HomeMy WebLinkAboutR93-140 fourth partial release of collateral Cordillera Filing 6Commissione moved adoption
of the follow' g Resolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 93 - J qO
AUTHORIZING THE FOURTH PARTIAL RELEASE OF COLLATERAL
CORDILLERA FILLING 6, PHASES I AND II
WHEREAS, on or about November 2, 1992, pursuant to Section 30-
28 -137, C.R.S., the Board of County Commissioners of the County of
Eagle, State of Colorado ( "Board ") entered into a Subdivision
Improvements Agreement ( "Agreement ") with Stag Gulch Partners, a
Colorado General Partnership ( "Subdivider ") as a condition of final
plat approval of Filing 6, Cordillera Subdivision; and
WHEREAS, in order to guarantee the faithful completion of
certain public improvements required under the Agreement, the Board
accepted as collateral a cash deposit in the amount of $797,425.88
for Phase I of Filing 6; and the sum of $1,996,972.52 for Phase II
of Filing 6; and
WHEREAS, by Resolution No.
reduction of collateral for Phase
cash deposit in said amount; and
92 -151, the Board approved a
to $462,689.92, and accepted a
WHEREAS, at Subdivider's request, by its Resolution No. 92-
173, the Board accepted a letter of credit in the amount of
$200,000 as substitute collateral for Phase I and directed the
Treasurer to pay over the Subdivider the like sum of $200,000; 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
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
58968359
$ 150,000.00
58969359
250,500.00
58970359
390,301.00
58971359
402,057.00
58972359
402,057.00
58973359
402,057.52
TOTAL $1,996,972.52
3
WHEREAS, by Resolution 93 -96 the following Letters of Credit
were released:
#58698259
$ 200,000.00
#58969359
250,500.00
#58973359
402,057.52
#58972359
402,057.00
and the following letters of credit were held:
#58968359 $ 150,000.00
#58970359 390,301.00
#S8971359 402.057.00
Total $ 942,358.00
WHEREAS, Subdivider has represented to the Board that certain
of the improvements are complete, (as indicated on Exhibit A
attached hereto and incorporated herein) and has applied for a
fourth partial release of collateral in the form of Letter of
Credit No. 58971359 in the amount of $402,057; and
WHEREAS, as indicated on Exhibit A, the amount of work
remaining totals $621,693.08. Subdivider will supply a letter of
credit in the amount of $81,392.08 (Exhibit B) to cover the
difference between the amount of collateral held and the amount
needed.
Based upon the oral and written recommendations of the
Department of Engineering, THE BOARD FINDS that the Subdivider's
obligations under the Agreement have been partially satisfied, and
a reduction in the collateral held by the Board is warranted.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO:
THAT, the Board hereby authorize the partial release of
collateral in the amount of $402,057.00, thereby reducing the
collateral to $540,301.00.
THAT, the Board hereby accepts Letter of Credit No. in
the amount of $81,392.08.
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
November, 1993. 1 0 0 0 0 r o ftt �
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
BOARD OF COUNTY COMMISSIONERS
By: � A- aJ
George A,� Gates, Chairman
U, �/� � � s
J nnette Phillips,
mmissioner
aX F / l�
James E. Johnson, Jr.,
commissioner
Commissioner seconded adoption of.the fore-
going resolution. dThd roll having been called, the vote was as
follows:
Commissioner Gates
Commissioner Phillips
Commissioner Johnson
This Resolution passed by 4 vote of the Board of
County Commissioners of the County of Eagle, State of Colorado.
r \cord6.rel 87 -84
-3-
MEMORANDUM
EAGLE COUNTY ENGINEERING
TO: Mary Jo Berenato, Attorney's Office
FROM: Phill Scott, Engineering V �
DATE: November 4, 1993
RE: Cordillera, Filing 6, Phases I & II
Subdivision Improvements Agreement
Fourth Partial Release of Collateral
On Wednesday, October 27, 1993, John Althoff and myself, along
with Mark Avery and Herb Eaton of Cordillera, and Chris Williams
of Johnson, Kunkel & Associates conducted a site visit to inspect
the progress of the public improvements constructed in the above
referenced subdivision as well as some off site public
improvements.
We found that additional work has been completed beyond the scope
of our last inspection (July 21, 1993) which would warrant a
fourth partial release of collateral, and that this latest work
appears to be in compliance with the terms and conditions of the
SIA.
