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HomeMy WebLinkAboutR09-101 Final Release of Collateral Two Rivers Village Phase II1 Commissioner fC c:' 7~' ~ moved adoption of theJfollowing solution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 2009- ~ ~~ FINAL RELEASE OF COLLATERAL AND TERMINATION OF THE WARRANTY PERIOD FOR TWO RIVERS VILLAGE, PHASE II WHEREAS, on March 20, 2007, the Board of County Commissioners of Eagle County, Colorado ("Board") entered into a Subdivision Improvements Agreement ("Agreement") with Dotsero Realty Partners, LLLP ("Subdivider") for Two Rivers Village Subdivision, Phase II; and WHEREAS, Subdivider provided collateral in the form of Alpine Bank Letter of Credit No. 0250658435 in the amount of $99,092.18; and WHEREAS, Resolution No. 2008-046 commenced the two-year warranty period to expire on September 15, 2009; and WHEREAS, both the Subdivider and the Engineering Department state that the work required under the Agreement is complete and acceptable and the Engineering Department recommends full release of the collateral and the termination of the Subdivision Improvements Agreement and termination of the warranty period, see Exhibit "A," attached hereto and incorporated herein by this reference. Based upon the written recommendations of the County Engineer and the County Attorney, THE BOARD FINDS that the Subdivider's obligations under the Agreement have been satisfied; and WHEREAS, the warranty period required by the Subdivision Improvements Agreement has ended. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: THAT, the Board hereby authorizes the full and final release of collateral and the termination of the Subdivision Improvements Agreement for Two Rivers Village, Phase II. THAT, this document shall be recorded in the Records of the Eagle County Clerk and Recorder, which shall be evidence that the warranty pe-•iod for Two Rivers Village Phase II PUD has been successfully completed and that the Subdivider's obligations under the Agreement are complete. THAT, Alpine Bank Letter of Credit No. 0250658435 in the amount of $99,092.18 be released. MOVED, READ AND ADOPTED by the Board of County_Commissioners of the County of Eagle, State of Colorado, at its regular meeting held the`}~day of September, 2009. COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its ATTEST: BOARD OF COUNTY COMMISSIONERS Clerk to the Board of ~ ~~''~~ ~ _ ~ ~/~~~ County Commissioners w ra J. Fisher ~c,,°,toaAo'° hairman '~~~// By: `~~ Peter F_ Runvnn By: Commissioner ~ ~~ ~ ~~ ~` ~-,~"~~~~~ seconded adoption of the foregoing resolution. The roll having been called, the vote was as follows: Commissioner Fisher ~~'~~' Commissioner Runyon ~~~ Commissioner Stavney This Resolution passed by ~~a vote of the Board of County Commissioners of the County of Eagle, State of Colorado. G:ANRW~resolu~ions\finalrelease Two rivers village phase ii.DOC MEMORANDUM EAGLE COUNTY ENGINEERING TO: Nancy Wright, Attorney's Office FROM: Greg Schroeder, Engineering ~~ DATE: September 9, 2009 RE: Two Rivers Village, Phase II, Reduction of Collateral -Landscaping Carryover from Phase I Mr. Quint Nichol, Sopris Engineering, LLC, memorandum September 2, 2009, has made a request on behalf of the developer, Dotsero Realty Partners, LLLP, notifying the completion of the landscaping, restoration and irrigation improvements work for Two Rivers Village, Phase I which have been removed from Phase I and carried over for completion under the SIA for Phase II.. Inspection conducted by me on August 26, 2009 indicates completion of the majority of items with the exception of the portion of landscaping for the West Park. I recommend a reduction of the collateral in the amount of $81,150.00 from the $90,600.00 as collateralized under Alpine Bank Letter of Credit No. 0260295433, to $9,450.00. This amount represents the balance of the remaining work for the West Park landscaping improvements for which the developer is responsible. I also recommend a release of the collateral in the amount of $99,092.18, as collateralized under Alpine Bank Letter of Credit No. 0250658435 to be released in its entirety. Regarding the above mentioned landscaping for the West Park, we are considering amending the SIA that will create a separate "phase" for this landscaping element, which will effectively allow Phase II to be completed. Upon execution of this proposed SIA amendment, you will receive another memorandum for the completion of Phase II. However, no action is required at this time. # # # Enc. cc: Eva Wilson, County Engineer Quint Nichol, Sopris Engineering, LLC September 2, 2009 Greg Schroeder Eagle Cowrty Engineering P.O. Box 850 Eagle, CO 81631 RE: Two River Village Phase II Letters of Credit SE Job #20135.01 & 27002.01 Dear Greg, This letter is written to formally notify the County that all work and conditions have been completed for the Public Improvements Agreement, Two Rivers Village Subdivision, Phase II ("Phase II") dated March 20, 2007, recorded in the Eagle County Records on March 22, 2007, as Reception No. 20070728 and request that the Letter of Credit No. 02~06~8435 in the amount of $99,092.18, which is the 10% security held for the Phase 2 warranty period, to be released to $0.00. We request that the Letter of Credit No. 0260295433 in the amount of $90,600.00, which is for the reseeding and landscaping carryover from Phase 1, be reduced to an amount of $9,450.00. 'T'his is the amount to be retained for the landscaping cf West Park (this pack is located between the cul-de-sac at the end of Buffalo Boulevard and the Waste Neater Treatment Plant), which at this time is a storage area for topsoil. The requested release amount of $81.150.00 is far the restoration seeding, which has been installed and the warranty period completed. If you have any questions or need additional information please give me a call. Sincerely, SOPRIS ENGINEERING, LLC ~~~~ Quint Nichol C'c: Larry Green, Balcomb & Green Dotsero Realty Partners Terrill Knight, Knight Planning Rachel Overlease, Alpine Bank 502 Main Street Suite A3 Carbond;3le, CO 81623 (970) 704-0311 Fax (970) 704-0313 SOPRIS ENGINEERING • LLC civil consultants