HomeMy WebLinkAboutConsent 2023-01 First Partial Release_Edwards Riverfront Estates PUD File No. PDP-9117DocuSign Envelope ID: 94AO8974-598B-4DC1-BOD1-3A2E8F9A27A6 Eagle County, CO 202301385 Regina O'Brien 02/01/2023 Pgs: 9 11:25:59 AM REC: $0.00 DOC: $0.00 BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO CONSENT NO.2023-01 AUTHORIZING FIRST PARTIAL RELEASE OF COLLATERAL FOR EDWARDS RIVERFRONT ESTATES PLANNED UNIT DEVELOPMENT FILE NO. PDP-9117 WHEREAS, pursuant to C.R.S. § 30-28-137, the Board of County Commissioners of the County of Eagle, State of Colorado ("County") entered into a Subdivision and Off -site Improvements Agreement dated May, 18 2021 (the "SIA") and a first amendment to the SIA on November 9, 2021, with Kudel Development LLC, a Colorado limited liability company ("Subdivider") for the Edwards Riverfront Estates Planned Unit Development ("the PUD"); and WHEREAS, Subdivider provided collateral in the form of a letter of credit in the amount of $157,260.00 and cash in the amount of $46,013,46 ($203,273.46), which represents 100% of the estimated cost of the Subdivision improvements ($136,793.46) and 125% of the estimated cost of the Landscape Improvements associated with the PUD ($66,480.00); and WHEREAS, Subdivider has represented to the County that certain Subdivision Improvements and Landscape Improvements required under the SIA have been completed and the Subdivider has requested a partial release of collateral; and WHEREAS, based upon the written recommendations of the County Engineer set forth in Exhibits A-B attached hereto and incorporated herein, and the recommendation of the County Attorney, THE COUNTY FINDS that certain Subdivision Improvements and Landscape Improvements associated with the PUD appear to be completed as of January 12, 2023 and a partial reduction in the collateral is warranted; and WHEREAS, pursuant to Resolution 95-25, the Chair of the Board of County Commissioners, or in their absence, the Chairman Pro Tern, has the authority to approve partial released once the release has been recommended for approval by the County Attorney. NOW, THEREFORE, BE IT AUTHORIZED BY THE COUNTY OF EAGLE, STATE OF COLORADO: THAT, based on the recommendation of the County Engineer and the County Attorney, the Chair of the Board authorizes this partial release of collateral in the amount of $79,612.37, thereby reducing the required collateral to $123,661.09, which represents the estimated cost of remaining Subdivision Improvements and Landscape Improvements for the PUD; and THAT, this partial release of collateral does not represent the County's acceptance of the work purportedly completed by the Subdivider; and THAT, this partial release of collateral does not commence the warranty period under the SIA; and DocuSign Envelope ID: 94A08974-598B4DCI-BODI-3A2E8F9A27A6 THAT, this partial release of collateral shall not in any way abrogate the rights of the County in enforcing the Subdivider's performance of its outstanding obligations under the SIA; and THAT, this partial release is contingent upon the Subdivider maintaining the letter of credit for the remaining collateral, and in an acceptable form to the County Attorney. APPROVED by the Chair of the Board of County Commissioners of the County of Eagle, State of Colorado, pursuant to Eagle County Resolution 95-35, this 23' day of January, 2023. COUNTY OF EAGLE, STATE OF COLORADO, by and Through Its CHAIR TO THE BOARD OF COUNTY COMMISSIONERS Docusgneed�by., By - Kathy Chan er- enry, Chair EAGLE COUNTY ATTORNEY Wcuftned by: By. Bryan R. Treu,­.ounty Attorney EAGLE COUNTY ENGINEER DocuSigned by: By. dCA GC41-s Ben Gerdes, County Engineer DocuSign Envelope ID: 94AO8974-598B-4DC1-BOD1-3A2E8F9A27A6 EX14IBIT A ENGINEERING DEPARTMENT MEMORANDUM DocuSign Envelope ID: 94AO8974-598B-4DCI-BOD1-3A2E8F9A27A6 MEMORANDUM EAGLE COUNTY ENGINEERING TO: Tracy Stowell, Eagle County Attorney's Office FROM: Nicole Mosby, Engineering Department DATE: January 18, 2023 RE: Subdivision Improvements Agreement, Edward Riverfront Estates, Eagle County File No. PDF-009117 Authorization of the First Partial Collateral Release A Subdivision and Off -Site Improvements Agreement for the Edwards Riverfront Estates Final Plat (File No. PDF-9117), "the Agreement" was executed on May 18, 2021 with a first amendment to the Agreement executed on November 9, 2021 to collateralize the Public and Landscaping Improvements for the Edwards Riverfront Estates development. Sean Reynolds with Kudel Development LLC requested inspection on December 15, 2022 of the improvements that have been completed. A written request for a partial reduction of the collateral for the constructed improvements under the Agreement was received on January 12, 2023. The Engineer's Opinion of Probable Cost (EOPC) for the Public and Landscape Improvements under the Agreement and first Amendment to the Agreement were: Public Improvements = $136,793.46 Landscape Improvements = $ 66,480.00 Total Collateral Amount Held = $203,273.46 An inspection performed on December 16, 2022 by Eagle County Engineering confirmed the scope of the completed Public and Landscape Improvements work as highlighted in the attached Exhibit B. The items outlined in Exhibit B and requested for reduction were found to be constructed and complete in a satisfactory manner. 1st Partial Public Improvements Release = $71,389.87* 1st Partial Landscape Improvements Release = $ 8,222.50* Total Collateral Release Recommended = $79,612.37 Remaining Collateral Held = $123,661.09 * Rounding was used on some items and not others both prior to and after the percentages were calculated. Therefore, the sum of the releases will be a few cents off if calculated in a different order and at the final collateral release. DocuSign Envelope ID: 94AO8974-698B-4DC1-BOd1-3A2E8F9A27A6 The Eagle County Engineering Department recommends a reduction of the Public and the Landscape Improvements collateral in the total amount of $79,612.37. A total collateral balance of $123,661.09 shall be retained, which exceeds the $36,947.35 of the minimum collateral which must be held until final inspection acceptance and for a 2 -year warranty period after completion, as outlined below. 10% of Public Improvements (held for 2 years) _ $13,679.35 10% of Landscape Collateral (held until Final Inspection) _ $ 6,648.00 25% of Landscape Collateral (held for 2 years) _ $16,620.00 Minimum Collateral that must be held = $36,947.35 The collateral release will consist of $46,013.46 of the cash held as collateral and a release of $33,598.91 of the letter of credit held as collateral. The remaining collateral is held as a letter of credit. This partial collateral release does not start the warranty period as a final inspection has not been completed. cc: Ben Gerdes, County Engineer DocuSign Envelope ID: 94A08974-598B-4DGI-BODi-3A2E8F9A27A6 EXHIBIT B COSTS FOR SUBDIVISION AND LANDSCAPE IMPROVEMENTS DocuSign Envelope ID: 94AO8974-598B-4DCi-BOD1-3A2E8F9A27A6 Summary of Collateral Release Letter of Credit Amount (expires May 7, 2023) $ 157,260.00 Cash Collateral $ 46,013.46 Total Collateral Held $. 203,273.46 Total Public Improvement Collateral $ 136,793.44 10% of Collateral that must be held for 2 years $ 13,679.35 1st Partial Collateral Release (Date, Resoultion #) $ 71,389.87 10% of 1st Release, held for 2 years $ 7,932.21 Remaining Collateral after 1st Collateral Release Request $ 65,403.59 2nd Collateral Release Request (Date, Resolution #) $ - Remaining Collateral after 2nd Collateral Release Request $ - Total of Partial Collateral Releases $ 71,389.87 Maximum of Partial Collateral Releases $ 123,114.11 Total Landscape Improvement Collateral $ 66,.480'.00i 10% Held Until All Improvements are Completed 6,648.00 25% of Collateral that must be held for 2 years $ 16,620.00 1st Partial Collateral Release (Date, Resoultion #) $ 8,222,50 10% of 1st Release, held until Final Inspection Release $ 1,265.00 25% of 1st Release, held for 2 years $ 3,162.50 Remaining Collateral after 1st Collateral Release Request $ 58,257.50 2nd Collateral Release Request (Date, Resolution #) $ - Remaining Collateral after 2nd Collateral Release Request $ - Total of Partial Collateral Releases $ 8,222.50 Maximum of Partial Collateral Releases $ 43,212.QQ Total Collateral Amount $ 203,273.46 First Partial Collateral Release $ 79,612.37 Total Remaining Collateral after 1st Collateral Request $ 123,661.09 Second Partial Collateral Release $ - Yotal Remaining Collateral after 2nd Collateral Request $ 123,661.09 Collateral Amount to be held until final improvements are Completed $ 36,947.35, Collateral Amount to be held for 2 years (Date) $ 30,299.35 CI 6 L Z 3 v LI C Oi n 0 O O O m O p O 0 0 0 0 0 a 0 0 aQ m (71P. m O ' o a a o It LO o 0 0 0 0 0 o ' O0 0 m 00 In -Ea 0 O N 01 ZM Oi •1 tti O cm'O O O O O h 01 T Op r/i R to 10 a s m W 01 Ln In m N qt O m LA to u1 O O m ri V LA N O h W 0� Ob N N M O a t' ri E N O ri a 00 N 0p N O N ri a m m �R n LA rl N N N N N N N V} in N N V} N V} N V} N N N N N to N N V. 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