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Home My WebLink About3.0 Memorandum BOCC 08.01.05REOUEST (Consent) APPLICANT / OWNER REPRESENTATTVE BOCC 08/01/05 FJ MEMORANDUM Request approval of a proposed lrtter of Credit for Monument Ridge Subdivision Monument Ridge, LLC Balcomb & Green, P.C., Tim Thulson I. BACKGROUND The Board of County Commissioners approved the Final Plat for the Monument Ridge Subdivision on April 18th, 2005. As a condition of that approval and at the request of the Applicant, the Board directed the County Clerk and Recorder to hold and not record the Subdivision Improvements Agreement (SIA) and Final Plat for a term of 90 days so that a letter of credit could be obtained to secure the remaining improvements for the subdivision as required in the SIA. The Applicant has provided a letter from High Country Engineering which contains an Engineer's Cost Estimate for all of the improvements necessary for the Monument Ridge Subdivision at an amount of $306,375.00. The Engineer's Cost Estimate shows that improvements to date equal an amount of $231,744.25 wtnch results in a balanc e of $74,630.75 worth of improvements yet to be completed. As a result, the Applicant has secured an Irevocable Stanby lrtter of Credit in the amount of $74,630.75 to secure those improvements. [These documents are attached to this cover memorandum. for your review.] tr. REOUEST The Applicant requests the Board approve the Irrevocable Stanby lrtter of Credit in the amount of $74,630.15 to secure those improvements so that it may be attached to the SIA and then recorded along with the Final Plat. Itr. RECCOMENDATION Staff recommends the Board approve the lrevocable Stanby Letter of Credit in the amount of $74,630.75 to secure those improvements so that it may be attached to the SIA and then recorded along with the Final Plat. kl' JUL, 26, 200b 4: l2PM BAtC()IVIE & (il(ttN N0.8rB P,7 IBREVOCABLE STANDBY.LETTER OF CREDIT Lenor of Credit Number: 895900()036 Arnount: u.S. t 74,630.76 (cev.nry lour tlroustrrd six hundred end dollart and rev;trty live ocnts U'S' DoLl.ARSl This Lsttr of credit L lss|red on Juty 2a 2OO5 by bsu.? ln tavor ot tho Bcn licbry for the accounl el fipplicanrt. Th. Plnics' nllrc3 and ttoir addtcls'es etr *l followc: APPLIGANT: MONUMENT RIDGE LLG 't 586 CB 3oo PARACHUTE, Colorrdo 61 63E BEiIEFICI,ARY: BOARD OF COU'{TY COIfi'tSS'OilERS OF CANFELD COTnITY, STATE OF OOLORADO srE 300. 'los 8TH S? GLENWOOD SPRINGS, Coloredo StBOl ISSUER: BATCK OF GOLORADO 9O1 GRANO AVENUE GLENWOOD SPRINGS. Colorado 816O1 ADvlslilc tt[sTlruTloll: BAN'( OF COLOBADO 90' GRAND AVENUE GtENwooD SPBINGS, Cotordo 816Ol l. LEfTEn OF GRED,T, tssutr esrrbsrhgs rhE lncvocable Srandby L.fto. of CrGdit (Lpttrr ol Creditl in favor ol Benoficiary in drc smount indicetEd rbow. Beneficiary rnay drtw on thil Lott€r of Credit whh a Dratt lor Draftt, if thc maximum numoct ol dran/ingt ls gr"".rr-*,"n onof. frcn D3aft shsll bc $ineA oa brhrlt of Benefictary and bi marktd'Drrvn rtndcr BAI{K OF COLOIAIX' t'etter of Credit No. SeSgOOOOgg Oetra .lury 22; 2e6.' Drafts msrt bc presentad tt ,etu3?'s tddttsi shown abovo on Of bctore Lto Expirarion Da!6, IhE pr.taotstior of ..tY O?rft thall rcduce tfie Amotmt svarlable undct thi! Lctlor ol Cred\ hy the amotmt of the dttlt. Thh Letrer of Credit sc.E lodr in fuu the tctmg ol lt3uer'! obllgption ro Brncticirry, Thit obligalloil crnnot bc modlfpd by anY re{erencc in thir L.tter ot Cr.dlt, or any dooumanl D which thas LGfl€r ol Credit mav be telEtcd. Th-E Letter of Ctcdit ex.pi/ea on tht E,Qilation Date. Z. DBAWtr{GS, BeneficJary sholl be,psr.nitEd to nr5l. muhiple drlwingr on StL3 Lener of Credit. The lnaxamgm number ol drawingr I'lrat may bo ,hedo on drir Lonor of Credit is 4. -Draft' nieans a df.lt drcwn at gaeht. 3, DOCUMEIIYS. Erch Orllt mufi be rcompanied by thc lollowing, in orbinal and n^ro copi.s cxcept is stttcd: A. Tho origlnlt Lo$er ol Crcdit, togetho? wath any em€ndments. B. A 3igfit dtrft drtYvn bY Bcnofioiary on lsaror. C. A iigncd s6torDrnt by Bcn€fiobry includrng t'rr fofiowing strtarncot: (ef tlra armosflt 6t dts dtott rcAtcsoatr fuMs dirc by rcason Ol dstildt in acsordancc wirh tho teims ol the .ffccment Baltln eco thE benaticiEry of trle lcner of Crfdh 8nd oclot Dt p€ny; (bl thar dcmand to cure rush dotadt h8r b.9n rnade; and lcl that dofdrlt hrs not bqcn curcd by account pdny whhln the Epicified Dalbd o, rine. Salrl beneficirry aftid.vit msst ba en orighal and mult be clgnca by an luthotizsd representative of the Bgatd of Coutty CommiasionaG of Garfiold Cottrity, Stetc ol coldldo. l3rucr sh.!l be eodthd to rcc€pr s dralt rnd ttro documcnte$on describcd abovo, ls regulrod by tfro terms of ttrir Lctter of Gredh, from eny Fcrson purporting to bc !n authorlEld offi€r er reprcscrrtrdvc o( Bcnsficiuy witho{t rnV obtig,gtion or (futy on ftc pan of lsst|.|r !O vedty the idrnD'Of Ol authority o, iho perlon prE enting thc drefi and such Coeumcntation' 4. SPEGIAL lftSTBt cTlOIlS, Yot wllt norify us wtE| sithcr: 1. Thc rccounr prny hff s.rir{ioC lll I'{ulrcmeDtr, snd tha lctter c, crodit muy bs lulearad; or Z. Thc rccoum party hac tsihd to pcrform or is i't drtsult rradcr ttre trms ot tlrc agrccmcnt with you. ths benetici.ry o, this lcttct ot crgdit, The brnk E nor responslble lor dctarmioing thc validity of such delault tot obtahing lnv adt[tional documentation rcletod to thc delautt, nor for datcrmii*ng any qcrtions of fact or t.w !t iset s battteen the Bcoount Party and the bencficiery. Tho amount of any dratt drrwn under dris oredit trust, concrrrent[ wtth negotirtba, be endorsed on tho tevelr. sida hereol and thc prEcnrrncnr ol eoy cuch ditft w,ll bc made direorly to B.nk of Cotorado rr $o banking office cpecitl?d witlrin ttriS lcncr ol crcdlt, 5. EXPIRATIOil DAfE Thb Letter of Crrdit axpi.e8 rt th6 clorl€ ol buslness et le6ucr's addos: .t 3O0 PM Mountein Timc (fim.l on Juty t, 2006 (Datel. tscuor aErEss to honor all Dralts prcsorrcd in glrict comptirnce witi Ihe ProvislotE ot rhtu Lott r of &cdit on 0r betorc the Etpirdion D.tr, 0. NOil.TMMiFERABIE. Thir Latlcr ot Crodit is not tttnsfcruble. 7. APPLICABTE l-AW. Th'E Lofier of Credit iE govcmGd by tha Unlform Cu8tomi and Practicr lor Oooumentery CtediE, ,993 Rcvision, lntematonal Chrmbet ol Commcrsc Pub0cetion No. 500 QCP,, cr rnY let'] varsion Ol amGndmcflt, This Lofiet of grcdit Ir also governed by tre lews of Colorodo, axcapt .s those lars ooaflrcr wfh rha Unitom Cusloms and Ptaclioo lor Documenory Credits, Documcnt 5OO. crvr. =*o'ffik'flWgvrun Lnruo SuRveyrNc JUL0(.jZOOS An *,$,Fif; is r[i soi.J r,{TY June 16, 2005 BUILDING & PLANNTNG Garfield County Building and Planning Department 108 8* Street, Suite 201 Glenwood Springs, CO 81601 Attn: Fred Jarman RE: Monument Ridge Subdivision HCE hoject No. 2000060.01 Gentlemen: I am writing this request for partial release #l in the amount of $2311744.25 on behalf of Noel Richardson, Monument Ridge LLC, developer of Monument Ridge