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HomeMy WebLinkAboutR94-142 first partial release of collateral for Cordillera filing 9.Commissioner LlL k)223 � moved adoption of the following R solution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 94- /7p- FIRST PARTIAL RELEASE OF COLLATERAL Filing 9 CORDILLERA SUBDIVISION WHEREAS, pursuant to C.,R.S. 30 -28 -137, the Bcard of County Commissioners of the County of Eagle, State of Colorado ( "Board ") entered into a Subdivision Improvements Agreement dated November 9, 1993 ( "Agreement ") with Stag Gulch Partners, a Colorado General Partnership ( "Subdivider "), as a condition of final plat approval for Filing 9, 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, together with an Enforceability Opinion, all as described therein; and WHEREAS, by Resolution No. 94 -31, the plat restriction was released and Irrevocable Letter of Credit No. 59397459 issued by the New York Branch of Berliner Handels -und Frankfurter Bank ( "BHF- Bank") in favor of JLP Realty Corp. in the amount of $1,265,495.67 together with an Enforceability Opinion from the Bank's counsel; 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, the Subdivider has request a reduction in the amount of $309,971.82, leaving a balance of $955,523.82 to be collateralized under a new or amended Letter of Credit. BASED upon the oral and written recommendations of the County staff, THE BOARD FINDS that the Subdividers obligations under the Agreement appear to have been partially completed. 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 $309,971.82 for a balance of $955,523.82 is granted. THAT, the Board hereby accepts an amendment to Letter of Credit No. 59397459, thereby reducing the collateral held by the Board to $955,523.82. 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 Count Commissioners of the County of Eagle, State of Colorado, this day of October, 1994. Clerk to zne boara o County Commissioners COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOARD OF COUNTY COMMISSIONERS B y : G����C ? lam! (F �(/�/ 7Jb`linnette Phi ivs, C airman Commissioner seconded adoption of the foregoing resolution. TlYe 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 07 vote of the Board of County Commissioners of the County of Eagle, State of Colorado. cord -9.par #87 -84 George A. Gates, Commissioner TO: Maureen Amundson, Attorney's office FROM: John Althoff, Engineering DATE: September 9, 1994 RE: Collateral Releases for Cordil7.8'ra Filings 1, 2, 6 1 7 8, 9, 10 Filing 1 & 2 Completed 2" overlay - shoul der , work wban I visited the site on Wednesday, August 31, 1994- Reduce collateral to $69,168.74 (10% of original SIA) and commence the two year warranty period (see enclosed memo dated August 26, 1994). Filing 6 per site visit on Wednesday, August 31, 1994, all of the paving has been done. Suggest reducing collateral to $279,439.34, which is down to the 10% of the original SIA, but not all of the work has been completed. Do not start the warranty period for this filing. Filings 7, per site visit, the work has been completed - Suggest reducing collateral to the values listed below which is more than 10% of the original SIA. Do not start the warranty period for any of these filings. Filing # Reduce Collateral to: 7 $245,263.44 8 $389,901.03 9 $955,523.82 ✓ 10 $985,479.02 'V, N% COLLATERAL RELEASE SUMMARY SIA: Cordillera, Filing 9 First Partial Release DATE: August 18, 1994 WATER CONSTRUCTION 7' Trench B & C $ ORIGINAL $ AMOUNT OF 6" DIP $ AMOUNT IMPROVEMENTS ROAD CONSTRUCTION COLLATERALIZED $ COMPLETED Mobilization $ 20,000.00 $ 10,000.00 Clear and Grub $ 15,160.00 $ 15,160.00 Topsoil Removal $ 45,184.00 $ 45,184.00 Unclassified Excavation $ 71,351.00 $ 71,351.00 Fine Grading $ 11,183.25 $ -0- Aggregate Base Course $ 67,201.00 $ -0- Asphalt $ 92,320.00 $ -0- Testing $ 10,000.00 $ -0- Street Signs $ 1,350.00 $ -0- Place Topsoil $ 56,480.00 $ -0- Landscaping, revegetation $ 24,256.00 $ -0- TOTAL