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HomeMy WebLinkAboutR94-144 third partial release of collateral Cordillera Filing 7Commissioner moved adoption of the followin Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 94 -/Y—V-- THIRD PARTIAL RELEASE OF COLLATERAL Filing 7 Phase 2 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 April 27, 1993 ( "Agreement ") with Stag Gulch Partners, a Colorado General Partnership ( "Subdivider "), as a condition of final plat approval for Filing 7, Cordillera Subdivision; and WHEREAS, the Subdivider provided collateral in the form of a plat restriction to guarantee the faithful completion of the public improvements remaining 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 -115, the plat restriction was released and Letter of Credit No. 59179359 in the amount of $661,899.41 with an expiration date of November 30, 1994 was accepted by the Board. WHEREAS, by Resolution No. 94 -08 the Board approved a reduction in collateral in the amount of $351,367.77, leaving a balance of $310,531.64 which was collateralized by Irrevocable Letter of Credit No. 59179359; and WHEREAS, by Resolution No. 94 -113, the Board approved a reduction in collateral in the amount of $76,492.53, leaving a balance of $234,039.11 which was collateralized by an amendment to Irrevocable Letter of Credit No. 59179359; 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 1 WHEREAS, the Sub amount of $39,600.00, collateralized under a to the Board. iivider has requested a reduction in the leaving a balance of $194,439.11 to be new or amended Letter of Credit acceptable 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. NOW, 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 $39,600.00, thereby reducing the collateral to $194,439.11. THAT, the Board hereby accepts an amendment to Letter of Credit No. 59179359 in the amount of $194,439.11. 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 C - 2, 4 , n C- day of October, 1994. q; . ATTEST: a" t� 1 , m Clerk to tne'Boara County Commissioners COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOARD OF COUNTY COMMISSIONERS George A. Gates, Commissioner Commissioner a& 4d seconded adoption of the foregoing resolution. Thd roll having been called, the vote was as follows: Commissioner Johnnette Phillips Commissioner James E. Johnson, Jr. ��PP Commissioner George A. Gates This Resolution passed by Q —� -O vote of the Board of County Commissioners of the County of Eagle, State of Colorado. cord711.3pr #87 -84 -3- _ IMEEMOIRAMIM 4 DO •, , TO: Maureen Amundson, Attorney's Office FROM: John Althoff, Engineering DATE: September 9, 1994 U RE: Collateral Releases for Cordillera. Filings 1, Z, 6, 7, 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 100 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. Su seducing 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 COLLATERAL SIA: Cordillera Filing #7 Third Partial Release DATE: August 18, 1994 PHASE I ROAD