HomeMy WebLinkAboutR13-059 Release of collateral for Salt Creek Equestrian - KummerMl
11
Eagle County, CO
Teak J Simonton
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REC: $0.00
DOC: $0.00
Commissioner moved adoption
of the following Resolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 2013- M q
FINAL RELEASE OF COLLATERAL
AND
TERMINATION OF THE WARRANTY PERIOD
FOR
KUMMER DEVELOPMENT COMPANY
FOR
SALT CREEK EQUESTRIAN CENTER
GRADING PERMIT NO. GRAD -5 -08 -1381
201312968
06/26/2013
09:53:58 AM
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 Public Improvements Agreement
dated September 2, 2008 ( "Agreement ") with Kummer Development Company ( "Subdivider ") as
a condition of approval of the Salt Creek Equestrian Center Grading Permit Approval, File No.
GRAD -5 -08 -1381; and
WHEREAS, pursuant to the Agreement, the Subdivider provided the County with
collateral for the public improvements required under the Agreement in the form of Letter of
Credit No. SLCPPDX04336 from US Bank in the amount of $1,276,145.79; and
WHEREAS, pursuant to Consent No. 2009 -04, Subdivider was granted a first partial
release of its collateral for the public improvements in the amount of $979,568.69 thereby
reducing the amount of collateral being held by the County for the public improvements to
$296,577.11; and
WHEREAS, pursuant to Consent No. 2009 -14, Subdivider was granted a second partial
release of its collateral for the public improvements in the amount of $158,962.53 thereby
reducing the amount of collateral being held by the County for the public improvements to
$137,614.58; and
WHEREAS, pursuant to Consent No. 2010 -01, Subdivider was granted a third partial
release of its collateral for the public improvements in the amount of $10,000.00 thereby
reducing the amount of collateral being held by the County for the public improvements to
$127,614.58; and
WHEREAS, pursuant to Consent No. 2011 -05, Subdivider was granted a fourth partial
release of its collateral for the public improvements in the amount of $109,190.43 thereby
reducing the amount of collateral being held by the County for the public improvements to
$18,424.15, said collateral to be in the form of cash; and
WHEREAS, by Consent No. 2011 -05, the two year warranty period was commenced;
and
WHEREAS, pursuant to Consent No. 2012 -01 an additional one year warranty period
was commenced to expire May 31, 2013, and the $18,424.15 to be held as collateral for the one
year warranty period; and
WHEREAS, the Engineering Department states the improvements are complete, have
survived the warranty period and are acceptable per the terms and conditions of the Subdivision
Improvements Agreement; 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, as secured by the Letter of Credit, and the termination
of the Subdivision Improvements Agreement, see Exhibit "A ", attached hereto and incorporated
herein by this reference.
NOW, THEREFORE, BE IT AUTHORIZED BY THE COUNTY OF EAGLE,
STATE OF COLORADO:
THAT, based upon the oral and written recommendations of the County Engineer and
County Attorney, THE BOARD FINDS that the Subdivider's obligations under the Agreement
have been satisfied and authorizes the final release of the $18;424.15 being held as collateral.
THAT, this document shall be recorded in the records of the Eagle County Clerk and
Recorder, which shall be evidence that the warranty period for Salt Creek Equestrian Center has
been successfully completed and that the Subdivider's obligations under the Agreement are
complete.
r
MOVED, READ AND ADOPTED by the Board of County Commissioners of the
County of Eagle, State of Colorado, at its regular meeting held the 7_V, _�, day of June, 2013.
ATTEST:
0
Clerk to the Board of
County Commissioners
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
BOARD OF COUNTY COMMISSIONERS
go
I
Commissioner z seconded adoption of the foregoing resolution. The roll
p g g
having been called, the vote was as follows:
Commissioner Stavney
Commissioner Fisher
Commissioner Ryan
f
This Resolution passed by
the County of Eagle, State of Colorado.
nrw\resolutions\release \salt creek
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t r
vote of the Board of County Commissioners of
MEMORANDUM
EAGLE COUNTY ENGINEERING
TO: Nancy Wright, Eagle County Attorney's Office
FROM: Taylor Ryan, Engineering Departmer...''`
DATE: June 11, 2013
RE: Public Improvements Agreement, Salt Creek Equestrian Center,
Eagle County File No. GRAD -5 -08 -1381
Final Collateral Release and Termination of Warranty Period
The two -year warranty period for the above referenced project was completed, and a fourth
collateral release were performed in November, 2011. It was noted at that time that repairs were
needed on the bike path. In accordance with the terms and conditions of the Public
Improvements Agreement, an additional one -year warranty period was required for the repair
work.
The repairs were completed on May 31, 2012, and an extended warranty period commenced on
that date. On May 30, 2013, the site was reinspected, and the repair work is now accepted after
the extended warranty period.
I recommend termination of the Public Improvements Agreement for GRAD5 -08 -1381 and
release of the remaining collateral in the amount of $18,424.15.
cc: Eva Wilson, County Engineer
Matt Shoulders, Adams Rib
EXHIBIT
