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HomeMy WebLinkAboutR94-174 fifth partial release of collateral for Blue Lake Filing VCommissioner n , moved adoption of the following R solution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 94 - 7� FIFTH PARTIAL RELEASE of COLLATERAL BLUE LAKE SUBDIVISION Filing V 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 March 14, 1994 ( "Agreement ") with Vantex Enterprises Inc.,( "Subdivider "), as a condition of final plat approval for Filing 5, Blue Lake Subdivision; and WHEREAS, the Subdivider provided collateral in the form of deposit in an Escrow Account, pursuant to an Escrow Agreement, to guarantee the faithful completion of the public improvements in the project; and WHEREAS, Paragraph 2.2 of the Agreement allows the Subdivider to apply for partial releases of collateral, all as described therein; and WHEREAS, by Resolution Number 94 -91 the Board approved a reduction in collateral in the amount of $376,137.45 leaving a balance of $1,140,981.05 which was collateralized under the Escrow Agreement; and WHEREAS, by Resolution Number 94 -114 the Board approved a second reduction in collateral in the amount of $191,848.50, leaving a balance of $949,132.55 in the Escrow Account; and WHEREAS, by Resolution Number 94 -126 the Board approved a third reduction in collateral in the amount of $57,901.95, leaving a balance of $891,230.60 in the Escrow Account; and WHEREAS, by Resolution Number 94 -151 the Board approved a fourth reduction in collateral in the amount of $186,922.80, leaving a balance of $704,307.80 in the Escrow Account; 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 appear to have been partially completed in a satisfactory manner (Exhibit A); and WHEREAS, the Subdivider has requested a fifth reduction in the collateral in the amount of $265,325.17 which will leave a balance of $438,982.63 in the Escrow Account: Original SIA • $1,517,118.50 First Partial Release $ 376,137.45 Second Partial Release $ 191,848.50 Third Partial Release $ 57,901.95 Fourth Partial Release $ 186,922.80 Fifth Partial Release $ 265,325.17 Remaining Collateralized Improvements $ 438,982.63 Based upon the oral and written recommendations of the Department of Engineering, THE BOARD FINDS that the Subdivider's obligations under the Agreement appear to 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 authorizes the partial release of collateral in the amount of $265,325.17 for a remaining collateral balance of $438,982.63 which represents the balance of the public improvements to be completed in Blue Lakes Filing V. 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. THAT, the remaining balance of $438,982.63 which remains in the Escrow Account is currently sufficient to provide the collateral which will be required upon commencement of the warranty period as defined in Paragraph 2.3 of the Agreement. THAT, this partial release of collateral in no way signifies the commencement of any warranty period; the warranty period shall begin on the date all work is complete and accepted by the County, pursuant to Paragraph 2.3 of the Agreement. THAT, all other provisions of the Agreement shall remain in full force and effect. MOVED, READ AND ADOPTED by the Board of County Commissioners of the County of Eagle, State of Colorado, this /y/A day of November, 1994. County Commissioners COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOARD OF COUNTY COMMISSIONERS Commissioner (pjJ seconded adoption of the foregoing resolution. The 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 vote of the Board of County Commissioners of the County of Eagle, State of Colorado. r \blueV5.par sub # 84 -33 -3- Georg Gates, Commissioner EAGLE COUNTY ENGINEERING J12. TO: Maureen Amundson, Attorney's Office FROM: John Althoff, Engineering T DATE: October 25, 1994 RE: Blue Lake Filing 5 Fifth Partial Release of Collateral I have received all the paper work and test results to complete this partial release. This fifth release will be $265,325.17 with a new collateral balance of $438,982.63 per the attached Collateral Release Summary. CC: Phill Scott ;`XHIBIT A Lloyd Powers File COLLATERAL RELEASE SIA: Blue Lake Filing #5 Fifth Partial Release DATE: October, 1994 SUMMARY ORIGINAL AMOUNT COLLATERALIZED SITE WORK Site Grading & Subgrade Preparation Landscaping, Trees, Vegetation, Irrigation TOTAL SITE WORK STREETS & DRAINAGE Class 2 (Pit Run) Class 6 ABC 2 Asphalt 2 Asphalt Ped /Bike Path Concrete Curb & Gutter Concrete Sidewalk Concrete Cross Pan Sidewalk Ramps Curb Openings 18" CMP w /Flared Ends 24" CMP w /Flared Ends 64 1 lx43" ACMP Culvert w /Bed Concrete Culvert Headwalls Riprap w /Bedding Material Street Signs 36" Dia. RCP Blue Creek Conduit (Class 3) 48 1 lx36" Dia. RCP Transition Conduit (Class 3) 36" Inlet Structure w /Trash Rack 5' Dia. Manhole w /Lid 12" SDR 26 PVC Pipe (Ditch Siphon) 71 1 lx47" CMPA Culvert 12" Flume (Parshall) TOTAL STREETS & DRAINAGE AMOUNT OF IMPROVEMENTS COMPLETED $ 80,000.00 $ 80,000.00 $ 39,000.00 $ -0- $ 119,000.00 $ 80,000.00 $ 52,000.00 $ 52,000.00 $ 38,500.00 $ 38,500.00 $ 113,424.00 $ 113,424.00 $ 13,051.50 $ 6,951.75 $ 100,320.00 $ 100,320.00 $ 95,040.00 $ 95,040.00 $ 16,470.00 $ 16,470.00 $ 400.00 $ 400.00 $ 4,250.00 $ 4,250.00 $ 1,824.00 $ 1,824.00 $ 5,566.00 $ 5,566.00 $ 12,000.00 $ 12,000.00 $ 8,000.00 $ 8,000.00 $ 7,250.00 $ 7,250.00 $ 1,050.00 $ -0- $ 32,500.00 $ 32,500.00 $ 400.00 $ 800.00 $ 3,400.00 $ 3,200.00 $ 4,000.00 8 900.00 $ 514,345.50 Ift, NIP 0:3" III w'1V 8 DIP Class 52 w /Polywrap 8 Gate Valve Fire Hydrant w /6" lateral, valve, and tee Tees 3/4" Water Service w /Stops & Box Sleeve Interconnection TOTAL WATERLINE $ 88,060.00 $ 9,450.00 $ 23,400.00 $ 800.00 $ 54,000.00 $ 1,000.00 $ 176,710.00 $ 400.00 $ 800.00 $ 3,400.00 $ -0- $ 4,000.00 S -0- $ 503,095.75 $ 88,060.00 $ 9,450.00 $ 23,400.00 $ 800.00' $ 54,000.00 $ 1,000.00 $ 176,710.00 Blue Lake Filing #5 Fifth Partial Release Page 2 SEWERLINE 4' Dia. Manholes w /Lids 8 SDR35 PVC Sewer Pipe 4 SDR26 PVC CL160 Pipe Concrete Encasement 4 PVC Service w /Wyes Sanitary Sewer Lift Sta. TOTAL SEWERLINE UTILITIES 4' Deep Trench 3' Deep Trench Transformer Vault Gas Electric Street Lights TOTAL UTILITIES IRRIGATION DITCH IMPROVEMENTS 24" Ultraflo Pipe w /Gasket Joints 4' Dia. Manhole w /Lid 90" Dia. Manhole w /Lid & Headgates 24" Flared End Section w /Trash Rack Diversion Structure (concrete) w /headgates and flume 24" CMP 8 DIP Drain Line 8 Gate Valve (Drain Line Riprap TOTAL IRRIGATION DITCH Site Grading 2" Asphalt Paving 2 Asphalt Ped /Bike Path Class 6 ABC Beach Sand Restroom Facility Sanitary Sewer Service Water Services Pavilion Structure & Pad Shelters & Docks Game /Playground Area Furnishings, Tables, Benches, BBQ's, Trash Receptacles Site Lights Landscaping, Trees, Vegetation, Irrigation TOTAL PARK AREA ORIGINAL $ AMOUNT OF AMOUNT IMPROVEMENTS 24,800.00 COLLATERALIZED $ COMPLETED $ 17,500.00 $ $ 45,900.00 $ 45,900.00 $ 59,778.00 $ 59,778.00 $ 9,000.00 $ -0- $ 2,750.00 $ 2,750.00 $ 54,000.00 $ 54,000.00 $ 21,000.00 $ -0- $ 192,428.00 $ 162,428.00 $ 16,050.00 $ 16,050.00 $ 24,800.00 $ 24,800.00 $ 2,200.00 $ 2,200.00 $ 17,500.00 $ 17,500.00 $ 120,400.00 $ 120,400.00 $ 4,000.00 $ 2,000.00 $ 184,950.00 $ 182,950.00 $ 90,000.00 $ 64,800.00 $ 10,200.00 $ 10,200.00 $ 4,500.00 $ 4,500.00 $ 450.00 $ 450.00 $ 5,000.00 $ 3,740.00 $ 2,880.00 $ 550.00 8 1.250.00 $ 118,570.00 $ 5,000.00 $ 3,740.00 $ 2,880.00 $ 550.00 8 625.00 $ 92,745.00 $ 15,000.00 $ -0- $ 11,110.00 $ -0- $ 4,895.00 $ -0- $ 6,160.00 $ -0- $ 5,000.00 $ -0- $ 22,000.00 $ -0- $ 900.00 $ -0- $ 1,050.00 $ -0- $ 30,000.00 $ -0- $ 25,000.00 $ -0- $ 10,000.00 $ -0- $ 8,000.00 $ -0- $ 12,000.00 $ -0- $ 60,000.00 $ -0- $ 211,115.00 $ -0- Blue Lake Filing #5 Fifth Partial Release Page 3 ORIGINAL AMOUNT COLLATERALIZED TOTAL BLUE LAKE FILING #5 $1,517,118.50 IMPROVEMENTS COMPLETED: $1,197,928.75 10% RETAINAGE $ 119,792.88 $1,078,135.87 FIRST PARTIAL RELEASE: $ 376,137.45 SECOND PARTIAL RELEASE: $ 191,848.50 THIRD PARTIAL RELEASE: $ 57,901.95 FOURTH PARTIAL RELEASE: $ 186,922.80 THIS RELEASE $ 265,325.17 ORIGINAL SIA: $1,517,118.50 FIRST RELEASE: $ 376,137.45 SECOND RELEASE: $ 191,848.50 THIRD RELEASE: $ 57,901.95 FOURTH RELEASE: $ 186,922.80 THIS RELEASE: $ 265,325.17 REVISED SIA: $ 438,982.63 AMOUNT OF IMPROVEMENTS COMPLETED $1,197,928.75