.2 of the Agreement allows the Subdivider
to apply for partial releases of collateral, all as described
therein; and
WHEREAS, by Resolution Number 94 -91 the Board approved a
reduction in collateral in the amount of $376,137.45 leaving a
balance of $1,140,981.05 which was collateralized by the Escrow
Agreement; and
WHEREAS, by Resolution Number 94 -114 the Board approved a
second reduction in collateral in the amount of $191,848.50,
leaving a balance of $949,132.55 which was collateralized by the
Escrow Agreement; 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
F �
EC DOC
54596E B B-649 P -922 09/14/94 04:33P PG 1 OF 7 RO.UO
Sara J. Fisher Eagle County Clerk & Recorder
BLUE LAKE SUBDIVISION
Filincr V
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
March 14,
1994 ( "Agreement
") with Vantex Enterprises Inc.,( "Subdivider
"), as
a condition
of final plat approval for Filing 5,
Blue Lake
Subdivision;
and
WHEREAS, the Subdivider provided collateral in the form of an
Escrow Agreement to guarantee the faithful completion of the public
improvements in the project; and
WHEREAS, Paragraph 2.2 of the Agreement allows the Subdivider
to apply for partial releases of collateral, all as described
therein; and
WHEREAS, by Resolution Number 94 -91 the Board approved a
reduction in collateral in the amount of $376,137.45 leaving a
balance of $1,140,981.05 which was collateralized by the Escrow
Agreement; and
WHEREAS, by Resolution Number 94 -114 the Board approved a
second reduction in collateral in the amount of $191,848.50,
leaving a balance of $949,132.55 which was collateralized by the
Escrow Agreement; 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
F �
EC DOC
54596E B B-649 P -922 09/14/94 04:33P PG 1 OF 7 RO.UO
Sara J. Fisher Eagle County Clerk & Recorder
WHEREAS, the Subdivider has requested a third reduction in the
collateral in the amount of $57,901.95, leaving a balance of
$891,230.60 to be collateralized under the existing Escrow Account:
Original SIA $1,517,118.50
First Partial Release $ 376,137.45
Second Partial Release $ 191,848.50
Third Partial Release $ 57,901.95
Remaining Collateralized Improvements $ 891,230.60
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.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO:
THAT, a reduction in the collateral in the amount of
$57,901.95, for a remaining collateral balance of $891,230.60 is
granted.
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.
THAT, the remaining balance of $891,901.95 which remains in
the Escrow Account is currently sufficient to cover the collateral
which will be required upon commencement of the warranty period as
defined in Paragraph 2.3 of the Agreement.
THAT, this partial release of collateral in no way signifies
the commencement of any warranty period; the warranty period shall
begin on the date all work is complete and accepted by the County,
pursuant to Paragraph 2.3 of the Agreement.
THAT, all other provisions of the Agreement shall remain in
full force and effect.
f
MOVED, READ AND ADOPTED by the Board of County Commissioners
of the County of Eagle, State of Colorado, this day of
Auaust. 1994.
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
BOARD OF COUNTY COMMISSIONERS
By: fit�4
ohnnette Phi Mips, hairman
James E. Johnson, Jr.,
Commissioner
6 rrl
Ge rge ,Ks Gates, Commissioner
Commissioner f f�Y - seconded adoption of the
foregoing resolute n. The roll having been called, the vote was as
follows:
Commissioner Johnnette Phillips
Commissioner James E. Johnson, Jr.
Commissioner George A. Gates or
This Resolution passed by ( '— D vote of the Board of
County Commissioners of the County of Eagle, State of Colorado.
r \b1ueV3.par sub # 84 -33
-3-
County Commissioners
^1 T/$ TTY/[ •-:.�
MEMORAND V M
EAGLE COUNTY ENGINEERING
TO: Maureen Amundson, Attorney's Office
FROM: John Althoff, Engineering
DATE: August 15, 1994 "
RE: Blue Lake Filing #5
Third Partial Release of Collateral
I received a request for a third partial release of collateral for
Blue Lake Filing #5 on August 12, 1994 from E.J. Chupik and
August 9, 1994 from Bruce Lewis of High Country Engineering.
I have reviewed the information supplied to me and have changed it
to the format of the original SIA. I have received a letter from
Bruce Lewis of High Country Engineering stating that construction
has been completed in accordance with the plans and specifications.
Today I received copies of the compaction tests that I needed to
see to verify compaction on all phases of the release.
Proceed with the Third Partial Release of Collateral of $57,901.95
with a collateral balance of $891,230.60.
