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HomeMy WebLinkAboutConsent 2023-04 First Partial Release_Tree Farm PUD Phase II - Plaza SIADocuSign Envelope ID: 59457A94-7F9B-43B4-82AGB57E2AFA201 D BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO CONSENT NO.2023 - 04 AUTHORIZING FIRST PARTIAL RELEASE OF COLLATERAL FOR PHASE 2 OF TREE FARM PLANNED UNIT DEVELOPMENT RELATED TO PLAZA SUBDIVISION IMPROVEMENTS AND PLAZA LANDSCAPE IMPROVEMENTS FILE NO. 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 2 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 2 of the Tree Farm PUD ($712,649.62); 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, 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 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 2 ("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 Eagle County, CO Regina O'Brien Pgs: 9 REC: $0.00 DOC: $0.00 202311821 08/28/2023 09:14:49 AM DocuSign Envelope ID: 59457A94-7F9B-43B4-82AC-B57E2AFA201D WHEREAS, Subdivider has represented to the County that certain Plaza Subdivision Improvements and certain Plaza Landscape Improvements required under the SIA for the Subdivision Improvements and Landscape Improvements for Phase 2 of the Tree Farm PUD have been completed and the Subdivider has applied for a first partial release of collateral; and WHEREAS, based upon 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 certain Plaza Subdivision Improvements and certain Plaza Landscape Improvements associated with Phase 2 of the Tree Farm PUD appear to be completed as of August 17, 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 once the release has been 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 a first partial release 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 authorizes this first partial release of collateral in the amount of $313,255.24, thereby holding the required collateral to $35,978.49, 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 2 of the Tree Farm PUD. THAT, this partial release of collateral does not represent the County's acceptance of the work purportedly completed by the Subdivider. THAT, this partial release of collateral does commence the two-year warranty period under the SIA, which period commenced on August 17, 2023, and will expire on August 17, 2025. 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. THAT, this partial release is contingent upon the Subdivider substituting collateral in a form acceptable 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 22 day of August 92023. 2 DocuSign Envelope ID: 59457A94-7F9B-4364-82AC-B57E2AFA201D COUNTY OF EAGLE, STATE OF COLORADO, by and Through Its CHAIR TO THE BOARD OF COUNTY L�� cuSigned by: By. (�.au�1.�.l.V—lkunvr�Kay, han er-Henry, Chair EAGLE COUNTY ATTORNEY DocuSigned by: By: ezrldlsnleenne... Bryan R. Treu, County Attorney I�CeI iM�KiIil�Yyy Ez igned by: By. Gt,V'O.t,S �eeeesaye... Ben Gerdes, County Engineer DocuSign Envelope ID: 59457A94-7F9B-43B4-82AC-B57E2AFA201 D EXHIBIT A ENGINEERING DEPARTMENT MEMORANDUM DocuSign Envelope ID: 59457A94-7F9B43B4-82AC-B57E2AFA201D Engineering PO Box 850 500 Broadway Eagle, CO 81631 VFO 970-328-3560 EAGLE COUNTY www.eaglecounty.us MEMORANDUM EAGLE COUNTY ENGINEERING TO: Tracy Stowell, Eagle County Attorney's Office FROM: Rickie Davies, Engineering Department DATE: August 18, 2023 RE: Plaza Subdivision Improvements Agreement, Tree Farm PUD Phase II, Eagle County File No. PDF-009092-2020 Authorization of the First Partial Collateral Release A written email request to inspect the Tree Farm Phase II Plaza SIA work, reduce the collateral, and start the warranty period was received from Dave Marrs with Geronimo Ventures, LLC on August 8, 2023. On June 21, 2022, the Second Amendment to the SIA for Tree Farm Phase II was approved. This amendment split the SIA into two parts, the Main SIA and the Plaza SIA. After the Second Amendment the amount of the Plaza SIA