HomeMy WebLinkAboutR94-143 third partial release of collateral Cordillera Filing 8,u
Commissioner ��f moved adoption
of the following 'Resolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 94- /4/ L 3
THIRD PARTIAL RELEASE of COLLATERAL
Filing 8
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 June 22,
1993 ( "Agreement ") with Stag Gulch Partners, a Colorado General
Partnership ( "Subdivider "), as a condition of final plat approval
for Filing 8, 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. 93 -116, the plat restriction was
released and Letter of Credit No. 59181359 in the amount of
$1,683,367.07 was accepted as substitute collateral; and
WHEREAS, by Resolution Number 94 -09 the Board approved a
reduction in collateral in the amount of $344.191.87 leaving a
balance of $1,339,175,20 which was collateralized by Irrevocable
Letter of Credit Number 59181359; and
WHEREAS, by Resolution Number 94 -111 the Board approved a
reduction in collateral in the amount of $841,580.18 leaving a
balance of $497,595.02 which was collateralized by an amendment to
Letter of Credit No. 59181359; 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 therefore Subdivider has applied for a third
release of collateral; and
WHEREAS, the Subdivider has requested a reduction in the
amount of $107,,693.99 leaving a balance of $389,901.03 to be
collateralized under an amended or a new Letter of Credit
acceptable to the Board.
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.
THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS
OF THE COUNTY OF EAGLE, STATE OF COLORADO:
THAT, the Board hereby authorize the partial release of
collateral in the amount of $107,693.99 thereby reducing the
collateral to $389,901.03.
THAT, the Board hereby accepts an amendment to Letter of
Credit No. 59181359, thereby reducing the collateral held by the
Board to the amount of $389,901.03.
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 sS Apq— day of
October, 1994.
ATTEST;
County Commissioners
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
BOARD OF COUNTY COMMISSIONERS
George A. Gates, Commissioner
Commissioner seconded adoption of the
foregoing resolution. Ther 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 n —0 vote of the Board of
County Commissioners of the County of Eagle, State of Colorado.
mta \r \cord -8.3pr
#87 -84
-3-
MEM ORANDUM
1 ! i y
TO: Maureen Amundson, Attorney's Office
FROM: John Althoff, Engineering �A
DATE: September 9, 1994
RE: collateral Releases for Cordillera. 7ilings 1, Z, 6, It 8, 9, 10
Filing 1 & 2
Completed 2" overlay - shoulder work when 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 $279,439.84, which is down to the
lot of the original SIA, but not all of the work has been completed. Do
not start the warranty period for this filing.
Filings 7, 8, 9, 10
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
i
COLLATERAL RELEASE SUMMARY
SIA: Cordillera Filing #8
Third 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:
Grade Topsoil
Grass
Guardrail
Guardrail Anchors
TOTAL ROAD CONSTRUCTION
WATER CONSTRUCTION
7' Trench B & C
6 Dip
8 Dip
6 Gate Valve
8 Gate Valve
6 CI Elbow
8 CI Elbow
8 CI Tee
Hydrant Assy.
Service Assy.
