HomeMy WebLinkAbout4.01 Collateral Release - Memo to BOCC 10.19.2015Memo
To: Board of County Commissioners
From: Kathy Eastley
Date: 10/19/15
Re: Ironbridge Phase III, Filing 1 Subdivision Improvements Agreement
On September 21, 2015 the Board of County Commissioners approved a final plat and Subdivision
Improvements Agreement for Ironbridge Phase III, Filing 1 Subdivision. The subdivision of the property
required certain improvements that were memorialized in an Improvements Agreement and
collateralized with an Escrow Agreement held by Land Title Guarantee.
The Applicant has adequately demonstrated partial completion of the required improvements with
submittal of a letter and revised cost estimates from a licensed engineer certifying to completion and cost
of those improvements completed.
Staff recommends approval of the request and authorization for the Chairman to sign the
`Acknowledgement of Partial Satisfaction and Direction to Release Funds Related to Escrow Agreement'
for the release of $149,712.50 to an authorized representative of Blue Heron Properties, LLC.
ACKNOWLEDGMENT OF PARTIAL SATISFACTION
AND DIRECTION TO RELEASE FUNDS
RELATED TO ESCROW AGREEMENT
Recitals
1. Blue Heron Properties, LLC, a Colorado Limited Liability Company (Blue Heron),
entered into a Subdivision Improvements Agreement ("SIA") with the Board of County
Commissioners of Garfield County, Colorado ("BOCC") dated September 21, 2015 recorded on
September 22, 2015 at Reception Number 868310 in the records of the Garfield County Clerk and
Recorder.
2. Collateral for the public improvements for the SIA is held by Land Title Guarantee
Company pursuant to an Escrow Agreement recorded on , 2015 at Reception Number
in the records of the Garfield County Clerk and Recorder ("Escrow Agreement").
3. Blue Heron has presented certification to the BOCC from a licensed engineer that
a portion of the construction of Improvements has occurred in accordance with the SIA for
Ironbridge Phase III Filing 1 and requests that the collateral amount be decreased based upon the
partial completion.
Acknowledgment
NOW THEREFORE, at the request of Blue Heron and in consideration of the premises
and the prior agreements contained in the SIA and Escrow Agreement, the BOCC hereby:
1. Acknowledges partial satisfaction of the security requirements of the SIA based upon the
documentation provided by Blue Heron;
2. Authorizes disbursement of funds from the Escrow Account in the amount of $149,712.50,
resulting in a remaining balance of $641,582.50; and
3. Authorizes and directs Land Title Guarantee to release the funds held in the
Escrow Account to an authorized representative of Blue Heron.
BOARD OF COUNTY COMMISSIONERS
ATTEST: OF GARFIELD COUNTY, COLORADO
Clerk to the Board
By:
Date:
John Martin, Chairman
An Empbyee-Owned Campam
October 12th, 2015
Kathy Eastley, County Planner
Garfield County Building and Planning Department
108 8'h Street, Suite 201
Glenwood Springs, CO 81601
Re: Ironbridge Phase 111, Filing 1 --- Partial Release of Collateral Request Number One (1)
HCE Project No. 2141026.00
Dear Kathy:
On behalf of Blue Heron Properties, LLC the Owner of Ironbridge Phase 111, Filing 1, and in
accordance with the terms of the Subdivision Improvements Agreement by and between the
Board of County Commissioners of Garfield County and the Owners, this letter serves as the
first request for partial escrowed collateral release:
The contractor has completed Topsoil Stripping, Stockpile and Placement, partial Erosion
and Sediment Control and a large portion of the mass Earthwork line items along with
purchasing all of the required piping, manholes and grates for the storm sewer system that
will be installed during this phase of construction. Please see attached Engineers Estimate
for percentages completed. High Country Engineering, Inc. (HCE) has been on site as
needed to observe the construction of the project and certify that:
1. All costs for which the release is being requested have been incurred in connection
with the construction and material purchases for the improvements;
2. All work performed and materials supplied are in accordance with the plans and
specifications;
3. All work has been performed in a workmanlike manner;
4. No funds are being requested for work not completed, or for materials not installed or
stored on site: total release requested is for $149,712.50 for materials and labor. The
contractors' invoices, checks payable and lien releases have been attached for backup
to this escrow release.
1517 Blake Avenue, Suite 101
Glenwood Springs, CO 81601
telephone (970) 945-8676 fax (970) 945-2555
Garfield County Community Development
October 12t, 2015
Page 2 of 2
Cost Estimate
Original
Total
Previously
Released
1st Collateral
Release
Funds
Remaining
Phase 111 Public
Improvements
$791,295.00
$0.00
$149,712.50
$641,582.50
Garfield County
Revegetation Payment
$30,000.00
$0.00
$0.00
$30,000.00
TOTAL
$82I,295.00
$0.00
$149,712.50
$671.582.50
Please see the enclosed summaries of the materials that have been purchased and are
currently on the site awaiting installation. We are requesting the funds in the amount of
$149,712.50 be released and considered complete. This leaves $641,582.50 to complete the
remainder of the public improvements with the County and $30,000 for revegetation.
