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HomeMy WebLinkAboutR94-136 partial release of collateral for Sopris View Apartments III, IV and VFa Commissioner moved adoption of the following esolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 94- - /( 3& AUTHORIZING PARTIAL RELEASE OF COLLATERAL FOR SOPRIS VIEW APARTMENTS PHASE III, PHASE IV AND PHASE V (SUMMIT VISTA LOT 1) WHEREAS, on or about September 28, 1993, 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 ( "Agreement ") with Basalt Trade Associates ( "Subdivider ") as a condition of final plat approval of Summit Vista, Lot 1, Resubdivided as Sopris View Apartments; and WHEREAS, on or about September 28, 1993 the Board entered into a Addendum Number 1 to the Subdivision Improvements Agreement with Basalt Trade Associates for Phase III, as a condition of building permit approval; and WHEREAS, in order to guarantee the faithful completion of certain public improvements required under the Addendum the Board accepted as collateral Letter of Credit No. One issued by Western Community Bank of Basalt in the amount of $19,420.00; and WHEREAS, on or about May 2, 1994 the Board entered into Addendum Number 2 and Addendum Number 3 to the Subdivision Improvements Agreement with Basalt Trade Associates for Phase IV and for Phase V, respectively, as a condition of building permit approval; and WHEREAS, in order to guarantee the faithful completion of certain public improvements required under the Addenda, the Board accepted as collateral Letter of Credit No. S800297 in the amount of $17,420.00,issued by Norwest Bank Colorado for Phase IV and Letter of Credit No. 5800298 in the amount of $17,420.00 issued by Norwest Bank Colorado for Phase V; and WHEREAS, pursuant to Section 2.2 of the Agreement Subdivider can apply for a partial release of collateral based on its progress in constructing the public improvements required by the Agreement; Phase III WHEREAS, the Subdivider has represented to the Board, and the Eagle County Department of Engineering has confirmed by inspection that certain public improvements on Phase III have been satisfactorily completed and has requested a partial release of its collateral reducing the amount from $19,420.00 to $1,940.00, representing ten percent (10 %) of the original collateral; see Exhibit " A " attached hereto and incorporated herein. The foregoing collateral will be held for the two year warranty period for the Phase III improvements, said warranty period will expire at the end of September 19, 1996. Phase IV WHEREAS, the Subdivider has represented to the Board that certain improvements on Phase IV have been satisfactorily completed, Subdivider requests a partial release of its collateral reducing the amount of the collateral from $17,420.00 to $4,748.00, which represents the amount retained for the balance of the public improvements; see Exhibit "A" attached hereto and incorporated herein; and Phase V WHEREAS, the Subdivider has represented to the Board that certain improvements on Phase V have been satisfactorily completed, Subdivider requests a partial release of its collateral reducing the amount of collateral from $17,420.00 to $4,748.00, 'which represents the amount retained for the balance of the public improvements; see Exhibit " A " attached hereto and incorporated herein; and WHEREAS, based upon the Subdivider's representations and recommendations of the Eagle County Department of Engineering, the Board finds: that the public improvements in Phase III appear to have been completed and a reduction in the collateral to the amount of $1,940.00 is appropriate; the public improvements in Phase IV appear to have been partially completed and a reduction in collateral to $4,748.00 is appropriate; and that the public improvements in Phase V appear to have been partially completed and a reduction in collateral to $4,748.00 is appropriate. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: THAT, the Board hereby authorizes the partial release of collateral for Phase III reducing the collateral to $1,940.00, to be held for the two year warranty period for the Phase III improvements, which will expire at the end of September 19, 1996; Subdivider has provided the County with an Irrevocable Letter of Credit from the Western Community Bank, in the amount of $1,940.00, said Letter of Credit will expire on September 6, 1995, see the attached Exhibit "B ". THAT, the Board hereby authorizes the partial release of collateral in the amount of $12,672.00 for Phase IV, thereby reducing the collateral to $4,748.00, which represents the estimated cost of the balance of the public improvements to be completed in Phase IV. THAT, the Board hereby authorizes the partial release of collateral in the amount of $12,672.00 for Phase V, thereby reducing the collateral to $4,748.00, which represents the estimated cost of the balance of the public improvements to be completed in Phase IV. THAT, this partial release of collateral with respect to Phases IV and V granted hereby does not represent the County's acceptance of the work purportedly completed by the Subdivider, nor does it in any way signify the commencement of the warranty period with respect thereto; the warranty periods for those respective phases shall begin on the date all work is complete and accepted as such by the County pursuant to the Agreement. THAT, the respective releases are contingent upon Subdivider depositing with the County an Irrevocable Standby Letter of Credit in a form satisfactory to the County Attorney. THAT, the release of collateral granted hereby does not in any way abrogate the rights of the Board in enforcing the Subdivider's performance of its obligations under the Agreement. MOVED, READ AND ADOPTED by the Board of the County of Eagle, State of Colorado Seutember. 