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HomeMy WebLinkAboutR94-145 second partial release of collateral Filing 7 CordilleraCommissioner �� moved adoption of the following 'Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 94- / (/,�— SECOND PARTIAL RELEASE OF COLLATERAL Filing 7 Phase 1 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 -109, the plat restriction was released and Letter of Credit No. 59166359 in the amount of $271,183.27 with an expiration date of November 30, 1994 was accepted by the Board. WHEREAS, by Resolution Number 94 -07 the Board approved a reduction in collateral in the amount of $210,084.32 leaving a balance of $61,098.95 which was collateralized by Irrevocable Letter of Credit Number 59166359; 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 second release of collateral; and WHEREAS, the Subdivider has requested a reduction in the amount of $10,274.62, leaving a balance of $50,824.33 to be collateralized under an amended or 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. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: THAT, the Board hereby collateral in the amount of collateral to $50,824,.33 authorize the partial release of $10,274.62, thereby reducing the THAT, the Board hereby accepts an amendment to Letter of Credit No. 59166359 in the amount of $50,824.33. 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 day of October, 1994. ATTEST: �r Clerk to tlTe boara o County Commissioners COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOARD OF COUNTY COMMISSIONERS George A. Gates, Commissioner ti -N 3 f� Commissioner seconded adoption of the foregoing resolution. Thd roll having been called, the vote was as follows: Commissioner Johnnette Phillips A p Commissioner James E. Johnson, Jr. Commissioner George A. Gates all This Resolution passed by a - -0 vote of the Board of County Commissioners of the County of Eagle, State of Colorado. cord7.1PR sub #87 -84 Mc 1►Il' ►I • a�►'1aul TO: FROM: DATE: RE: • 1' " 1 Maureen Amundson, Attorney's Office John Althoff, Engineering July 26, 1994 Cordillera Filing #7 Collateral for Filing #7 should be as follows: Phase I Original SIA First Release This Release Remaining SIA $271,183.27 $210,084.32 $ 10.274.62 $ 50,824.33 cc: Larry Metternick Mark Avery File Phase II $661,899.41 $351,367.77 $ 76,492.53 $234,039.11 Total $933,082.68 $561,452.09 $ 86,767.15 $284,863.44 HI 3 v COLLATERAL RELEASE SUMMARY SIA: Cordillera Filing #7 Third Partial Release DATE: August 18, 1994 ORIGINAL AMOUNT OF AMOUNT IMPROVEMENTS PHASE I COLLATERALIZED COMPLETED ROAD CONSTRUCTION Mobilization $ 7,500.00 $ 7,500.00 Clear and Grub $ 5,000.00 $ 5,000.00 Topsoil Removal $ 16,444.00 $ 16,444.00 Unclassified Excavation $ 19,218.50 $ 19,218.50 Fine Grading $ 5,589.75 $ 5,589.75 Aggregate Base Course $ 28,364.50 $ 28,364.50 Asphalt $ 24,440.00 $ -0- Testing $ 10,000.00 $ 9,000.00 Street Signs $ 900.00 $ -0- Place Topsoil $ 20,555.00 $ 20,555.00 Landscaping: Grade Topsoil $ 2,466.80 $ 2,466.80 Grass $ 1,295.07 $ 1,295.07 TOTAL ROAD CONSTRUCTION $ 141,773.62 $ 115,433.62 WATER CONSTRUCTION 7' Trench B & C $ 8,740.00 $ 8,740.00 8 Dip $ 15,686.00 $ 15,686.00 8 Gate Valve $ 5,340.00 $ 5,340.00 8 CI Tee $ 825.00 $ .825.00 Hydrant Assy. $ 3,000.00 $ 3,000.00 TOTAL WATER CONSTRUCTION $ 33,591.00 $ 33,591.00 SEWER CONSTRUCTION Trench 12' B & C $ 6,125.00 $ 6,125.00 8 PVC $ 2,254.00 $ 2,254.00 Manholes 6' Deep $ 4,840.00 $ 4,840.00 TOTAL SEWER CONSTRUCTION $ 13,219.00 $ 13,219.00 WTTI Rip Rap $ 210.00 $ 210.00 18" CMP Pipe $ 542.00 $ 542.00 18" CMP End Sections $ 280.00 $ 280.00 TOTAL DRAINAGE $ 1,032.00 $ 1,032.00 ELECTRICAL 4' Trench $ 6,000.00 $ 6,000.00 f Cordillera Filing #7 Third Partial Release August 18, 1994 Page 2 ORIGINAL AMOUNT OF AMOUNT IMPROVEMENTS PHASE I COLLATERALIZED COMPLETED ELECTRI (Continued 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 Pedestals TV Cable TOTAL TELEPHONE AND TV NATURAL GAS 2 Gas Line ENGINEERING, SURVEYING, TESTING TOTAL PHASE I $ 4,800.00 $ 4,800.00 $ 80.00 $ 80.00 $ 4,000.00 $ 4,000.00 $ 8,880.00 $ 8,880.00 $ 10,500.00 $ 10,500.00 $ 20,087.65 $ 20 087.65 $ 271,183.27 $ 244,843.27 PHASE IT 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 TOTAL ROAD CONSTRUCTION WATER CONSTRUCTION 7' Trench B & C 6" Dip $ 7,500.00 $ 7,500.00 $ 10,000.00 $ 10,000.00 $ 29,630.00 $ 29,630.00 $ 33,715.50 $ 33,715.50 $ 9,623.25 $ 9,623.25 $ 48,832.50 $ 48,832.50 $ 41,440.00 $ - $ 10,000.00 $ 9,000.00 $ 900.00 $ -0- $ 37,037.50 $ 37,037.50 $ 4,388.80 $ 4,388.80 $ 2,304.12 $ - $ 235,371.67 $ 189,727.55 $ 42,275.00 $ 42,275.00 $ 34,365.00 $ 34,365.00 ^1 Cordillera Filing #7 Third Partial Release August 18, 1994 Page 3 m � ORIGINAL AMOUNT OF AMOUNT IMPROVEMENTS PHASE II COLLATERALIZED COMPLETED WATER CONSTRUCTION (Continued 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 CONSTRUCTION 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 $ 1].,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 ELECTRICAL 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 NATURAL GAS 2 Gas Line ENGINEERING, SURVEYING, TESTING TOTAL PHASE II TOTAL PHASE I TOTAL PHASE II TOTAL FILING #7 Filing #7 Improvements Completed 10e Retainage First Release Second Release THIS RELEASE Original SIA First Release Second Release This Release REVISED SIA Phase I 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 II $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.