HomeMy WebLinkAboutR08-046 Two Rivers Village Subdivision Phase II Release of Plat NotesWHEREAS, the Engineering Department states the warranty period was commenced on
September 15, 2007 and will terminate on September 15, 2009.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
CONIlI~II5SIONERS 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 II
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 letters of credit as substitute collateral
for Two Rivers Village Subdivision Phase II and hereby releases the cash in the amount of
$37,070.00.
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 II have
been released.
THAT, the warranty period shall terminate on September 15, 2009.
MOVED, READ AND ADOPTED by the Board of Co Commissioners of the
County of Eagle, State of Colorado, at its regular meeting held the day of April, 2008.
ATTEST:
®`` ~
Q ~~
Clerk to the Board of
County Commissioners
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
BOARD OF COUNTY COMMISSIONERS
I
B
Peter F. Runyon
Commissioner ~~~ seconded adoption of the fore oin
having been called, the vote was as follows: g g resolution. The roll
Commissioner Runyon
Commissioner Fisher ~~_
Commissioner Menconi
This Resolution passed by ~~~ vote of the Board of County Commissioners of
the County of Eagle, State of Colorado.
nrw\resolutions\two rivers release of plat notes II & III
MEMORANDUM
TO: Nancy Wright, Attorney's Office
FROM: Greg Schroeder, Engineering Department ~~
DATE: Friday, April 11, 2008
FILE #: AFP-00170
RE: Two Rivers Village, Phase II, 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 $37,070 cash collateral from the Two Rivers, Phase II PIA. In addition,
please find enclosed Exhibit A consisting of the engineer's cost estimate for Phase II. The
total amount is for $990,921.80 with $90,600.00 for a landscaping carryover for a total of
$1,081,521.80. The 10% collateral will consist of 10% of the $990,921.80 ($99,092.18)
plus the $90,600.00 landscaping carryover for a total collateral amount of $189,692.18.
For simplicity s sake, two separate letters of credit are suggested; one for the $99,092.18
and the other for the $90,600.00, as it is anticipated that the landscaping carryover shall
be released in the next few months.
In addition, please release plat notes #12 and #20 for Phase II, as the above mentioned
collateralization will be sufficient for these plat notes.
The warranty has started effective September 15, 2007, with an expiration of September
15, 2009. Please contact me if you have any additional questions.
# # #
Enc.
xc: Eva Wilson, County Engineer
Chrono/File
G:1DevebpmentlCogaterySlAlTvroRivers12pp86411_Phasell MEMORAW°UM1.duc
EXHIBIT
r~
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 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
OPRI EN •
S GIHEERIHG L
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civil consultants
February 21, 2008
SE Job No. 20135.01 & 27002.01
Page 2
Phase II
• The warranty period starts on 9115/07.
• Security for warranty period is 10% of Cost Estimate (attached as Exhibit "A'~ $99,092.18.
Phase III
• The warranty period starts on 2/1108.
• 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, ; ' . ~: ~. .
LLC
r~~~
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Yancy'1't1
Principal
Cc: Larry Green, Balcomb & Green
Steve Briggs, Alpine Bank
Dotsero Realty Partners
Terrill Knight, Knight PIanning
502 Main Street • Suite A3 • Carbondale, CO 81623 • (970) 704-0311 • Fax (970) 704-0313
SOPR •
IS ENGI
HEERING LL
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° EXHIBIT'A'
ENGINEER'S OPINION OF PROBABLE CONSTRUCTION COSTS
TWO RIVERS SUBDIVISION-SE JOB N0.27002
- -FEBRUARY 21, 2008
TWD RIVERS SLIRnIVISInN _ a1-lecc n
ITEM QUANTITY UNIT UNIT COST COST
_ 1 MOBILIZATION JOB LS. 20
000
00 20
000
00
2 _ _
CONSTRUCTION STAKING, OBSERVATION_TESTING 8 AS-BUILTS JOB L
S ,
.
35
000
00 ,
.
35
000
00
.
. ,
. ,
.
3 EARTHWORK __ __ ___ __ 2,100 C.Y. ~ 8.00 16,800.00
4 4" CLASS 6 AGGREGATE 1
320 TON 26
00 34
320
00
5 _ -
6"CLASS 2 AGGREGATE _ - ,
1,995 TO
N .
23.00 _ __
,
.
45
885
00
_ 6 _ 4"ASPHALTIC PAVEMENT _ 4,498 _
S.Y. 23.00 _
,
.
103
454
00
7 CONCRETE VALLEY PAN _ __
_
,- 1,830 L.F. 22.00 ,
.