Please contact me if you have any questions or need additional information.
Sincerely,
HIGH COUNTRY ENGINEERING, INC.
Matthew Langhorst, P.E.
Project Manager
Cc: Eric Foerster — lronbridge
Karl Hanlon — Karp, Neu, Hanlon, PC
REQUEST FOR PARTIAL RELEASE OF ESCROW FUNDS
Board of County Commissioners
Garfield County, Colorado
c/o Director of Community Development
108 8th Street, Suite 401
Glenwood Springs, CO 81601
RE: Ironbridge Subdivision
This request is written to formally notify the BOCC of work completed for the Ironbridge
Subdivision. As Owner [or On behalf of the Owned, we request that the BOCC review the
attached Engineer's Certificate of Partial Completion and approve a reduction in the amount held
by Land Title Guarantee Company in Escrow No. 519857 (the "Escrow Funds") in the
amount of $ 149,712.50, to a reduce the Escrow Funds to $ 641,582.50. The local Escrow
Account Manager at Land Title Guarantee Company is Bob Rulan, 1317 Grand Ave., Suite
200, Glenwood Springs, CO 81601, Phone: 970-945-2610. Attached is the certified original
cost estimate and work completed schedule, showing:
Engineers Cost Estimate
Work Completed.
Reduced Face Amount of Escrow Funds
$ 791,295.00
$ 149,712.50
$ 641,582.50
Based on periodic observation and testing, the construction has been completed, to date, in
accordance with the intent of the plans and specifications that were reviewed and approved by
the BOCC or its representatives and referenced in Paragraph 2 of the Subdivision Improvements
Agreement between the BOCC and the Owner.
If further information is needed, please contact Matthew Langhorst, at High Country
Engineering, Inc. at 970-945-8676.
or
Owner Owner's Representative/Engineer
APPROVED:
Name:
Office:
IRONBRIDGE SUBDIVISION- PHASE 3- FILING 1
High Country Engineering, Inc
SUMMARY OF RUING 91
I NFRAS'rRugruRE OM •.F,SaxRQW XfiLEASE
9.12015, Updated 10/12/15
ITEM
HCE JOB NO. 2141026 00
1 Pjecn 214'tC2rA xc•11CostEn2141026 Ph III - Filing 1 - 94115
;QUANTITY UNIT E UNIT COST E COST EPerientageCompleteEEscrowRelease
Gridbg inrd Lr rikitilrk
Earthwork - Unclassified Excavation
Topsoil Stripping, Stockpile and Placement
Erosion and Sediment Control Blanket; Slopes Steeper than 3 1
3" Asphalt
8" Class 6 ABC Under Asphalt, Cross Faro, Curb 8 Gutter and Walks
26" Mountable Curb & Gutter
Class 1 Ground Sign (Street, Siop, Speed, yield)6!
Asphalt Pedestrian Path:
1
i
i
i
t
30,000
6,000
3,200
34,630
930
t
3,000:
t
t
10,400
t
C Y
f Y
S Y
S F
C Y
.
L F
Each
5 F
I
1
i
i
i
t
53 50
55.00
$9 50
S2 95
545.00
525 00
5300.00E
52.00E
1»
;
t
1
t
5105.000 00
530,000 00
530,400.00
5102,070 00
541,850.00
575,000 00
51,800 00
520,800 00
5406,920.00
i
t
85°.
100°.
50°.
5 89,250 00
S 30,000 00
S 15,200 00
1
i
1
i
I 5 134,450,00
Dolnaairfakr
-pipe price includes trenching and fittings -
10" DLP., Class 51 Water Main
10" Gate Valve
10" End Cap
Fire Hydrant Assembly w 6" Gine Valve
I" Water Service
WaterlSewer Crossing Encasement
WaterlStorm Sewer Crossing
Connect to Existing 10" Water Stub
t
E
1
1
1,230
4
1
l
1
2
201
2
1
1
i
=
i
Each •
i L F i
t1
E Each ;
1
E Each
Each
Each i
Each I
Each i
i
590.00
52,750.00
5500 00
56,500.00
51,500.00
52,200.00
51,200 00
51,200.00
t
i
i
i
1
i
5110,700 00
511,000 00
t
5500 00
S
513,000 00
530,00000
54,400 00
52,200 00
51,200 00
i
5173,000.00
E
t
E
a
i
i
0'.
0°.
0°.
0°.
0'.
0°.
0°.
