HomeMy WebLinkAboutConsent 2023-05 Fourth Partial Release_10 Acre PUD File No. PDP-9129DocuSlgn Envelope ID: 20BB70B2-A4BB-4B6B-BF52-1FC103B9F020
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
CONSENT NO.2023-05
AUTHORIZING FOURTH PARTIAL RELEASE OF COLLATERAL FOR 10 ACRE
PLANNED UNIT DEVELOPMENT
FILE NO. PDP-9129
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 Improvements Agreement dated
July 27, 2021 (the "SIA") with 10 Acre Holdings, LLC, a Colorado limited liability company
("Subdivider") for the 10 Acre Planned Unit Development (" 10 Acre PUD"); and
WHEREAS, Subdivider provided collateral in the form of cash in the amount of $506,888.75,
which represented 100% of the estimated cost of the Subdivision Improvements ($432,966.00)
and 125% of the estimated cost of the Landscape Improvements associated with the 10 Acre PUD
($73,892.75); and
WHEREAS, pursuant to Eagle County Consent No. 2021-02 the County authorized a first partial
release of collateral in the amount of $154,298.25, thereby reducing the collateral held by the
County to $352,590.50; and
WHEREAS, pursuant to Eagle County. Consent No. 2022-03 the County authorized a second
partial release of collateral in the amount of $292,366.65, thereby reducing the collateral held by
the County to $60,223.85; and
WHEREAS, pursuant to Eagle County Consent No. 2023-02 the County authorized a third partial
release of collateral in the amount of $256.50, thereby reducing the collateral held by the County
to $59,967.35; and
WHEREAS, Subdivider has represented to the County that certain Landscape Improvements
required under the SIA have been completed and the Subdivider has applied for a fourth 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 Subdivision Improvements associated with the 10
Acre PUD appear to be completed as of August 17, 2023 and a fourth 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; and
Eagle County, CO
Regina O'Brien
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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 fourth 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 fourth partial release of collateral in the amount of $5,994.55, thereby
reducing the required collateral to $53,972.80, which represents the estimated cost of remaining
Subdivision Improvements ($43,299.60) and Landscape Improvements ($10,673.20) for the 10
Acre PUD; and
THAT, the date of completion of the Landscape Improvements of the 10 Acre PUD is August 17,
2023, as established by the Eagle County Engineering Department, and this partial release of
collateral does commence the warranty period for said Landscape Improvements, which period
shall begin on August 17, 2023 and end on August 17, 2025; and
THAT, said Landscape Improvement collateral in the amount of $10,673.20 shall be retained by
the County until the two-year warranty period set forth in the SIA has expired; 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 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 County retaining the remaining cash collateral
in the amount of $53,972.80, or substitution of such cash collateral in a form acceptable form to
the County Attorney.
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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 3rd
October .2023.
COUNTY OF EAGLE, STATE OF
COLORADO, by and Through Its
CHAIR TO THE BOARD OF COUNTY COMMISSIONERS
DoeuSigned by:
By:
Kathy Chan W enry, Chair
EAGLE COUNTY ATTORNEY
DoeuSigned by:
�it� /
By:
Bryan R. Treu, ounty Attorney
DoeuSigned by:
Cam.
Ben Gerdes, County Engineer
day of
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EXHIBIT A
ENGINEERING DEPARTMENT MEMORANDUM
DocuSign Envelope ID: 2DBB70B2-A4BB-4B6B-BF52-1 FC103B9F020
MEMORANDUM
EAGLE COUNTY ENGINEERING
TO: Tracy Stowell, Eagle County Attorney's Office
FROM: Julie Pranger, Engineering Department
DATE: September 9, 2023
RE: Subdivision Improvements Agreement, 10 Acre PUD
Eagle County File No. PDF-009129-2021
Authorization of the Fourth Partial Collateral Release
A written request for reduction of the collateral for the construction of portions of the improvements
under the agreement was received from Brian Rose on August 11, 2023.
The original amount from the signed Subdivision and Off -Site Improvements Agreement was:
Public Improvements = $432,996.00
Landscaping = $73,892.75
Total Collateral Amount = $506,888.75
The first partial collateral release was approved on October 7, 2021 in the amount of $154,298.25.
Total Collateral Amount = $506,888.75
First Partial Collateral Release = $154,298.25
Remaining Collateral Amount = $352,590.50
The second partial collateral release was approved on October 7, 2021 in the amount of
$2921366.65.
Total Collateral Amount = $5062888.75
First Partial Collateral Release = $154,298.25
Second Partial Collateral Release = $292,366.65
Remaining Collateral Amount = $609223.85
The third partial collateral release was approved on March 16, 2023 in the amount of $292,366.65.
Total Collateral Amount = $506,888.75
First Partial Collateral Release = $154,298.25
Second Partial Collateral Release = $292,366.65
Third Partial Collateral Release = $256.50
Remaining Collateral Amount = $59,967.35
The Eagle County Planning Division confirmed the amount of work completed on August 17,
2023. Construction items were checked for completion as listed on the Costs for Subdivision and
Landscaping Improvements. The landscaping items requested for reduction were found to be,
constructed and completed in a satisfactory manner. The Eagle County Engineering Department
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recommends a reduction of the collateral in the amount of $5,994.55 from the $59,967.35. This
will leave a balance of $53,972.80 collateral remaining. This balance consists of $43,299.60 for
Subdivision Improvements and $10,673.20 for Landscape Improvements.
This reduction starts a two (2) year correction period for Landscaping Improvements. The two (2)
year correction period for Subdivision Improvements began on February 15, 2023.
cc: Ben Gerdes, County Engineer
