HomeMy WebLinkAboutR08-098 Cordillera Filing 33, Casteel Final Release of CollateralCommissioner ~~--~~1---~ 1
of the following Resolution:
moved adoption
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
~j 0
RESOLUTION N0.2008- V-t
FINAL RELEASE OF COLLATERAL
AND
TERMINATION OF THE WARRANTY PERIOD
FOR
CORDILLERA FILING 33, CASTEEL
PDF-00070
WHEREAS, on or about June 18, 2002, the Board of County Commissioners of the
County of Eagle, State of Colorado ("Board") entered into a Subdivision Improvements
Agreement with Kensington Partners ("Kensington"); and
WHEREAS, Kensington assigned all its rights, title and interest as Subdivider defined
under the Agreement by Consent to Assignment and Assumption of Subdivision Improvements
Agreement dated February 24, 2004 to Cordillera Metropolitan District, aquasi-municipal
corporation of the State of Colorado (hereinafter referred to as "Subdivider"). Such Consent is
recorded in the Eagle County Clerk and Recorder's records at Reception No. 868927; and
WHEREAS, Kensington and subsequently the Subdivider provided collateral in the form
of a Plat Note, Reception No. 799105 to guarantee the faithful completion of the public
improvements in the estimated amount of $516,326.27; and
WHEREAS, by Eagle County Consent No. 2005-007, the County authorized the first
partial release of collateral, release of Plat Note and substitution of collateral. The collateral was
reduced to $68,016.29 and the County released the plat note and accepted a cashier's check in
the amount of $68,016.29 as collateral for the remaining subdivision improvements; and
WHEREAS, by Eagle County Consent No. 2005-10, the County authorized the second
partial release of collateral and reduced the collateral to $34,654.58; and
WHEREAS, by Eagle County Consent No. 2005-16, the County authorized the third
partial release of collateral and reduced the collateral to $29,077.05 and commenced the
warranty period to expire on November 29, 2007; 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 cash, 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 collateral in the amount
of $29,077.05 in the form of cash and the termination of the Subdivision Improvements
Agreement for Cordillera Filing 33.
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 Cordillera Filing 33 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.
MOVED, READ AND ADOPTED by the Board of Co ty Commissioners of the
County of Eagle, State of Colorado, at its regular meeting held the ~ day of August, 2008.
ATTEST:
. ~
K
Clerk to the oard of ~~~,d°
County Commissioners
~-t~. ------ ~ ~v i ~
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
BOARD OF COUNTY COMMISSIONERS
-- , .
,, /~ ; ,
Peter F. Runyon
Chairman
Fisher
ssioner
Menconi
~sioner
Commissioner ~~"' ~U`"' seconded 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
~.(~ N
IQ.l75t.e.-+i
~~t
v~o
the County of Eagle, State of Colorado.
vote of the Board of County Commissioners of
nrw\resolutions\corditlera 33
MEMORANDUM
EAGLE COUNTY ENGINEERING
TO: Nancy Wright, Eagle County Attorney's Office
FROM: Mike Gruber, Engineering Department
~~~~~~'
DATE: August 4, 2008
RE: Subdivision Improvements Agreement, Cordillera Filing 33, Casteel, Eagle County
File No. PDF-00070, Release of Collateral, Termination of the Warranty Period and
Subdivision Improvements Agreement
A request for a collateral release inspection was received by our office on July 3, 2008, from the
Cordillera Metro District for final inspection of the infrastructure for successful performance under
the warranty period.
My inspection on July 30, 2008, 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 Subdivision Improvements Agreement, termination of the
warranty period, and the release of the remaining collateral for the improvements as follows:
The improvements for Cordillera Filing 33, Casteel, Eagle County File No. PDF-00070, as
collateralized in cash for the amount of $29,077.05. This amount is equivalent to the 10% of the
improvements cost retained until successful completion of the warranty period.
# # #
cc: Eva Wilson, County Engineer -email
EXHIBIT
Cordl~era Metropoli~anDistrict
June 26, 2008
Mike Gruber
Eagle County Engineering
P.O. Box 850
Eagle, CO 81631
Dear ivir. Gruber:
D
JUL 0 3 200$
ENGINEERING
Please accept this letter as a request for a final review of the road built in Filing 33 of the
Cordillera subdivision in 2005 and the release of the remaining deposit of $29,077.05.
Upon final approval of the road construction, please forward the check for the deposit to my
attention at:
Cordillera Metropolitan District
408 Carterville Road
Cordillera, CO 81632
Please do not hesitate to call me directly at 970-569-6265 or a-mail me at
ierickson(a~cordillerametro ora with any questions or concerns. Thank you for your prompt
attention to this matter.
Sincerely,
Jon Erickson
Financial Operations Manager
0408 Carterville Road • Cordillera, Colorado 81632
970-926-1923 • 970-926-5577 (Fax) • www.cordillerametro.org
Collateral
SUBDIVISION BALANCE OF ACCOUNT
PALMAROSA DEVELOPMENT $9,205.80
TWO RIVERS VILLAGE PHASE III PIA $0.00
MTN CLEAR CREEK $7,500.00
CORDILLERA F33 $29,077.05
ARLIAN RANCH L6 $5,475.00
RED ROCK RANCH $1,000.00
EDWARDS VILLAGE CENTER LOTS 6 & 7 $5,238.80
KN ENERGY/FOR RECLAMATION AGREEMENT $8,000.00
LAZIE-R-RANCH LOT 1 $1,408.00
CASTLE PEAK TH $1,500.00
ROCKY MTN NAT GAS/COUNTY FAIRGROUNDS $1,500.00
EAGLE-NAIL LT 38, F1, B1 $0.00
KNUDSON RANCH SIA - OFFSITE IMPR $10,529.00
BRETT RANCH BIKE PATH FUNDING $15,000.00
OLESON SUBDIVISION $13,216.57
DOTSERO REALTY PARTNERS LLLP $0.00
COLORADO MTN EXPRESS, Resolution #2007-143 $15,000.00
WILLiTS SEND DEVELOPMENT CO - Phase I $118,650.13
REPORT BALANCE: $242,300.35
GENERAL LEDGER BALANCE: $242,300.35
July 31, 2008
~~
~ ~~
"'1 I ~ 918255 n c
1 Page: 1 of 6
~~~! I ~ 06/06/2005 04:52P
Teak J Simonton Eagle. CO t10 R 0.00 D 0.00
COUNTY OF EAGLE, STATE OF COLORADO
CONSENT N0.2005- DDS'
AUTHORIZING FIRST PARTIAL RELEASE OF COLLATERAL,
RELEASE OF PLAT NOTE AND SUBSTITUTION OF COLLATERAL
FOR
CORDILLERA FILING 33
File No. PDF-000700
WHEREAS, pursuant to C.R.S. §30-28-137, the Board of County Commissioners of the
County of Eagle, State of Colorado (hereinafter referred to as "County") entered into a
Subdivision and Off-Site Improvements Agreement dated June 18, 2002 (hereinafter referred to
as "Agreement") with Kensington Partners, a Colorado general partnership (hereinafter referred
to as "Kensington") as a condition of approval of Cordillera Filing 33; and
WHEREAS, Kensington assigned all its rights, title and interest as Subdivider defined
under the Agreement by Consent to Assignment and Assumption of Subdivision Improvements
Agreement dated February 24, 2004 to Cordillera Metropolitan District, aquasi-municipal
corporation of the State of Colorado (hereinafter referred to as "Subdivider"). Such Consent is
recorded in the Eagle County Clerk and Recorder's records at Reception No. 868927; and
WHEREAS, Kensington and subsequently the Subdivider provided collateral in the form
of a Plat Note, Reception No. 799105 to guarantee the faithful completion of the public
improvements in the estimated amount of $516,326.27; and
WHEREAS, pursuant to the Agreement, the Subdivider 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, an inspection was conducted by the Eagle County Engineering Department
staff and it was determined that certain items are unnecessary as originally intended under the
Agreement. A written request for a cost adjustment was received on April 8, 2005. The
Engineering Department recommends a cost adjustment in the initial collateral required from
$516,326.27 to a revised amount of $290,770.50 see Exhibit "A" attached hereto and
incorporated herein by this reference; and
WHEREAS, the Subdivider has represented to the County, that a substantial portion of
the public improvements required under the agreement have been completed -and requests a
partial release of the adjusted collateral, reducing it by $222,754.21 thereby reducing the_ amount _. _ ~
of collateral being held by the County to $68,016.29 as itemized in Exhibit'"~°';:,an~-~ , ~ ~ ~ ;
E -~ ,
J U i~ 1 t, 2005
WHEREAS, pursuant to the Agreement, Subdivider may substitute the collateral
originally deposited in the form of a Plat Note with other collateral acceptable to County; and
