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Home My WebLink AboutR93-096 third release of collateral for Cordillera Phases I and IIC, Commissioner r moved adoption of the followi g Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 93 - 2�_2_ THIRD PARTIAL RELEASE of COLLATERAL "Phase I" and "Phase II" of Filing -6 - 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 2, 1992 ( "Agreement ") with Stag Gulch Partners, a Colorado General Partnership ( "Subdivider "), as a condition of final plat approval for Filing 6, Cordillera Subdivision; said Agreement is recorded in Book 593 at Page 158 in the records of the Eagle County Clerk and Recorder; and WHEREAS, the Agreement requires that the Subdivider provide collateral to guarantee the faithful completion of public improvements described in Exhibit "A ", Pages 1 through 4; Exhibit "A -1 "; Exhibit "B "; Exhibit "C ", Pages 1 through 3; Exhibit "D" of the Agreement; and WHEREAS, Paragraphs 2.1.1 through 2.1.3 of the Agreement provide an "Alternative Collateralization Method" whereby Sub- divider may deposit with the County the sum of $797,425.88, prior to the commencement of construction of "Phase I" of Filing 6; and the sum of $1,996.972.52 prior to "Phase II" of Filing 6;'all as more particularly set forth in the Agreement; and WHEREAS, by Resolution No. 92 -151, the Board approved a reduction of collateral for "Phase I to $462,689.92, and accepted a cash deposit in said amount; and WHEREAS, at Subdivider's request, by its Resolution No. 92- 173, the Board accepted a letter of credit in the amount of $200,000.00 as substitute collateral for "Phase I," and directed the Treasurer to pay over to the Subdivider the like sum of $200,000.00; and WHEREAS, by Resolution No. 92 -174, the Board approved a second partial release of collateral for "Phase I" in the amount of $163,454.64, resulting in a collateral balance of $299,235.28 for "Phase I;" and C WHEREAS, by Resolution No. 93 -49, the Board accepted the following letters of credit issued by BHF -Bank, New York Branch, as collateral for "Phase II" of the Subdivision, and released the plat restriction on the entire Subdivision: Number Amount No. 58968359 $ 150,000.00 No. 58969359 250,500.00 No. S8970359 390,301.00 No. 58971359 402,057.00 No. 58972359 402,057.00 No. 58973359 402,057.52 TOTAL $1,996,972.52 and WHEREAS, the Subdivider comes now requesting additional releases of collateral, stating that additional improvements have been completed in both "Phase I" and "Phase II" of the Subdivi- sion, as described in'the column entitled "THIS RELEASE" in Exhibit " A " attached hereto and incorporated herein by this reference; and WHEREAS, staff of the County Department of Engineering have inspected the improvements, and recommend that Subdivider's request be approved. WHEREFORE, Based upon the oral and written recommendations of the County staff, THE BOARD FINDS that additional releases of collateral are appropriate. THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: THAT, the collateral for "Phase I" and "Phase II" of Filing 6, Cordillera Subdivision, be released as follows: Phase I Original Amount $ 797,425.88 Previous Releases - 498,190.60 This Release - 291,507.70 Collateral Required Phase II Original Amount $ 1,996,972.52 Previous Releases - 0 - This Release - 1,111,521.02 Collateral Required TOTAL ESTIMATED VALUE OF REMAINING WORK $ 7,727.58 885,451.50 $ 893,179.08 -2- cl THAT, the following letters of credit issued by BHF -Bank, New York Branch, be and are hereby released: #58698259 $ 200,000.00 #58969359 250,500.00 #58973359 402,057.52 #S8972359 402,057.00 THAT, in addition, the Eagle County Treasurer be and is hereby requested and directed to pay over to Subdivider the sum of $99,235.28, which is the remaining cash held by the County as collateral for Filing 6, Cordillera Subdivision. THAT, the following letters of credit shall be held to cover the work remaining to be done: No. 58968359 $ 150,000.00 No. S8970359 390,301.00 No. 58971359 402,057.00 TOTAL COLLATERAL $ 942,358.00 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 its 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 1993,.nunc pro tuns August 3, 1993. COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOARD OF COUNTY COMMISSIONERS Y' B George Gates, Chairman Johnnette Phillips, -3- County Commissioners Commissioner seconded adoption of the fore - going resolute n. The aoll having been called, the vote was as follows: Commissioner Gates Commissioner Phillips _ A Commissioner Johnson This Resolution passed by 3,0 vote of the Board of County Commissioners of the County of Eagle, State of Colorado. Filing 6 $87 -84 r \cord6 -3.rel -4- 1 Cordillera Subdivision Filing No. 6 Collateral Reconciliation --------------------------------------------------- ---------- -- - - - - -- ------=------------------ TOTAL PREVIOUS THIS AMOUNT DESCRIPTION QUANTITY UNITS COST COST RELEASE RELEASE REMAINING ----------------------------------------------------- - - - - -- MOBILIZATION 1.00 L.S. 5,000.00 5,000.00 5,000.00 0.00 SEWER MANHOLE CLE AR AND GRL7B 10.20 ACRES 1,000.00 10,200.00 10,200.00 0.00 18.00 EACH TOPSOIL REMOVAL 10,210.00 CU YDS 1.50 15,315.00 15,315.00 0.00 32.00 UNQ,ASS. EX, 53,050.00 CU YDS 3.25 172,412.50 172,412.50 0.00 0.00 2,793.00 FINE GRADING 29,064.00 SQ YDS 0.35 10,172.40 7,379.40 2,400.00 0.00 ROCK EXC. 8,000.00 CU YDS 4.08 32,640.00 32,640.00 0.00 1,500.00 AGG BASE COURSE 7,063.00 TONS 8.50 60,035.50 60,035.50 0.00 TESTING 1.00 LS 10,000.00, 10,000.00 10,000.00 0.00 0.00 1,050.00 STREET SIGNS 7.00 EACH 150.00 2.50 1,050.00 25,525.00 0.00 14,294.00 11,231.00 PLACE TOPSOIL 10,210.00 CU YDS 18,498.00 SQ YDS 0.40 7,399.20 0.00 7,399.20 GRADE TOPSOIL REVEGETATION 18,498.00 SQ YDS 0.21 3,884.58 0.00 3,884.58 GUARD RAIL 1,250.00 L.F. 15.00 18,750.00 18,750.00 0.00 GUARD RAIL ANCHORS 8.00 EACH 600.00 3,600.00 3,600.00 0.00 SLOPE PROTECTION 1,333.00 SQ YDS 0.85 1,133.05 ---------------------------------------------------------- 1,133.05 0.00 TOTAL ROAD CONSTRUCTION 377,117.23 350,759.45 18,630.20 7,727.58 DRAINAGE ,0.00 0.00 ------------------ 0.00 0.00 GROUTED RIP RAP 3,300:00 SQ FT 2.00 6,600.00 0.00 6,600.00 CMP PIPE 36" 85.00 IF 40.00 3,400.00 3,400.00 0.00 Cpp PIPE 18" 278.00 IF 13.55 3,766.90 1,395.65 2,371.25 CPP PIPE 24" 47.00 IF 19.25 904.75 0.00 904.75 18" END SECTIONS 8.00 EACH 140.00 1,120.00 280.00 840.00 24" END SECTIONS 2.00 EACH 185.00 370.00 0.00 370.00 36" END SECTIONS 2.00 EACH 360.00 720.00 720.00 0.00 cArLE UNDERPASS 90.00 IF 240.00 21,600.00 21,600.00 0.00 RIP RAP 10.00 CU YD 35.00 350.00 -------------------------------------------------- 0.00 350.00 38,831.65 27,395.65 11,436.00 0.00 TOTAL DRAINAGE WATER AND SEWER 8" SEWER LINE 5,338.00 IF 27.00 144,126.00 72,724.50 71,401.50 SEWER MANHOLE 350.00 VF 200.00 70,000.00 22,060.00 47,940.00 SEWER SERVICE 18.00 EACH 1,000.00 18,000.00 0.00 18,000.00 8" WATERLINE 1,890.00 IF 32.00 60,480.00 0.00 60,480.00 6 11 WATERLINE 1,490.00 IF 28.00 41,720.00 0.00 41,720.00 811 GATE VALVE 4.00 EACH 600.00 2,400.00 0.00 2,400.00 6n GATE VALVE 3.00 EACH 500.00 1,500.00 -------------------------------------------------- 0.00 1,500.00 TOTAL WATER AND SEWER 338,226.00 94,784.50 243,441.50 0.00 EXHIBIT "A" Page 1 of 3 Cordillera Subdivision Filing No. 6 Collateral Reconciliation -------------------------------------------------------------------------------- UNIT TOTAL PREVIOUS THIS AMOUNT DESCRIPTION QUANTITY UNITS, COST COST RELEASE RELEASE - -- REMAINING -------------------------------------------------------------- - - - -.- - - - - -- - - - -- OVERHEAD ELECTRIC LINE 1.00 EACH 18,000.00 ENGINEERING, SURVEYING, TES 1.00 EACH 25,251.00 TOTAL PUBLIC IMPROVEMENTS FILING 6, PHASE I FILING 6, PHASE II ROAD CONSTRUCTION ------------------ AGG BASE COURSE ASPHALT TOTAL ROAD CONSTRUCTION 8" WATERLINE 6" WATERLINE. 4" WATERLINE 2" WATERLINE FIRE HYDRANT 8" GATE VALVES 6" GATE VALVES 4" GATE VALVES 2" GATE VALVES PRV VAULT WATER SERVICES S4 CRK INTERCEPTOR 18,000.00 0.00 18,000.00 25,251.00 25,251.00 0.00 797,425 88 498,190 60 291,507 70 7,727.58 0.0( 7,063.00 TONS 8.50 60,035.50 0.00 0.00 60,096.00 10,321.00 TONS 32.00 330,265.50 0.00 0.00 330,265.50 0.00 --------------------------------------------------- 390,301.00 0.00 0.00 390,361.50 3,675.00 IF 32.00 117,600.00 0.00 117,600.00 1,925.00 LF 28.00 53,900.00 0.00 53,900.00 1,090.00 LF 20.00 21,800.00 0.00 21,800.00 1,320.00 IF 10.00 13,200.00 0.00 13,200.00 8.00 EACH 2,400.00 19,200.00 0.00 19,200.00 8.00 EACH 600.00 4,800.00 0.00 4,800.00 7.00 EACH 500.00 3,500.00 0.00 3,500.00 2.00 EACH 450.00 900.00 0.00 900.00 2.00 EACH 400.00 800.00 0.00 800.00 3.00 EACH 18,000.00 54,000.00 0.00 54,000.00 18.00 EACH 1,500.00 , 27 0.00 27,000.00 ----------=--------------------------------------- 316,700.00 0.00 316,700.00 10" SEWER LINE 70.00 LF 35.00 2,450.00 0.00 2,450.00 10" SEWER LINE 5,060.00 LF 32.00 161,920.00 0.00 161,920.00 10" SEWER LINE 500.00 LF 38.00 19,000.00 0.00 19,000.00 AERIAL CROSSING 170.00 LF 500.00 85,000.00 0.00 0.00 85,000.00 811 SEWER LINE 1,800.00 LF 32.00 57,600.00 0.00 57,600.00 8" SEWER LINE 3,130.00 LF 27.00 84,510.00 0.00 84,510.00 8" PRESSURE PIPE 2,240.00 LF 60.00 134,400.00' 0.00 134,400.00 EXHIBIT "A" Page 2 of 3 Cordillera Subdivision Filing No. 6 Collateral Reconciliation --------------------------------------------------------------------------------------------------------------------- UNIT TOTAL PREVIOUS THIS AMOUNT DESCRIPTION --------------------------------------------------------------------------------------------------------------------- QUANTITY UNITS COST COST RELEASE RELEASE REMAIIdIIdG SEWER MANHOLE 450.00 VF 200.00 .90,000.00 0.00 90,000.00 250,500.00 SEWER CLEANOUT 9.00 EA 1,200.00 10,800.00 0.00 10,800.00 25,311.52 SITE RESTORATION 8.00 AC 2,000.00 16,000.00 0.00 16,000.00 0.00 REVEGETATION 3.50 AC 5,000.00 17,500.00 0.00 15,000.00 2,500.00 SQ CRK CROSSING 1.00 LS 15,000.00 15,000.00 0.00 15,000.00 PAVEMENT R AND R 4,835.00 SQ YD 20.00 96,700.00 0.00 0.00 96,700.00 TRENCH DRAIN EXT 520.00 LF 14.00 7,280.00 0.00 7,280.00 TOTAL INTERCEPTOR COSTS -------------------------------------------------- 798,160.00 0.00 613,960.00 184,200.00 OTHER COSTS ------------ -- - - -- 9• •• •H 1:91ft4wow"a DIM «r •• • r• • • 1 26NOVI DID1 , It r • TOTAL PUBLIC IMPROVEMENTS FILING 6, PHASE II 1.00 EACH 150,000.00 150,000.00 0.00 0.00 150,000.00 1.00 EACH 66,000.00 66,000.00 0.00 0.00 66,000.00 1.00 EACH 250,500.00 250,500.00 0:00 157;610.00 92,890.00 1.00 EACH 25,251.02 25,311.52 0.00 23,251.02 2,000.00 -------------------------------------------------- 491,811.52 0.00 180,861.02 310,890.00 • Y • D4 VVI m 1 of . ,. • Y• • HI• . Do r• • • MS � 1,996,972.52 0.00 1,111,521.02 885,451.50 797,425.88 498,190.60 291,507.70 7,727.58 1,996,972.52 0.00 1,111,521.02 885,451.50 2,794,398.40 498,190.6 � O 28 893,179.08 EXHIBIT "A" - Page 3 of 3