HomeMy WebLinkAboutR94-141 first partial release of collateral for Cordiller Filing 10j
Commissioner moved adoption
of the following Resolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 94- - 1 4 11
FIRST PARTIAL RELEASE OF COLLATERAL
Filing 10
CORDILLERA SUBDIVISION
WHEREAS, pursuant to C.R.S. 30 -28 -137, the Board of County
Commissioners of the County of Eagle, State of Colorado ( "Board ")
entered into a Subdivision Improvements Agreement dated January 18,
1994, ( "Agreement ") with Stag Gulch Partners, a Colorado General
Partnership ( "Subdivider "), as a condition of final plat approval
for Filing 10, Cordillera Subdivision; and
WHEREAS, the Subdivider provided collateral in the form of a
plat restriction to guarantee the faithful completion of the public
improvements in the project; and
WHEREAS, Paragraph 2.4 of the Agreement allows the Subdivider
to provide Substitute Collateral in the form of a certain letter of
credit as described therein; and
WHEREAS, by Resolution No. 94 -99, the plat restriction was
released and Irrevocable Letter of Credit No. 173 issued by the
First Bank of Eagle County in favor of JLP Realty Corp. in the
amount of $1,600,000; and
WHEREAS, Subdivider has represented to the Board, and members
of the County staff have corroborated the Subdivider's
representations, that improvements required under the Agreement
have been partially completed, see the attached Exhibit " A " ,
attached hereto and incorporated herein by this reference; and
WHEREAS, Subdivider requests a reduction in the amount of
$613,163.74, leaving a balance of $985,479.02 to be collateralized,
such release is contingent upon the Subdivider depositing with the
County a new Letter of Credit in a form satisfactory to the County
Attorney.
1
THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS
OF THE COUNTY OF EAGLE, STATE OF COLORADO:
THAT, a reduction in the collateral in the amount of
$613,163.74 for a balance of $985,479.02 is granted.
THAT, such release is contingent upon Subdivider depositing
with the County an Irrevocable Standby Letter of Credit in a form
satisfactory to the County Attorney.
THAT, the partial release of collateral granted hereby shall
not in any way abrogate the rights of the Board in enforcing the
Subdivider's performance of his outstanding obligations under the
Agreement.
MOVED, READ AND ADOPTED by the Board of County Commissioners
1, _ A � �
Gee' Gates Commi
cx�g ssioner
Commissioner a�u" seconded adoption of the
foregoing resolution roll having been called, the vote was as
follows:
Commissioner Johnnette Phillips /Jim P
Commissioner James E. Johnson, Jr. ,
Commissioner George A. Gates pn,
This Resolution passed by — vote of the Board of
County Commissioners of the County of Eagle, State of Colorado.
mta \r \cord- 10.par
#87 -84
M EMORAND UM
EAGLE COUNTY 1 ENGIN
TO: Maureen Amundson, Attorney's Office
FROM: Joisa Althoff, Engineering 811A DATE: September 9, 1994
RE: Collateral Releases for Co=ca'1lera 712 im9s 1 . 1 1 6, 7, S, 9, 10
Filing 1 & 2
Completed 2" overlay - shoulder work when I Visited the site on
Wednesday, August 31, 1994. Seduce collateral to $69,168.74 (10% of
original SIA) and commence the two year warranty period (see enclosed
memo dated August 26, 1994).
�ilina 6
Per site visit on Wednesday, August 31, 1994, all of the paving has been
Ann . suggest reducing collateral to $279,439.84, which is down to the
lot of the original SIA, but not all of the wczk has been completed.. Do
not start the warranty period for this filing-
Filings 7 8, 10
per site visit, the work has been completed - Suggest reducing C`OI -a
to the values listed below which is more f than
hese f of i
th e original SIA-
Do not start the warranty period for any
Filing # Reduce Collateral to:
7 $245,263.44
8 $389,901.0
9 $955,523.
10 $985,479. '�
: LLATERAL RELEASE SUMMARY -::_?
