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HomeMy WebLinkAboutR94-146 sixth partial release of collateral Cordillera filing 6j Commissioner LIL �6� moved adoption of the following (Resolution: BOARD OF COUNTY COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 94 -� AUTHORIZING THE SIXTH PARTIAL RELEASE OF COLLATERAL CORDILLERA FILLING 6, PHASES I AND II WHEREAS, on or about November 2, 1992, pursuant to Section 30- 28 -137, C.R.S., the Board of County Commissioners of the County of Eagle, State of Colorado ( "Board ") entered into a Subdivision Improvements Agreement ( "Agreement ") with Stag Gulch Partners, a Colorado General Partnership ( "Subdivider ") as a condition of final plat approval of Filing 6, Cordillera Subdivision; and WHEREAS, in order to guarantee the faithful completion of certain public improvements required under the Agreement, the Board accepted as collateral a cash deposit in the amount of $797,425.88 for Phase I of Filing 6; and the sum of $1,996,972.52 for Phase II of Filing 6; and WHEREAS, by Resolution No. 92 -151, the Board approved a reduction of collateral for Phase I to $462,689.92, and accepted a cash deposit in said amount; and WHEREAS, at Subdivider's request, by its Resolution No. 92- 173, the Board accepted a letter of credit in the amount of $200,000 as substitute collateral for Phase I and directed the Treasurer to pay over the Subdivider the like sum of $200,000; and WHEREAS, by Resolution No. 92 -174, the Board approved a second partial release of collateral for Phase I in the amount of $163,454.64, resulting in a collateral balance of $299,235.28 for Phase I; and WHEREAS, by Resolution No. 93 -49 the Board accepted the following letters of credit issued by BHF -Bank, New York Branch, as collateral for Phase II of the Subdivision, and released the plat restriction on the entire Subdivision: Number Amount 58968359 $ 150,000.00 58969359 250,500.00 58970359 390,301.00 58971359 402,057.00 58972359 402,057.00 58973359 402,057.52 TOTAL $1,996,972.52 WHEREAS, by Resolution 93 -96 the following Letters of Credit were released: #58698259 $ 200,000.00 #58969359 250,500.00 #S8973359 402,057.52 #S8972359 402,057.00 and the following letters of credit were held: #58968359 $ 150,000.00 #58970359 390,301.00 #58971359 402,057.00 Total $ 942,358.00 WHEREAS, by Resolution No. 93 -140, Letter of Credit No. 58971359 in the amount of $402,057.00 was released and Letter of Credit No. 59265359 in the amount of $81,392.08 was accepted. WHEREAS, by Resolution No. 94 -105 the Board authorized a fifth partial release of collateral in the amount of $105,317.08; currently the Board holds the following letters of credit: #58968359 $ 150,000.00 #59265359 $ 81,392,08 #58970359 $ 284,982.00 TOTAL $ 516,374.00 WHEREAS, Subdivider has represented to the Board that certain of the improvements are complete, (as indicated on Exhibit A attached hereto and incorporated herein) and has applied for a sixth partial release of collateral in the amount of $236,936.16. 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 T a reduction in the collateral held by the Board is warranted, such release of collateral is contingent upon the Subdivider depositing with the County a new or amended Letter of Credit in a form acceptable to the County Attorney. 