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Home My WebLink AboutR06-026 release of assignment of CD and accepting replacements for Crown Mountain Park Commissioner ~ moved adoption of the following Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 2006-~ RELEASE OF ASSIGNMENT OF CERTIFICATES OF DEPOSIT NOS. 21071, 21072, 21074, FIRST PARTIAL RELEASE OF COLLATERAL AND ACCEPTANCE OF ALPINE BANK ASSIGNMENT OF CERTIFICATES OF DEPOSIT NO. 23870 AND NO. 21075 FOR CROWN MOUNTAIN PARK & RECREATION DISTRICT PUBLIC IMPROVEMENTS AGREEMENT File No. PDA-00055 WHEREAS, on or about March 15, 2005, the Board of County Commissioners of the County of Eagle, State of Colorado ("Board") entered into a Public Improvements Agreement with Crown Mountain Park and Recreation District (hereinafter "Developer") as a condition of approval of the Crown Mountain Park application for amendment of the Mt. Sopris Tree Farm Planned Unit Development; and WHEREAS, the Developer provided collateral in the form of Assignment of Certificates of Deposit Nos. 21071, 21072, 21074 and 21075 issued by Alpine Bank to guarantee the faithful completion of the public road improvements in the amount of $288,797.03; and WHEREAS, pursuant to the Agreement, the Developer may apply to the County for a partial release of collateral based on its progress in constructing the public improvements required by the Agreement; and WHEREAS, Developer has represented to the County, that certain public road improvements required under the Agreement have been completed and has applied for a partial release of collateral; and WHEREAS, the Developer requests a first partial release of its collateral, reducing it by $244,698.46, thereby reducing the amount of collateral required by the County to $44,098.57, as itemized in Exhibit "A"; and WHEREAS, Developer has provided Assignment of Certificates of Deposit No. 23870 and No. 21075 issued by Alpine Bank in the total amount of $44,250.00 in a form acceptable to the County Attomey to satisfy the required collateral identified above, see Exhibit "B"; and WHEREAS, the release of the Assignment of Certificate of Deposits Nos. 21071, 21072,21074 requires termination of the Assignments by written Resolution of the Board of County Commissioners. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: THAT, based on the recommendation of the County Engineer and the County Attomey, the Chairman of the Board authorizes the partial release of collateral in the amount of $244,698.46 thereby reducing the collateral to $44,098.57 which represents the estimated cost of the public road improvements to be completed for the final plat approval for application for amendment of the Mt. Sopris Tree Farm Planned Unit Development. THAT, the partial release of collateral granted hereby does not represent the County's acceptance of the work purportedly completed by the Developer, nor does it in any way signify the commencement of the warranty period; the warranty period shall begin on the date all work is complete and accepted by the County, pursuant to the Public Improvements Agreement. THAT, based on the recommendation of the County Attomey, the Board accepts the Assignment of Certificates of Deposit No. 23870 and 21075 issued by Alpine Bank (see Exhibit "B" attached hereto and incorporated herein by reference) as collateral to secure and guarantee performance of the Developer's remaining obligations under the terms of the Public Improvements Agreement. THAT, the Board hereby authorizes the release of Assignments of Certificate of Deposit Nos. 21071,21072,21074. THAT, the partial release of collateral granted hereby shall not in any way abrogate the rights of the County in enforcing the Developer's performance of its outstanding obligations under the Agreement. THAT, all other provisions of the Agreement shall remain in full force and effect. MOVED, READ AND ADOPTED by the Board of County Commissioners of the County of Eagle, State of Colorado, at its regular meeting held the \ L\ day of March, 2006. '- lONERS By: to County Commissioners By: By: Commissioner ~ seconded adoption of the foregoing resolution. The roll having been called, the vote was as follows: Commissioner Runyon Commissioner Stone Commissioner Menconi This Resolution passed by '?/D vote of the Board of County Commissioners of the County of Eagle, State of Colorado. G:\JKS\resolutions\Assignment release-Crown Mountain.DOC File No. G-2001-104 MEMORANDUM EAGLE COUNTY ENGINEERING TO: Janice Scofield, Eagle County Attorney's Office l FROM: Mike Gruber, Engineering Department /t.l} I k & DATE: February 7,2006 RE: Public Improvements Agreement, Crown Mountain Park, Eagle County File No. PDA-00055 Authorization of the First Partial Collateral Release A request for a collateral release inspection was received by our office on November 29,2005, from Sopris Engineering, LLC. Inspections were performed by me throughout the various stages of construction thereby confirming the amount of work completed. A collateral reduction is appropriate. I recommend a reduction of the collateral for the items completed in the amount of $244,698.46 from the $288,797.03, as established in the Public Improvements Agreement entered into March 15, 2005, to $44,098.57. This reduction does not start the warranty period. A collateral release summary is attached for this release. # # # pc: Helen Migchelbrink, County Engineer Chrono/File COLLATERAL RELEASE SUMMARY CROWN MOUNTAIN PARK PDA-00055 February, 2006 COMPLETED FIRST RELEASE ORIGINAL AMOUNT DESCRIPTION COLLATERAL % AMOUNT REMAINING Mobilization $6,000.00 95% $5,700.00 $300.00 Excavation $8,000.00 95% $7,600.00 $400.00 Class 6 ABC $35,688.00 95% $33.903.60 $1,78440 4" Thick Asphalt $86,317.00 95% $82,00115 $4.315.85 Entry Feature Curb $12,441.00 95% $11,818.95 $622.05 Standard Curb $24,46050 95% $23,23748 $1,22303 Median Curb $11,954.25 95% $11,356.54 $597.71 Detour $6,50000 95% $6,175.00 $325.00 12" Culvert (C14) $1,568.00 95% $1,489.60 $7840 18" Culvert (C2,C3,C15) $7,524.00 95% $7,14780 $376.20 Inlets $2,500.00 95% $2,375.00 $125.00 Traffic Control $16,500.00 95% $15,67500 $825.00 T esting/Surveying $10,000.00 95% $9,500.00 $500.00 Road Cut Permit $2,50000 95% $2,375.00 $125.00 Landscape Entry Feature $8,000.00 95% $7,600.00 $400.00 Street Light Relocation $1,500.00 95% $1,425.00 $75.00 Street Light New $2,600.00 0% $0.00 $2,60000 Restoration $1,800.00 95% $1,710.00 $90.00 Concrete Ped Crossing $8,190.00 95% $7,780.50 $409.50 Paint Stripping $500.00 95% $475.00 $25.00 Demolition of Existing Asphalt and Curb & Gutter $8,000.00 95% $7,600.00 $400.00 10% Contingency $26,254.28 95% $24,941.57 $1,312.71 TOTAL CROWN MOUNTAIN PARK $288,797.03 $271,887.18 $16,909.85 IMPROVEMENTS COMPLETED $271,887.18 10% RETAINAGE $27,188.72 FIRST RELEASE $244,69846 ORIGINAL COLLATERAL $288,797.03 FIRST RELEASE $244,69846 REMAINING COLLATERAL $44,098.57 Crown Mountain Park First Partial Release Page 1 of 1 ASSIGNMENT OF CERTIFICATES OF DEPOSIT Crown Mountain Park & Recreation District To: Alpine Bank For valuable consideration, receipt of which is hereby acknowledged, Crown Mountain Park & Recreation District hereby assigns to the County of Eagle, State of Colorado, an interest in : Certificate of Deposit No. 23870 to the extent of eighteen thousand dollars ($18,000.00) excluding all interest now due or to become due on the assigned amount. This amount to be held until final inspection of the road improvements by no later than May 31,2006. Certificate of Deposit No. 21075 to the extent of twenty six thousand two hundred fifty dollars ($26,250.00) excluding all interest now due or to become due on the assigned amount The Assignment is given as security for Public Improvements Agreement File No. PDA- 00055. This Assignment shall be a continuing assignment and shall remain effective until the Board of County Commissioners, by written resolution, authorizes the release of security. Eagle County may authorize a reduction in the security represented by this Assignment, by written resolution. Crown Mountain Park & Recreation District hereby authorizes Eagle County to demand and collect all or any portion of the deposit to the extent of the assigned amount in accordance with this Assignment, and to issue a receipt for any sums received therefrom. Crown Mountain Park & Recreation District hereby directs Alpine Bank to pay to the county, its legal representative, successors or assigns, upon written demand, the amount so demanded, to the extent of the assigned amount. The following Certificates of Deposit are now assigned back to Crown Mountain Park & Recreation District as directed by the Eagle County BOCC and Eagle County Attomey. Certificate of Deposit No. 21072 to the extent of ninety six thousand dollars ($96,000.00) Certificate of Deposit No. 21071 to the extent of one hundred thirty six thousand dollars ($136,000) Certificate of Deposit No. 21074 to the extent of thirty one thousand dollars ($31,000.00) All further obligation of Crown Mountain Park & Recreation District in respect to these Certificates is hereby terminated. This Assignment back to Crown Mountain Park & Recreation District shall not be amended without the consent of all signatories hereto, which shall be in writing. Done this 28th day of February 2006. Crown Mountain Park Recreation District State of Colorado ) ) ss. County of Eagle ) ~ foregoing was acknowledge before me this ~ 61'h day of} M . , 2006 by ~VI e '5c lA dJ._ ~,,,,'"11I"",",1. ~.J-_,__" _~ ~~~ ~ON ~ ""'~ WI~ hand an.ial seal. ,~~........ ,.~, ~ ~ .e .. ~~ -.MY t~ EXPfRES . ~ .e ..~\ Notary Public S . N A R y.. i .: . . = 5: J1, rr : i im~ p : i '=-A. USLIC .o~ ~ . . ~ y~.. .. Q~ .. .. ~ ~~ 0 ...... O~~~ ~"It. F: CO~ l\~\~ """'"fllll'''''\\' APPROVED: On behalf of Alpine Bank , I approve the conditions set forth in this Assignment of Certificate of Deposit, and agree that the Assignment shall not be terminated without written authorization of the Board of County Commissioners of Eagle County, Colorado. DONE this 28th day of February, 2006. Alpine Bank By: c7fl ~ Title: PY6\dei\t State of Colorado) ) ss. County of Eagle ) The foregoing was acknowledged before me this c:Y8~ day of ttbVlO lJU , 2006 by ) An1D~'~<fv\ . WITNESS my hand and official seal. My commission expires Z1i?S\ 0ttk:J APPROVED: COUNTY OF EAGLE, STATE OF COLORADO By and Through its BOARD OF COUNTY COMMISSIONERS By: Am Menconi, Chairman Teak Simonton, Clerk to the Board of County Commissioners Date: