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Home My WebLink AboutConsent 2023-03 Commencement of warranty period_Tree Farm PUD Phase IIEagle County, CO 202310935 DocuSign Envelope ID: 8A7CDBC6-7C6F-4715-948C-58CBB96B84B8 Regina O'Brien 08/03/2023 Pgs: 7 10:18:06 AM REC: $0.00 DOC: $0.00 BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO . CONSENT NO.2023 - 03 AUTHORIZING COMMENCEMENT OF WARRANTY PERIOD FOR PHASE II OF TREE FARM PLANNED UNIT DEVELOPMENT FILE NO. PDF-9092 WHEREAS, pursuant to C.R.S. § 30-28-137, the Board of County Commissioners of the County of Eagle, State of Colorado (the "County") entered into a Subdivision and Off -Site Improvement Agreement dated July 21, 2020 (the "SIA") with Woody Ventures, LLC, a Colorado limited liability company ("Subdivider") for Phase II of the Tree Farm Planned Unit Development ("Tree Farm PUD"); and WHEREAS, Subdivider provided collateral in the form of an irrevocable letter of credit in the amount of $6,984,095.88, which represented 100% of the estimated cost of the Subdivision Improvements ($6,271,446.26) and 125% of the estimated cost of the Landscape Improvements associated with Phase II of the Tree Farm PUD ($712,649.62); and WHEREAS, pursuant to Eagle County Consent No. 2020-06, the County authorized a first partial release of collateral in the amount of $2,412,254,41, thereby reducing the collateral held by the County to $4,571,841.47; and WHEREAS, pursuant to Eagle County Consent No. 2021-01, the County authorized a second partial release of collateral in the amount of $2,760,620.45, thereby reducing the collateral held by the County to $1,811,221.02; and WHEREAS, on or about November 13, 2019, Subdivider conveyed the Subdivision property to Tree Farm RFV, LLC, a Colorado limited liability company, such property being more specifically described on the Tree Farm Final Plat recorded June 25, 2019, at Reception No. 201909565, and Tree Farm RFV, LLC assumed all obligations of the Subdivider under the SIA (Tree Farm RFV, LLC hereinafter referred to as Subdivider); and WHEREAS, on or about June 21, 2022, the County and Subdivider entered into a Second Amendment to the SIA to amend the completion date of certain Subdivision Improvements associated with a plaza to be constructed in Phase II ("Plaza Subdivision Improvements") and related Landscape Improvements ("Plaza Landscape Improvements"). The total estimated cost of the Plaza Subdivision Improvements is $248,949.60 and the total estimated cost of the Plaza Landscape Improvements including collateral is $100,284.13, for a total of $349,233.73. The total estimated cost of the Subdivision Improvements without the Plaza Subdivision Improvements is $6,022,496.66, and the total estimated cost of the Landscape Improvements without the Plaza Landscape Improvements including collateral is $598,377.99, for a total of $6,620,874.65; and DocuSign Envelope ID: 8A7CDBC6-7C6F-4715-948C-58CBB96B84B8 WHEREAS, pursuant to Eagle County Consent No. 2022-02, the County authorized a third partial release of collateral in the amount of $732,035.16, thereby reducing the collateral held by the County to $715,964.63, which represents the collateral to be held for the two-year warranty period under the SIA for the Subdivision Improvements and Landscape Improvements for Phase II. Collateral for the Plaza Subdivision Improvements and the Plaza Landscape Improvements in the amount of $349,233.73 will continue to be held by the County in accordance with the SIA; and WHEREAS, Subdivider has represented to the County that the Subdivision Improvements and Landscape Improvements required under the SIA have been completed and the Subdivider requested that the County inspect said improvements and commence the warranty period under the SIA for the Subdivision Improvements and Landscape Improvements; and WHEREAS, based upon the inspection and the written recommendations of the County Engineer set forth in Exhibit A attached hereto and incorporated herein, and the recommendation of the County Attorney, THE COUNTY FINDS that the Subdivision Improvements and Landscape Improvements associated with Phase II of the Tree Farm PUD appear to be completed as of July 7, 2023, and the commencement of the warranty period is warranted; and WHEREAS, pursuant -to Resolution 95-35, the Chair of the Board of County Commissioners, or in her absence, the Chairman Pro Tern, has the authority to approve partial releases of collateral and to approve commencement of the warranty period under an SIA once recommended for approval by the County Attorney; and WHEREAS, based upon the recommendation of the County Engineer attached, hereto as Exhibit A, and the recommendation of the County Attorney, THE COUNTY FINDS that commencement of the warranty period under the SIA is warranted. 