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Home My WebLink AboutR08-036 Two Rivers Village Phase I Final Release of Collateral • Commissioner `'' S4-10t2- moved adoption of the following Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 2008- 056 FINAL RELEASE OF COLLATERAL AND TERMINATION OF THE WARRANTY PERIOD FOR TWO RIVERS VILLAGE SUBDIVISION PHASE I WHEREAS, on or about April 23, 2002, the Board of County Commissioners of the County of Eagle, State of Colorado ( "Board ") entered into a Subdivision Improvements Agreement with Dotsero Realty Partners, LLC for Two Rivers Village Subdivision, Phase I ( "Subdivider "); and WHEREAS, pursuant to the Agreement, the Subdivider provided collateral in the form of Letter of Credit No. 0250658433 in the amount of $1,039,538.72 to guarantee the faithful completion of the public improvements; and WHEREAS, the warranty period required by the Subdivision Improvements Agreement commenced October 25, 2004; and WHEREAS, the Engineering Department states the improvements are complete, have survived the two -year warranty period and are acceptable per the terms and conditions of the Subdivision Improvements Agreement; and WHEREAS, both the Subdivider and the Engineering Department state that the work required under the Agreement is complete and acceptable and the Engineering Department recommends full release of the collateral, as secured by the Letter of Credit, and the termination of the Subdivision Improvements Agreement, see Exhibit "A ", attached hereto and incorporated herein by this reference. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: THAT, based upon the oral and written recommendations of the County Engineer and County Attorney, THE BOARD FINDS that the Subdivider' s obligations under the Agreement have been satisfied. • • • • THAT, the Board hereby authorizes the full and final release of the Letter of Credit and the termination of the Subdivision and Off -Site Improvements Agreement for Dotsero Realty Partners, LLLP. THAT, this document shall be recorded in the records of the Eagle County Clerk and Recorder, which shall be evidence that the warranty period for Two Rivers Village Phase I has been successfully completed and that the Subdivider's obligations under the Agreement are complete. THAT, Eagle County does not assume responsibility for maintenance of the private roadways in Two Rivers Village Phase I. MOVED, READ AND ADOPTED by the Board of County Commissioners of the County of Eagle, State of Colorado, at its regular meeting held the (1 day of April, 2008. COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its ATTEST: o �� co BOARD OF COUNTY COMMISSIONERS 1 4' .4 . _ w .W ; .:,_ a 0 B • / , Clerk to the B [ rd • of • Peter F. Runyon County Commissioners Chairman �j�(• t I La Sa . J. Fish r C A sioner ra APALA A renconi Commissioner Commissioner lA' \ �- 4 C 651 -- - I seconded adoption of the foregoing resolution. The roll having been called, the vote was as follows: Commissioner Runyon ! _ Commissioner Fisher A Commissioner Menconi s This Resolution passed by I- 5/ 0 vote of the Board of County Commissioners of the County of Eagle, State of Colorado. nrw\resolutions \two rivers termination , 4t, ,‘„ - • MEMORANDUM EAGLE COUNTY ENGINEERING TO: Nancy Wright, Attorney's Office FROM: Mike Gruber, Engineering A DATE: April 15, 2008 RE: PDF- 00063, Two Rivers Village, Phase I, Release of Collateral and Termination of the Warranty Period and Subdivision Improvements Agreement Mr. Yancy Nichol, Sopris Engineering, LLC, memorandum February 21, 2008, has made a request on behalf of the developer, Dotsero Realty Partners, LLLP, notifying the completion of work for Two Rivers Village, Phase I. Inspection was conducted by me on October 13, 2004. Warranty could not be started at that time however, pending receipt and acceptance of the required as -built drawings, conclusion of the agreement between the Eagle County School District RE -50J and the developer regarding the School Site Agreement associated with this project, and certain restoration, irrigation improvements. The restoration and irrigation improvements have been removed from Phase I and carried over for completion under the SIA for Phase II. All other improvements, for which the developer is responsible, were recognized as being complete with the thirteenth partial collateral release on October 25, 2004. Therefore, I recommend the warranty period commenced on October 25, 2004. Final documentation items have been received February 2008, and are acceptable. My inspection during September 2007 indicates the improvements are complete, have survived the two -year warranty period