Subdivision. Please find the attached cost estimate of improvements for this partial release number one (l). Listed below please find the tabulation of the balance of the letter of credit for the Subdivision Improvements Agreement: SIA Amount $306,375.00 Imorovernents to Date $231.744.25 SIA Balance $ 74,630.75 HCE certifies that all materials supplied and work performed is in accordance with the plans and specifications for those iterns inspected by HCE during periodic construction observations. All costs for which the release is being requested have been incurred in connection with the construction of the Improvernents. No funds are being requested for work not completed, or for materials not installed or stored on site. Please consider this letter certification by the Project Engineer, High Country Engineering, Inc. (HCE), that all of the foregoing requirements have been met. This staternent of completion shall in no way relieve any other party from meeting requirements imposed by contract or other means. \ @ Employee-Owned Company 14 Inverness Drive East, Suite F-120 Englewood, CO 80112 303.925.0544 phone 303.925.0547 fax SmcerelY. . /1vL- Ron Weidler, P.E. Construction Manager cc: Tim Thulson, Balcomb & Green Noel Richardson, Montnnent Ridge, LLC 1517 Blake Avenue, Suite 101 Glenwood Springs, CO 81501 970.945.8576 phone 970.945.2555 fax www.hceng.com CONTRACT AMOIjNT QUANTITY QUANTITY QUANTITY TODATE PREVIOUS CURRENT AMOUNT CURRENT AMOUNT TO DATE ...................-$.2...-0.,9"_0--0-.9.9 $23.00 0--------ii 0 ii ..........................."?:-qj... ._19.._0..9i.__.-...........q1i..p...0.,9.0_8i 3,187.50: 525,500.00 6--------e 1.000.00i $0.00 i J.1-".ttshh-g,.-sigf flll*.g.I,-d- st)$8,700.00 i sa,zoo.ool: oi I i 4o,ooo.ooi $4o,o0o.oo i :!iii i Suntotat: $74,700.00! ------------------.i-.-"-------i---------"--.I: L.S. ; 2i 2"-49i 1i 7i ._..........................._2I...-0.p I10.00 0i oi 2,ooo.ooi-----+"--------------.-"-.i----"------------------r0i 0i 250.00:ll-"$.-1.9-'-sH4.-lier..($Eg-"-!,$-tp.p,.-s-p-9-"$..P!9,)...........-..... ;ence Relocation i SxCoNTINGENCYFEE ............_.._W_4TPB--E-.N9--SP_EBSS_ ATTORNEYFEES S$i,*igp.s.>ia"Z t "6)4*flds6trY 7^'t t, ,r.,-td'!...n.fu;l-:.'S,sffurr;ft-$ {u/, //'t /rr'n t t/ r"/, t KNOW ALL MEN BY THESE PRESENT that: WHEREAS, Monument Ridge LLC (hereinafter "Owner") entered into a Subdivision Improvements Agreement (SIA) with the Board of County Commissioners of Garfield County, Colorado(hereinafter"Board"),recordedinBook ll12atPage84gasReceptionNo.6Tg335ofthe Garfield County records on August 2, 2005, for the improvements of the Monument Ridge Subdivision; and WHEREAS, an irrevocable l,etter of Credit was delivered to the County in the amount of $74,630.75 in order to secure the subdivision improvements to be constructed by the Owner as required in the SIA; and WHEREAS, the obligations of the Owner have been partially satisfied, as verified in the attached statement from Daniel R. Dennison, P. E., High Country Engineering, Inc dated June 2, 2006, that work has been completed consistent with improvements described in the Subdivision Improvements Agreement. NOW THEREFORE, at the request of the Owner and in consideration of the premises and prior agreements, the Board hereby acknowledges the partial satisfaction of the Subdivision Improvements Agreement entered into by Owner and the Board for the first release of security in the amount of $74,630.75 for work completed consistent with improvements described in the Subdivision Improvements Agreement leaving a balance in the irrevocable Letter of Credit of $2,099.90. Chairman STATE OF COLORADO ) COUNTY OF GARFIELD ) The foregoing instrument was acknowledged before me this !2'h day ofJrUe. 