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 $236,936.16 thereby reducing the collateral to $279,437.84. THAT, such release is contingent upon the Subdivider depositing with the County a new or amended Letter of Credit in a form acceptable 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 of the County of Eagle, State of Colorado, this day of October, 1994. ATTEST: County Commissioners George A. Gates, Commissioner Commissioner seconded adoption of the foregoing resolution. Th6 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 0 — 0 vote of the Board of County Commissioners of the County of Eagle, State of Colorado. COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOARD OF COUNTY COMMISSIONERS z\oozd6.oio 87-84 MEMORANDUM EAGLE COUNTY ENGINEERING TO: Maureen Amundson, Attorney's Office FROM: John Althoff, Engineering JCL\ DATE: September 9, 1994 U RE: Collateral Releases for Cordillera Filings 1, 2, 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 (100 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. 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 COLLATERAL RELEASE SUMMARY SIA: Cordillera Filing #6 Sixth Partial Release DATE: August 18, 1994 ORIGINAL AMOUNT OF AMOUNT IMPROVEMENTS PHASE I COLLATERALIZED COMPLETED ROAD CONSTRUCTION Mobilization $ 5,000.00 $ 5,000.00 Clear and Grub $ 10,200.00 $ 10,200.00 Topsoil Removal $ 15,315.00 $ 15,315.00 Unclassified Excavation $ 172,412.50 $ 172,412.50 Fine Grading $ 10,172.40 $ 10,172.40 Rock Excavation $ 32,640.00 $ 32,640.00 Aggregate Base Course $ 60,035.50 $ 60,035.50 Testing $ 10,000.00 $ 10,000.00 Street Signs $ 1,050.00 $ -0- Place Topsoil $ 25,525.00 $ 25,525.00 Grade Topsoil $ 7,399.20 $ 7,399.20 Revegetation $ 3,884.58 $ 3,884.58 Guardrail $ 18,750.00 $ 18,750.00 Guardrail Anchors $ 3,600.00 $ 3,600.00 Slope Protection $ 1,133.05 $ 1,133.05 TOTAL ROAD CONSTRUCTION $ 377,117.23 $ 376,067.23 DRAINAGE Grouted Rip Rap $ 6,600.00 $ 6,600.00 CMP Pipe 36" $ 3,400.00 $ 3,400.00 CPP Pipe 18" $ 3,766.90 $ 3,766.90 CPP Pipe 24" $ 904.75 $ 904.75 18" End Sections $ 1,120.00 $ 1,120.00 24" End Sections $ 370.00 $ 370.00 36" End Sections $ 720.00 $ 720.00 Cattle Underpass $ 21,600.00 $ 21,600.00 Rip Rap $ 350.00 $ 350.00 TOTAL DRAINAGE $ 38,831.65 $ 38,831.65 WATER AND SEWER 8 Sewer Line $ 144,126.00 $ 144,126.00 Sewer Manhole $ 70,000.00 $ 70,000.00 Sewer Service $ 18,000.00 $ 18,000.00 8 Waterline $ 60,480.00 $ 60,480.00 6 Waterline - $ 41,720.00 $ 41,720.00 8 Gate Valve $ 2,400.00 $ 2,400.00 6 Gate Valve $ 1,500.00 $ 1,500.00 TOTAL WATER AND SEWER $ 338,226.00 $ 338,226.00 _ J% Cordillera Filing 6 Sixth Partial Release August 18, 1994 Page 2 ORIGINAL AMOUNT OF AMOUNT IMPROVEMENTS PHASE I COLLATERALIZED COMPLETED Overhead Electric Line $ 18,000.00 $ 18,000.00 Engineering, Surveying, Testing $ 25,251.00 $ 25,251.00 TOTAL PRASE I $ 797,425.88 $ 796,375.88 PHASE II ROAD CONSTRUCTION Aggregate Base Course $ 60,035.50 $ 60,035.50 Asphalt $ 330,265.50 $ 330,265.50 TOTAL ROAD CONSTRUCTION $ 390,301.00 $ 390,301.00 WATER AND SEWER 8 Waterline $ 117,600.00 $ 117,600.00 6 Waterline $ 53,900.00 $ 53,900.00 4 Waterline $ 21,800.00 $ 21,800.00 2 Waterline $ 13,200.00 $ 13,200.00 Fire Hydrant $ 19,200.00 $ 19,200.00 8 Gate Valves $ 4,800.00 $ 4,800.00 6 Gate Valves $ 3,500.00 $ 3,500.00 4 Gate Valves $ 900.00 $ 900.00 2 Gate Valves $ 800.00 $ 800.00 PRV Vault $ 54,000.00 $ 54,000.00 