D
AUG 1 b 1994
EAGLE COUNTY ATTORNEY
CC: Larry Metternick
File EX HIBIT
COLLATERAL RELEASE SUMMARY'"
SIA: Blue Lake Filing #5
Third Partial Release
DATE: August 15, 1994
ORIGINAL
AMOUNT OF
AMOUNT
IMPROVEMENTS
COLLATERALIZED
COMPLETED
SITE WORK
Site Grading & Subgrade Preparation
$
80,000.00
$
77,000.00
Landscaping, Trees, Vegetation,
Irrigation
$
39,000.00
$
-0-
TOTAL SITE WORK
$
119,000.00
$
77,000.00
STREETS & DRAINAGE
Class 2 (Pit Run)
$
52,000.00
$
52,000.00
Class 6 ABC
$
38,500.00
$
-0-
2 Asphalt
$
113,424.00
$
-0-
2" Asphalt Ped /Bike Path
$
13,051.50
$
-0-
Concrete Curb & Gutter
$
100,320.00
$
38,370.50
Concrete Sidewalk
$
95,040.00
$
-0-
Concrete Cross Pan
$
16,470.00
$
-0-
Sidewalk Ramps
$
400.00
$
-0-
Curb Openings
$
4,250.00
$
-0-
18" CMP w /Flared Ends
$
1,824.00
$
-0-
24!' CMP w /Flared Ends
$
5,566.00
$
2,780.00
64 1 lx43" ACMP Culvert w /Bed
$
12,000.00
$
12,000.00
Concrete Culvert Headwalls
$
8,000.00
$
8,000.00
Riprap w /Bedding Material
$
7,250.00
$
-0-
Street Signs
$
1,050.00
$
-0-
36" Dia. RCP Blue Creek Conduit
(Class 3)
$
32,500.00
$
32,120.00
48 1 lx36" Dia. RCP Transition
Conduit (Class 3)
$
400.00
$
400.00
36" Inlet Structure w /Trash Rack
$
800.00
$
800.00
5' Dia. Manhole w /Lid
$
3,400.00
$
3,400.00
12" SDR 26 PVC Pipe (Ditch Siphon)
$
3,200.00
$
-0-
71 "x47" CMPA Culvert
$
4,000.00
$
-0-
12" Flume (Parshall)
$
900.00
$
-0-
TOTAL STREETS & DRAINAGE
$
514,345.50
$
149,870.50
WATERLINE
8 DIP Class 52 w /Polywrap
$
88,060.00
$
88,060.00
8 Gate Valve
$
9,450.00
$
9,450.00
Fire Hydrant w /6" lateral, valve,
and tee
$
23,400.00
$
23,400.00
Tees
$
800.00
$
800.00
3/4 Water Service w /Stops & Box
$
54,000.00
$
54,000.00
Sleeve Interconnection
$
1,000.00
8
1,000.00
TOTAL WATERLINE
$
176,710.00
$
176,710.00
,
Blue Lake Filing #5
Third Partial Release
Page 2
SEWERLINE
4' Dia. Manholes w /Lids
8 SDR35 PVC Sewer Pipe
4" SDR26 PVC CL160 Pipe
Concrete Encasement
4 PVC Service w /Wyes
Sanitary Sewer Lift Sta.
TOTAL SEWERLINE
UTILITIES
4' Deep Trench
3' Deep Trench
Transformer Vault
Gas
Electric
Street Lights
TOTAL UTILITIES
IRRIGATION DITCH IMPROVEMENTS
24" Ultraflo Pipe w /Gasket Joints
4' Dia. Manhole w /Lid
90 Dia. Manhole w /Lid & Headgates
24" Flared End Section w /Trash Rack
Diversion Structure (concrete)
w /headgates and flume
24" CMP
8 DIP Drain Line
8 Gate Valve (Drain Line
Riprap
TOTAL IRRIGATION DITCH
Site Grading
2 Asphalt Paving
2 Asphalt Ped /Bike Path
Class 6 ABC
Beach Sand
Restroom Facility
Sanitary Sewer Service
Water Services
Pavilion Structure & Pad
Shelters & Docks
Game /Playground Area
Furnishings, Tables, Benches,
BBQ's, Trash Receptacles
Site Lights
Landscaping, Trees, Vegetation,
Irrigation
TOTAL PARK AREA
ORIGINAL
AMOUNT
COLLATERALIZED
AMOUNT OF
IMPROVEMENTS
COMPLETED
$ 45,900.00
$ 59,778.00
$ 9,000.00
$ 2,750.00
$ 54,000.00
$ 21,000.00
$ 192,428.00
$ 45,000.00
$ 59,778.00
$ -0-
$ 2,750.00
$ 52,800.00
$ -0-
$ 160,328.00
$ 16,050.00
$
16,050.00
$ 24,800.00
$
24,800.00
$ 2,200.00
$
2,200.00
$ 17,500.00
$
-0-
$ 120,400.00
$
-0-
$ 4,000.00
$
-0-
$ 184,950.00
$
43,050.00
$
90,000.00
$
64,800.00
$
10,200.00
$
10,200.00
$
4,500.00
$
4,500.00
$
450.00
$
450.00
$
5,000.00
$
5,000.00
$
3,740.00
$
2,972.50
$
2,880.00
$
-0-
$
550.00
$
550.00
$
1.250.00
$
-0-
$
118,570.00
$
88,472.50
$
15,000.00
$
-0-
$
11,110.00
$
-0 -'
$
4,895.00
$
-0-
$
6,160.00
$
-0-
$
5,000.00
$
-0-
$
22,000.00
$
-0-
$
900.00
$
-0-
$
1,050.00
$
-0-
$
30,000.00
$
-0-
$
25,000.00
$
-0 -'
$
10,000.00
$
-0-
$
8,000.00
$
-0-
$
12,000.00
$
-0-
$
60,000.00
8
-0-
$
211,115.00
$
-0-
Blue Lake Filing #5 f
Third Partial Release
Page 3
ORIGINAL
AMOUNT
COLLATERALIZED
TOTAL BLUE LAKE FILING #5 $1,517,118.50
IMPROVEMENTS COMPLETED: $ 695,431.00
10 RETAINAGE $ 69.543.10
$ 625,887.90
FIRST PARTIAL RELEASE: $ 376,137.45
SECOND PARTIAL RELEASE: $ 191,848.50
THIS RELEASE: $ 57,901.95
ORIGINAL SIA: $1,517,118.50
FIRST RELEASE: $ 376,137.45
SECOND RELEASE: $ 191,848.50
THIS RELEASE: $ 57,901.95
REVISED SIA: $ 891,230.60
AMOUNT OF
IMPROVEMENTS
COMPLETED
$ 695,431.00