PRV
Air Release
TOTAL WATER
Valve
CONSTRUCTION
SEWER CONSTRUCTION
Trench 12' B & C
8" PVC
Manholes
Service Connection
TOTAL SEWER CONSTRUCTION
DRAINAGE
Rip Rap
18" CMP Pipe
18" CMP End Sections
TOTAL DRAINAGE
ORIGINAL
AMOUNT
COLLATERALIZED
$ 15,000.00
$ 16,200.00
$ 39,000.00
$ 118,300.00
$ 8,484.00
$ 161,075.00
$ 74,160.00
$ 10,000.00
$ 600.00
$ 52,000.00
$ 15,681.60
$ 8,232.84
$ 6,000.00
$ 1,200.00
$ 525,933.44
$ 87,818.00
$ 27,255.00
$ 126,511.00
$ 1,920.00
$ 11,570.00
$ 230.00
$ 3,840.00
$ 1,440.00
$ 21,000.00
$ 19,800.00
$ 7,500.00
$ 6,750.00
$ 315,634.00
$ 124,000.00
$ 37,591.20
$ 75,430.00
8 23,100.00
$ 260,121.20
$ 1,050.00
$ 5,691.00
$ 2,800.00
$ 9,541.00
AMOUNT OF
IMPROVEMENTS
COMPLETED
$ 15,000.00
$ 16,200.00
$ 39,000.00
$ 118,300.00
$ 8,484.00
$ 161,075.00
$ -0-
$ 9,000.00
$ -0-
$ 52,000.00
$ 15,681.60
$ -0-
$ 6,000.00
$ 1,200.00
$ 441,940.60
$ 87,818.00
$ 27,255.00
$ 126,511.00
$ 1,920.00
$ 11,570.00
$ 230.00
$ 3,840.00
$ 1,440.00
$ 21,000.00
$ 19,800.00
$ 7,500.00
$ 6,750.00
$ 315,634.00
$ 124,000.00
$ 37,591.20
$ 75,430.00
8 23,100.00
$ 260,121.20
$ 1,050.00
$ 5,691.00
$ 2,800.00
$ 9,541.00
Cordillera Filing 48
Third Partial Release
August 18, 1994
Page 2
ELECTRICAL
4' Trench
Conduit
Cable
Cable 3Ph
Transformers
Vaults
Riser
TOTAL ELECTRICAL
TELEPHONE AND TV
Buried Cable
Pedestals
TOTAL TELEPHONE AND TV
NATURAL GAS
2 Gas Line
ENGINEERING, SURVEYING,
TESTING
TOTAL FILING #8
IMPROVEMENTS COMPLETED:
10% RETAINAGE
FIRST PARTIAL RELEASE:
SECOND RELEASE:
THIS RELEASE:
ORIGINAL SIA:
FIRST RELEASE:
SECOND RELEASE:
THIS RELEASE:
REVISED SIA:
j
ORIGINAL AMOUNT OF
AMOUNT IMPROVEMENTS
COLLATERALIZED COMPLETED
$
46,375.00
$
46,375.00
$
47,175.00
$
47,175.00
$
165,112.50
$
82,556.25
$
40,000.00
$
40,000.00
$
18,000.00
$
18,000.00
$
17,500.00
$
17,500.00
$
2,000.00
$
2,000.00
$
336,162.50
$
253,606.25
$
37,100.00
$
18,550.00
$
480.00
$
480.00
$
37,580.00
$
19,030.00
$
103,110.00
$
51,555.00
$ 95,284.93 $ 85,756.44
$1,683,367.07 $1,437,184.49
$1,437,184.49
8 143,718.45
$1,293,466.04
$ 344,191.87
8 841.580.18
$ 107,693.99
$1,683,367.07
$ 344,191.87
$ 841,580.18
8 107,693.99
$ 389,901.03
8eptsmber29, 1994
Board of -County Gommissionars
Gounty'Ol Eadte
State of Colorado
P.4.Dox 850 ,
Eagle, Colorado 81831
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RE.' IRPIwVOCABLE LETTER OF CREDIT
dumber S9181359
Gentlemen:
We hereby amend our above refarencsd Letter of Credit as fdilows:
Amount is, decreased by 050107,593.99 (one HUrWed Seven'! housand Six Hundred
'Ninety- Three and 991100 U, 8, goilsrs)•t6 � new balance of (.19fa9t39,901.03 ;(Three
Hundred; Eighty,-Nine Thousand;dine Hundred Orfe and 03/100 t :£�„ t7allarsj.
All other terms and conditions remain unott.ArgQL.
Ple93e $ WY YQW agreement to this ameridment .,by signing and returnIng the attached
COPY, I
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New York Ormch
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