CONSTRUCTION Mobilization Clear and Grub Topsoil Removal Unclassified Excavation Fine Grading Aggregate Base Course Asphalt Testing Street Signs Place Topsoil Landscaping: Grade Topsail Grass TOTAL ROAD CONSTRUCTION WATER CONSTRUCTION 7' Trench B & C 8" Dip 8" Gate Valve 8" CI Tee Hydrant Assy. TOTAL WATER CONSTRUCTION SEWER CONSTRUCTION Trench 12' B & C 8" PVC Manholes 6' Deep TOTAL SEWER CONSTRUCTION DRAINAGE Rip Rap 18" CMP Pipe 18" CMP End Sections TOTAL DRAINAGE ELECTRICAL 3 RELEASE SUMMARY ORIGINAL AMOUNT COLLATERALIZED AMOUNT OF IMPROVEMENTS COMPLETED $ 7,500.00 $ 7,500.00 $ 5,000.00 $ 5,000.00 $ 16,444.00 $ 16,444.00 $ 19,218.50 $ 19,218.50 $ 5,589.75 $ 5,589.75 $ 28,364.50 $ 28,364.50 $ 24,440.00 $ -0- $ 10,000.00 $ 9,000.00 $ 900.00 $ -0- $ 20,555.00 $ 20,555.00 $ 2,466.80 $ 1,295.07 $ 141,773.62 $ 2,466.80 $ 1,295.07 $ 115,433.62 $ 8,740.00 $ 15,686.00 $ 5,340.00 $ 825.00 8 3,000.00 $ 33,591.00 $ 6,125.00 $ 2,254.00 $ 4,840.00 $ 13,219.00 $ 210.00 $ 542.00 $ 280.00 $ 1,032.00 $ 8,740.00 $ 15,686.00 $ 5,340.00 $ 825.00 8 3,000.00 $ 33,591.00 $ 6,125.00 $ 2,254.00 $ 4,840.00 $ 13,219.00 $ 210.00 $ 542.00 $ 280.00 $ 1,032.00 4' Trench $ 6,000.00 $ 6,000.00 J 1 Cordillera Filing #7 Third Partial Release August 18, 1994 Page 2 ORIGINAL AMOUNT OF AMOUNT IMPROVEMENTS PHASE I COLLATERALIZED COMPLETED ELECTRICAL (Conti Conduit $ 3,600_00 $ 3,600.00 Cable 3Ph $ 30,000.00 $ 30,000.00 Vaults $ 2,500.00 $ 2,500.00 TOTAL ELECTRICAL $ 42,100.00 $ 42,100.00 TELEPHONE AND TV Buried Cable $ 4,800.00 $ 4,800.00 Pedestals $ 80.00 $ 80.00 TV Cable $ 4,000.00 $ 4,000.00 TOTAL TELEPHONE AND TV $ 8,880.00 $ 8,880.00 NATURAL GAS $ 9,623.25 $ 9,623.25 2 Gas Line $ 10,500.00 $ 10,500.00 = SURVEYING. $ 41,440.00 $ -0- TESTING G TES $ 20,087.65 $ 20,087.65 Street Signs TOTAL PHASE I $ 271,183.27 $ 244,843.27 PEASE II ROAD CONSTRUCT Mobilization $ 7,500.00 $ 7,500.00 Clear and Grub $ 10,000.00 $ 10,000.00 Topsoil Removal $ 29,630.00 $ 29,630.00 Unclassified Excavation $ 33,715.50 $ 33,715.50 Fine Grading $ 9,623.25 $ 9,623.25 Aggregate Base Course $ 48,832.50 $ 48,832.50 Asphalt $ 41,440.00 $ -0- Testing $ 10,000.00 $ 9,000.00 Street Signs $ 900.00 $ - Place Topsoil $ 37,037.50 $ 37,037.50 Landscaping: Grade Topsoil $ 4,388.80 $ 4,388.80 Grass $ 2,304.12 $ -0- TOTAL ROAD CONSTRUCTION $ 235,371.67 $ 189,727.55 WATER CONSTRUCTION 7' Trench B & C $ 42,275.00 $ 42,275.00 6 Dip $ 34,365.00 $ 34,365.00 Cordillera Filing #7 Third Partial Release August 18, 1994 Page 3 ORIGINAL AMOUNT OF AMOUNT IMPROVEMENTS PHASE II COLLATERALIZED COMPLETED WATER C ONSTRUCTION (Continue 6" Gate Valve $ 4,480.00 $ 4,480.00 6 CI Elbow $ 2,875.00 $ 2,875.00 6 CI Tee $ 350.00 $ 350.00 Hydrant Assy. $ 7,500.00 $ 7,500.00 Service Assy. $ 9,600.00 $ 9,600.00 4" PRV $ 17,000.00 $ 17,000.00 Air Release Valve $ 2,250.00 $ 2,250.00 TOTAL WATER CONSTRUCTION $ 120,695.00 $ 120,695.00 SEWER C ONSTRUCTION Trench 12' B & C $ 27,925.00 $ 27,925.00 8" PVC 3,861.75 $ $ 10,276.40 $ 10,276.40 