1994_ of County Commissioners , this /q1-A- day of COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOARD OF COUNTY COMMISSIONER , ,..�/ ! I F I J11 1 _ .! County Commissioners I George Gates, Commissioner Commissioner (ot � 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 This Resolution passed by 3 — b vote of the Board of County Commissioners of the County of Eagle, State of Colorado. mta \r \2sopris.par 84 -152 MEMORANDUM TO: Maureen Amundson, Attorney's Office FROM: John Althoff, Engineering y1�1 DATE: August 5, 1994 V RE: Sopris View Apartments, Second Partial Release of Collateral I received a letter from Paul Adams, dated July 25, 1994, stating that the parking lot, curb and gutter and building 3 improvements had been completed and asking for a partial release of collateral. Phill Scott reviewed the site on Thursday, August 4, 1994, and agreed that all improvements stated are in and completed. Enclosed is a copy of my work sheet for the work completed per phases and collateral to be held per phase. �;q J _. COLLATERAL RELEASE SUMMARY SIA: Sopris View Apartments Second Partial Release DATE: August 1, 1994 ORIGINAL AMOUNT OF AMOUNT IMPROVEMENTS PHASE I COLLATERALIZED COMPLETED Parking Area & Roads $ 16,080.00 $ 16,080.00 Utilities $ -0- $ -0- Common /Recreation Elements $ 8,000.00 $ 5,000.00 Landscaping $ 3,500.00 $ 3,000.00 Fencing $ -0- $ -0- Bicycle Path $ 10,890.00 $ 2,835.00 Walkways $ 1,260.00 $ 1,260.00 TOTAL PHASE I $ 39,730.00 $ 28,175.00 PHASE I COLLATERAL REMAINS AT $11,555.00 PHASE II Parking Area & Roads $ 14,080.00 $ 14,080.00 Landscaping /Berming $ 2,500.00 $ 2,500.00 Walkways $ 840.00 $ 840.00 Stop Signs $ 80.00 $ 80.00 Detention $ -0- $ -0- TOTAL PHASE II $ 17,500.00 $ 17,500.00 PHASE II COLLATERAL REMAINS AT $1,750.00 PHASE III Parking $ 16,080.00 $ 16,080.00 Landscaping /Berming $ 2,500.00 $ 2,500.00 Walkways $ 840.00 $ 840.00 TOTAL PHASE III $ 19,420.00 $ 19,420.00 REDUCE PHASE III COLLATERAL TO $1,940.00 (loo OF COMPLETED IMPROVEMENTS) PHASE IV Parking $ 14,080.00 $ 14,080.00 Landscaping /Berming $ 2,500.00 $ -0- Walkways $ 840.00 $ -0- TOTAL PHASE IV $ 17,420.00 $ 14,080.00 LESS loo OF COMPLETED $ 1,408.00 $ 12,672.00 REDUCE PHASE IV COLLATERAL TO $4,748.00 J Sopris View Apartments Second Partial Release August 1, 1994 Page 2 PHASE V Parking $ 14,080.00 $ 14,080.00 Landscaping /Berming $ 2,500.00 $ -0- Walkways $ 840.00 $ -0- TOTAL PHASE V $ 17,420.00 $ 14,080.00 LESS loo COMPLETED $ 1,408.00 $ 12,672.00 REDUCE PHASE V COLLATERAL TO $4,748.00 Parking $ 14,080.00 $ 14,080.00 Landscaping /Berming $ 2,500.00 $ -0- Walkways $ 840.00 $ -0- TOTAL PHASE VI $ 17,420.00 $ 14,080.00 LESS loo COMPLETED $ 1,4 08.00 $ 12,672.00 NO COLLATERAL IN PLACE AT THIS TIME FOR PHASE VI PHASE VII Parking $ 14,080.00 Landscaping /Berming $ 2,500.00 Walkways $ 840.00 TOTAL PHASE VII $ 17,420.00 LESS loo COMPLETED NO COLLATERAL IN PLACE AT THIS TIME FOR PHASE VII Work completed this partial release: $ 14,080.00 $ -0- $ -0- $ 14,080.00 8 1.408.00 $ 12,672.00 1. Parking lot 2. Building #3 landscaping and sidewalk EXHIBIT B September 6, 1994 T Irrevocable Letter of Credit Board of County Commissioners County'of Eagle State of Colorado P.O. Box 850 Eagle, Colorado 81621 -0850 Gentlemen: We hereby open our Irrevocable Letter of Credit in your favor, available by draft or drafts at sight draw on the Western Community Bank, for any sum or sums not exceeding in total the sum of $1,940.00. This Irrevocable Letter of Credit is for the account of Basalt Trade Associates, P.O. Box SS, Basalt, Colorado 81621. Furthermore, it is for the purpose of guaranteeing the growth of trees planted at the Subdivision of Summit Vista Lot 1, County of Eagle, State of Colorado. Western Community Bank agrees with the drawers, endorsers and bonafide holders of draft drawn and negotiated in compliance with the terms of this Letter of Credit that such drafts will be duly honored upon due presentation at the counter of this bank. Western Community Bank represents and warrants to the County of Eagle that it has full authority and power to issue this Letter of Credit to the County of Eagle, State of Colorado, in the total amount and for the period of time stated herein; said authority being pursuant to the laws of the United States, or the State or territory which governs the establishment and regulation of Western Community Bank and Western Community Bank's charter, by -laws and other applicable rules and regulations adopted pursuant thereto. HOME OFFICE CEDAREDGE 105 S. Grand Mesa Drive P.O. Box 339 Cedaredge, CO 81413 Mrrn RFR_vigz WITH FULL SERVICE OFFICES IN: BASALT 207 Basalt Center Circle P.O. Box 529 Basalt, CO 81621 rznzi a�7_e Riz DELTA 488 Hwy 92 P.O. Box 789 Delta, CO 81416 igngi R7d_1dd9 MONTROSE 620 E. Main P.O. Box 2029 Montrose, CO 81402 fzm� 9dQ.9Ani �3 1' Should it be necessary for the County of Eagle to file suit in an effort to enforce this Irrevocable Letter of Credit, Western Community Bank waives all venue rights and submits to the jurisdiction of the District Court in and for the County of Eagle, State of Colorado. All drafts hereunder must be drawn on or before Spetember 6, 1995. John R. 'VP /Branc Western