HomeMy WebLinkAboutR18-044 Release of Collateral Blue Ridge PUD AKA Shadow Rock PUD r•
• Commissioner Olt aL-11-e-44t—`-‘ moved adoption
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of the following Resolution: CO E, a
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BOARD OF COUNTY COMMISSIONERS C•1 6° ON
COUNTY OF EAGLE,STATE OF COLORADO
RESOLUTION NO.2018- 0+1 0
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FINAL RELEASE OF COLLATERAL b
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TERMINATION OF THE WARRANTY PERIOD (i) cy)LLJ
L1J CLO- WO
FOR
BLUE RIDGE PUD A/K/A SHADOW ROCK PUD
WHEREAS, Shadowrock Construction, LLC and Shadowrock Investments, LLC
(collectively"Subdivider") is the successor in interest to Kevin and Tammy Tucker and Blue
Ridge Investments,Ltd. and such other third parties or successors to Kevin and Tammy Tucker
and Blue Ridge Investments,Ltd. who may have held title to a portion of the property that is the
subject of the Blue Ridge Planned Unit Development also known as Shadow Rock Planned Unit
• Development (hereinafter "Blue Ridge PUD"); and
WHEREAS, Kevin and Tammy Tucker and Blue Ridge Investments,Ltd. signed a
Subdivision and Off-Site Improvements Agreement("SIA") for Blue Ridge PUD dated
December 6, 2005 and recorded in the records of the Eagle County Clerk and Recorder at
Reception No. 200608136, and a First Amendment thereto dated February 6, 2007, recorded in
the records of the Eagle County Clerk and Recorder at Reception No. 200703842(the two
agreements identified in this paragraph shall together be referred to as the "Original SIA"); and
WHEREAS, pursuant to the Original SIA,the total cost estimate for the Subdivision
Improvements and required collateral for the Blue Ridge PUD was$3,395,783.41; and
WHEREAS, five partial releases of collateral were granted by the Board of County
Commissioners of the County of Eagle, State of Colorado (the "County"),thereby reducing the
amount of collateral held by the County to $332,060.29; and
WHEREAS,the County and Subdivider entered into an SIA dated April 1, 2014 and
recorded in the records of the Eagle County Clerk and Recorder at Reception No. 201405503 for
the Blue Ridge PUD (the "New SIA") to ensure that certain Subdivision Improvements and
certain obligations and warranties identified in the Original SIA and in the New SIA are
completed and fulfilled by Subdivider; and
•
WHEREAS, Subdivider provided collateral in the amount of$332,060.30, representing •
the estimated cost of the remaining Subdivision and Off-Site Improvements associated with the
Blue Ridge PUD; and
WHEREAS, two partial releases of collateral were granted by the Board of County
Commissioners of the County of Eagle, State of Colorado (the "County"),thereby reducing the
amount of collateral held by the County to $35,681.03; and
WHEREAS,by Consent No. 2016 -02, the two year warranty period was commenced as
of June 13, 2016,for the Subdivision and Off-Site Improvements associated with the Blue Ridge
PUD;and
WHEREAS,based upon the memorandum set forth in Exhibit A attached hereto and
incorporated herein,the Engineering Department states that the work required under the Original
SIA and the New SIAs is complete,has survived the warranty period and is acceptable per the
terms and conditions of the Original SIA and New SIA, and the Engineering Department
recommends full release of the collateral and the termination of the Original SIA and New SIA.
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 Original SIA
and the New SIA have been satisfied and hereby authorizes the final release of the $35,681.03
II/
being held by the County 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 the Blue Ridge PUD a/k/a
Shadowrock PUD has been successfully completed and that the Subdivider's obligations under
the Original SIA and the New SIA are complete.
THE BOARD further finds,determines and declares that this Resolution is necessary for
the health, safety and welfare of the inhabitants of the County of Eagle, State of Colorado.
MOVED,READ AND ADOPTED by the Board of County Commissioners of the
County of Eagle, State of Colorado, at its regular meeting held the 1(11I` day of
, 2018.
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Witt COUNTY OF EAGLE, STATE OF
COLORADO,by and Through Its
ATTEST: ',717.1. BOARD OF OUNTY COMMISSION RS
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By: '!/ . l ill 4-
Regina O'Brien Kathy I andler-Henry
Clerk to the Board of Chairman
County Commissioners
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Jeanne McQuee •
Commissioner
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J. fan . Ryan
i'ommissioner
• Commissioner Irtf seconded adoption of the foregoing resolution. The roll having
been called, the vote was as follows:
Commissioner Jillian H. Ryan
Commissioner Jeanne McQueeney
Commissioner Kathy Chandler-Henry t�.�•
This Resolution passed by U vote of the Board of County Commissioners of the County
of Eagle, State of Colorado.
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• MEMORANDUM
EAGLE COUNTY ENGINEERING
TO: Andrew Owen,Eagle County Attorney's Office
FROM: Rickie Davies, Engineering Department
DATE: June 14, 2018
RE: Subdivision Improvements Agreement,Shadowrock PUD,
Eagle County File No. PDF-00035
Authorization of the Eighth and Final Collateral Release
The two-year warranty period for the above referenced project began on June 13, 2016 and expired
on June 13, 2018. The Eagle County Engineering Department performed an inspection on June 7,
2018 confirming the remaining items that were under warranty, are still in satisfactory condition.
The amount retained during the two year warranty period included:
• Site Improvements and Contingency: 10% of$280,250.30= $28,025.03
Mid Valley Metropolitan District: 10% of$35,310.00= $3,531.00
Landscaping and Contingency: 25% of$16,500.00=$4,125.00
Total Retained: $28,025.03+ $3,531.00+ $4,125.00= $35,681.03
The Eagle County Engineering Department recommends a release of the remaining collateral in the
amount of$35,681.03.
# # #
cc: Ben Gerdes, County Engineer
Jesse Swarm, Sopris Engineering
Jeff Spanel, Inter-Mountain Engineering
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EXHIBIT A