ROAD CONSTRUCTION $ 414,485.25 $ 141,695.00 WATER CONSTRUCTION 7' Trench B & C $ 105,000.00 $ 10,500.00 6" DIP $ 2,100.00 $ 210.00 8" DIP $ 60,300.00 $ 6,030.00 6 Gate Valve $ 350.00 $ 350.00 8 Gate Valve $ 3,150.00 $ 525.00 6" CI Elbow $ 1,125.00 $ 225.00 6" CI Tee $ 290.00 $ 290.00 8 CI Tee $ 800.00 $ 400.00 8 CI Elbow $ 3,200.00 $ 960.00 Hydrant Assy. $ 13,500.00 $ 3,000.00 Water Services $ 57,200.00 $ -0-.. TOTAL WATER CONSTRUCTION $ 247,015.00 $ 22,490.00 SEWER CONSTRUCTION Trench 12' B &C $ 118,800.00 $ 83,160.00 8" PVC $ 26,400.00 $ 18,480.00 48" Manholes $ 49,680.00 $ 34,776.00 Service Connection $ 19,500.00 $ 13,500.00 TOTAL SEWER CONSTRUCTION $ 214,380.00 $ 149,916.00 D:L__ r_ 5 Rip Rap $ 2,100.00 $ -0- 18" Plastic Pipe $ 5,500.00 $ 1,650.00 18" CMP End Sections $ 1,800.00 $ 540.00 TOTAL DRAINAGE $ 9,400.00 $ 2,190.00 Cordillera Filing #9 First Partial Release August 18, 1994 Page 2 TELEPHONE AND TV Buried Cable $ ORIGINAL $ AMOUNT OF 4 Conduit $ AMOUNT IMPROVEMENTS ELECTRICAL COLLATERALIZED $ COMPLETED 4' Trench $ 30,375.00 $ -0- 6 Conduit $ 17,000.00 $ -0- 4 Conduit $ 8,437.50 $ -0- Cable $ 81,000.00 $ -0- Transformers $ 18,700.00 $ -0- 7' Vault $ 20,700.00 $ -0- TOTAL ELECTRICAL $ 176,212.50 $ -0- TELEPHONE AND TV Buried Cable $ 15,187.50 $ -0- 4 Conduit $ 16,875.00 $ -0- Pedestals $ 350.00 $ -0- TV Cable $ 13,725.00 $ -0- TOTAL TELEPHONE AND TV $ 46,137.50 $ -0- NATURAL GAS 2 Gas Line $ 64,125.00 $ -0- TOTAL NATURAL GAS $ 64,125.00 $ -0- ENGINEERING. SURVEYING, TESTING $ 93,740.42 $ 28,122.13 TOTAL CORDILLERA FILING #9 $1,265,495.67 $ 344,413.13 IMPROVEMENTS COMPLETED: $ 344,413.13 loo RETAINAGE $ 34,441.31 FIRST PARTIAL RELEASE: $ 309,971.82 ORIGINAL SIA: FIRST RELEASE: REVISED SIA: Need to see: $1,265,495.67 $ 309,971.82 $ 955,523.82 Sewer line compaction tests Water line compaction tests Drainage pipe compaction tests No report for Filing #9 RE: tRREVOCASLE LETTER QF•CRGRIT Number $9097469 ©enUamen: We heregy_arnend our above refaranee LOttarrlof Credit as foil:aws Amount is decreased by USD3d9,$71.8,2 . (Three Hundred Nine Thousand Nitre Hundred.8eventy'Qne.and 821 00 U. a. Doilari) to a new bal::lnce o f U5p955, (Nino . Hundred Fifty -Five Th and Five, tiukldred Twenty -Three and 82/1'00 U.S. Dollars ). Ail other terms and conditions remain UNWngrid, please si$nlfy your agreement. to this bmpn�rr t by signing an :t rotuming the copy. Very truly yours, Berliner Handels -, and Frankfurter Sank New York EItinch r Maoaolrq f>oMm+anr, RcpWtmmafNsd olnmac W91IQarlpor"t,iw: . frupdunAtanaedren INf -MosVi nalnint wo4pmtp Avo Wulf a, sch(mmrlkgnn 11101 r0 gtnm ZZ 9rM+on;aah Gn'd �TgpapFCnp 'nv Yrcr� Repflty ggCrur�nrvrGN lU �1}roC Nq. r'lbrw4brdfi. YRB�pU'U dna�bnafatua;h; rgir W:+TIe2WtR rblUrmM.ai mh sward .; :!mtWBCayarry»ipa Qanp Port�ry . 7 ni,an n:u! hR— F7 —laC BHFrB saaptemtier2s, 1094 BodnaHapdoia and Franktkar Sank Now York Stanch a6 [eai Q1'Ur alran NoeWh H+ Board of.County Commissioners TaI H 7ba566p. r�x om > County of Eagle State of Colorado p.O, SOX 850' Eagle,'Colorddo $1631 RE: tRREVOCASLE LETTER QF•CRGRIT Number $9097469 ©enUamen: We heregy_arnend our above refaranee LOttarrlof Credit as foil:aws Amount is decreased by USD3d9,$71.8,2 . (Three Hundred Nine Thousand Nitre Hundred.8eventy'Qne.and 821 00 U. a. Doilari) to a new bal::lnce o f U5p955, (Nino . Hundred Fifty -Five Th and Five, tiukldred Twenty -Three and 82/1'00 U.S. Dollars ). Ail other terms and conditions remain UNWngrid, please si$nlfy your agreement. to this bmpn�rr t by signing an :t rotuming the copy. Very truly yours, Berliner Handels -, and Frankfurter Sank New York EItinch r Maoaolrq f>oMm+anr, RcpWtmmafNsd olnmac W91IQarlpor"t,iw: . frupdunAtanaedren INf -MosVi nalnint wo4pmtp Avo Wulf a, sch(mmrlkgnn 11101 r0 gtnm ZZ 9rM+on;aah Gn'd �TgpapFCnp 'nv Yrcr� Repflty ggCrur�nrvrGN lU �1}roC Nq. r'lbrw4brdfi. YRB�pU'U dna�bnafatua;h; rgir W:+TIe2WtR rblUrmM.ai mh sward .; :!mtWBCayarry»ipa Qanp Port�ry . 7 ni,an n:u! hR— F7 —laC