HomeMy WebLinkAboutConsent 2023-06 2nd partial Release of Collateral Edwards Riverfront Estates PUD File No. PDP-9117DocuSign Envelope ID: 046286A3-EB40-41 CD-AB85-4CCA53095646 Eagle County, CO 202316208
Regina O'Brien 12/07/2023
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BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
CONSENT NO.2023-06
AUTHORIZING SECOND PARTIAL RELEASE OF COLLATERAL AND
COMMENCEMENT OF WARRANTY PERIOD 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") with Kudel Development LLC, a Colorado limited
liability company ("Subdivider") for the Edwards Riverfront Estates Planned Unit Development
("the PUD"); and
WHEREAS, Subdivider and County subsequently amended the SIA on November 9, 2021
through the First Amendment to Subdivision and Off -Site Improvements Agreement for the
Edwards Riverfront Estates Final Plat (hereinafter "First Amendment"); 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, which represented 100% of the estimated cost
of the Subdivision Public Improvements ($136,793.46) and 125% of the estimated cost of the
Landscape Improvements associated with the PUD ($66,480.00), for a total of $203,273.46 in
collateral held by the County; and
WHEREAS, Subdivider and County subsequently amended the SIA through the Second
Amendment to Subdivision and Off -Site Improvements Agreement for the Edwards Riverfront
Estates Final Plat (hereinafter "Second Amendment") on September 27, 2022; and
WHEREAS, on January 23, 2023 pursuant to Eagle County Consent No. 2023-01, the County
authorized a first partial release of collateral in the amount of $79,612.37, thereby reducing the
collateral required to be held by the County to $123,661.09; and
WHEREAS, Subdivider and County further amend the SIA through the Third Amendment to
Subdivision and Off -Site Improvements Agreement for the Edwards Riverfront Estates Final Plat
(hereinafter "Third Amendment"), approved on December 5, 2023, to allow for the removal of
metal edging from the landscape plan and to amend the date of completion of the Subdivision
Improvements; 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 second partial release of collateral and commencement of the two-year warranty
period; 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
DocuSign Envelope ID: 046286A3-EB40-41CD-AB85-4CCA53095646
COUNTY FINDS that certain Subdivision Improvements and Landscape Improvements
associated with the PUD appear to be completed as of November 14, 2023 and a partial reduction
in the collateral and the commencement of the warranty period 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 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 this second partial release of collateral in the amount of
$94,351.74, thereby reducing the required collateral to $29,309.35, which represents
$13,679.35 in collateral for the Subdivision Improvements and $15,630.00 in collateral for the
Landscape Improvements for the PUD to be held for the two-year warranty period under the
SIA.
THAT, the date of completion of the Subdivision Improvements and the Landscape
Improvements of the PUD is September 29, 2023, as established by the Eagle County
Engineering Department, and this partial release of collateral does commence the warranty
period for said Subdivision Improvements and Landscape Improvements, which period shall
begin on September 29, 2023, and end on September 29, 2025.
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 Subdivider substituting collateral in the form of
a revised letter of credit or a cash deposit, in a form acceptable to the County Attorney.
[Remainder of page left intentionally blank]
DocuSign Envelope ID: 046286A3-EB4041CD-AB85-4CCA53095646
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 6 day of December
2023.
COUNTY OF EAGLE, STATE OF
COLORADO, by and Through Its
CHAIR TO THE BOARD OF COUNTY COMMISSIONERS
DocuSignee�dby::
C l�d^4'yW1�' 1
By: 9g M91 FFW944g7
Kathy Chandler -Henry, Chair
EAGLE COUNTY ATTORNEY
L
gned by:
�%1.�µv
By. .iEBE9E%19...