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 hereby authorizes commencement of the warranty period under the SIA for the Subdivision Improvements and the Landscape Improvements. The collateral currently held by the County in the amount of $715,964.63 shall be retained and held for the two-year warranty period under the SIA for the Subdivision Improvements and Landscape Improvements for Phase II of the Tree Farm PUD. Collateral for the Plaza Subdivision Improvements and the Plaza Landscape Improvements in the amount of $349,233.73 will continue to be held by the County in accordance with the SIA. THAT, this consent does not represent the County's acceptance of the work purportedly completed by the Subdivider. 2 DocuSign Envelope ID: 8A7CDBC6-7C6F4715-948C-58CBB96B84B8 THAT, this consent does commence the warranty period under the SIA for the Subdivision Improvements and the Landscape Improvements. This consent does not commence the warranty period for the Plaza Subdivision Improvements and the Plaza Landscape Improvements. 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. 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 Znd day of August 2023. COUNTY OF EAGLE, STATE OF COLORADO, by and Through Its CHAIR TO THE BOARD OF COUNTY COMMISSIONERS OoeoSlSuetl Oy. _ nN By. ---J u� Cehaudler-He hair EAGLE COUNTY ATTORNEY 000usl9nea by: its WETmu, County Attorney EAGLE COUNTY ENGINEER ooeuSlee.tlnr: By Gtxl., County Engineer DocuSign Envelope ID: 8A7CDBC6-7C6F-4715-948C-58CBB96B84B8 EXHIBIT A ENGINEERING DEPARTMENT MEMORANDUM DocuSign Envelope ID: 8A7CDBC6-7C6F-4715-948C-58CBB96B84B8 8 0 3 S W% 31 - 61, 111 ejAI EAGLE COUNTY ENGINEERING TO: Tracy Stowell, Eagle County Attorney's Office FROM: Rickie Davies, Engineering Department DATE: July 7, 2022 RE: Subdivision Improvements Agreement, Tree Farm PUD Phase II, Eagle County File No. PDF-009092-2020 Authorization to start Warranty Period A verbal request to start the Tree Farm Phase H Main SIA minus Plaza SIA warranty period under the agreement was received from Dave Marrs with Geronimo Ventures LLC on July 5, 2023. The delay in starting the warranty period was mainly a result of the lift station not being complete and other associated landscaping improvements. There will be no collateral reduction as the amount of work completed exceeds the amount of collateral that can be released. Total Public Improvements $6,022,496.66 10% Collateral to be held for 2 years $602,249.67 Total Landscaping Improvements $4542859.84 25% Collateral to be held for 2 years $113,714.96 The total amount to be held for 2 years would be: $6029249.67 + $113,714.96 = $7159964.63 The Eagle County Engineering Department performed an inspection confirming the amount of work completed on July 7, 2023. All construction items were found to be constructed and completed in a satisfactory manner. This DOES start the warranty period. cc: Ben Gerdes, County Engineer Beth Oliver, Deputy County Attorney Danny Stewart, Roaring Fork Engineering Jon Fredricks, Landwest Dave Marrs, Geronimo Ventures, LLC Attachment: Summary of Collateral Release, Photos i1 Pi i1 r- ��lop, 7A ` til DocuSign Envelope ID: 8A7CDBC6-7C6F-4715-948C-58CBB96B84B8 Summary of Tree Farm PUD Phase II Collateral Release Original SIA Main SIA minus Plaza SIA Plaza SIA Total Public Improvement Collateral $ 6;,2711146:26 $ 6,022,496.66 $ 248,949.60 10% of Collateral that must be held for 2 years when warranty period starts t 627,144.63 $ 602,249.67 $ 24,894.96 Total Landscape Improvement Estimate $ 598,823.32 $ 507,406.02 $ 91,417.30 Site Furnishings & Amenities $ 143,518.15 $ 143,518.15 $ 55,950.00 Difference (Living Improvements that require additional 25% Collateral) 455,305.17 $ 363,887.87 $ 35,467.30 25% of Total Living Landscape Improvement Estimate $ 113,Qz6.29 $ 90,971.97 $ 8,866.83 Collateral (125% of Landscape Improvement Estimate) $ 569,131:46 $ 454,859.84 $ 44,334.13 Total Landscaping Collateral :712,64 $ 598,377.99 $ 100,284.13 25% of Collateral that must be held for 2 years when warranty period starts $ 142,282 $ 113,714.96 $ 11,083.53 Collateral Amount to be held for 2 years.when warranty period starts $ �69,"U�9 $ 715,964.63 $ 35,978.49 Total Collateral Amount $ 6,984,095 $ 6,620,874.65 $ 349,233.73 1st Collateral Release Request (10/27/20) $ 2,412,254 $ 2,412,254.41 $ - Total Remaining Collateral after 1st Collateral Request t 4,571,841, $ 4,208,620.24 $ - 2nd Collateral Release Request (6/5/21) 2,760,630-45 $ 2,760,620.45 $ - Total Remaining Collateral after 2nd Collateral Request 1,g11;221.o1 $ 1,447,999.79 $ - 3rd Collateral Release Request (8/18/22) $ 732,035.16 Maximum Amount that can be Requested t 1,041,793.52 $ 732,035.16 $ 313,255.23 Total Remaining Collateral after 3rd Collateral Request 1 $ 715,964.63 Start Date of 2 Year Warranty Period 7/7/2023 End Date of 2 year Warrnay Period 7/7/2025