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HomeMy WebLinkAboutR94-141 first partial release of collateral for Cordiller Filing 10j Commissioner moved adoption of the following Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 94- - 1 4 11 FIRST PARTIAL RELEASE OF COLLATERAL Filing 10 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 January 18, 1994, ( "Agreement ") with Stag Gulch Partners, a Colorado General Partnership ( "Subdivider "), as a condition of final plat approval for Filing 10, 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, Paragraph 2.4 of the Agreement allows the Subdivider to provide Substitute Collateral in the form of a certain letter of credit as described therein; and WHEREAS, by Resolution No. 94 -99, the plat restriction was released and Irrevocable Letter of Credit No. 173 issued by the First Bank of Eagle County in favor of JLP Realty Corp. in the amount of $1,600,000; and WHEREAS, Subdivider has represented to the Board, and members of the County staff have corroborated the Subdivider's representations, that improvements required under the Agreement have been partially completed, see the attached Exhibit " A " , attached hereto and incorporated herein by this reference; and WHEREAS, Subdivider requests a reduction in the amount of $613,163.74, leaving a balance of $985,479.02 to be collateralized, such release is contingent upon the Subdivider depositing with the County a new Letter of Credit in a form satisfactory to the County Attorney. 1 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 $613,163.74 for a balance of $985,479.02 is granted. THAT, such release is contingent upon Subdivider depositing with the County an Irrevocable Standby Letter of Credit in a form satisfactory to the County Attorney. 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 1, _ A � � Gee' Gates Commi cx�g ssioner Commissioner a�u" seconded adoption of the foregoing resolution roll having been called, the vote was as follows: Commissioner Johnnette Phillips /Jim P Commissioner James E. Johnson, Jr. , Commissioner George A. Gates pn, This Resolution passed by — vote of the Board of County Commissioners of the County of Eagle, State of Colorado. mta \r \cord- 10.par #87 -84 M EMORAND UM EAGLE COUNTY 1 ENGIN TO: Maureen Amundson, Attorney's Office FROM: Joisa Althoff, Engineering 811A DATE: September 9, 1994 RE: Collateral Releases for Co=ca'1lera 712 im9s 1 . 1 1 6, 7, S, 9, 10 Filing 1 & 2 Completed 2" overlay - shoulder work when I Visited the site on Wednesday, August 31, 1994. Seduce collateral to $69,168.74 (10% of original SIA) and commence the two year warranty period (see enclosed memo dated August 26, 1994). �ilina 6 Per site visit on Wednesday, August 31, 1994, all of the paving has been Ann . suggest reducing collateral to $279,439.84, which is down to the lot of the original SIA, but not all of the wczk has been completed.. Do not start the warranty period for this filing- Filings 7 8, 10 per site visit, the work has been completed - Suggest reducing C`OI -a to the values listed below which is more f than hese f of i th e original SIA- Do not start the warranty period for any Filing # Reduce Collateral to: 7 $245,263.44 8 $389,901.0 9 $955,523. 10 $985,479. '� : LLATERAL RELEASE SUMMARY -::_? SIA: Cordillera, Filing 10 First Partial Release DATE: August 18, 1994 ROAD CONSTRUCTION Mobilization Clear and Grub Topsoil Removal Unclassified Excavation Fine Grading Aggregate Base Course Asphalt Testing Street Signs Place Topsoil Landscaping /Revegetation TOTAL ROAD CONSTRUCTION WATER CONSTRUCTION 7' Trench B &C 8" DIP 8 Gate Valve 8" CI Tee 8" CI Elbow Hydrant Assy. Water Services Air Release Valve 6" PRV TOTAL WATER CONSTRUCTION SEWER CONSTRUCTION Trench 12' B &C 8" PVC 48" Manholes Service Connection TOTAL SEWER CONSTRUCTION DRAINAGE Rip Rap 18" Plastic Pipe 18" CMP End Sections TOTAL DRAINAGE ELECTRICAL 4' Trench 6 Conduit 4 Conduit Cable Transformers 7' Vault TOTAL ELECTRICAL ORIGINAL AMOUNT COLLATERALIZED $ 20,000.00 $ 18,800.00 $ 24,296.00 $ 102,554.40 $ 27,333.00 $ 129,380.63 $ 75,776.00 $ 10,000.00 $ 1,350.00 $ 30,370.00 $ 15,040.00 $ 454,900.03 $ 123,405.00 $ 74,043.00 $ 5,775.00 $ 1,200.00 $ 12,480.00 $ 19,500.00 $ 22,000.00 $ 5,000.00 $ 24,000.00 $ 287,403.00 $ 95,700.00 $ 100,369.50 $ 191,250.00 $ 30,000.00 $ 417,319.50 $ 1,750.00 $ 6,400.00 $ 2,700.00 $ 10,850.00 $ 36,356.00 $ 5,512.00 $ 11,361.25 $ 81,000.00 $ 25,500.00 $ 6,900.00 $ 166,629.25 AMOUNT OF IMPROVEMENTS COMPLETED $ 10,000.00 $ 18,800.00 $ 24,296.00 $ 102,554.40 $ -0- $ -0- $ -0- $ -0- $ -0- $ -0- -u- 155,650.40 $ 86,383.50 $ 51,830.10 $ 4,200.00 $ 800.00 $ 8,640.00 $ 13,500.00 $ -0- $ 5,000.00 $ 24,000.00 $ 194,353.60 $ 66,990.00 $ 70,258.65 $ 133,875.00 8 21.000.00 $ 292,123.65 $ -0- $ 2,560.00 $ 1,080.00 $ 3,640.00 $ -0- $ - 0 - $ -0- $ -0- $ -0- $ -0- Cordillera Filing #10 First Partial Release August 18, 1994 Page 2 IMPROVEMENTS COMPLETED 10% RETAINAGE THIS RELEASE $ 681,293.04 $ 68,129.30 $ 613,163.74 ORIGINAL SIA THIS RELEASE REVISED SIA $1,598,642.76 $ 613,163.74 $ 985,479.02 AMOUNT OF IMPROVEMENTS COMPLETED $ -0- $ -0- $ -0- $ -0- $ -0- $ -0- $ -0- $ 35,525.39 $ 681,293.04 ORIGINAL AMOUNT TELEPHONE AND TV COLLATERALIZED Buried Cable $ 20,450.25 4" Conduit $ 22,722.50 Pedestals $ 1,600.00 TV Cable $ 20,450.25 TOTAL TELEPHONE AND TV $ 65,223.00 NATURAL GAS 2 Gas Line $ 77,900.00 TOTAL NATURAL GAS $ 77,900.00 ENGINEERING, SURVEYING, TESTING 118,417.98 TOTAL CORDILLERA FILING #10 $1,598,642.76 IMPROVEMENTS COMPLETED 10% RETAINAGE THIS RELEASE $ 681,293.04 $ 68,129.30 $ 613,163.74 ORIGINAL SIA THIS RELEASE REVISED SIA $1,598,642.76 $ 613,163.74 $ 985,479.02 AMOUNT OF IMPROVEMENTS COMPLETED $ -0- $ -0- $ -0- $ -0- $ -0- $ -0- $ -0- $ 35,525.39 $ 681,293.04