Beth Oliver, Deputy County Attorney
EAGLE COUNTY ENGINEER
DocuSigned by:
By Gt,V'pwS
Ben Gerdes, ounty 'iigineer
DocuSign Envelope ID: 046286A3-EB40-41 CD-AB85-4CCA53095646
EXHIBIT A
ENGINEERING DEPARTMENT MEMORANDUM
DocuSign Envelope ID: 046286A3-EB40-41 CD-AB85-4CCA53095646
MEMORANDUM
EAGLE COUNTY ENGINEERING
TO: Tracy Stowell, Eagle County Attorney's Office
FROM: Nicole Mosby, Engineering Department
DATE: November 14, 2023
RE: Subdivision Improvements Agreement, Edward Riverfront Estates, Eagle
County File No. PDF-009117 Authorization of the Second Partial Collateral
Release and Authorization to start the Warranty Period
A Subdivision and Off -Site Improvements Agreement (SIA) for the Edwards Riverfront
Estates Final Plat (File No: PDF-9117), "the Agreement" was executed on May 18, 2021 to
collateralize the Public and Landscaping Improvements for the Edwards Riverfront Estates
development. A 1 It amendment to the SIA was executed on November 9, 2021 and the
2nd amendment was executed on September 27, 2022. Sean Reynolds with Kudel
Development LLC requested a final inspection on September 29, 2023 of the
improvements resulting in a punch list of outstanding items and the 31 Amendment to
the SIA to remove "metal edging" from the Landscape Plan as it was not installed and
determined not to be necessary. That 3rd amendment to the SIA is being processed
concurrent to this request. The outstanding punch list items were resolved on November
14, 2023 resulting in this request for a reduction of the collateral.
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
The first partial collateral release was approved on February 1, 2023 in the amount of
$79,612.37 under Consent No. 2023-01.
Total Collateral Amount = $203,273.46
1st Partial Collateral Release = $ 79,612.37
Remaining Collateral Held = $123,661.09
An inspection performed on September 29, 2023 by the Eagle County Engineering
Department and a subsequent landscape inspection completed by the Eagle County
Planning Department confirmed the scope of the completed Public and Landscape
DocuSign Envelope ID: 046286A3-EB40-41 CD-AB85-4CCA53095646
Improvements work as highlighted in the attached Exhibit B. A3rd Amendment to the SIA
to remove "metal edging" from the Landscape Plan reducing the collateral held by
$3,960.00. The items outlined in Exhibit B and requested for reduction were found to be
constructed and complete in a satisfactory manner.
2nd Partial Public Improvements Release = $51,724.24
2nd Partial Landscape Improvements Release = $ 42627.50
Total Collateral Release Recommended = $94.351.74
Remaining Collateral Held = $29,309.35
* 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.
The Eagle County Engineering Department recommends a reduction of the Public and the
Landscape Improvements collateral in the total amount of $94.351.74 from the
$123,661.09 remaining collateral held. A total collateral balance of $29,309.35 shall be
retained. The remaining collateral releases the 10% of the Landscape Improvements held
until final inspection and only retains the 10% of Public Improvements and 25% of the
Landscape Improvements which are to be retained by the County for a period of two (2)
years, as stated in Sections 2.3 and 2.8.2 of the Subdivision Improvements Agreement and
outlined below.
10% of Public Improvements (held for 2 years) = $13,679.35
25% of Landscape Collateral (held for 2 years) = $15,630.00
Minimum Collateral that must be held . = $29,309.35
These inspections and consent to collateral release do start the warranty period
anticipated to end on the date of Board of County Commissioners approval of this release
in the year 2025. The remaining collateral is currently held as a letter of credit, which
currently expires on April 31, 2024. This collateral must be replaced 10 days prior to
expiration of the letter of credit with either cash or a letter for credit, which does not
expire prior to the end of the warranty period in 2025, in the amount of $29,309.35.
cc: Ben Gerdes, County Engineer