WHEREAS, Subdivider has provided County with a cashier's check in the amount of
$68, 016.29 which represents the estimated cost of the remaining subdivision improvements as
set forth in the Agreement; and
WHEREAS, pursuant to Resolution No. 95-35 the Chairman of the Board, or in his
absence, the Chairman Pro Tem, has the authority to approve partial releases and substitutions of
collateral, once the release and substitution have been recommended for approval by both the
County Engineer and the County Attorney; and
WHEREAS, based upon the written recommendations of the County Engineer set forth
in Exhibit "A" attached hereto, and the County Attorney, THE COUNTY FINDS that certain
public improvements associated with Cordillera Filing 33 appear to be completed and a
reduction in the collateral is warranted.
NOW, THEREFORE, BE IT AUTHORIZED BY THE COUNTY OF EAGLE,
STATE OF COLORADO:
THAT, based on the recommendations of the County Engineer and the County Attorney
the initial collateral required for the public improvements is hereby reduced from $516,326.27 to
$290,770.50, see Exhibit "A" attached hereto and incorporated herein by this reference.
THAT, based on the recommendation of the County Engineer and the County Attorney
the Chairman of the Board authorizes the partial release of collateral in the amount of
$222,754.21 thereby reducing the collateral to $68,016.29.
THAT, the partial release of collateral granted hereby does not represent the County's
acceptance of the work purportedly completed by the Subdivider, 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 Agreement.
THAT, the partial release of collateral granted hereby shall not in any way abrogate the
rights of the County in enforcing the Subdivider's performance of his outstanding obligations
under the Agreement.
THAT, the Subdivider hereby substitutes the collateral originally deposited in the form
of a plat note with a cashier's check in the amount of $68,016.29 which represents the estimated
cost of the remaining subdivision improvements as set forth in the Agreement.
THAT, this substitution of collateral and release of Plat Note shall be recorded in the
records of the Eagle County Clerk and Recorder.
APPROVED by the Chairman of the Board of County Commissioners of the County of
Eagle, State of Colorado, pursuant to Eagle County Resolution No. 95-35, this ~ day of
June, 2005.
COUNTY OF EAGLE, STATE OF
COLO O, By and Through Its
THE O OF COUNTY COMMISSIONERS
By:
M. Menconi,
Chairman
EAGLE COUNTY ATTORNEY
By:
iane H. urie to
County tt rney
EAGLE CO TY ENGINEER
By:
Helen Migchelbrink
County Engineer
G:UKS\consents\forms\forms\Cordillera 33.DOC
MEMORANDUM
EAGLE COUNTS ENGINEERING
TO: Janice Scofield, Eagle County Attorney's Office
r
FROM: Mike Gruber, Engineering Department ~~ ~L-~
DATE: May 6, 2005
RE: Subdivision improvements Agreement, Cordillera Filing 33, Casteel, Eagle County File
No. PDF-00070
Authorization of the First Partial Collateral Release and Release of Plat Note Restriction
An inspection was conducted by Engineering Department staff on March 4, 2005, with Cordillera
Metro District to determine the disposition of this filing. Changes in access and utility connection for
two of the four lots comprising this filing have made the completion of certain items unnecessary as
originally intended under the SIA. A letter from Johnson, Kunkel & Associates dated March 22, 2005,
was furnished to Engineering affirming the changes and demonstrating the reason for them.
Engineering feels the elimination of the water distribution system, modification of the shallow utilities,
and the shorter access road is appropriate. The owner of two of the lots to be serviced by said utilities
has established these utilities elsewhere at his expense and effort. Use of existing wells within this
filing has been granted to the two properties not establishing a domestic water source elsewhere.
