HomeMy WebLinkAboutR22-073 Tree Farm PUD Phase I File no. PDF 9007-2019 Final Release of Collateral and Termination of Warrenty Period DocuSign Envelope ID:F468D89D-4FAD-46D6-9DA3-C42D67CO2840
Eagle County, CO 202214678
Regina O'Brien 09/07/2022
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Commissioner chandler-Henry moved adoption
of the following Resolution:
•
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 2022 - 073
RESOLUTION APPROVING FINAL RELEASE OF COLLATERAL
AND TERMINATION OF WARRANTY PERIOD FOR
TREE FARM PUD PHASE I
File No. PDF-9007-2019
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 May 29, 2019 (the "SIA") with Woody Ventures, LLC, a
Colorado limited liability company(hereinafter "Subdivider") for the Tree Farm Planned Unit
Development Phase I ("Tree Farm Phase I"); and
WHEREAS, Subdivider provided collateral in the form of a letter of credit in the amount
of$3,997,831.50, of which $3,866,941.50 represents 100% of the estimated cost of the
Subdivision Improvements; $104,712.00 represents 100% of the estimated cost of the Landscape
Improvements and$26,178.00 represents the 25% contingency for the Landscape Improvements
associated with Tree Farm Phase I; and
WHEREAS, pursuant to Eagle County Consent No. 2019-03, the Board of County
Commissioners ("Board") authorized a first partial release of collateral in the amount of
$1,306,349.00, thereby reducing the required collateral to $2,691,482.50; and
WHEREAS, pursuant to Eagle County Consent No. 2020-02, the Board of County
Commissioners ("Board") authorized a second partial release of collateral in the amount of
$1,560,312.50, thereby reducing the required collateral to $1,131,170.00; and
WHEREAS, pursuant to Eagle County Consent No. 2020-05, the Board of County
Commissioners ("Board") authorized a third partial release of collateral in the amount of
$711,753.35, thereby reducing the required collateral to $419,416.65; and
WHEREAS,pursuant to Consent No. 2020-05, the two-year warranty period under the
SIA was commenced as of August 28, 2020, for the Subdivision Improvements and Landscape
Improvements associated with Tree Farm Phase I; and,
DocuSign Envelope ID:F468D89D-4FAD-46D6-9DA3-C42D67CO2840
WHEREAS, Subdivider has represented to the County that the Subdivision
Improvements and the Landscape Improvements required under the SIA have been completed
and have survived the warranty period, and the Subdivider has applied for a final release of
collateral; and
WHEREAS, based upon the written recommendation of the County Engineer as set forth
in Exhibit A attached hereto and incorporated herein, the work required under the SIA is
complete, has survived the warranty period and is acceptable per the terms and conditions of the
SIA, and the Engineering Department recommends full release of the collateral and the
termination of the SIA.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: THAT,
based on the recommendation of the County Engineer, the Board finds that the Subdivider' s
obligations under the SIA have been satisfied and hereby authorizes the final release of the sum
of$419,416.65 being held by the County as collateral.
THAT, this Resolution shall be recorded in the records of the Eagle County Clerk and
Recorder, which shall be evidence that the warranty period for Tree Farm Phase I has been
successfully completed and that the Subdivider's obligations under the SIA are complete.
THAT, the BOARD further finds, determines and declares that this Resolution is
necessary for the health, safety and welfare of the inhabitants of the County of Eagle, State of
Colorado.
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DocuSign Envelope ID:F468D89D-4FAD-46D6-9DA3-C42D67CO2840
MOVED, READ AND ADOPTED by the Board of County Commissioners of the
County of Eagle, State of Colorado, at its regular meeting held the 6th day of
September , 2022.
COUNTY OF EAGLE, STATE OF
COLORADO,by and Through Its
�— DocuSigned by: BOARD OF COUNTY
COMMISSIONERS
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,—DocuSigned by:
PL /ju Gti DocuSigned by:
Regirfac002Bisieri,•Clerk to the Board of By:
County Commissioners J ntoMeQueeney,
County Commissioner Chair
DocuSigned by:
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Krr-Henry,
County Commissioner
—DocuSigned by:
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Matt-SeilernE0473...
County Commissioners
Commissioner scherr seconded adoption of the foregoing resolution. The roll having
been called, the vote was as follows:
Commissioner McQueeney Aye
Commissioner Chandler-Henry Aye
Commissioner Scherr Aye
This Resolution passed by 3/0 vote of the Board of County Commissioners of the County
of Eagle, State of Colorado.
DocuSign Envelope ID:F468D89D-4FAD-46D6-9DA3-C42D67CO2840
EXHIBIT A
ENGINEERING DEPARTMENT MEMO
DocuSign Envelope ID:F468D89D-4FAD-46D6-9DA3-C42D67CO2840
MEMORANDUM
EAGLE COUNTY ENGINEERING
TO: Tracy Stowell, Eagle County Attorney's Office
FROM: Rickie Davies, Engineering Department
DATE: August 29, 2022
RE:Subdivision Improvements Agreement,Tree Farm PUD Phase I,
Eagle County File No. PDF-9007-2019-Authorization of Final Collateral Release
The 2 year warranty period for the Subdivision and Off-Site Improvements for the Tree Farm PUD Phase I
started on August 28, 2020 as stated in Consent No. 2020-05,see attached.
The original amount from the signed SIA was:
Public Improvements $3,866,941.50
Landscape Improvements $104,712.00
Landscape 25%Contingency $26,178.00
Total Collateral Amount =$3,997,831.50
The first partial collateral release was approved on September 16, 2019 in the amount of$1,306,349.00.
Total Collateral Amount $3,997,831.50
First Partial Collateral Release $1,306,349.00
Remaining Collateral Amount =$2,691,482.50
The second partial collateral release was approved on January 27, 2020 in the amount of$1,560,312.50.
Remaining Collateral Amount $2,691,482.50
Second Partial Collateral Release $1,560,312.50
Remaining Collateral Amount =$1,131,170.00
The third partial collateral release was approved on September 1, 2020 in the amount of$711,753.35.
Remaining Collateral Amount $1,131,170.00
Third Partial Collateral Release $711,753.35
Remaining Collateral Amount =$419,416.65
The remaining collateral amount of $419,416.65, is 10% of all public improvements and 25% of all
landscaping improvements that shall be retained until the improvements have been maintained in a
satisfactory condition for two (2)years, as stated in ECLUR Section 5-240.F.3.h.
The amount,$419,416.65,was retained for 2 years from the date of inspection,August 28, 2020.
DocuSign Envelope ID:F468D89D-4FAD-46D6-9DA3-C42D67CO2840
The Eagle County Engineering Department performed an inspection confirming the work has passed the
warranty period on August 18, 2022.
The Eagle County Engineering Department recommends the release of the remaining collateral in the
amount$419,416.65.
# # #
cc: Ben Gerdes, County Engineer
Beth Oliver, Deputy County Attorney
David Marrs, Geronimo Ventures, LLC
Danny Stewart, Roaring Fork Engineering
Jon Fredricks, Landwest
Attachment: Consent No. 2020-05, Engineer's Opinion of Probable Construction Cost, Landscape Opinion
of Probable Cost,Summary of Collateral Release, Site Photos
