HomeMy WebLinkAboutR94-175 substitution of collateral and first partial release for Cordillera #14Commissioner 6 2 f moved adoption
of the following Resolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 94 -
SUBSTITUTION of COLLATERAL
AND
FIRST PARTIAL RELEASE
Filing 14
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 May 27,
1994 ( "Agreement ") with Stag Gulch Partners, a Colorado General
Partnership ( "Subdivider "), as a condition of final plat approval
for Filing 14, Cordillera Subdivision; and
WHEREAS, the Subdivider provided collateral in the form of a
plat restriction to guarantee the faithful completion of the public
improvements 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 all as described therein; and
WHEREAS, Subdivider has represented and County Staff has
concurred, that certain public improvements required under the
Agreement have been partially completed (see the attached Exhibit
" A " ) and therefore Subdivider has applied for the release of the
plat note and first partial release of collateral; and
WHEREAS, the Subdivider requests a first partial release of
its collateral reducing the amount currently held by the County
from $390,825.60 to $305,716.40 for a release of $85,109.20; and
WHEREAS, based on the finding of the Department of
Engineering, THE BOARD FINDS that the that public improvements
associated with Cordillera, Filing 14 appear to have been partially
completed and a reduction in the collateral held by the Board is
warranted if the Subdivider provides the County a letter of credit
in the amount of $305,716.40 in a form acceptable to the County
Attorney.
u7
551240 B -655 P -206 11/16/94 03:29P PG 1 OF 6 REC DOC
Sara J. Fisher Eagle County Clerk & Recorder
0.00
T
THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS
OF THE COUNTY OF EAGLE, STATE OF COLORADO:
THAT, the Board hereby releases the plat note for Filing 14.
THAT, the Board hereby authorizes the partial release of
collateral in the amount of $85,109.20, thereby reducing the
collateral to $305,716.40 which represents the balance of the
public improvements to be completed in Cordillera Filing 14, on the
delivery to the County of a letter of credit in the amount of
$305,716.40 in a form acceptable to the County Attorney.
. THAT, this first partial release of collateral granted hereby
does not represent the County's acceptance of the work purportedly
completed by the Subdivider, nor does it in any way signify the
commencement of the warranty period; the warranty period shall
begin on the date all work is complete and accepted by the County,
pursuant to Paragraph 2.6 of the Agreement.
THAT, the first 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, all other provisions of the Agreement shall remain in
full force and effect.
THAT, this resolution shall be recorded in the Records of the
Eagle County Clerk and Recorder, which shall be evidence that the
plat note for Filing 14, Cordillera Subdivision, is released.
MOVED, READ AND ADOPTED by the Board of County Commissioners
of the County of Eagle.
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
BOARD OF COUNTY COMMISSIONERS
o Chairman
County Commissioners
George/ Gates, Commissioner
Commissioner seconded adoption of the
foregoing resolut on. The roll having been called, the vote was as
follows:
Commissioner Johnnette Phillips
Commissioner James E. Johnson, Jr.
Commissioner George A. Gates Lz�
This Resolution passed by co -0 vote of the Board of
County Commissioners of the County of Eagle, State of Colorado.
cord- 14.sub
#87 -84
EAGLE COUNTY ENGINEERING
TO: Nancy Lewis, Attorney's Office
FROM: John Althoff, Engineering
DATE: November 9, 1994 a�
RE: Cordillera Filing 14
First Partial Release of Collateral
On October 20, 1994 I visited the site with Chris Williams of
Johnson, Kunkel & Associates to verify completion of the work in
Filing #14. On November 7, 1994 I notified Chris Williams and
Mark Avery that I needed compaction tests for road subgrade,
asphalt, sewer, and shallow utilities. I received this
information on Tuesday, November 8, 1994, at about 5:00 P.M. and
results are good.
Attached is our Collateral Release Summary. Please process the
first partial release of $85,109.20 for Filing #14.
EXHIBIT
WATER CONSTRUCTION
7' Trench B & C
$
28,665.00
$
7,166.25
COLLATERAL
RELEASE SUMMARY
17,199.00
$
SIA: Cordillera Filing 14
8" Gate Valve
$
3,675.00
$
First Partial Release
8 CI Elbow
$
5,440.00
$
DATE: November 7, 1994
Hydrant Ass Y
$
9,000.00
$
1,5
Water Services
ORIGINAL.
1300
,200.