Water Services $ 27,000.00 $ 27,000.00 TOTAL WATER AND SEWER $ 316,700.00 $ 316,700.00 SQUAW CREEK INTERCEPTOR 10" Sewer Line $ 2,450.00 $ 2,450.00 10" Sewer Line $ 161,920.00 $ 161,920.00 10" Sewer Line $ 19,000.00 $ 19,000.00 Aerial Crossing $ 85,000.00 $ 85,000.00 8 Sewer Line $ 57,600.00 $ 57,600.00 8 Sewer Line $ 84,510.00 $ 84,510.00 8 Pressure Pipe $ 134,400.00 $ 134,400.00 Sewer Manhole $ 90,000.00 $ 90,000.00 Sewer Cleanout $ 10,800.00 $ 10,800.00 Site Restoration $ 16,000.00 $ 16,000.00 Revegetation $ 17,500.00 $ 17,500.00 Squaw Creek Crossing $ 15,000.00 $ 15,000.00 Pavement R and R $ 96,700.00 $ 96,700.00 Trench Drain Ext $ 7,280.00 $ 7,280.00 TOTAL INTERCEPTOR COSTS $ 798,160.00 $ 798,160.00 Cordillera Filing 6 Sixth Partial Release August 18, 1994 Page 3 ORIGINAL AMOUNT OF AMOUNT IMPROVEMENTS PHASE II COLLATERALIZED COMPLETED OTHER COSTS Water Storage Tank $ 150,000.00 $ -0- Wells & Chlorination $ 66,000.00 $ 66,000.00 Electric & Telephone $ 250,500.00 $ 250,500.00 Engineering, Surveying $ 25,311.52 $ 23,251.02 TOTAL OTHER COSTS $ 491,811.52 $ 339,751.02 TOTAL PHASE II $1,996,972.52 $1,844,912.02 TOTAL PHASE I $ 797,425.88 $ 796,375.88 TOTAL PHASE II $1,996,972.52 $1,844,912.02 Second Release TOTAL IMPROVEMENTS $2,794,398.40 $2,641,287.90 Collateral held today = $516,376.00 New Method: Filing 6 Phase I Phase II Total Work Completed $ 796,375.88 $1,844,912.02 $2,641,287.90 loo Retainage $ 79,637.59 $ 184,491.20 $ 264,128.79 $ 716,738.29 $1,660,420.82 $2,377,159.11 Less total release to date $ 796,375.88 $1,481,646.52 $2,278,022.40 THIS RELEASE ($ 79,637.59) $ 178,744.30 $ 99,136.71 Original SIA $797,425.88 $1,996,972.52 $2,794,398.40 First Release $334,735.96 -0- $ 334,735.96 Second Release $163,454.64 -0- $ 163,454.64 Third Release $291,327.70 $1,111,521.02 $1,402,848.72 Fourth Release $ 2,973.00 $ 268,693.00 $ 271,666.00 Fifth Release $ 3,884.58 $ 101,432.50 $ 105,317.08 This Release ($79,637.59) $ 178,774.30 $ 99,136.71 Revised SIA $ 80,687.59 $ 336,551.70 $ 417,239.29 Old method: Phase I Phase II Total Original SIA $797,425.88 $1,996,972.52 $2,794,398.40 First Release $334,735.96 -0- $ 334,735.96 Second Release $163,454.64 -0- $ 163,454.64 Third Release $291,327.70 $1,111,521.02 $1,402,848.72 Fourth Release $ 2,973.00 $ 268,693.00 $ 271,666.00 Fifth Release $ 3,884.58 $ 101,432.50 $ 105,317.08 This Release $ -0- $ 363,265.50 $ 363,265.50 Revised SIA $ 1,050.00 $ 152,060.50 $ 153,110.50 Cordillera Filing 6 Sixth Partial Release August 18, 1994 Page 4 If we release all work that is done to date, collateral will be below the loo needed for the warranty period. Release down to 10% retainage for warranty period with some work still remaining: Is Stag Gulch Court paved? If not, will have to remove some asphalt Fenno Drive 500' past culvert to edge of Bentgrass. Phase I Phase II Total Original SIA $797,425.88 $1,996,972.52 $2,794,398.40 First Release $334,735.96 -0- $ 334,735.96 Second Release $163,454.64 -0- $ 163,454.64 Third Release $291,327.70 $1,111,521.02 $1,402,848.72 Fourth Release $ 2,973.00 $ 268,693.00 $ 271,666.00 Fifth Release $ 3,884.58 $ 101,432.50 $ 105,317.08 This Release $ -0- $ 236,936.16 $ 236,936.16 Revised SIA $ 1,050.00 $ 278,398.84 $ 279,439.84 Is Stag Gulch Court paved? If not, will have to remove some asphalt Fenno Drive 500' past culvert to edge of Bentgrass.