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Home My WebLink AboutR08-045 Two Rivers Village Subdivision Phase III Release of Plat Notes Commissioner moved adoption of the following Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION N0.2008-~C~~ RELEASE OF PLAT NOTES AND SUBSTITUTION OF COLLATERAL AND COMMENCEMENT OF WARRANTY PERIOD FOR TWO RIVERS VILLAGE SUBDIVISION PHASE III FILE NO. AFP-00170 WHEREAS, on or about July 24, 2007, the Board of County Commissioners of the County of Eagle, State of Colorado ("Board") entered into a Public Improvements Agreement with Dotsero Realty Partners, LLC ("Subdivider") for Two Rivers Village Subdivision, Phase III; and WHEREAS, pursuant to the Agreement, the Subdivider provided collateral in the form of Plat Notes 12 and 20 to the Amended Final Plat recorded in the Eagle County Clerk and Recorder's Office at Reception No. 833300; and WHEREAS, both the Subdivider and the Engineering Department are in agreement that the plat notes can be released (Exhibit "A"). WHEREAS, pursuant to the Agreement, the Subdivider provided collateral in the form of cash in the amount of $70,950.00; and WHEREAS, pursuant to the Public Improvements Agreement, the Subdivider may substitute the collateral originally deposited in the form of cash with other collateral acceptable to the County; and WHEREAS, Subdivider has provided County with a letter of credit in the amount of $140,279.37 which represents ten percent (10°Io) to be held for the warranty period (Exhibit "B"), and WHEREAS, the Engineering Department states the warranty period was commenced on February 1, 2008 and will terminate on February 1, 2010. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMIVIISSIONERS 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 Plat Notes 12 and 20 to the Amended Final Plat recorded in the Eagle County Clerk and Recorder's Office at Reception No. 833300 for Phase III can be and hereby are deemed satisfied and released. THAT, based upon the oral and written recommendations of the County Engineer and County Attorney, the Board accepts the above described letter of credit as substitute collateral for Two Rivers Village Subdivision Phase III and hereby releases the cash in the amount of $70,950.00. THAT, this document shall be recorded in the records of the Eagle County Clerk and Recorder, which shall be evidence that Plat Notes 12 and 20 to the Amended Final Plat recorded in the Eagle County Clerk and Recorder's Office at Reception No. 833300 for Phase III have been released. THAT, the warranty period shall terminate on February 1, 2010. MOVED, READ AND ADOPTED by the Board of Co ~t' Commissioners of the County of Eagle, State of Colorado, at its regular meeting held thec'~-~ day of April, 2008. COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its ATTEST: _ BOARD OF COUNTY COMMISSIONERS ®~ ~~ Clerk to the Bo d of aP Peter F. Runyon County Commissioners Chairman Commissioner Commissioner ~ls~~- sec onded adoption of the foregoing resolution. The roll having been called, the vote was as follows: Commissioner Runyon Commissioner Fisher Commissioner Menconi This Resolution passed by ~ / ~ the County of Eagle, State of Colorado. V~i~1 ti 1 ~t k 1Q _ a vote of the Board of County Commissioners of nrw\resolutions\two rivers Phase III plat note and substitution MEMORANDUM TO: Nancy Wright, Attorney's Office FROM: Greg Schroeder, Engineering Department ~~ DATE: Friday, April 11, 2008 FILE #: AFP-00170 ~: Two Rivers Village, Phase III, Release of Cash Collateral and Substitution for Warranty Period Nancy, I am in receipt of a February 21, 2008 memorandum requesting release of "restoration" collateral and substitution of the typical "10% collateral." Please release the $70,950 cash collateral from the Two Rivers, Phase III PIA. In addition, please find enclosed Exhibit A consisting of the engineer's cost estimate for Phase III. The total amount is for $1,402,793.70. The 10% collateral will be $140,279.37. In addition, please release plat notes #12 and #20 for Phase III, as the above mentioned collateralization will be sufficient for these plat notes. The warranty has started effective February 1, 2008, with an expiration of February 1, 2010. Please contact me if you have any additional questions. # # # Enc. xc: Eva Wilson, County Engineer Clu'ono/File G:IDevetopmenttOoAate~¢I~gWITvm Rivers~20~0411 Pliasepl_MEMOFtANDUM1.doc EXHIBR --~--L__ _ _ February 21, 2008 I 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 I") 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 appazently 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 ControUReseeding will remain under a two year warranty period from the date of 9/15/07 at a cost of $70,350.00. 502 Main Street • Suite A3 • Carbondale, CO 81623 • (970) 704-0311 • Fax (970) 704-0313 OPRIS HGINEERIHG • L civil consultants Phase II February 21, 2008 SE Job No. 20135.01 & 27002.01 Page 2 • 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 vn 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. LLC Yancy~ 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 OPRIS EN • GIHEERING LL civil consultants Sincerely, . .. , EXHIBIT'C' ENGINEER'S OPINION OF PROBABLE CONSTRUCTION COST - ~ TWO RIVERS SUBDIVISION-SE J08 N0.27002 S TWO RIVERS SUBDIVISION -PHASE III JULY 17, 2007 1 ITEM QUANTRY MOBILIZATION UNfT UNrr COST COST _.. 2 --- ---- -. _.. _ __-._ ... ... ... _.....----- -_... ... -J08 CONSTRUCTION STAKING, OBSERVATION TESTING 8 AS-GUILTS L_S. _ _ 31,500.00 31,5.00 _ . .._. ,~ , _ - . _ . -.. - ------ ... .. _JOB LS. 50,000.00 .. . 50,000.00 3 EARTHWORK --- • 4 -- - SUBGRADE PREP _ ---... ---. -_-... __ -.?.800 C.Y. - 8.00 20,800.00 _ 5 4" CLASS 8 AGGREGATE 7,250 S.Y. 1.50 10,875.00 8 •-- -._._. _ ...- -- ...... ..r.._...-.- _ ...... __ . _. 8" CLASS 2 AGGREGATE -.~,~ TON 28.00 '-••- _-~- 42,380.E _ 7 ~ 4"ASPHALTIC PAVEMENT - 2,440 TON - - • ~•~ -' 58,120.00 8 _ _ ... EYPAN •-.' ...... ~-'..'' _. 5,495 CONCRETEVALL -3_Y. 23.00 1,385.00 9 _ CONCRETE RIBBON CURB.. _ ......_' -..__._._... .. ._. _ ... ?,Z50 LF. 22.00 49,500.00 ' 4,500 LF. 18.00 81,000.00 __. 10 8" DIP WATER LINE - • • ~•' ~ •-- - _--_._._._ .. _ ..._ 11 8" WATER VALVES 2,181 LF. _ -_ 47.00 101,567.00 12 8" 8EN0 3 EA - . ,400_00 4 ~.~ 13 3/4" WATER SERVICE 12 EA 480,00 5,400.00 14 FIRE HYDRANTASSEMBLY ~ EA. ~•~ 78,850.00 _ . _... __...~ ---• _ - ._._ 8 EA 4,700.00 28.200.00 15 8" SOR 35 SEWER LINE ~_ 18 _ 4' SEWER MANHOLE .. _. ..._ . _.. __..- -•- -. 1,834 - - LF. - 52,00 -'~" "- 95,388.00 76 EA. _ 2,800.00 18 SILT FENCE _ . - - _ 19 EROSION CONTROL STRAW BAILS MUDRAC 1,500 LF. _ q-pp - ~ , JOB LS. - ~2~500.00 _20 3' UTILITY TRENCH CIAS `. _ ..... _..°. ..._ - .___. ..___._. _21 COMMON UTILInY TRENCH 741 LF. _ 8,00 22 GAS SERVICES __ ....." ~_. ... "'-' ~._._._._ _. --- 2,812 L.F. 4.00 - 84 EA_ - _ 100.00 - _23 4' UT111TY TRE__ NCH (ELECTRICMAIN) 24 SECONDARY ELECTRIC TRENCH - - 928 _LF. 12,00 28 SECONDARY CONS--- "--- . -_ 1-~ LF. _ _ ^ 12.00 28 ELECTRIC TRANSFORMERS ~•• ~ ~ -"' ° ._ . 