No preview available
HomeMy WebLinkAboutR94-201 partial release of collatearl for Sopris View IV and V3 , Commissioner �� z V--) moved adoption of the following Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 94 - 2 � 2 0/ AUTHORIZING PARTIAL RELEASE OF COLLATERAL AND COMMENCEMENT OF THE WARRANTY PERIOD FOR SOPRIS VIEW APARTMENTS PARCEL IV AND PARCEL V (SUMMIT VISTA LOT 1) WHEREAS, on or about September 28, 1993, 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 ( "Agreement ") with Basalt Trade Associates ( "Subdivider ") as a condition of final plat approval of Summit Vista, Lot 1, Resubdivided as Sopris View Apartments; and WHEREAS, on or about May 2, 1994 the Board entered into Addendum Number 2 and Addendum Number 3 to the Subdivision Improvements Agreement with Basalt Trade Associates for Parcel IV and for Parcel V, respectively, as a condition of building permit approval; and WHEREAS, in order to guarantee the faithful completion of certain public improvements required under the Addenda, the Board accepted as collateral Letter of Credit No. 5800297 in the amount of $17,420.00,issued by Norwest Bank Colorado for Parcel IV and Letter of Credit No. 5800298 in the amount of $17,420.00 issued by Norwest Bank Colorado for Parcel V; and WHEREAS, pursuant to Section 2.2 of the Agreement Subdivider can apply for a partial release of collateral based on its progress in constructing the public improvements required by the Agreement; WHEREAS, by Resolution No 94 -136 Subdivider was granted a partial release of collateral for both Parcels IV and V thereby reducing its collateral from $17,420.00 to $4,748.00 i 43 91 1-1 Parcel IV WHEREAS, the Subdivider has represented to the Board that certain improvements on Parcel IV have been satisfactorily completed; Subdivider requests a partial release of its collateral reducing the amount of the collateral from $4,748.00 to $1,742.00, which represents ten (10 %) of the original cost estimate, which amount is to be held for the two year warranty period; see Exhibit " A " attached hereto and incorporated herein; and Parcel V WHEREAS, the Subdivider has represented to the Board that certain improvements on Parcel V have been satisfactorily completed, Subdivider requests a partial release of its collateral reducing the amount of collateral from $4,748.00 to $1,7420.00, which represents ten (10 %) percent of the original cost estimate, which amount is to be held for the two year warranty period; see Exhibit " A " attached hereto and incorporated herein; and WHEREAS, based upon the Subdivider's representations and recommendations of the Eagle County Department of Engineering, the Board finds: that the public improvements in Parcels IV and V appear to have been completed and a reduction in the collateral to the amount of $1,7420.00 for each Parcel is appropriate; 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 for Parcel IV reducing the collateral to $1,7420.00, said amount to be held for the two year warranty period for the Parcel IV improvements, which will expire at the end of December 6, 1996; Subdivider has provided the County with an amendment to Irrevocable Letter of Credit No. S800297 from Norwest Bank in the amount of $1,742.00, said Letter of Credit