SIA: Cordillera, Filing 10
First Partial Release
DATE: August 18, 1994
ROAD CONSTRUCTION
Mobilization
Clear and Grub
Topsoil Removal
Unclassified Excavation
Fine Grading
Aggregate Base Course
Asphalt
Testing
Street Signs
Place Topsoil
Landscaping /Revegetation
TOTAL ROAD CONSTRUCTION
WATER CONSTRUCTION
7' Trench B &C
8" DIP
8 Gate Valve
8" CI Tee
8" CI Elbow
Hydrant Assy.
Water Services
Air Release Valve
6" PRV
TOTAL WATER CONSTRUCTION
SEWER CONSTRUCTION
Trench 12' B &C
8" PVC
48" Manholes
Service Connection
TOTAL SEWER CONSTRUCTION
DRAINAGE
Rip Rap
18" Plastic Pipe
18" CMP End Sections
TOTAL DRAINAGE
ELECTRICAL
4' Trench
6 Conduit
4 Conduit
Cable
Transformers
7' Vault
TOTAL ELECTRICAL
ORIGINAL
AMOUNT
COLLATERALIZED
$ 20,000.00
$ 18,800.00
$ 24,296.00
$ 102,554.40
$ 27,333.00
$ 129,380.63
$ 75,776.00
$ 10,000.00
$ 1,350.00
$ 30,370.00
$ 15,040.00
$ 454,900.03
$ 123,405.00
$ 74,043.00
$ 5,775.00
$ 1,200.00
$ 12,480.00
$ 19,500.00
$ 22,000.00
$ 5,000.00
$ 24,000.00
$ 287,403.00
$ 95,700.00
$ 100,369.50
$ 191,250.00
$ 30,000.00
$ 417,319.50
$ 1,750.00
$ 6,400.00
$ 2,700.00
$ 10,850.00
$ 36,356.00
$ 5,512.00
$ 11,361.25
$ 81,000.00
$ 25,500.00
$ 6,900.00
$ 166,629.25
AMOUNT OF
IMPROVEMENTS
COMPLETED
$ 10,000.00
$ 18,800.00
$ 24,296.00
$ 102,554.40
$ -0-
$ -0-
$ -0-
$ -0-
$ -0-
$ -0-
-u-
155,650.40
$ 86,383.50
$ 51,830.10
$ 4,200.00
$ 800.00
$ 8,640.00
$ 13,500.00
$ -0-
$ 5,000.00
$ 24,000.00
$ 194,353.60
$ 66,990.00
$ 70,258.65
$ 133,875.00
8 21.000.00
$ 292,123.65
$ -0-
$ 2,560.00
$ 1,080.00
$ 3,640.00
$ -0-
$ - 0 -
$ -0-
$ -0-
$ -0-
$ -0-
Cordillera Filing #10
First Partial Release
August 18, 1994
Page 2
IMPROVEMENTS COMPLETED
10% RETAINAGE
THIS RELEASE
$ 681,293.04
$ 68,129.30
$ 613,163.74
ORIGINAL SIA
THIS RELEASE
REVISED SIA
$1,598,642.76
$ 613,163.74
$ 985,479.02
AMOUNT OF
IMPROVEMENTS
COMPLETED
$ -0-
$ -0-
$ -0-
$ -0-
$ -0-
$ -0-
$ -0-
$ 35,525.39
$ 681,293.04
ORIGINAL
AMOUNT
TELEPHONE AND TV
COLLATERALIZED
Buried Cable
$
20,450.25
4" Conduit
$
22,722.50
Pedestals
$
1,600.00
TV Cable
$
20,450.25
TOTAL TELEPHONE AND TV
$
65,223.00
NATURAL GAS
2 Gas Line
$
77,900.00
TOTAL NATURAL GAS
$
77,900.00
ENGINEERING, SURVEYING, TESTING
118,417.98
TOTAL CORDILLERA FILING #10
$1,598,642.76
IMPROVEMENTS COMPLETED
10% RETAINAGE
THIS RELEASE
$ 681,293.04
$ 68,129.30
$ 613,163.74
ORIGINAL SIA
THIS RELEASE
REVISED SIA
$1,598,642.76
$ 613,163.74
$ 985,479.02
AMOUNT OF
IMPROVEMENTS
COMPLETED
$ -0-
$ -0-
$ -0-
$ -0-
$ -0-
$ -0-
$ -0-
$ 35,525.39
$ 681,293.04