was: Total Public Improvements $248,949.60 Total Landscaping Collateral $100,284.13 Total Collateral Amount $349,233.73 Total Public Improvements $248,949.60 10% Collateral to be held for 2 years $ 24,894.96 Total Living Landscaping Improvements Collateral $44,334.13 25% Collateral to be held for 2 years $11,083.53 The total amount to be held for 2 years would be: $24,894.96 + $11,083.53 = $35,978.49 The Eagle County Engineering Department performed an inspection confirming the amount of work completed on August 17, 2023. All construction items were found to be constructed and completed in a satisfactory manner. The Eagle County Engineering Department recommends z DocuSign Envelope ID: 59457A94-7F9B-43B4-82AC-B57E2AFA201 D reduction of the collateral in the amount of $313,255.24 from the $349,233.73. This will leave a balance of $35,978.49 collateral remaining. 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, Email Request, Photos DocuSign Envelope ID: 59457A94-7F9B-43B4-82AC-B57E2AFA201 D Summary of Tree Farm PUD Phase II Collateral Release Original SIA Main SIA minus Plaza SIA Plaza SIA Total Public Improvement Collateral $` 6,2'''�-_446._6 $ 6,022,496.66 $ 248,949.60 10% of Collateral that must be held for 2 years when warranty period starts $ 62:7,144-.8 $ 602,249.67 $ 24,894.96 Total Landscape Improvement Estimate $ 598,82 $ 507,406.02 $ 91,417.30 Site Furnishings & Amenities $ 143,5.1 5 $ 143,518.15 $ 55,950.00 Difference (Living Improvements that require additional 25% Collateral) $ 455,30 $ 363,887.87 $ 35,467.30 25% of Total Living Landscape Improvement Estimate $ 113,826 $ 90,971.97 $ 8,866.83 Collateral (125% of Landscape Improvement Estimate) $ 569,13 $ 454,859.84 $ 44,334.13 Total Landscaping Collateral $ :712,649.6". $ 598,377.99 $ 100,284.13 25% of Collateral that must be held for 2 years when warranty period starts $ 142,282.87 $ 113,714.96 $ 11,083.53 Collateral Amount to be held for 2 years when warranty period starts 1 $ ;Er.9;43:Z.43 1 $ 715,964.63 1 $ 35,978.49 Total Collateral Amount $ 6,984,/19 $ 6,620,874.65 $ 349,233.73 1st Collateral Release Request (10/27/20) $ 2,412,254:T1 $ 2,412,254.41 $ 313,255.23 Total Remaining Collateral after 1st Collateral Request $ 4,5'-,T841.46 $ 4,208,620.24 $ 35,978.50 2nd Collateral Release Request (6/5/21) 2,769,62 $ 2,760,620.45 $ - Total Remaining Collateral after 2nd Collateral Request $ 1,811,221.01 $ 1,447,999.79 $ - 3rd Collateral Release Request (8/18/22) $ 732,035.16 Maximum Amount that can be Requested 1,942,79332 $ 732,035.16 $ 313,255.23 Total Remaining Collateral after 3rd Collateral Request $ 715,964.63 Start Date of 2 Year Warranty Period 7/7/2023 8/18/2023 End Date of 2 year Warrnay Period 7/7/2025 8/18/2025 DocuSign Envelope ID: 59457A94-7F9B-43B4-82AC-B57E2AFA2010 e.......,...r .. ... — ail -Tree Farm Phase II -SIA Authorization to start Warranty Period �. ,., to EAGLE COUNTY Richard Davies <richard.davies@eaglecounty.us> Tree Farm Phase II - SIA Authorization to start Warranty Period Dave Marrs <dave@geronimoventures.biz> Tue, Aug 8, 2023 at 8:52 AM To: Richard Davies <richard.davies@eaglecounty.us>, Jon Fredericks <jon@landwestcolorado.com>, Danny Stewart <dannys@rfeng.biz> Rickie, FYI —Pedestrian Plaza update. SIA says it needs to be complete by Aug. 31st. This week the landscaping should be completed or 1st couple of days next week then Hey[ will install the 10 benches and put the heads on the bollards etc. That will wrap up the Plaza so you can come over and inspect ittsign off so we can then get the BOCC to release the collateral less the warranty $. David Marrs Chief Financial Officer Geronimo Ventures, LLC 401 Tree Farm Drive Carbondale, CO 81623 [Quoted text hidden] https://mail.google.com/maiVu/0/?ik=2el d91 eOe4&view=pt&search=all&permmsgid=msg-f:1773672951730502699&simpl=msg-f.,1773672951730502699 1/1 ",, �� 1 -J 4 _. .':�a�.V -� .. �. �� _� ,; 6 �, T ,� �� , i \� � �� _.. '....