40,260.00
8 _
CONCRETE RIBBON CURB - 3,660 L.F. 18.00 _ _
65,880.00
9 8" DIP WATER LINE
----' 1,733
- LF. 47.00 81,451.00
_ 10 8" WATER VALVES __ _ 2 EA. _
1,400.00 2
800.00
11 3/4" WATER SERVICE ___ __ 77 EA. 950.00 ,
73,150.00
12 FIRE HYDRANT ASSEMBLY 4 EA _
4,700.00 _
~g,8pp,p0
13 8" SDR 35 SEWER LINE __
' 1,629 LF. 52.00 84
708.00
14 4
SEWER MANHOLE _ -
" 10 EA. 4,800.00 ,
48
000
00
15 4
SEWER SERVICE __ __ _ _ _ _ 74 E.A. 800.00 _
,
.
5g,2p0-00
16 SILT FENCE _ __ __ _ 2,100 LF. 4.00 8
400
00
17 EROSION CONTROL (STRAW BAILS, MUD RACK) ! _ JOB _
L.S. 2,500.00 ~ _
_
.
_ 2,500.00
18 STORM MANHOLE ___
" 4 EA 4,800.00 19
200
00
19 18
DRAIN BASIN
"
i 5 E.A. _
2,750.00 _
,
.
13
750
00
20 12
INLINE DRAIN
-
--
"
-- 4 E.A 2,000.00 _
,
.
8
000
00
21 30
ADS N-12__
_
_
" 905 EA 92.00 __
,
.
83
260
00
22 18
ADS N-12 __ _ _ 810 L.F. 42.00 _
,
.
34
020
00
23 STREET/STOP SIGNS 4 _
E.A. 500.00 _
,
.
2
000.00
SUBTOTAL ITEM 1-28 ,
10% CONTINGENCY 900'838'00
TOTAL 90,083.80
S 990
921.80
Lands cani nn r'~»-,.,,....,.... ,
Total + Landscaping
$90,600.00
..~''.
k•;,. $1, 081, 521.80
,~~~,~ ~ti
2~~1~08~'~1..
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NOTE: This opinion of probable construction cost was prepared for budgeting purposes only. Sopris Engineering, LLC
cannot be held responsible for variances from this estimate as actual costs may vary due to bid and market fluctuations.
~~, _~ ~
Aspen
600 East Hopkins Avenue, Suite 001
Aspen, Colorado 81611
970-920-4800
Fax 970-920-4274
Loan Fax 970-920-3781
Date of Issue:
Amount:
Number:
Expiration Date:
APPLICANT:
BENEFICIARY;
PURPOSE:
IRREVOCABLE STANDBY LETTER OF CREDIT
APRIL 25, 2008
$99,092.18
0250658435
FEBRUARY 1, 2009
DOTSERO REALTY PARTNERS, LLLP
BOARD OF COUNTY COMMISSIONERS OF EAGLE COUNTY
TWO RIVERS VILLAGE, PHASE II - 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 $99,092.18
(U.S. $99,092.18).
e purpose of this letter is to secure the performance of and the compliance with, the agreement
by and between Applicant and Beneficiary.
Beneficiary shall promptly noti B
~' ark 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
pu>;suant 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 terns of this Lette
Credit if duly presented to a loan officer at 600 E. HOPKIlVS, S r of
COLORADO, 81611 during normal business hours on or before tUhe exp0iration 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 signato
certifying that Applicant has failed to perform with, or comply m accordance with, the
provisions of said agreement by and between Applicant and Beneficiary, and stating the
dollar amount of the default.
www.alpinebank,com
~~
2. Presentation of the original Letter of Credit to Ba
words: "Drawn by BOARD OF CO ~ endorsed on the reverse side with the
the amount requested" then manually sued by an aiuthoO d signato AGLE COUNTY in
ry
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
tenors of our undertaking, and such undertaking shall not in any way 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.
SPINE BANK ASPEN
By\__ ~ `
~ MOORS, BANKING OFFICER ~ ~ ~ / ~ `~"~`~
~~ ~ ~~
Date of Issue:
Amount:
Number:
Expiration Date:
APPLICANT:
BENEFICIARY:
PURPOSE:
Aspen
600 East Hopkins Avenue, Suite 001
Aspen, Colorado 81611
970-920-4800
Fax 970-920-4274
Loan Fax 970-920-3781
IRREVOCABLE STANDBY LETTER OF CREDIT
APRIL 17, 2008
$90,600.00
0260295433
FEBRUARY 1, 2009
DOTSERO REALTY PARTNERS, LLLP
BOARD OF COUNTY COMMISSIONERS OF EAGLE COUNTY
TWO RIVERS, PHASE I LANDSCAPING CARRYOVER
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 $90,600.00 (LJ.S. $90,600.00).
The purpose of this letter is to secure the performance of and the compliance with, the agreement
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. HOPKINS, SUITE 001, ASPEN,
COLORADO, 81611 during normal business hours on or before the expiration date. Partial
drawings are pemutted. 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 signato
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.
www,alpinebank.com
ex~
2. .Presentation of the original Letter of Credit to Bank, endorsed on the reverse side with the
words: "Drawn by BOARD OF COUNTY COMMISSIONERS 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 way 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
By:
JEAN ORE, B {ING OF~ R