AMOUNT OF
1,650.00
Air Vac
AMOUNT
IMPROVEMENTS
_0_
TOTAL WATER CONSTRUCTION
COLLATERALIZED
79,979.00
COMPLETED
ROAD CONSTRUCTION
Mobilization
$
7,500.00
$
1,875.00
Clear and Grub
$
3,500.00
$
875.00
Topsoil Removal
$
6,363.00
$
1,590.75
Unclassified Excavation
$
7,114.25
$
1,778.56
Fine Grading
$
2,349.75
$
587.44
Aggregate Base Course
$
17,858.50
$
4,464.63
Asphalt
$
40,672.00
$
10,168.00
Testing
$
5,000.00
$
1,250.00
Street Signs
$
675.00
$
_0_
Place Topsoil
$
7,070.00
$
1,767.50
Landsca in /Reve etation
p g g
$ 4,200.00
$
1.050.00
TOTAL ROAD CONSTRUCTION
$102,302.50
$
25,406.88
WATER CONSTRUCTION
7' Trench B & C
$
28,665.00
$
7,166.25
8" DIP
$
17,199.00
$
4,299.75
8" Gate Valve
$
3,675.00
$
2,100.00
8 CI Elbow
$
5,440.00
$
1,600.00
Hydrant Ass Y
$
9,000.00
$
1,5
Water Services
$
1300
,200.
$
1,650.00
Air Vac
$ 2,800.00
$
_0_
TOTAL WATER CONSTRUCTION
$
79,979.00
$
18,316.00
SEWER CONSTRUCTION
Trench 10' B & C
$
24,795.00
$
6,198.75
8 PVC
$
17,955.00
$
4,488.75
48" Manholes
$
12,000.00
$
3,000.00
4" Service
$
18,750.00
$
1,500.00
6 Service
$
1,000.00
$
1,000.00
SEWER CONSTRUCTION
$
74,500.00
$
16,187.50
DRAINAGE
Rip Rap $ 210.00
18" Plastic Pipe $ 1,600.00 $ _0_
18" CMP End Sections $ 600.00
-0
TOTAL DRAINAGE $
$ 2,410.00 $ _0_
ELECTRICAL
4' Trench
$
10,304.00
$
3,091.20
4 Conduit
$
3,220.00
$
966.00
Cable
$
30,912.00
$
9,273.60
Transformers
T
$
8,500.00
$
3,400.00
Vault
$
1,500.00
$
1,500.00
7' Vault
$ 3,400.00
$ 3,400 00
TOTAL ELECTRICAL
$
57,836.00
$
21,630.80
Cordillera Filing 14
First Partial Release
November. 7, 1994
Page 2
NATURAL GAS
2 Gas Line $ 24,994.50 $ -0-
TOTAL NATURAL GAS $ 24,994.50 $ -0-
ENGINEERING, SURVEYING. TESTING $ 35,529.60 $ 8.882.40
TOTAL FILING 14 $390,825.60
$ 94,565.78
IMPROVEMENTS COMPLETED: $ 94,565.78
10% RETAINAGE $ 9,456.58
FIRST RELEASE $ 85,109.20
ORIGINAL SIA: $390,825.60
FIRST RELEASE: $ 85,109.20
REVISED SIA: $305,716.40
ORIGINAL
AMOUNT OF
AMOUNT
IMPROVEMENTS
COLLATERALIZED
COMPLETED
TELEPHONE AND TV
4 Conduit - Telephone
$
4,657.50
$ 1,397.25
Buried Telephone Cable
$
2,587.50
$ 776.25
Pedestals - Telephone
$
400.00
$ 200.00
4" Conduit -TV
$
2,614.50
$ 784.35
TV Cable
$
2,614.50
$ 784.35
Pedestals -TV
$
400.00
$ 200.00
TOTAL TELEPHONE AND TV
$
13,274.00
$ 4,142.20
NATURAL GAS
2 Gas Line $ 24,994.50 $ -0-
TOTAL NATURAL GAS $ 24,994.50 $ -0-
ENGINEERING, SURVEYING. TESTING $ 35,529.60 $ 8.882.40
TOTAL FILING 14 $390,825.60
$ 94,565.78
IMPROVEMENTS COMPLETED: $ 94,565.78
10% RETAINAGE $ 9,456.58
FIRST RELEASE $ 85,109.20
ORIGINAL SIA: $390,825.60
FIRST RELEASE: $ 85,109.20
REVISED SIA: $305,716.40