A written request for a cost adjustment and a reduction of the collateral for the completed portions of
the improvements under this agreement was received from Johnson, Kunkel & Associates on April 8,
2005. This cost adjustment did not include certain engineering, surveying, testing, and contingency
items as collateralized under the SIA and shall remain as costs under this request.
The Engineering Department feels a cost adjustment and deletion of certain items in the SIA is
appropriate thereby reducing the initial cost for the construction of infrastructure from $516,326.27 to
a revised amount of $290,770.50.
I recommend a reduction of the collateral for the items completed in the amount of $222,754.21 from
the $290,770.50 revised cost estimate of the improvements. This will leave a balance of $68,016.29
collateral remaining for completion of items under the terms of the agreement.
Currently, the construction costs under the SIA are secured with a plat note restricting the sale of lots.
A form of collateral suitable to the County Attorney for the remaining amount must be substituted and
....m...-. _ . _,.,~
the plat note may then be released. ~ ~~~~~~- ~~- ~ ~ -~---w-,~.,.,...,..,~, .
This reduction does not start the warranty period. A co
Subdivision Improvements Agreement.
1'Y tt 11'
pc: Helen Migchelbrink, County Engineer
Peter Sulmeisters, Project Manager
Chrono/File
~~~~ 6
~ li
~~. i
EXHIBIT
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t~J jl'
~,9AY 1 ~~ 20G~ 1
L'~.t-:idi~t r1~~Ff:~Y
. .,
..:~
..~ . ___~____r
COLLATERAL RELEASE SUMMARY
Cordillera, Filing 33 (Casteel)
ne~~ ~nnt
COMPLETED FIRST RELEASE
ORIGINAL AMOUNT
DESCRIPTION COLLATERAL % AMOUNT REMAINING
General revised ursuanf to elimination of the water distribution s stem
Mobilization $7,500.00 90% $6,750.00 $750.00
Clean U $2,500.00 90% $2,250.00 $250.00
Demobilization $5,000.00 90% $4,500.00 $500.00
Main Road Construction
Clear and Grub $5,460.00 100% $5,460.00 $0.00
Ta soil Removal and Stock ile $8,456.50 100% $8,456.50 $0.00
Unclassified Excavation $14,170.50 100% $14,170.50
$0.00
Embankment $3,767.50 100% $3,767.50 $0.00
Unclassified Waste On Site $7,116.00 100% $7,116.00 $0.00
Fine Gradin $6,633.00 90% $5,969.70 $663.30
Class 6 Base Course $41,040.00 100% $41,040.00 $0.00
As haft 3" $28,750.00 0% $0.00 $28,750.00
To soil Slo es $8,456.50 100% $8,456.50 $0.00
Road Si ns $600.00 100% $600.00 $0.00
Reve etation $4,680.00 0% $0.00 $4,680.00
Drains a Construction
T e 13 Inlet
" $1,000.00 100% $1,000.00 $0.00
18
CPP Installed $3,500.00 100% $3,500.00 $0.00
End Sections 18" $450.00 100% $450.00 $0.00
Ri ra of Culvert Inlets and Outlets $200.00 100% $200.00 $0.00
Erosion Control $7,500.00 100% $7,500.00 $0.00
Ditch Erosion Protection $17,316.00 100% $17,316.00 $0.00
Waterline Construction eliminated- lots 1 & 2 res onsib/e for connection to wel/s, lots 3 & 4 have alternate water source)
S lice into Existin Waterline r
Water Trench - 8"/6"/4" DIP
8" DIP Main
8" Bend 45 De ree
8" Bend 11 1/4 De ree
8" Gate Valve
8" x 8" Tee
8" x 4" Reducer
8" x 6" Reducer
6" DIP Lateral
6" Gate Valve
4" DIP Lateral
4" Gate Valve
4" DIP 90 De ree Elbow
4" DIP Plu
H drant Assembl
H Brant Fla
Water Service Trench
Water Services - 1 1/2" Domestic
Curb Sto s
Water Testin & Disinfection
Pum Station
Water Tank
Shallow Utilit Construction revised- /ots 3 & 4 have established these services from another on in
Electrical
Common Trench 48" $16,869.00 100% $16,869.00 $0
00
Electrical Conduit 4" Installation Onl $2,335.50 100% $2,335.50 .
