Loading...
HomeMy WebLinkAboutR93-151 second extension of SIA for McGrady Acres/NottinghamCOUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 93 - _5�_ _ AUTHORIZING THE SECOND EXTENSION OF THE SUBDIVISION IMPROVEMENTS AGREEMENT AND PARTIAL RELEASE OF COLLATERAL McGRADY ACRES /NOTTINGHAM WHEREAS, on or, about July 23, 1991, 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 Nottingham Ranch Company, a Limited Partnership and Susan Nottingham ( "Subdivider ") as a condition of final plat approval of McGrady Acres; and WHEREAS, in order to guarantee the faithful completion of certain public improvements required under the Agreement, the Board accepted as collateral Irrevocable Letter of Credit #144, dated July 23, 1991, in the amount of $348,000.00, with an expiration date of July 1, 1994; and WHEREAS, the Subdivision Improvements Agreement will expire on April 4, 1994; and Letter of Credit No. 144 for $348,000.00 will expire on July 1, 1994; and WHEREAS, the Subdivider has by letter dated November 3, 1993, (Exhibit A) requested an extension on the Subdivision Improvements Agreement for a period of five (5) months or until September 1, 1994, to allow accomplishment of the temperature sensitive bridge repairs; and the County agrees to said extension, (Exhibit B) for the mutual benefit to be derived by said extension; and WHEREAS, the Subdivider has requested, and the County agrees, to a reduction of collateral in the amount of $251,400 to $67,100 for completion of bridge repairs plus $31,400 for a 10% retainage on the work completed. The $29,500 retainage on the work completed should be retained for a two -year warranty period which should run from May 28, 1993 to May 28, 1995; and WHEREAS, the Subdivider will provide to the County a new letter of credit in the amount of $98,500. �i 526085 B -630 P -26 01/14/94 11:20A PG 1 OF 4 REC DOC Sara J. Fisher Eagle County Clerk & Recorder 0.00 �. . m 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 extension of the Subdivision Improvements Agreement to September 1, 1994. THAT, the Board hereby authorize the partial release of collateral to $31,400 for a 10% retainage on the work completed and $67,100 for the completion of bridge repairs, for a total of $98,500 to be held as collateral. MOVED, READ AND ADOPTED by the Board of County Commissioners of the County of Eagle, State of Colorado, this day of December 1993. ATTEST: La— Q-46== By: Clerk to the Board of County Commissioners Commissioner foregoing re: follows: COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOARD OF COUNTY COMMISSIONERS George e . Gates, Chairman Commissioner George A. Gates _ Commissioner Johnnette Phillips Commissioner James E. Johnson, Jr. 4 2 -c This Resolution passed by vote of the Board of County Commissioners of the County of Eagle, State of Colorado. Attachments 91 -39 Mcgrady. ext 526085 B -630 P -26 01/14/94 11:20A PG 2 OF 4 C) C O �w Xov©mber 3, 1993 I V'(" LE Board of county co=isciarers P.O. Box 850 pEgle, co 81631 REs McGrady Acres Subdivision rtprovcmcnts Agreerent Dear sirlmada= : 1 � � �. To It is r equested that subdivision =prove= - Uts Agreement be extended by five Monty.&, to September 1 1954, and that the amount of Lhe letter of credit required for the subdivision .improvements ggreen:exit be reduced to the =wmnt needed for bridge repairs, in tho amount of $67' is • Fo1l0ving is a summary ;,f events which supports the- approval: of the req[u 1. Por attached trap raittal dated V. 39, 1993, utility companies provided letters stating that th-Dy will tare ownership of their respective utility. This leaves the bridge repair an the remaining item to be completed for the Subdivision zmpr evements Agreemnt. 2. Zn rk►y, 1993, it was r egaest €d to rtducs Cho letter of credit to the amount needed to repair the bridge. Larry Metternick requested that tha bridge be rev VjMd Lad rp- aa.>xended repairs be updated. It scat intended to obtain an updated estimate of bridge repairs, and reduce thQ letter of credit accordingly. 3. During the insgect?on process, zazry xetternick asked that the passibility of replaci the bridge be researched. Tjbia process took as additional month or two to complete. THE eoNCLUSION OF THE R$SMCH WAS TERT THE PRIDGB SHOULD BE REPAIRED, A[JD NOT ASS. r,oat that the scope of work �. for bridge repairs is knows, it is too late need to be in the�s.eason to begin, re a:.r. requiring heref orn $a e�z c the 1 6abdivisiaa couple,.ed next tt.r=_ (1994), improvements )Lgr 5. zoACO, Inc. the consulz;ng engineer whc inspected the bridg©, astim,atod the Cost of re airs to ba $61,000. 2f a .0s Conti a �a i= included, the total• costa repairs ie escpetted to be S67,100. 0, o�biah the �ouat that. is zeaueatecl to reduce the. letter of credit 6o the is Scbdivisions 2mprosremaats AgrCemerit. sincerely, c Nottingham Invc nt CCMPa ly cc Larry mettsrn&ck, Eagle coua Enciaaar Gle= Palma=, Alpine E. cinccrring, Iti EXHIBIT 1 (rk V--� ,, / U I'll V6 N 0 Co Cn I W 0 MEMORANDUM D EAGLE COUNTY ENGINEERING INOV 1 9 1193 EAGLE COUNTY ATTORNEY TO: Nancy Lewis, County Attorney's Office FROM: Larry Metternick, County Engineer DATE: November 17, 1993 RE: McGrady Acres Attached please find a request from Nottingham Investment Company requesting a reduction of collateral to $67,100 and requesting an extension of time for five months to September 1, 1994. The work outlined in Exhibit A to the Subdivision Improvements Agreement is complete and acceptable, except the bridge work. The work complete totals $295,000 and the new estimate of bridge repairs is $67,100.. We concur with the request for extension of time to September 1, 1994 to allow accomplishment of the temperature sensitive bridge repairs during the warm weather months. We concur with the reduction in collateral except that the collateral should be reduced to $67,100 for completion of bridge repairs plus $29,500 for a loo retainage on the work completed. The $29,500 retainage on the work completed should be retained for a two year warranty period which should run from May 28, 1993 to May 28, 1995. The new collateral amount at this time would then be $67,100 plus $29,500 equals $96,600. 526085 B -630 P -26 01/14/94 11:20A PG 4 OF 4 cc: W.E'. Nottingham, Nottingham Investment Co. Glen Palmer, Alpine Engineering Jack Lewis, County Manager EXHIBIT