Manholes 6' Deep $ 2,420.00 $ 2,420.00 Manholes 8' Deep $ 6,380.00 $ 6,380.00 Manholes 10' Deep $ 17,160_00 $ 17,160.00 Manholes 12' Deep $ 2,585.00 $ 2,585.00 Service Connection $ $ 11,200.00 $ 11,200.00 TOTAL SEWER CONSTRUCTION $ 77,946.40 $ 77,946.40 Rip Rap $ 1,785.00 $ 1,785.00 18" CMP Pipe $ 3,861.75 $ 3,861.75 18" CMP End Sections $ 1,680.00 $ 1,680.00 TOTAL DRAINAGE $ 7,326.75 $ 7,326.75 ELECTRIC 4' Trench $ 22,000.00 $ 22,000.00 Conduit $ 18,000.00 $ 18,000.00 Cable $ 52,800.00 $ -0- Transformers $ 10,500.00 $ 10,500.00 Vaults $ 8,750.00 $ 8,750.00 TOTAL ELECTRICAL $ 112,050.00 $ 59,250.00 TELEPHONE AND TV Buired Cable $ 12,800.00 $ 4,480.00 Pedestals $ 280.00 $ 280.00 TV Cable $ 12,800.00_ $ 4,480.00 TOTAL TELEPHONE AND TV $ 25,880.00 $ 9,240.00 Cordillera Filing #7 Third Partial Release August 18, 1994 Page 4 PHASE II ,. 8 .. 2 Gas Line ENGINEERING, SURVEYING, TESTING TOTAL PHASE II TOTAL PHASE I TOTAL PHASE II TOTAL FILING #7 Filing #7 Improvements Completed 10% Retainage First Release Second Release THIS RELEASE Original SIA First Release Second Release This Release REVISED SIA Phase I ORIGINAL AMOUNT COLLATERALIZED $ 33,600.00 49.029.59 $ 661,899.41 $ 271,183.27 $ 661,899.41 $ 933,082.68 $244,843.27 $ 24,484.33 $220,358.94 $210,084.32 $ 10,274.62 $ -0- $271,183.27 $210,084.32 $ 10,274.62 $ -0- $ 50,824.33 Phase- 11 $519,400.33 $ 51,940.03 $467,460.30 $351,367.77 $ 76,492.53 $ 39,600.00 $661,899.41 $351,367.77 $ 76,492.53 $ 39,600.00 $194,439.11 AMOUNT OF IMPROVEMENTS COMPLETED $ 11,088.00 44,126.63 $ 519,400.33 $ 244,843.27 $ 519 400.33 $ 764,243.60 Total $764,243.60 $ 76 424.36 $687,819.24 $561,452.09 $ 86 767.15 $ 39,600.00 $933,082.68 $561,452.09 $ 86,767.15 $ 39 600.00 $245,263.44 Need to see: Compaction reports on electric trench - some site visit, but no test taken. M� Septembor2ti, 1A9d Board.of county Commissioners Countyof eagts State of Colorado FJ;0 89x 660 15agie, Colorado 81631 •.r .�� �.� s.nwdvc,.w r.. daa t E -�._- : BHF- BANK B$rli�r,4randef$� and krankWrtor9ank NOW Ydrk Branch : .766•bbVO PN4i$7'1) IcGEe,H PAY4 ) Tr*4 . RE: IRREVQCASLE LETTER OF CREDIT Number 5817635D Genuemen: We hereby amend our above referenced letter of.credit a$ foiloh Amount is decreased by U8039,1$00,00 (Thirty -Nina Thousanq w h Hundreq 00 /100 U Dollars} to anew balance of US0194; -039;11, (one Hundre:l Ninety -Foul* Thousand POW Hundred ThirtyNine and IIIJ00 U.S, Dollars). . All othar terms and conditions remain unchapgod, Please s1,�hify your agreemenk to this,ameno`m cop entfpy signing and returt)ing fhb atfacheii Y Vary truly yours, Berliner Handefs and Frankfurter Banh New YpfK Branch � MieO0 '.. • 'Zl Hew 4d;h "TA O }„p P:+�on:xMi re;$n:atM ann�manb Te $V ' uynp ewer,:, Ww+krwvumiE$�a Ne.PrpnMuttRE13t9iUPN ro:ulsogeukl ".,i°4gfl�dME "No," N+ atmK enmroMx,a&n nexl4•a$Heo xaovo cbnareroxmw: E � :.. - W+Jfx &cMmmMmnM "" CIP•^aO ComannywMGomxd PA.laN 'W4Mpdnp 9Wh lwttlsaivan Zaen ." 0' GivFQP.nCnp 'nhi XF!4 n ni-on nui h_- _a7_jac