$0
00
Transformer -Sin le Phase $2,250.00 100% $2,250.00 .
$0
00
S lice Vault 4' Installation Onl $1,500.00 100% $1,500.00 .
$0
00
Tele hone .
Tele hone Conduit 4" Furnish and Install $4,622.40 100% $4,622.40 $0
00
Tele hone Vault $7,500.00 100% $7,500.00 .
$0
00
Tele hone Swee s $50.00 100% $50.00 .
$0.00
Cordillera, Filing 33 (Casteel)
First Partial Release ~ Page 1 of 2
COMPLETED FIRST RELEASE
DESCRIPTION ORIGINAL
COLLATERAL
%
AMOUNT AMOUNT
REMAINING
Cable
Cable Conduit 4" Furnish and Install $4,622.40 100% $4,622.40 $0.00
S lice Vault 4' $0.00 $0.00 $0.00
Cable TV Swee s $200.00 100% $200.00 $0.00
En ineerin , Surve in ,and Testin $50,291.52 90% $45,262.37 $5,029.15
Contin enc 10% $26,433.68 90% $23,790.31 $2,643.37
TOTAL CORDILLERA, FILING 33 CASTEEL $290,770.50 $247,504.68 $43,265.82
IMPROVEMENTS COMPLETED $247,504.68
10% RETAINAGE $24,750.47
FIRST RELEASE $222,754.21
ORIGINAL COLLATERAL as revised $290,770.50
FIRST RELEASE $222,754.21
REMAINING COLLATERAL $68,016.29
Cordillera, Filing 33 (Casteel)
First Partial Release Page 2 of 2
COUNTY OF EAGLE, STATE OF COLORADO
CONSENT N0.2005- f
AUTHORIZING SECOND PARTIAL RELEASE
OF COLLATERAL
FOR
CORDILLERA FILING 33
File No. PDF-000700
WHEREAS, pursuant to C.R.S. §30-28-137, the Board of County Commissioners of the
County of Eagle, State of Colorado (hereinafter referred to as "County") entered into a
Subdivision and Off-Site Improvements Agreement dated June 18, 2002 (hereinafter referred to
as "Agreement") with Kensington Partners, a Colorado general partnership (hereinafter referred
to as "Kensington") as a condition of approval of Cordillera Filing 33; and
WHEREAS, Kensington assigned all its rights, title and interest as Subdivider defined
under the Agreement by Consent to Assignment and Assumption of Subdivision Improvements
Agreement dated February 24, 2004 to Cordillera Metropolitan District, aquasi-municipal
corporation of the State of Colorado (hereinafter referred to as "Subdivider"). Such Consent is
recorded in the Eagle County Clerk and Recorder's records at Reception No. 868927; and
WHEREAS, Kensington and subsequently the Subdivider provided collateral in the form
of a Plat Note, Reception No. 799105 to guarantee the faithful completion of the public
improvements in the estimated amount of $516,326.27; and
WHEREAS, by Eagle County Consent No. 2005-007, Subdivider was granted a first
partial release of collateral, release of the plat note, substitution of collateral, a cost reduction of
the estimated cost of the public improvements held by the County from $516,326.27 to
$290,770.50, and a first partial release of collateral in the amount of $222,754.21 reducing the
amount of collateral held by the County to $68,016.29; and
WHEREAS, pursuant to the Agreement the Subdivider provided the County with cash
collateral for those public improvements required under the Agreement in the amount of
$68,016.29; and
WHEREAS, pursuant to the Agreement, the Subdivider 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, the Subdivider has represented to the County, that a portion of the public
improvements required under the agreement have been completed and requests a partial release
of the collateral, reducing it by $33,361.71 thereby reducing the amount of collateral being held
by the County to $34,654.58 as itemized in Exhibit "A"; and
WHEREAS, pursuant to Resolution No. 95-35 the Chairman of the Board, or in his
absence, the Chairman Pro Tem, has the authority to approve partial releases and substitutions of
collateral, once the release and substitution have been recommended for approval by both the
County Engineer and the County Attorney; and
WHEREAS, based upon the written recommendations of the County Engineer set forth
in Exhibit "A" attached hereto, and the County Attorney, THE COUNTY FINDS that certain
public improvements associated with Cordillera Filing 33 appear to be completed and a
reduction in the collateral is warranted.
NOW, THEREFORE, BE IT AUTHORIZED BY THE COUNTY OF EAGLE,
STATE OF COLORADO:
THAT, based on the recommendation of the County Engineer and the County Attorney
the Chairman of the Board authorizes the partial release of collateral in the amount of $33,361.71
thereby reducing the collateral to $34,654.58.
THAT, the partial release of collateral granted hereby does not represent the County's
acceptance of the work purportedly completed by the Subdivider, 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 Agreement.
THAT, the partial release of collateral granted hereby shall not in any way abrogate the
rights of the County in enforcing the Subdivider's performance of his outstanding obligations
under the Agreement.
THAT, the Chairman of the Board of the Eagle County Commissioners hereby directs
the Eagle County Treasurer to issue a warrant in the amount of $33,361.71 to the Subdivider,
Cordillera Metropolitan District.
APPROVED by the Chairman of the Board of County Commissioners of the County of
Eagle, State of Colorado, pursuant to Eagle County Resolution No. 95-35, this day of
2005.
COUNTY OF EAGLE, STATE OF
COLO By and Through Its
THE O COUNTY COMMISSIONERS
By: `
M. Menconi,
Chairman
EAGLE COUNTY ATTORNEY
r- _
By:
Bryan R. Treu
County Attorney
EAGLE COUNTY ENGINEER
B
Y•
Helen Migchelbrink
County Engineer
G:UKS\consents\forms\forms\Cordillera 33 - 2nd.DOC
MEMORANDUM
EAGLE COUNTY ENGINEERING
TO: Janice Scofield, Eagle County Attorney's Office
r
FROM: Mike Gruber, Engineering Department ~ ~~ ~,~ /~~
DATE: August 24, 2005
RE: Subdivision Improvements Agreement, Cordillera Filing 33, Casteel, Eagle County
File No. PDF-00070
Authorization of the Second Partial Collateral Release
A request for a collateral release inspection was received by our office on August 12, 2005, from
Johnson, Kunkel & Associates. An inspection was performed by me on August 16, 2005, to
confirm the amount of work completed. My inspection indicated that a collateral reduction is
appropriate.
I recommend a reduction of the collateral for the items completed in the amount of $33,361.71 from
the $68,016.29 as established by Consent No. 2005-007, the first partial release of collateral, to
$34,654.58.
This reduction does not start the warranty period. A collateral release summary is attached for this
Subdivision Improvements Agreement.
# # #
pc: Helen Migchelbrink, County Engineer
Peter Sulmeisters, Project Manager
Chrono/File
EXHIBIT
~ rt j
a ,
COLLATERAL RELEASE SUMMARY
Cordillera, Filing 33 (Casteel)
August, 2005
Cord
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Page 1 of 2
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a
COUNTY OF EAGLE, STATE OF COLORADO=
CONSENT NO.2005- t~Q
AUTHORIZING THIRD PARTIAL RELEASE
OF COLLATERAL AND COMMENCEMENT OF
THE TWO-YEAR WARRANTY PERIOD
FOR
CORDILLERA FILING 33
File No. PDF-00070
WHEREAS, pursuant to C.R.S. §30-28-137, the Board of County Commissioners of the
County of Eagle, State of Colorado (hereinafter referred to as "County") entered into a
Subdivision and Off-Site Improvements Agreement dated June 18, 2002 (hereinafter referred to
as "Agreement") with Kensington Partners, a Colorado general partnership (hereinafter referred
to as "Kensington") as a condition of approval of Cordillera Filing 33; and
WHEREAS, Kensington assigned all its right, title and interest as Subdivider defined
under the Agreement by Consent to Assignment and Assumption of Subdivision Improvements
Agreement dated February 24, 2004 to Cordillera Metropolitan District, aquasi-municipal
corporation of the State of Colorado (hereinafter referred to as "Subdivider"). Such Consent is
recorded in the Eagle County Clerk and Recorder's records at Reception No. 868927; and
WHEREAS, Kensington and subsequently the Subdivider provided collateral in the form
of a Plat Note, Reception No. 799105 to guarantee the faithful completion of the public
improvements in the estimated amount of $516,326.27; and
WHEREAS, by Eagle County Consent No. 2005-007, Subdivider was granted a first
partial release of collateral, release of the plat note, substitution of collateral, a cost reduction of
the estimated cost of the public improvements held by the County from $516,326.27 to
$290,770.50, and a first partial release of collateral in the amount of $222,754.21 reducing the
amount of collateral held by the County to $68,016.29; and
WHEREAS, pursuant to the Agreement the Subdivider provided the County with cash
collateral for those public improvements required under the Agreement in the amount of
$68,016.29; and
WHEREAS, by Eagle County Consent No. 2005-10, Subdivider was granted a second
partial release of collateral, reducing the amount of collateral held by the County from
$68,016.29 to $34,654.58; and
WHEREAS, pursuant to the Agreement, the Subdivider 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, the Subdivider has represented to the County, that a portion of the public
improvements required under the agreement have been completed and has applied for a partial
release of collateral and commencement of the two-year warranty period, reducing the collateral
by $5,577.53 thereby reducing the amount of collateral being held by the County from
$34,654.58 to $29,077.05 as itemized in Exhibit "A"; and
WHEREAS, pursuant to Resolution No. 95-35 the Chairman of the Board, or in his
absence, the Chairman Pro Tem, has the authority to approve partial releases of collateral, once
the release has been recommended for approval by both the County Engineer and the County
Attorney; and
WHEREAS, based upon the written recommendations of the County Engineer set forth
in Exhibit "A" attached hereto, and the County Attorney, THE COUNTY FINDS that certain
public improvements associated with Cordillera Filing 33 appear to be completed and
commencement of the two-year warranty period and a reduction in the collateral is warranted.
NOW, THEREFORE, BE IT AUTHORIZED BY THE COUNTY OF EAGLE,
STATE OF COLORADO:
THAT, based on the recommendation of the County Engineer and the County Attorney
the Chairman of the Board authorizes the partial release of collateral in the amount of $5,577.53
thereby reducing the collateral to $29,077.05, which represents 10% of the original collateral to
be retained throughout the two-year warranty period.
THAT, this partial release of collateral does commence the warranty period, which
shall expire on November 29, 2007, if the improvements pass the warranty period
satisfactorily. Otherwise, the improvements will have to be repaired and/or replaced to the
satisfaction of the County and the warranty period will be extended.
THAT, the partial release of collateral granted hereby shall not in any way abrogate the
rights of the County in enforcing the Subdivider's performance of its outstanding obligations
under the Agreement.
THAT, the Chairman of the Board of the Eagle County Commissioners hereby directs
the Eagle County Treasurer to issue a warrant in the amount of $5,577.53 to the Subdivider,
Cordillera Metropolitan District.
APPROVED by the Chairman of the Board of County Commissioners of the County of
Eagle, State of Colorado, pursuant to Eagle County Resolution No. 95-35, this ~ day of
December, 2005.
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
THE B OF COUNTY COMMISSIONERS
By:
enconi,
Chairman
EAGLE COUNTY ATTORNEY
By:
Bryan R. Treu
County Attorney
EAGLE L j~NTY ENGINEER
By:
elen Migchelbrink
County Engineer
G:UKS\consents\forms\fonns\Cordillera 33 - 3rd.DOC
MEMORANDUM
EAGLE COUNTY ENGINEERING
TO: Janice Scofield, Eagle County Attorney's Office
FROM: Mike Gruber, Engineering Department i~l~~~
DATE: November 29, 2005
RE: Subdivision Improvements Agreement, Cordillera Filing 33, Casteel, Eagle County
File No. PDF-00070
Authorization of the Third Partial Collateral Release, Commencement of Warranty
A request for a collateral release inspection was received by our office on November 4, 2005, from
Johnson, Kunkel & Associates. An inspection was performed by me on November 2, 2005, to
confirm the amount of work completed before snow covered the site & associated improvements.
My inspection indicated that a collateral reduction is appropriate.
I recommend a reduction of the collateral for the items completed in the amount of $5,577.53 from
the $34,654.58 as established by Consent No. 2005-010, the second partial release of collateral, to
$29,077.05. This amount represents 10% of the original collateral required to be retained
throughout the warranty period.
I recommend starting the warranty period. A collateral release summary is attached for this
Subdivision Improvements Agreement.
# # #
pc: Helen Migchelbrink, County Engineer
Peter Sulmeisters, Project Manager
Chrono/File
EXHIBIT
~ ~~ ~~
h - r rr'
-~ + _. _.
COLLATERAL RELEASE SUMMARY
Cordillera, Filing 33 (Casteel)
_ Third R~±Ic3asa Nnvn.,,nn. ~nnc
COMPLETED FIRST RELEASE COMPLETED SECOND RELEAS COMPLETED T HIRD RELEASE
ORIGINAL
DESCRIPTION
General (revised ursuant to elimination of th
COLLATERAL
e water distribution
%
t
AMOUNT
%
AMOUNT
%
AMOUNT AMOUNT
REMAINING
s s
em)
Mobilization 7
Clean U $
,500.00
$2
500
00 90%
90% $6,750.00 10% $750.00
$0.00
Demobilization ,
.
$5
000
00
90% $2,250.00 0
10 /° $250.00 $0.00
M
i ,
. $4,500.00 10%
a
n Road Construction $500.00 $0.00
Clear and Grub $5
460
00 100% $5
460
0
To soil Removal and Stock ile ,
.
$8
456
50
100% ,
.
0
$0.00
U ,
. $8,456.50
nclassified Excavation
$14
170
50
100% $0.00
E ,
. $14,170.50
mbankment $3
767
50 100% $0.00
U
l ,
. $3,767.50
nc
assified Waste On Site
$7
116
00
100% $0.00
Fi ,
. $7,116.00
ne Gradin $6
633
00 9 $0.00
Class 6 Base Course ,
.
$41
040
00 0%
°
100 / $5,969.70 10% $663.30 $0.00
As halt 3" ,
. o $41,040.00
$28
750
00
0%
$0
00 $0.00
To soil Slo es ,
.
$8,456.50
100% .
$8
456
50 100% $28,750.00
$0.00
Road Si ns $600.00 100% ,
.
$600
00 $0.00
Reve etation $4
680
00 0% . $0.00
D
i
C ,
. $0.00 100%
ra
na a
onstruction $4,680.00 $0.00
T e 131n1et $1
000
00 100%
18" CPP ,
. $1,000.00
Installed $3
500
00 100°! $3
500 $0.00
End Sections 18" ,
.
$450
00 °
100% ,
.00
$450 $0.00
Ri ra of Culvert Inlets and Outlets .
$200
00 100% .00
$200 $0.00
Erosion Control .
$7
500
00 100% .00
$7
500 $0.00
,
.
Ditch Erosion Protection $17,316.00 100% ,
.00
$17
316
00 $0.00
Waterline Construction (eliminated- lots 1 & 2 res onsible for connection ,
.
to wells
lots 3 & 4 have alt
t $0.00
S lice into Existin Waterline , erna
e water source)
Water Trench - 8"/6"/4" DIP $0.00
8" DIP Main
" $0.00
8
Bend 45 De ree
" $0.00
8
Bend 11 114 De ree
" $0.00
8
Gate Valve
" $0.00
8
x 8" Tee
" $0.00
8
x 4" Reducer
" $ 0.00
8
x 6" Reducer $ 0.00
6" DIP Lateral $ 0.00
6" Gate Valve
" $ 0.00
4
DIP Lateral
" $ 0.00
4
Gate Valve
" $ 0.00
4
DIP 90 De ree Elbow
" $ 0.00
4
DIP Plu $ 0.00
H Brant Assembl $ 0.00
H Brant Fla $ 0.00
$0.00
Cordillera, Filing 33 (Casteel)
Third Partial Release
Page 1 of 2
Cordillera, Filing 33 (Casteel)
Third Partial Release
Page 2 of 2