8,000 LF. 4,Op 27 UTILITY SLEEVES _ ~ ~--- 3 EA 750.00 ___.-.,. _..-._ ..___.~-----._.._._... 144 LF. 10.00 28 N-12...-.. `_. _ . .--:...._ ..__ . -- 1B"ADS _ 29 _ 24"ADS N-12 1,418 LF. _ - 42.00 30 ~ CONCRETE INLET STRUCTURE - -- ' ~- `~ --• •_ .--.. _ . _..-442 LF. 92.00 81 12" IN LINE DRAIN - ..__ 3 E_A 8,500.00 32 18" DRAIN BASIN 4 EA • -• 2 w50p•pp _ 33^ STREET/ST'OPSIGNS '-•~..._--'---- - -_ 6 EA 2,750.00 SUBTOTAL ITEM 1-33 a EA 500,00 10% CONTINGENCY 127, 3.00 i.00 NOTE: This opinion of probable constructlori c~~Iiaras, re ared for bud etin y p cannot be held responsible for variances from this estimate as actual ~ ~s m~ ~~~e a a~~ ~ fl~~~ ~.a_ B ~ ~~ ~~~~ Aspen 600 East Hopkins Avenue, Suite 001 Aspen, Colorado 81611 970-920-4800 Fax 970-920-4274 Loan Fax 970-920-3781 IRREVOCABLE STA111DBy LETTER OF CREDIT Date of Issue: APRIL 25 2008 Amount: , $140,297.37 Number: 0250658434 Expiration Date: FEBRUARY 1, 2009 APPLICANT: DOTSERO REALTY pARTNERS, LLLP BENEFICIARY: BOARD OF COUNTY COMMISSIONERS OF EAGLE COUNTY PURPOSE: TWO RIVERS VILLAGE, PHASE III -SECURITY FOR WARRANTY PERIOD To Whom It May Concern: We hereby establish in Beneficiary's favor, at the request and for the benefit of Applicant, our Irrevocable Standby Letter of Credit in an amount not to exceed $140,297.37 (U.S. $140,297.37 . The purpose of this letter is to secure the performance of and the compliance with, the agreem t by and between Applicant and Beneficiary. Beneficiary shall promptly notify Bank when a default or event of default of said agreement occurs. Your notification shall include any notice or order required to be sent to Applicant Pursuant to the agreement. Notice shall be by telephone and in writing to: ALPINE BANK ASPEN ATTENTION: JEAN MOORS 600 E. HOPKINS, SUITE 001 ASPEN, COLORADO 81611 970-927-4800 We hereby agree to honor drafts drawn under and in compliance with the terms of this Letter of Credit if duly presented to a loan officer at 600 E. HOPKNS, SUITE 001, ASPEN, COLORADO, 81611 during normal business hours on or before the expiration date. Partial drawings are permitted, This Letter of Credit is not transferable. The conditions for payment of any draft drawn against this Letter of Credit are as follows: 1 • Receipt by Bank of Beneficiary's manually signed statement by an authorized signatory certifying that Applicant has failed to perform with, or comply in accordance with, the provisions of said agreement by and between Applicant and Beneficiary, and stating the dollar amount of the default. IBIT www.alpinebank. com 2. Presentation of the original Letter of Credit to Bank, "endorsed on the reverse side with the words: "Drawn by BOARD OF COUNTY CpMMISSIONERS OF EAGLE COUNTY in the amount requested" then manually signed by an authorized signatory. This Letter of Credit shall be governed by Article V of the Uniform Commercial Code as in effect in the State of Colorado on the date of issue. This Letter of Credit sets forth in full the terms of our undertaking, and such undertaking shall not in any w•ay be modified, amended, amplified or limited by any document, instrument or agreement referred to herein, or in which this credit is referred to, or to which this credit relates; and no such reference shall be deemed to incorporate herein by reference any such document, instrument or agreement. ALPINE BANK ASPEN _` B ~• ANKING OFFICER ~ ~~