No preview available
HomeMy WebLinkAboutR94-137 second partial release of collateral for Eby Creek MesaCommissioner a rgQ moved adoption of the following Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 94 - SECOND PARTIAL RELEASE OF COLLATERAL Eby Creek Mesa Subdivision Phase I WHEREAS, pursuant to C.R.S. 30- 28 -37, the Board of County Commissioners of the County of Eagle, State of Colorado ( "Board ") entered into a Subdivision Improvements Agreement dated July 6, 1993 ( "Agreement ") with Eby Creek Mesa Limited Partnership, a Colorado Limited Partnership, whose general partner is Eagle River Land Company, Inc., a Colorado corporation ( "Subdivider "), as a condition of final plat approval for Eby Creek Mesa Subdivision Phase I; and WHEREAS, by Eagle County Resolution No. 94 -122 Subdivider was granted a first partial release of collateral. As a condition of that release the Subdivider provided the Board with Irrevocable Letter of Credit No. 45 drawn on the Alpine Bank of Eagle, in the amount of $494,991.60 thereby fully collateralizing the project; and WHEREAS, pursuant to Paragraph 2.5 of the Agreement, the Subdivider may apply to the County for a partial release of collateral based on its progress in constructing the public improvements required by the Agreement; and WHEREAS, Subdivider has represented to the Board, that certain public improvements required under the Agreement have been partially completed (see the attached Exhibit " A " ) and therefore Subdivider has applied for a partial release of collateral; and WHEREAS, the Subdivider requests a partial release of its collateral reducing the amount currently held by the County from $494,991.60 to $325,301.42; and } WHEREAS, based on the finding of the Department of Engineering, THE BOARD FINDS that the that public improvements associated with Eby Creek Mesa Subdivision, Phase I appear to have been partially completed and a reduction in the collateral held by the Board is warranted if the Subdivider provides the County a letter of credit in the amount of $325,301.42 in a form acceptable to the County Attorney. 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 in the amount of $169,690.18, thereby reducing the collateral to $325,301.42 which represents the balance of the public improvements to be completed in Eby Creek Mesa Subdivision, Phase I, on the delivery to the County of a letter of credit in the amount of $325,301.42 in a form acceptable to the County Attorney. THAT, this partial release of collateral 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; the warranty period shall begin on the date all work is complete and accepted by the County, pursuant to Paragraph 2.6 of the Agreement. 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 191�,— day of September, 1994. fa COUNTY OF EAGLE, STATE OF °a4 COLORADO, By and Through Its ir ATTEST: • + BOARD OF COUNTY COMMISSIONERS B`. Clerk to the(/Board of County Commissioners George A- Gates, Jr., Commissioner i Commissioner seconded adoption of the fore- going resolution.V The roll having been called, the vote was as follows: Commissioner Phillips Commissioner Johnson Commissioner Gates This Resolution passed by C3 vote of the Board of County Commissioners of the County of Eagle, State of Colorado. m \r \2parrial.eby b82 -248 -3- J M TO: Maureen Amundson, Attorney's Office FROM: Phill Scott, Engineering DATE: September 1, 1994 RE: Eby Creek Mesa Subdivision, Phase I Subdivision and Off -site Improvements Agreement Second Partial Release of Collateral On a number of occasions this office has inspected the public improvements constructed and collateralized under the above referenced Subdivision Improvements Agreement at the request of the developer. The last such inspection was Thursday, September 1, 1994. Work was found to be completed according to the attached Collateral Release Summary. The total amount of collateral being held by the county for Phase I of Eby Creek Mesa Subdivision is $494,991.60. We are recommending this second partial release be in the amount of $169,690.18, leaving a balance to be collateralized of $325,301.42. cc: Larry Metternick F gE File COLLATERAL RELEASE SUMMARY SIA: EBY CREEK MESA, PHASE I SECOND PARTIAL RELEASE DATE: SEPTEMBER 1, 1994 SEWER 8 11 Sewerline $ 76,272.00 $ 76,272.00 4' Diameter Manhole $ 26,000.00 $ 26,000.00 Sewer Service $ 39,240.00 $ 39,240.00 TOTAL SEWER $141,512.00 $141,512.00 WATER 6" Waterline $ ORIGINAL $ AMOUNT OF 1993 ON -SITE IMPROVEMENTS $ AMOUNT IMPROVEMENTS 7,350.00 ROADS COLLATERALIZED 20,900.00 COMPLETED Excavation, Dirt Work & Drain Water Main Connection $ 575.00 $ Improvements $ 50,300.80 $ 50,300.80 Class 6 ABC $ 39,308.00 $ 39,308.00 18" CMP $ 2,400.00 $ 2,400.00 18" Flared End Section $ 332.00 $ 332.00 Valve Box /Manhole Adjustment $ 2,625.00 $ 2,625.00 Road Signs $ 1,000.00 $ -0- TOTAL ROADS $ 95,965.80 $ 94,965.80 SEWER 8 11 Sewerline $ 76,272.00 $ 76,272.00 4' Diameter Manhole $ 26,000.00 $ 26,000.00 Sewer Service $ 39,240.00 $ 39,240.00 TOTAL SEWER $141,512.00 $141,512.00 WATER 6" Waterline $ 46,776.00 $ 46,776.00 Fire Hydrant $ 7,350.00 $ 7,350.00 Water Service $ 20,900.00 $ 20,900.00 Water Main Connection $ 575.00 $ 575.00 Conduit & Warning Tape $ 4,291.20 $ 4,291.20 Lower Existing Waterline $ 7,000.00 $ 7,000.00 TOTAL WATER $ 86,892.20 $ 86,892.20 UTILITY SUBTOTAL 48" Utility Trench $ 25,680.00 $ 25,680.00 30" Utility Trench $ 15,606.00 $ 15,606.00 TOTAL UTILITIES $ 41,286.00 $ 41,286.00 1993 ON -SITE IMPROVEMENTS TOTAL $365,656.00 $364,656.00 IMPROVEMENTS COMPLETED: $364,656.00 loo RETAINAGE $ 36,465.60 FIRST PARTIAL RELEASE: $328,190.40 ORIGINAL SIA: $365,656.00 FIRST RELEASE: $328,190.40 REVISED SIA: $ 37,465.60 w EBY CREEK MESA, PHASE I SECOND PARTIAL RELEASE SEPTEMBER 1, 1994 PAGE 2 1993 OFF -SITE IMPROVEMENTS COMPLETED: $239.459.40 loo RETAINAGE $.23,945.94 $215,513.46 FIRST PARTIAL RELEASE: $200,570.00 SECOND RELEASE $ 14,943.46 ORIGINAL SIA: $254,782.00 FIRST RELEASE: $200,570.00 SECOND RELEASE: $ 14,943.46 REVISED SIA: $ 39,268.54 1994 ON -SITE IMPROVEMENTS Class 6 ABC (12 $ 130,921.00 $104,736.80 2" Asphalt $114,048.00 $ -0- TOTAL ON -SITE IMPROVEMENTS $244,969.00 $104,736.80 1994 ON -SITE IMPROVEMENTS COMPLETED: $104,736.80 10% RETAINAGE $ 10,473.68 FIRST PARTIAL RELEASE: $ -0- SECOND RELEASE: $ 94,263.12 ORIGINAL SIA: $244,969.00 FIRST RELEASE: $ -0- SECOND RELEASE: $ 94,263.12 REVISED SIA: $150,705.88 1994 OFF -SITE IMPROVEMENTS 3 Asphalt ORIGINAL $ AMOUNT OF Class 6 ABC (12 AMOUNT IMPROVEMENTS 67,204.00 1993 OFF -SITE IMPROVEMENTS COLLATERALIZED $ COMPLETED Clearing, Grubbing, Excav, & Drainage $ 99,001.00 $ 99,001.00 Retaining Wall $ 94,945.40 $ 94,945.40 Guardrail $ 14,922.60 $ -0- Class 6 ABC $ 21,001.25 $ 21,001.25 24" CMP $ 5,755.75 $ 5,755.75 24" Flared End Section $ 948.00 $ 948.00 Culvert Crossing $ 12,709.50 $ 12,709.50 Erosion Protection $ 5,098.50 $ 5,098.50 Road Signs $ 400.00 $ -0- TOTAL OFF - SITE: IMPROVEMENTS $254,782.00 $239,459.40 1993 OFF -SITE IMPROVEMENTS COMPLETED: $239.459.40 loo RETAINAGE $.23,945.94 $215,513.46 FIRST PARTIAL RELEASE: $200,570.00 SECOND RELEASE $ 14,943.46 ORIGINAL SIA: $254,782.00 FIRST RELEASE: $200,570.00 SECOND RELEASE: $ 14,943.46 REVISED SIA: $ 39,268.54 1994 ON -SITE IMPROVEMENTS Class 6 ABC (12 $ 130,921.00 $104,736.80 2" Asphalt $114,048.00 $ -0- TOTAL ON -SITE IMPROVEMENTS $244,969.00 $104,736.80 1994 ON -SITE IMPROVEMENTS COMPLETED: $104,736.80 10% RETAINAGE $ 10,473.68 FIRST PARTIAL RELEASE: $ -0- SECOND RELEASE: $ 94,263.12 ORIGINAL SIA: $244,969.00 FIRST RELEASE: $ -0- SECOND RELEASE: $ 94,263.12 REVISED SIA: $150,705.88 1994 OFF -SITE IMPROVEMENTS 3 Asphalt $ 74,340.00 $ -0- Class 6 ABC (12 $ 84,005.00 $ 67,204.00 TOTAL OFF -SITE IMPROVEMENTS $158,345.00 $ 67,204.00 EBY CREEK MESA, PHASE SECOND PARTIAL RELEASE SEPTEMBER 1, 1994 PAGE 3 1994 OFF -SITE IMPROVEMENTS COMPLETED: loo RETAINAGE FIRST PARTIAL RELEASE: SECOND RELEASE: ORIGINAL SIA: FIRST RELEASE: SECOND RELEASE: REVISED SIA: $ 67,204.00 $ 6,720.40 $ 60,483.60 $ -0- $ 60,483.60 $158,345.00 $ -0- $ 60,483.60 $ 97,861.40 1 EBY CREEK MESA, PHASE I SUMMARY OF REMAINING COLLATERAL PHASE I PHASE I 1993 1994 IMPROVEMENT COSTS Off Site - Eby Creek Road Road Construction $39,268.54 Base & Asphalt Paving TOTAL OFF -SITE On Site - Mesa Drive, Juniper Lane, Pinion Lane Road construction & 3" base Sewer and water extensions. Electric, telephone, CATV extensions. 10" base & Asphalt Paving $37,465.60 $ 97,861.40 $150,705.88 TOTAL ON -SITE TOTAL $76,734.14 $248,567.28 fK0➢Y\1I $137,129.94 $188,171.48 $325,301.42