HomeMy WebLinkAboutR94-199 second partial release of collateral for cordillera filing 9Commissioner /(J moved adoption
of the following Resolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 94-
SECOND PARTIAL RELEASE OF COLLATERAL
Filing 9
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 November 9,
1993 ( "Agreement ") with Stag Gulch Partners, a Colorado General
Partnership ( "Subdivider "), as a condition of final plat approval
for Filing 9, 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, together with an Enforceability Opinion, all as described
therein; and
WHEREAS, by Resolution No. 94 -31, the plat restriction was
released and Irrevocable Letter of Credit No. 59397459 issued by
the New York Branch of Berliner Handels -und Frankfurter Bank ( "BHF-
Bank") in favor of JLP Realty Corp. in the amount of $1,265,495.67
together with an Enforceability Opinion from the Bank's counsel;
and
WHEREAS, by Resolution No. 94 -142 the Board approved a
reduction in collateral in the amount of 309,971.82 leaving a
balance of $955,523.82 which was collateralized by an amendment to
Irrevocable Letter of Credit No. 59397469; and
WHEREAS, Subdivider has represented to the Board, and members
of the County staff have corroborated the Subdivider's
representations, that further improvements required under the
Agreement have been partially completed, see the attached Exhibit
"A ", attached hereto and incorporated herein by this reference; and
WHEREAS, the Subdivider has request a reduction in the amount
of $540,992.26, leaving a balance of $414,531.59 to be
collateralized under a new or amended Letter of Credit.
BASED upon the oral and written recommendations of the County
staff, THE BOARD FINDS that the Subdividers obligations under the
Agreement appear to have been partially completed.
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
$540,992.26 for a balance of $414,531.59 is granted.
THAT, this partial release of collateral is contingent upon
the Subdivider providing to the Board a new or a amended Letter of
Credit in a form acceptable 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
of the County of Eagle, State of Colorado, this day of
December, 1994. _1,—
ATTEST: /
County Commissioners
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
BOARD OF COUNTY COMMISSIONERS
B y . )(9"—
U44
hnne e hi lips, C irman
�Lcr
George Gates, Commissioner
Commissioner �/� seconded adoption of the
foregoing resolution. The roll having been called, the vote was as
follows:
Commissioner
Commissioner
Commissioner
Johnnette Phillips
James E. Johnson,
George A. Gates
Jr.
This Resolution passed by f7a vote of the Board of
County Commissioners of the County of Eagle, State of Colorado.
mta \r \cord -9.par
#87 -84
4
?'OLLATERAL RELEASE SUMMAR_1
SIA: Cordillera, Filing 9
Second Partial Release
DATE: October, 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
6" DIP
8" DIP
6 Gate Valve
8 Gate Valve
6" CI Elbow
6 CI Tee
8" CI Tee
8" CI Elbow
Hydrant Assy.
Water Services
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
r
ORIGINAL
AMOUNT OF
AMOUNT
IMPROVEMENTS
COLLATERALIZED
COMPLETED
$
20,000.00
$
18,000.00
$
15,160.00
$
15,160.00
$
45,184.00
$
45,184.00
$
71,351.00
$
71,351.00
$
11,183.25
$
8,946.60
$
67,201.00
$
13,440.20
$
92,320.00
$
_0_
$
10,000.00
$
8,000.00
$
1,350.00
$
_0_
$
56,480.00
$
45,184.00
$
24,256.00
$
_0_
$
414,485.25
$
225,265.80
$
105,000.00
$
105,000.00
$
2,100.00
$
2,100.00
$
60,300.00
$
60,300.00
$
350.00
$
350.00
$
3,150.00
$
3,150.00
$
1,125.00
$
1,125.00
$
290.00
$
290.00
$
800.00
$
800.00
$
3,200.00
$
3,200.00
$
13,500.00
$
13,500.00
$
57,200.00
$
57,200.00
$
247,015.00
$
247,015.00
$
118,800.00
$
118,800.00
$•
26,400.00
$
26,400.00
$
49,680.00
$
49,680.00
$
19,500.00
$
19,500.00
$
214,380.00
$
214,380.00
$
2,100.00
$
_0_
$
5,500.00
$
5,500.00
$
1,900.00
S
1.800.00
$
9,400.00
$
7,300.00
r
Cordillera Filing #9 y
Second Partial Release
Page 2
IMPROVEMENTS COMPLETED:
10°s RETAINAGE
FIRST PARTIAL RELEASE
THIS RELEASE:
ORIGINAL SIA:
FIRST RELEASE:
THIS RELEASE:
REVISED SIA:
$ 945,515.64
$ 94,551.56
$ 850,964.08
$ 309,971.82
$ 540,992.26
$1,265,495.67
$ 309,971.82
$ 540.992.26
$ 414,531.59
ORIGINAL
AMOUNT OF
ELECTRICAL
AMOUNT
IMPROVEMENTS
COLLATERALIZED
COMPLETED
4' Trench
6" Conduit
$
30,375.00
$ 30,375.00
4 Conduit
$
17,000.00
$ 17,000.00
Cable
$
8,437.50
$ 8,437.50
Transformers
$
$
81,000.00
18,700.00
$ _
7' Vault
$ 18,700.00
TOTAL ELECTRICAL
$
$
20,700.00
176,212.50
$ 00
95
$ 95,212.50
,212
TELEPHONE AND TV
Buried Cable
$
15,187.50
$ _0_
4 Conduit
Pedestals
$
16,875.00
$ 16,875.00
TV Cable
$
350.00
$ 350.00
13.725.00
$ _0_
TOTAL TELEPHONE AND TV
$
46,137.50
$ 17,225.00
NATURAL GAS
2 Gas Line
$
64,125.00
$ 64,125 00
TOTAL NATURAL GAS
$
64,125.00
$ 64,125.00
ENGINEERING. SURVEYING TESTING
$ 93,740.42
$ 74,992.34
TOTAL CORDILLERA FILING #9
$1,265,495.67
$ 945,515.64
IMPROVEMENTS COMPLETED:
10°s RETAINAGE
FIRST PARTIAL RELEASE
THIS RELEASE:
ORIGINAL SIA:
FIRST RELEASE:
THIS RELEASE:
REVISED SIA:
$ 945,515.64
$ 94,551.56
$ 850,964.08
$ 309,971.82
$ 540,992.26
$1,265,495.67
$ 309,971.82
$ 540.992.26
$ 414,531.59
i
EAGLE COUNTY ENGINEERING
TO: Maureen Amundson, Attorney's Office
FROM: John Althoff, Engineering
DATE: November 21, 1994
RE: Cordillera Filings 9, 10
On October 20, 1994 I visited the site with Chris Williams of
Johnson, Kunkel & Associates to verify completion of work in
filings 9 and 10. On October 26th I notified both Mark Avery and
Chris Williams that I needed compaction test results for filings
9, and 10. I have received.the test results and reviewed this
information.
Attached are Collateral Release Summaries for filings 9, and 10.
Please process releases as follows:
Filing 9, Second Partial Release $540,992.26
Filing 10, Second Partial Release $537,856.83