Beth Oliver, Deputy County Attorney
Sean Reynolds, Kudel Development LLC
Attachments: Exhibit B
DocuSign Envelope ID: 046286A3-EB40-41CD-AB85-4CCA53095646
EXHIBIT B
COSTS FOR SUBDIVISION AND LANDSCAPE IMPROVEMENTS
DocuSign Envelope ID: 046286A3-EB40-41CD-AB85-4CCA53095646
Summary of Collateral Release
Letter of Credit Amount (expires April 31, 2024)
$ 157,260.00
Cash Collateral
$ 46,013.46
Total Collateral Held
3,273.46
Total Public Improvement Collateral - Schedule A
$
136,793.46
10% of Collateral that must be held for 2 years
$
13,679.35
1st Partial Collateral Release (1/23/23, Consent 2023-01)
$
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, Consent # )
$
51,724.24
10% of 2nd Release, held for 2 years
$
5,747.14
Remaining Collateral after 2nd Collateral Release Request
$
13,679.35
Total of Partial Collateral Releases
$
123,114.11
Maximum of Partial Collateral Releases
$
123,114.11
Total Landscape Improvement Collateral - Schedule B
$
66,480.00
Collateral Removed from Project - 3rd Amendment
$
3,960.00
Revised Total Landscape Improvement Collateral - Schedule B
$
62,520.00
10% Held Until Final Inspection
$
6,252.00
25% of Collateral that must be held for 2 years
$
15,630.00
1st Partial Collateral Release (1/23/23, Consent 2023-01)
$
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, Consent # )
$
42,627.50
25% of 2nd Release, held for 2 years
$
12,467.50
Remaining Collateral after 2nd Collateral Release Request
$
15,630.00
Total of Partial Collateral Releases
$
50,850.00
Maximum of Partial Collateral Releases
$
50,850.00
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
$
94,351.74
Total Remaining Collateral after 2nd Collateral Request
$
29,309.35
Collateral Amount to be held until final improvements are Completed
$
35,56'1.35
Collateral Amount to be held for 2 years (Date)
$
29,309.35
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3oWSgn Envelope 10: 04626 EB4"lCD, B CCA53095646
Schedule 8: IalWsope lmpmeaments
0.0unded
It.. IN
Description
cull
Unit
Unit Price
Ca. Prise
value
1
Evergreen Tree
35
Ea
$e00.00
$14,M.W
I $ 14,p0p.W
2
Oeclduout Tree
56
fa
$2W.W
S11,1W.W
$ 11.2WW
3
Shrub
94
Ea
$SO.W
54,2W.0)
$ 4,200W
4
Mulch/Cobble
5362
SF
S1.W
$5,362.00
5 S.1F,
5
Natim Grass
11224
SF
$0.10
$1,122.a0
5 1.122 09
6
Metal Edging
15&1
As
$2.50
$3,960.W
',3,9W.W
9 Tests Continency l5%Su6total) 1 IS $3,022.00 $3,022.00 I$ 3,0210,
10 Testing &OboarvAif.n (5%Subtotal) 1 15 $3,022.00 $3,022.00 $ 3,01,.00
Total Collateral Withheld $ 66,480.On
10% Total Held until Final lnspectlun - ,$2.W
25%Tmal Heldrm Warranty Periotl $ 15,63D.-
MUlmumof411PVRIalCOpatenlReleases $ Sr,850.00
fnl6teral PA.-......ratwe Collater l RNaese tenanted
1/1z/Wz3
%Under lst
Release 1014He1d
Partial
amount (Until Anal
25%Held Its
Partial
Raise
R!quested Inv Release(
(2,ins)
Relearn
65.]%
$ 9,200.00 $ 920.W
$ 2,3W.W $
5,980.W
00%
$ 5 -
5
0.0%
0.ox-
0.064
$-
0.0%,
$-
am
$ $
$ $
25%
$ 213al $ 230M
$ 575.00 $
1,495.W
$ 11,500.W
$
7,45.110
$ 525.00 $ 57.50
$ 143.75 $
373.T5
$ 525.W $ 57.50
$ 143.75 $
323.75
$ 1;650.00 S 1,265.041 $
3,162.50 $
g,222.50
Remaining lands ape Improvements <.Ilaseml $ 58.29.1-
11/14/2023
Release m
Previously
%Completed
Held 10%till
This
Release
25%Held Final Ind Release
Inspeatl0n
peasant
(2 years( Ivlseaelon Remmm.
34.3%
$ 4,800.W $
1,2W.W $ (920.00) $ 4,520.00
100.0%
$ 11.200.00 $
2,80).W 5 - $ 8.400.04)
100.0%
$ 4,700.00 5
1,175.00 5 - 5 3.52S.00
1W.0%
$ 5,362.W 5
1,341J5 $ - $ 4,025.E
fall
$ 1,122.W $
28(l $ - $ 841.50
0.0%
$ 3.960.W
- 5 -
100.016
$ %WO.W $
2,M.W $ $ 6,o00.W
25%
$ 9,782.W $
2,4a6J5 $ (230.00) $ 7,570.25
Subtotal
$ 48,936.00
$ 38,842.00
5%.(Subtotal
$ 2,44Z00 $
611.75 $ I57.501 $ 1,892.75
5%of Subtotal
$ 2,447,W $
611.25 $ (57.50) 5 1,892.75
S 53,030.00 S 12,462.50 $ 11,265.00) 5 42,627.50
Remaining landscape Improvements C011ateral4g.;g5�830A0
Total of l0%
Total Released Held
To Oma I2Wanl
$ 10,5W.W $ 3,500.0C
$ 8,400.00 $ 21800.00
$ 3,525.W $ 1,125.W
5 4,025.25 5 1.341]5
$ Al 5 280.50
$ 3.960W
5 6,=,W $ 2,M.W
$ 2,266.50 $ 255,50
