HomeMy WebLinkAboutR94-200 second partial release of collateral for cordillera Filing 10Commissioner ��� moved adoption
of the follow!? Resolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 94-,,LL)
SECOND PARTIAL RELEASE OF COLLATERAL
Filing 10
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 January 18,
1994, ( "Agreement ") with Stag Gulch Partners, a Colorado General
Partnership ( "Subdivider "), as a condition of final plat approval
for Filing 10, 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 as described therein; and
WHEREAS, by Resolution No. 94 -99, the plat restriction was
released and Irrevocable Letter of Credit No. 173 issued by the
First Bank of Eagle County in favor of JLP Realty Corp. in the
amount of $1,600,000; and
WHEREAS, by Resolution No. 94 -141, the Board approved a first
reduction in collateral for Filing 10 in the amount of $613,163.74,
leaving a balance of $985,479.02 to be collateralized under
Irrevocable Letter of Credit No. 5917459; and
WHEREAS, the Subdivider has request a second reduction in
collateral in the amount of $537,856.84, leaving a balance of
$447,622.18 to be collateralized under a new or amended Letter of
Credit; 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 have been partially completed, see the attached Exhibit
"A ", attached hereto and incorporated herein by this reference; and
THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS
OF THE COUNTY OF EAGLE, STATE OF COLORADO:
THAT, a reduction in the collateral in the amount of
$537,856.84 for a balance of $447,622.18 is granted.
THAT, this partial release of collateral is contingent upon
Subdivider providing to the the Board 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
December, 1994.
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
BOARD OF COUNTY COMMISSIONERS
By: J
hnnette Phillips, ClAirman
E. J r
mmissione
George A Gates, Commissioner
Commissioner seconded adoption of the
foregoing resolution. The roll having been called, the vote was as
follows:
Commissioner Johnnette Phillips QL;fd j
Commissioner James E. Johnson, Jr.
Commissioner George A. Gates �/ p
t
This Resolution passed by 21i9�� „n�� vote of the Board of
County Commissioners of the Courit'�'of Eagle, State of Colorado.
mta \r \cord- 10.par
#87 -84
County Commissioners
^ LLATERAL RELEASE SUMMARY
SIA: Cordillera, Filing 10
Second Partial Release
DATE: October, 1994
SEWER CONSTRUCTION
Trench 12' B &C
$
ORIGINAL
$
AMOUNT OF
ROAD CONSTRUCTION
AMOUNT
COLLATERALIZED
IMPROVEMENTS
COMPLETED
Mobilization
$
20,000.00
$
18,000.00
Clear and Grub
Topsoil Removal
$
18,800.00
$
18,800.00
Unclassified Excavation
$
$
24,296.00
102,554.40.
$
24,296.00
Fine Grading
$
27,333.00
$
102,554.40
Aggregate Base Course
$
129,380.63
$
$
21,866.40
Asphalt
$
75,776.00
$
64,690.31
Testing
Street Signs
$
10,000.00
$
00-
8,000.00
Place Topsoil
$
$
1,350.00
30,370.00
$
_0_
Landscaping /Revegetation
S
15,040.00
$
24,296.00
TOTAL ROAD CONSTRUCTION
$
454,900.03
$
$
_0_
282,503.11
WATER CONSTRUCTION
7' Trench B &C
$
123,405.00
$
123,405.00
8" DIP
$
74,043.00
$
74,043.00
8 Gate Valve
Gate
$
5,775.00
$
5,775.00
8
$
1,200.00
$
1,200.00
8 CI Elbow
bow
$
12,480.00
$
12,480.00
Hydrant
$
19,500.00
$
19;500.00
Water Services
$
22,000.00
$
22,000.00
Air Release Valve
$
5,000.00
$
5,000.00
6" PRV
S
24,000.00
24,000.00
TOTAL WATER CONSTRUCTION
$
287,403.00
$
287,403.00
SEWER CONSTRUCTION
Trench 12' B &C
$
95,700.00
$
95,700.00
8" PVC
.$
100,369.50
$
100,369.50
48" Manholes
$
191,250.00
$
191,250.00
Service Connection
S
30,000.00
S
30,000.00
TOTAL SEWER CONSTRUCTION
$
417,319.50
$
417,319.50
DRAINAGE
$
6,900.00
,900.00
Rip Rap
$
1,750.00
$
85
18" Plastic Pipe
$
6,400.00
$
6,40000
18" CMP End Sections
$
2.700.00
.00
2,00.00
TOTAL DRAINAGE
$
10,850.00
$
$
9,1
ELECTRICAL
4' Trench
$
36,356.00
$
3
6 Conduit
$
5,512.00
$
5,512.00
4" Conduit
$
11,361.25
$
11,361.25
Cable
$
81,000.00
$
_0_
Transformers
T
T
$
25,500.00
$
25,500.00
Vault
$
6,900.00
,900.00
TOTAL ELECTRICAL
$
166,629.25
$
85
Cordillera Piling #10 -°
Second Partial Release
Page 2
TELEPHONE AND TV
Buried Cable
4 Conduit
Pedestals
TV Cable
TOTAL TELEPHONE AND TV
NATURAL GAS
2" Gas Line
TOTAL NATURAL GAS
ENGINEERING, SURVEYING. TESTING
TOTAL CORDILLERA FILING #10
IMPROVEMENTS COMPLETED
10% RETAINAGE
FIRST RELEASE
THIS RELEASE
ORIGINAL SIA
FIRST RELEASE
THIS RELEASE
REVISED SIA
�M
ORIGINAL
AMOUNT
COLLATERALIZED
$ 20,450.25
$ 22,722.50
$ 1,600.00
$ 20.450.25
$ 65,223.00
$ 77,900.00
$ 77,900.00
118.417.98
$1,598,642.76
$1,278,911.75
$ 127,891.18
$1,151,020.57
613,163.74
$ 537,856.83
$1,598,642.76
$ 613,163.74
$ 537.856.84
$ 447,622.18
AMOUNT OF
IMPROVEMENTS
COMPLETED
$ -0-
$ 22,722.50
$ 1,600.00
-0-
$ 24,322.50
77.900.00
$ 77,900.00
94,734.39
$1,278,911.75
1► 1flu[IM"W I u-�
EAGLE COUNTY ENGINEERING
TO: Maureen Amundson, Attorney's Office
FROM: John Althoff, Engineering
DATE: November 21, 1994
RE: Cordillera Filings 9, 10
On October 20, 1994 I visited the site with Chris Williams of
Johnson, Kunkel & Associates to verify completion of work in
filings 9 and 10. On October 26th I notified both Mark Avery and
Chris Williams that I needed compaction test results for filings
9, and 10. I have received.the test results and reviewed this
information.
Attached are Collateral Release Summaries for filings 9, and 10.
Please process releases as follows:
Filing 9, Second Partial Release $540,992.26
Filing 10, Second Partial Release $537,856.83