Attached is correspondence from the developers and their engineer
that outlines work which has been completed to date. We concur
with these representations. I have also attached a summary of
the work that remains to be done under the SIA.
CC: Larry Metternick
File
EXH
< i
T
Cordillera Filing 6
November 4, 1993
Work Remaining
Phase I
7 street signs $ 1,050.00
Revegetation $ 3,884.58
$ 4,934.58
Phase II
Aggregate Base Course 3531.5 Tons (500) $ 30,048.00
Asphalt, 10,321.00 Tons (100° '.) $330,265.50
$360,313.50
Squaw Creek Interceptor Sewer
Aerial Crossing (100) $ 8,500.00
Other costs
Water Storage Tank (1000) $150,000.00
Wells & Chlorination (751) $ 49,500.00
Electric & Telephone (191) $ 46,445.00
Engineering & Surveying $ 2,000.00
$247,945.00
Total amount remaining, Phases I & II
and off -site $621,693.08
November 19, 1993
IRREVOCABLE LETTER OF CREDIT
Number S9265359
Board of County Commissioners
County of Eagle
State of Colorado
P.O. Box 850
Eagle, Colorado 81631
Gentlemen:
BHF -BANK
Berliner Handels-
und Frankfurter Bank
New York Branch
55 East 59th Street
New York. NY 10022 -1186
Telephone (212) 756 -5500
FAX: (212)756 -5966
We hereby open our Irrevocable Letter of Credit in your favor, available by draft at
sight drawn on BHF -BANK, New York Branch for any sum or sums not exceeding in
total the sum of US$ 81,392.08 (Eighty -One Thousand Three Hundred Ninety -Two and
08/100 U.S. Dollars).
For the account of:
JLP Realty Corp.
P.O. Box 988
Edwards, CO 81632
For the purpose of securing the improvements under the Subdivision Improvements
Agreement for Filing 6, Cordillera Subdivision, in the County of Eagle, State of
Colorado pursuant to that certain Subdivision Improvements Agreement, dated
November 02, 1992 and amended November 23, 1992 between the County of Eagle,
Colorado, and Stag Gulch Partners, relative to the Cordillera Subdivision.
Each draft drawn at sight on BHF -BANK, New York shall be endorsed on the
reverse side of this Letter of Credit and bear upon its face 'Drawn under Letter of
Credit number S9265359 of BHF -BANK, New York Branch dated November 19, 1993"
and shall be accompanied by a Resolution of the Board of County Commissioners of
Eagle County certifying 1.) that there has been a default under the Subdivision
Improvements Agreement, Filing 6, Cordillera Subdivision, and 2.) that a sum certain is
required to remedy the default.
BHF -BANK, New York Branch agrees with the drawers, endorsers and bonafide
holders of drafts drawn and negotiated in compliance with the terms of this Letter of
Credit that such draft will be duly honored upon due presentation at the counter of this
bank.
BHF -BANK, New York Branch represents and warrants to the County of Eagle that
it has the full authority and power to issue this Letter of Credit to the County of Eagle,
State of Colorado, in the total amount and for the period of time stated herein; said
authority being pursuant to the laws of the United States, or the State or territory which
/...2
Managing Partners: Registered Head Offices: Registry and Commercial Register: Chairman of the Supervisory Board
Wolfgang Graebner Frankf.WM and Berlin No. FrankfuNM 72 HRB 20W0 Klaus Subjetzki
Heinz- Gernot Refiners Charlottenburg in Berlin 92 FIRE 20000 Corporate Status:
Wolfgang Rupf Limited Company with General Partners
Wulf v. Schimmelmann
Wolfgang Strut.
Louis Graf von Zech
- t
t
= B HF -BANK
Page 2
governs the establishment and regulation of BHF -BANK, New York Branch charter, by-
laws and other applicable rules and regulations adopted pursuant thereto. Should it be
necessary for the County of Eagle to file suit in an effort to enforce this irrevocable
Letter of Credit, BHF -BANK, New York Branch hereby waives all venue rights and
submits to the jurisdiction of the District Court in and for the County of Eagle, State of
Colorado.
All drafts hereunder must be drawn on or before November 30, 1994.
Unless otherwise stipulated, this Letter of Credit is subject to the Uniform Customs
and Practice for Documentary Credits (1983 Revision), ICC Publication No. 400.
Very truly yours,
Berliner Handels- and Frankfurter Bank
New York Branch