and are acceptable per the terms and conditions of the Subdivision Improvements Agreement. I recommend termination of the Warranty period, termination of the Subdivision Improvements Agreement and the release of the remaining collateral in the amount of $1,039,538.72, Alpine Bank Aspen Letter of Credit No. 0250658433. This is the amount of the improvements cost retained until successful completion of the warranty period and fulfillment of the terms and conditions of the Subdivision Improvements Agreement. These improvements entail the construction of utility infrastructure and private roadways. County maintenance is not required for these roads. # # # cc: Eva Wilson, County Engineer Yancy Nichol, P.E., Sopris Engineering, LLC Chrono /File EXHIBIT • • • • February 21, 2008 Greg Schroeder Eagle County Engineering P.O. Box 850 Eagle, CO 81631 RE: Two River Village Phase I, II & III SE Job #20135.01 & 27002.01 Dear Greg, This letter is written to formally notify the County that all work and conditions required by the following agreements have been completed: a) Subdivision and Off -site Improvements Agreement, Two Rivers Village, ( "Phase P') dated April 23, 2002, recorded in the Eagle County Records on May 17, 2002 as Reception No. 795927; b) Public Improvements Agreement, Two Rivers Village Subdivision, Phase II ( "Phase II ") dated March 20, 2007, recorded in the Eagle County Records on March 22, 2007, as Reception No. 200707528; and c) Public Improvements Agreement, Two rivers Village Subdivision, Phase III ( "Phase III ") dated July 24, 2007, but apparently unrecorded. In addition, we hereby notify the County that the Phase II Public Improvements set forth on Exhibit "A" to this letter have also been completed. Based upon periodic observation and testing the construction has been completed in accordance with the intent of the plans and specifications that were reviewed and approved by the County. All improvements were constructed in compliance with the Agreements identified above. As -built drawings have been prepared, reviewed and approved by the County for all three phases. The County engineering also completed an onsite final acceptance of the improvements for each phase. Attached is a signed and stamped Affidavit of Monumentation for Phases I, II and III. Phase I • The school site agreement has been satisfied by the attached revised school site agreement between Eagle County, Two Rivers Village Development and School District. • The warranty period has been satisfied for all improvements except that the Erosion Control/Reseeding will remain under a two year warranty period from the date of 9/15/07 at a cost of S70,350.00. 502 Main Street • Suite A3 • Carbondale, CO 81623 • (970) 704 -0311 • Fax (970) 704 -0313 Sornis ENCINELIIINC • 1.10civil consultants 1 • • 9 • February 21, 2008 SE Job No. 20135.01 & 27002.01 Page 2 Phase II • The warranty period starts on 9/15/07. • Security for warranty period is 10% of Cost Estimate (attached as Exhibit "A ") $99,092.18. Phase III • The warranty period starts on 2/1/08. • Security for warranty period is 10% of Cost Estimate (attached as Exhibit "C ") $140,279.37. We would request on behalf of the Developer that the existing Phase I Letter of Credit be released, the cash security for Phase II of $37,070.00 be released, and the cash security for Phase III of $70,950.00 be released. At the same time, and in exchange for the release of the above described existing collateral, the Developer will provide the County with a new Letter of Credit for Phase I and Phase II warranty period collateral in the amount of $169,442.18 since the warranty is for the same time period. The Developer will also provide the County with a second Letter of Credit for Phase III warranty period collateral for the amount of $140,279.37. We also ask that the County formally recognize that upon the deposit of the new Letters of Credit for warranty period collateral the conditions of Plat Notes 12 and 20 of the Amended Final Plat for this project as recorded in the Eagle County Records as Reception No. 833300, have been satisfied and therefore those Plat Notes are no longer effective as to Phase I, II and III, Two Rivers Village Subdivision. If you have any questions or need additional information please give me a call. Sincerely, S ` f ; JNG EKING, LLC ~ ",/ w ` /Gsl/ s , 2311 i :4 . 0 -Ile 4, , sl , � 0 ` .4 Yancy 1 1011oT�, ° .E. Principal Cc: Larry Green, Balcomb & Green Steve Briggs, Alpine Bank Dotsero Realty Partners Terrill Knight, Knight Planning 502 Main Street • Suite A3 • Carbondale, CO 81623 • (970) 704 -0311 • Fax (970) 704 -0313 S ornis ENGINEERING • 11.0 civil consultants • •