0°.
t
S •
E $ -
1
t S -
1
E 5 -
S
S -
$ -
S -
-•••
5
-price includes trenching and fittings•
8" SDR-3S Sewer Pipe
4' Dia. Manhole
Connect to Existing Sewer Manhole
4" Sewer Service
1,4G0
8
I
22
L F
Each
Each
Each
t
560.00
51,800.00 1
53,000 00 i
51,100.00 t.
r
i
584,000.00
538,400 00
53.000.00
524,200.00
5149,600.00
0°.
0°.
0'.
0°.
1
15 -
5 -
5 -
S -
Statr Sewerand .. wee` a ikei
18" ADS-NI 2
18" ADS Flared End Staten
5' Stone Manhole
Single Combination Curb Opening with Grate Inlet
« »..»
375
1
I
2
1 L F
Ea:h
Each
Ea:h
1
S35 00
5300.00E
53,600.00
51.000.00
?
513,125 00
5300 00
53,600 00
56,000 00
523,025.00
50'.
50°.
50'.
50°.
1 S 6.562 50
S 15000
5 1.800.00
5 3,000.00
5 11.512 50
Shdki tilkla .. _
4' Shallow 1 tility Trench (Telephone Cable, Electric, Gas)
2' Tdcphone and Cable Conduit and Conduit Installation
Gas Service Piping Installation (pipe furnished by utility)
I
i
•
2.500
2,500
2,500
1 L F
! L F
L F
1
,
58.00E
51 00
54 50
E
E
520,000 00
57,500.00
511 250 00
538,750,00
50.
5 3.750 00
S 3,750 00
Total Installed Infrastructure Pace Estimatei
Escrow Release Amount a 1
Rcmatng Amount in Escrow
i
i
1 i
t 1
S 791,295.00
1 i
1 t
E 5 791,295.00 i
i
; 5 149,712,50
E$ 641,582.50
1011
001 510
INVOICE
ACCOUNT NO.
DATE
AMOUNT
DISCOUNT
NET
9/29/2015 15-199
135,269.06
0.00 135,269.06
CHECK DATE
Check: 001510
CHECK NO.
VENDOR NAME
9/30/2015 Hobbs Excavating LLC
DISCOUNTS
NET PAID
135,269.06
7#1E KEY TO DOCU .1 P T SECUMTV HEAT ACTIVATED THUMB PRINT . ADDITIONAL SECURITY FLATLRES INCLUDED • SEE BACK A OR DETAIL .5
Blue Heron Development Company
430 Ironbridge Drive
Glenwood Springs, CO 81601
970.384.0630
SPRINGS ROSE OFFICE
23-2!1020 ['bank 1301 GRA DNWOOE GLENW00D SPRINGS, CO 81601001510
USBANKCOM
CHECK NO. DATE
PAY *ONE HUNDRED THIRTY-FIVE THOUSAND TWO HUNDRED SIXTY-NINE AND 06 / 100
TO THE
ORDER
OF
Hobbs Excavating LLC
1760 Gupsum Creek Road
Gypsum, CO 81637
HOBBS
9/30/2015
‚.001510111 1: 10 20000 211: 10 3613 3469409101
AMOUNT
********135,269.06*
..S N"moi
+T' w
/ INVOICE
ACCOUNT NO.
DATE
AMOUNT
DISCOUNT
NET
9/29/2015 15-149
135,269.06
0.00 135,269.06
CHECK DATE
CHECK NO.
VENDOR NAME
Check: 001510 9/30/2015 Hobbs Excavating LLC
DISCOUNTS
NET PAID
135,269.06
001510
INVOICE
ACCOUNT NO.
DATE
AMOUNT
DISCOUNT
001511
INVOICE
ACCOUNT NO.
DATE
AMOUNT
DISCOUNT
NET
9/30/2015
15-154
73,950.00
0.00
73.950.00
CHECK DATE CHECK NO.
Check: 001511
VENDOR NAME
10/1/2015 Hobbs Excavating LLC
DISCOUNTS
NET PAID
73,950.00
THE KEY TO DOC I,PMENTSECURITY * 1EATACf1VATEDTHU 443 PRINT • AODRIONAL SECURITY FEATURES INCLUDED SEE SACK FOR DETAILS
Blue Heron Development Company
430 Ironbridge Drive
Glenwood Springs, CO 81601
970.384..0630
23.2/1020
=bank
CHECK NO.
GLENWOOD SPRINGS ROSE OFFICE
1901 GRAND AVE • GLENWOOD SPRINGS, CO 81401
USBANICCOM
DATE
PAY *SEVENTY-THREE THOUSAND NINE HUNDRED FIFTY AND XX / 100
TO THE
ORDER
OF
Hobbs Excavating LLC
1760 Gupsum Creek Road
Gypsum, CO 81637
HOBBS
10/1/2015
n■00L5LLIP 1:Lo200002LI: L0368346940To
001511
AMOUNT
*********73,950.00*
.7
CHECK DATE CHECK NO
VENDOR NAME
DISCOUNTS NET PAID
001511
Hobbscc��33Excavating and Trucking LLC (Since
19 hypsum Creek Rd
Gypsum, CO 81637
BILL TO
Blue Heron Developement Co.
430 Ironbridge Drive
Glenwood Spings, CO 81601
Invoice
DATE
INVOICE NO.
9/30/2015
15-154
Comments
ITEM
DESCRIPTION
QTY
RATE
AMOUNT
As bid
mobilization
2,500.00
2,500.00
As bid
cut to fill
10,000
4.50
45,000.00
As bid
strip topsoil to stock pile
6,000
2.875
17,250.00
As bid
install silt fence
3,500
2.20
7,700.00
As bid
tracking pad
1,500.00
1,500.00
CODE -DEPT OV .1o'""
DESCRIPTION--=s'`�-�` ct`r
rvc=
AA JUNT 13J i.t-4—
APPROVAL Fc
Thank you,
HOBBS EXCAVATING AND TRUCKING
Tota! $73,950.00
CONDITIONAL WAIVER AND RELEASE UPON PROGRESS PAYMENT
Upon receipt by the undersigned of a check from Blue Heron Properties LLC in the sum of
$73,950,00 payable to Hobbs Excavating LLC and when the check has been properly endorsed
and has been paid by the bank upon which it is drawn, this document shall become effective to
release any mechanic's lien, stop notice, or bond right the undersigned has on the job of Blue
Heron Development Company located in Garfield County, Colorado to the following extent.
This release covers a progress payment for labor, services, equipment or material furnished to
Blue Heron Development Company through 9/30/15 only and does not cover any retentions
retained before or after the release date; extras furnished before the release date for which
payment has not been received; extras or items furnished after the release date. Rights based
upon work performed or items furnished under a written change order which has been fully
expected by the parties prior to the release date are covered by this released unless specifically
reserved by the claimant in this release. This release of any mechanics' lien, stop notice, or bond
right shall not otherwise affect the contract rights, including rights between parties to the contract
bases upon a rescission, abandonment, or breach of the contract, or the right of the undersigned
to recover compensation for furnished labor, services, equipment, or material covered by this
release if that furnished labor, services, equipment, or material covered by the release was not
compensated by the progress payment. Before any recipient of this document relies on it, said
party should verify evidence of payment to the undersigned.
Dated: October 1, 2015
Subcontractor: Hobbs Excavating LLC
// //
BY_ .
Title:
HOBBS EXCAVATING LLC
Since 1973'
1760 GYPSUM CREEK ROAD
GYPSUM , CO. 81637
970
BILL TO
Blue Heron Developement Co.
430 Ironbridge Drive
Glenwood Spings, CO 81601
r)
Invoice
DATE
INVOICE NO,
8/31/2015
15-149
!
Comments
ITEM
DESCRIPTION
QTY
RATE
AMOUNT
Material-
Material-
concrete materials needed for phase 3 filing 1
pipe parts for phase 3 filing 1
q^�E'„r1 r: 60 -- O n
.0 I ) ! 1 Iuun.w.a.rwu.ruM.s I:�) a{{��40
P r :
CONDITIONAL WAIVER AND RELEASE UPON PROGRESS PAYMENT
Upon receipt by the undersigned of a check from Blue Heron Properties LLC in the sum of
$135,269.06 payable to Hobbs Excavating LLC and when the check has been properly
endorsed and has been paid by the bank upon which it is drawn, this document shall become
effective to release any mechanic's lien, stop notice, or bond right the undersigned has on the job
of Blue Heron Development Company located in Garfield County, Colorado to the following
extent. This release covers a progress payment for labor, services, equipment or material
furnished to Blue Heron Development Company through 9/30/15 only and does not cover any
retentions retained before or after the release date; extras furnished before the release date for
which payment has not been received; extras or items furnished after the release date. Rights
based upon work performed or items furnished under a written change order which has been
fully expected by the parties prior to the release date are covered by this released unless
specifically reserved by the claimant in this release. This release of any mechanics' lien, stop
notice, or bond right shall not otherwise affect the contract rights, including rights between
parties to the contract bases upon a rescission, abandonment, or breach of the contract, or the
right of the undersigned to recover compensation for furnished labor, services, equipment, or
material covered by this release if that furnished labor, services, equipment, or material covered
by the release was not compensated by the progress payment. Before any recipient of this
document relies on it, said party should verify evidence of payment to the undersigned.
Dated: September 30, 2015
Subcontractor: Hobbs Excavating LLC
Bv:l.%
Title: