HomeMy WebLinkAboutConsent 2022-02 3rd Partial Release of Collateral - File No. PDF-9092_Tree Farm Phase 2BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
CONSENT NO.2022 - 02
AUTHORIZING THIRD PARTIAL RELEASE OF COLLATERAL FOR PHASE 2 OF
TREE FARM PLANNED UNIT DEVELOPMENT
FILE NO. No. PDF-9092
WHEREAS, pursuant to C.R.S. § 30-28-137, the Board of County Commissioners of
the County of Eagle, State of Colorado (the "County") entered into a Subdivision and Off -Site
Improvement Agreement dated July 21, 2020 (the "SIA") with Woody Ventures, LLC, a
Colorado limited liability company ("Subdivider") for Phase 2 of the Tree Farm Planned Unit
Development ("Tree Farm PUD"); and
WHEREAS, Subdivider provided collateral in the form of an irrevocable letter of credit
in the amount of $6,984,095.88, which represented 100% of the estimated cost of the
Subdivision Improvements ($6,271,446.26) and 1250r0' of the estimated cost of the Landscape
Improvements associated with Phase 2 of the Tree Farm PUD ($712,649.62); and
WHEREAS, pursuant to Eagle County Consent No. 2020-06, the County authorized a
first partial release of collateral in the amount of $2,412,254,41, thereby reducing the collateral
held by the County to $4,571,841.47; and
WHEREAS, pursuant to Eagle County Consent No. 2021-01, the County authorized a
second partial release of collateral in the amount of $2,760,620.45, thereby reducing the
collateral held by the County to $1,811,221.02; and
WHEREAS, on or about November 13, 2019, Subdivider conveyed the Subdivision
property to Tree Farm RFV, LLC, a Colorado limited liability company, such property being
more specifically described on the Tree Farm Final Plat recorded June 25, 2019, at Reception
No. 201909565, and Tree Farm RFV, LLC assumed all obligations of the Subdivider under the
SIA (Tree Farm RFV, LLC hereinafter referred to as Subdivider); and
WHEREAS, on or about June 21, 2022, the County and Subdivider entered into a Second
Amendment to the SIA to amend the completion date of certain Subdivision Improvements
associated with a plaza to be constructed in Phase 2 ("Plaza Subdivision Improvements") and
related Landscape Improvements ("Plaza Landscape Improvements"). The total estimated cost
of the Plaza Subdivision Improvements is $248,949.60 and the total estimated cost of the Plaza
Landscape Improvements is $91,417.30, for a total of $349,233.73. The total estimated cost of
the Subdivision Improvements without the Plaza Subdivision Improvements is $6,022,496.66,
and the total estimated cost of the Landscape Improvements without the Plaza Landscape
Improvements is $507,406.02, for a total of $6,620,874.65; and
Eagle County, CO
Regina O'Brien
Pgs: 11
REC: $0.00
DOC: $0.00
202214445
09/01/2022
09:27:06 AM
WHEREAS, Subdivider has represented to the County that certain Subdivision
Improvements and Landscape Improvements required under the SIA have been completed and
the Subdivider has applied for a third partial release of collateral; and
WHEREAS, based upon the written recommendations of the County Engineer set forth
in Exhibit A attached hereto and incorporated herein, and the recommendation of the County
Attorney, THE COUNTY FINDS that certain Subdivision Improvements and Landscape
Improvements associated with Phase 2 of the Tree Farm PUD appear to be completed as of
August 17, 2022, and a third partial reduction in the collateral is warranted; and
WHEREAS, pursuant to Resolution 95-35, the Chair of the Board of County
Commissioners, or in her absence, the Chairman Pro Tern, has the authority to approve partial
releases once the release has been recommended for approval by the County Attorney; and
WHEREAS, based upon the recommendation of the County Engineer attached, hereto as
Exhibit A, and the recommendation of the County Attorney, THE COUNTY FINDS that a third
partial release is warranted.
NOW, THEREFORE, BE IT AUTHORIZED BY THE COUNTY OF EAGLE, STATE OF
COLORADO:
THAT, based on the recommendation of the County Engineer and the County
Attorney, the Chair of the Board authorizes this third partial release of collateral in the amount
of $732,035.16, thereby reducing the required collateral to $715,964.63, which represents the
collateral to be held for the two-year warranty period under the SIA for the Subdivision
Improvements and Landscape Improvements for Phase 2 of the Tree Farm PUD. Collateral
for the Plaza Subdivision Improvements and the Plaza Landscape Improvements in the amount
of $349,233,73 will continue to be held by the County in accordance with the SIA.
THAT, this partial release of collateral does not represent the County's acceptance of
the work purportedly completed by the Subdivider.
THAT, this partial release of collateral does not commence the warranty period under
the SIA.
THAT, this partial release of collateral shall not in any way abrogate the rights of the
County in enforcing the Subdivider's performance of its outstanding obligations under the
SIA.
THAT, this partial release is contingent upon the Subdivider substituting collateral in a
form acceptable to the County Attorney.
[Remainder of this page left intentionally blank]
APPROVED by the Chair of the Board of County Commissioners of the County of
Eagle, State of Colorado, pursuant to Eagle County Resolution 95-35, this day of
8/31/2022
COUNTY OF EAGLE, STATE OF
COLORADO, by and Through Its
CHAIR TO THE BOARD OF COUNTY
COMMISSIONERS
Doeu fined by:
el*"eeny, Chair
EAGLE COUNTY ATTORNEY
DocuSigned by:
By: =�---
+ILATmu, County Attorney
EAGLE COUNTY ENGINEER
Docuftned by:
By: keA G
3CRCGWdWj4Gounty Engineer
EXHIBIT A
ENGINEERING DEPARTMENT MEMORANDUM
E
MEMORANDUM
EAGLE COUNTY ENGINEERING
TO: Tracy Stowell, Eagle County Attorney's Office
FROM: Rickie Davies, Engineering Department
DATE: August 22, 2022
RE: Subdivision Improvements Agreement, Tree Farm PUD Phase 11,
Eagle County File No. PDF-009092-2020
Authorization of the Third Partial Collateral Release
A written request for reduction of the collateral for the construction of portions of the improvements under
the agreement was received from Dave Marrs with Geronimo Ventures LLC on August 18, 2022.
The original amount from the signed Subdivision and Off -Site Improvements Agreement was:
Public Improvements — $6,271,446.26
Landscaping — $ 712,649.62
Total Collateral Amount = $6,984,095.88
The first partial collateral release was approved on October 27, 2020 in the amount of $2,412,254.41.
Total Collateral Amount $6,984,095.88
First Partial Collateral Release — $2,412,254.41
Remaining Collateral Amount = $4,571,841.46
The second partial collateral release was approved on July 19, 2021 in the amount of $2,760,620.45.
Remaining Collateral Amount= $4,571,841.46
SrrQnd Partial Collateral Release = $2,760,620.45
Remaining Collateral Amount = $1,811,221.01
On June 21, 2022, an Amendment was approved amending the completion date for the plaza
improvements/landscaping and separated out the estimated costs of construction. The developer is currently
in the building construction stage for buildings on Lots E-1, E-2 & E-3. The pedestrian plaza is located with
Lots E-1 & E-2 on one side and Lot E-3 on the other side of the pedestrian plaza. The rationale for
amending the SIA is that the developer has concerns about the pedestrian plaza being damaged during
building construction. The break out of the estimated costs of construction are in the attached "Summary of
Tree Farm PUD Phase II Collateral Release".
The Eagle County Engineering Department performed an inspection confirming the amount of work
completed on August 17, 2022. Construction items were checked for completion as listed on the attached
exhibit. The items requested for reduction were found to be constructed and completed in a satisfactory
manner. The amount of work completed exceeds the amount of collateral that can be released. Eagle
County Land Use Regulations Section 5-280.B.5.e.(3).(b) states, "As portions of the landscape
improvements are completed, the Planning Director shall inspect them, and upon: approval and
acceptance, shall authorize the release of the agreed estimated cost for that portion of the improvements,
except that ten (10) percent shall be withheld until all proposed improvements are completed and approved,
and an additional twenty-five (25) percent shall be retained until the improvements have been maintained in
a satisfactory condition for two (2) years. " The amount that must be held as collateral for the 2 year
warranty period is $715,964.63.
The Eagle County Engineering Department recommends a reduction of the collateral in the amount of
$732,035.16 from the $1,447,999.79 that remains on the Main SIA. This will leave a balance of
$715,964.63 collateral remaining.
Remaining Collateral Amount — $1,447,999.79
Third Partial Collateral Release = $ 732,035.16
Remaining Collateral Amount = $ 715,964.63
This reduction does start the warranty period.
rii" y'
cc: Ben Gerdes, County Engineer
Beth Oliver, Deputy County Attorney
Danny Stewart, Roaring Fork Engineering
Jon Fredricks, Landwest
Dave Marrs, Geronimo Ventures, LLC
Attachment: Email Request for Reduction, Engineer's Opinion of Probable Construction Cost, Summary of
Collateral Release, Photos
VuI'u-J.. LI IY-V. - JV- VT J-, - ---, V ,- -.-
EAGLE COUNTY
Richard Davies <richard.davies@eaglecounty.us
•ee Farm PUD - Collateral Releases
nessage
ive Marrs <dave@geronimoventures.biz>
: Richard Davies <richard.davies@eaglecounty.us>
Rickie,
Thu, Aug 18, 2022 at 10:16 At
3reat seeing you again yesterday. Appreciate your diligence in working with us all these years... See attached related to our requests
•elease of warranty collateral for phase 1 and final release of collateral (3rd LOC release) for phase 2. My notes you asked for and a
:opy of what Danny Stewart prepared for the 2nd LOC release as a reference for item numbers. Let me know if you need anything
'urther on my end in order to get the BOCC to release the warranty collateral for phase 1 and hopefully final for phase 2 (excl. the Plaza
31A).
David Marrs
ZWef Financial Officer
3eronimo Ventures, LLC
101 Tree Farm Drive
Carbondale, CO 81623
3rdReleaseRequest.TreeFarm.Aug.18.2022.pdf
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