will expire on December 31, 1995, see the attached Exhibit "B ". THAT, the Board hereby authorizes the partial release of collateral for Parcel V reducing the collateral to $1,7420.00, said amount to be held for the two year warranty period for the Parcel V improvements, which will expire at the end of December 6, 1996; Subdivider has provided the County with an amendment to Irrevocable Letter of Credit No. 5800298 from Norwest Bank, in the amount of $1,742.00, said Letter of Credit will expire on December 31, 1995, see the attached Exhibit "C ". THAT, the release of collateral granted hereby does not in any way abrogate the rights of the Board in enforcing the Subdivider's performance of its 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. ATTEST: n County Commissioners COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOARD OF COUNTY COMMISSIONERS By: Unnette Phil-lips, airman Commissione ?. / seconded adoption of the foregoing resolution. Th`e iol having been called, the vote was as follows: Commissioner Johnnette Phillips Commissioner James E. Johnson, Jr. Commissioner George A. Gates This Resolution passed by 11W11 vote of the Board of County Commissioners of the County of "Eag'l'e, State of Colorado. mta \r \2sopris.par 84 -152 �zz2ft� a. Z= George K. Ga es, Commissioner 1► %1DillCCAT ► I1 U_I EAGLE COUNTY ENGINEERING TO: Maureen Amundson, Attorney's Office FROM: John Althoff, Engineering Pattie Haefeli, Planning 0 DATE: November 23, 1994 RE: Sopris View Apartments, Third Partial Release of Collateral I received a letter from Paul Adams, dated November 17, 1994, stating that the improvements had been completed and asking for a partial release of collateral for buildings 4 and S. Pattie Haefeli reviewed the site on Tuesday, November 22, 1994, and agreed that all improvements stated are in and completed. Enclosed is a copy of my work sheet for the work completed per phases and collateral to be held per phase. COLLATERAL RELEASE SUMMARY SIA: Sopris View Apartments Third Partial Release DATE: November 23, 1994 PHASE I Parking Area & Roads Utilities Common /Recreation Elements Landscaping Fencing Bicycle Path Walkways TOTAL PHASE I ORIGINAL AMOUNT COLLATERALIZED $ 16,080.00 $ -0- $ 8,000.00 $ 3,500.00 $ -0- $ 10,890.00 $ 1,260.00 $ 39,730.00 PHASE I COLLATERAL REMAINS AT.$11,555.00 PHASE II Parking Area & Roads $ 14,080.00 Landscaping /Berming $ 2,500.00 Walkways $ 840.00 Stop Signs $ 80.00 Detention $ -0- TOTAL PHASE II $ 17,500.00 PHASE II COLLATERAL REMAINS AT $1,750.00 PHASE III Parking $ 16,080.00 Landscaping /Berming $ 2,500.00 Walkways $ 840.00 TOTAL PHASE III $ 19,420.00 PHASE III COLLATERAL REMAINS AT $1,940.00 PHASE IV Parking $ 14,080.00 Landscaping /Berming $ 2,500.00 Walkways $ 840.00 TOTAL PHASE IV $ 17,420.00 LESS loo OF COMPLETED AMOUNT OF IMPROVEMENTS COMPLETED $ 16,080.00 $ -0- $ 5,000.00 $ 3,000.00 $ -0- $ 2,835.00 $ 1,260.00 $ 28,175.00 $ 14,080.00 $ 2,500.00 $ 840.00 $ 80.00 $ -0- $ 17,500.00 $ 16,080.00 $ 2,500.00 $ 840.00 $ 19,420.00 $ 14,080.00 $ 2,500.00 $ 840.00 $ 17,420.00 $ 1,742.00 $ 15,678.00 REDUCE PHASE IV COLLATERAL TO $1,742.00 Sopris View Apartments Third Partial Release November 23, 1994 Page 2 PHASE V Parking $ 14,080.00 $ 14,080.00 Landscaping /Berming $ 2,500.00 $ 2,500.00 Walkways $ 840.00 $ 840.00 TOTAL PHASE V $ 17,420.00 $ 17,420.00 LESS loo COMPLETED $ 1,742.00 $ 15,678.00 REDUCE PHASE V COLLATERAL TO $1,742.00 Parking $ 14,080.00 $ 14,080.00 Landscaping /Berming $ 2,500.00 $ -0- Walkways $ 840.00 $ -0- TOTAL PHASE VI $ 17,420.00 $ 14,080.00 LESS loo COMPLETED $ 1,408.00 $ 12,672.00 NO COLLATERAL IN PLACE AT THIS TIME FOR PHASE VI PHASE VII Parking $ 14,080.00 $ 14,080.00 Landscaping /Berming $ 2,500.00 $ -0- Walkways $ 840.00 $ -0- TOTAL PHASE VII $ 17,420.00 $ 14,080.00 LESS loo COMPLETED 8 1,408.00 $ 12,672.00 NO COLLATERAL IN PLACE AT THIS TIME FOR PHASE VII Work completed this partial release: 1. Landscaping /Berming and Walkways for Phases IV & V. T EE►EE ® ®E®® NORWEST BANKS EEEEE EE ®EE NORWEST BANK COLORADO, NATIONAL ASSOCIATION LETTERS OF CREDIT 1740 BROADWAY ONE NORWEST CENTER DENVER, CO 80274 -8685 SWIFT ADDRESS: NWNBUS55 TELEX NUMBER: 168118 NBI DVR FAX: (303) 863 -4898 NOVEMBER 29, 1994 OUR REFERENCE NUMBER: 5800297 BENEFICIARY: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO 500 BROADWAY EAGLE, CO 81631 GENTLEMEN: AT THE REQUEST OF: BASALT TRADE ASSOCIATES, A COLORADO GENERAL PARTNERSHIP P.O. BOX SS BASALT, CO 81611 AND FOR THE ACCOUNT OF: SAME WE AMEND OUR IRREVOCABLE LETTER OF CREDIT NUMBER S800297 AS FOLLOWS: DECREASE L/C BY USD 15,678.00. LETTER OF CREDIT BALANCE NOW TO READ: USD 1,742.00. EXPIRATION DATE NOW TO READ: DECEMBER 31, 1995 PLEASE ACKNOWLEDGE YOUR ACCEPTANCE OR NON - ACCEPTANCE OF THIS AMENDMENT BY SIGNING THE ENCLOSED COPY AND RETURNING IT IN THE ENVELOPE PROVIDED. THIS AMENDMENT IS AN INTEGRAL PART OF THE ORIGINAL CREDIT AND MUST BE ATTACHED THERETO. ALL OTHER TERMS AND CONDITIONS OF THE ORIGINAL CREDIT INSTRUMENT REMAIN UNCHANGED. NORWEST BANK COLORADO, NATIONAL ASSOCIATION BY: * ** CONTINUED ON NEXT PAGE * ** 9950 -997 (Rev. 4192) MmAk am somms MORWEST BANKS MEED WN'TEM OUR REF. NO. 5800297 PAGE (AUTHORIZED SIGNATURE) iectior , A 99-50-997 (Re, 4192) ® ®,®® ®®®®® NORWEST BANKS ®®®®® ®®®®® NORWEST BANK COLORADO, NATIONAL ASSOCIATION LETTERS OF CREDIT 1740 BROADWAY ONE NORWEST CENTER DENVER, CO 80274 -8685 SWIFT ADDRESS: NWNBUS55 TELEX NUMBER: 168118 NBI DVR FAX: (303) 863 -4898 NOVEMBER 29, 1994 OUR REFERENCE NUMBER: 5800298 BENEFICIARY: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO 500 BROADWAY EAGLE, CO 81631 GENTLEMEN: AT THE REQUEST OF: BASALT TRADE ASSOCIATES, A COLORADO GENERAL PARTNERSHIP P.O. BOX SS BASALT, CO 81611 AND FOR THE ACCOUNT OF: SAME WE AMEND OUR IRREVOCABLE LETTER OF CREDIT NUMBER 5800298 AS FOLLOWS: DECREASE L/C BY USD 15,678.00. LETTER OF CREDIT BALANCE NOW TO READ: USD 1,742.00. EXPIRATION DATE NOW TO READ: DECEMBER 31, 1995 PLEASE ACKNOWLEDGE YOUR ACCEPTANCE OR NON — ACCEPTANCE OF THIS AMENDMENT BY SIGNING THE ENCLOSED COPY AND RETURNING IT IN THE ENVELOPE PROVIDED. THIS AMENDMENT IS AN INTEGRAL PART OF THE ORIGINAL CREDIT AND MUST BE ATTACHED THERETO. ALL OTHER TERMS AND CONDITIONS OF THE ORIGINAL CREDIT INSTRUMENT REMAIN UNCHANGED. NORWEST BANK COLORADO, NATIONAL ASSOCIATION BY: CONTINUED Oft—AE a EXHIB 99- 50.997 (Rev. 4192) OUR REF. NO. �S880002298 PAGE 2 (AUTHORIZED SIGNATURE) Int rnzlt;onal Banking Officer Letters cr CreditZilections Manager 99-50-997 (Re, 4192)