200.6, by John Martin, as Chairman of the Board of County Commissioners of Garfield County, Colorado. WITNESS my hand and official seal. By: )ss ,nf{"'l- ACK]IIOWLEDGMENT OF PARTIAL SATISFACTION SUBDIVISION IMPROVEMENTS AGREEMENT My commission expires Garfield County Clerk ACKNOWLEDGMENT OF PARTIAL SATISFACTION SUBDIVISION IMPROVEMENTS AGREEMENT KNOW ALL MEN BY THESE PRESENT that: WHEREAS, Monument Ridge LLC (hereinafter "Owner") entered into a Subdivision Improvements Agreement (SIA) with the Board of County Commissioners of Garfield County, Colorado (hereinafter "Board"), recorded in Book 1712 atPage 849 as Reception No. 679335 of the Garfield County records on August 2, 2005, for the improvements of the Monument Ridge Subdivision; and WHEREAS, an irevocable Letter of Credit was delivered to the County in the amount of $74,630.75 in order to secure the subdivision improvements to be constructed by the Owner as required in the SIA; and WHEREAS, the obligations of the Owner have been partiatly satisfied, as verified in the attached statement from Daniel R. Dennison, P. E., High Country Engineering, Inc dated June 2, 2006, that work has been completed consistent with improvements described in the Subdivision Improvements Agreement. NOW THEREFORE, at the request of the Owner and in consideration of the premises and prior agreements, the Board hereby acknowledges the partial satisfaction of the Subdivision Improvements Agreement entered into by Owner and the Board for the flrst release of security in the amount of $74,630.75 for work completed consistent with improvements described in the Subdivision Improvements Agreement leaving a balance in the irrevocable I-etter of Credit of $2,099.90. By: Chairman STATE OF COLORADO ) )ss COUNTY OF GARFIELD The foregoing instrument was acknowledged before me this l}th day ofJune. 2006, by John Martin, as Chairman of the Board of County Commissioners of Garfield County, Colorado. WITNESS my hand and official seal. My commission expires Garfield County Clerk Crvlr- ErrlclrueeRtNG Jwre2,2006 Garfield County Building and Planning Departrnent 108 8th Sheet Glenwood Springs, CO 81601 Atur. Fred Jarmin County Planner Re: Monument Ridge Subdivision Dear Fred: LaNo SuRvrylrqc dw High Country Engineering has inspected the construction site of the Monument fudge Subdivision and as of June l, 2006 all of the subdivision improvements are compleG. We recommend that the letter of credit be reduced by $72,530.85 leaving $2,099.90. The remaining amount will remain until June 1, 2006, when the County will inspect the revegetation of the disturbed area. If revegetation is established the remaining amount will be released. If you need any further information, please give us a call. Sincerely, HIGH COLINTRY ENGINEERING, INC. Ib"*"/ ,br----'-.- Daniel R. Dennison, P.E. Project Engineer DRD 1517 Blake Avenue, Suite 101 Glenwood Springs, CO 81601 970.945.8576 phone 970.945.2555 fax 14 Inverness Drive East, Suite F-120 Englewood, CO 80112 303.925.0544 phone 303.925.0547 fax An Employee-Owned Company www.hceng.com 6 1-(H@E r-t \iE, HCE JOB NO: 2000060.01 QUANTITY TODATB Water Service Lhe 4" Sch. 40 (inc. trenohing baoldll md , rlL ",,:.|; 6 /7/0 ( PERCENTA' COMPLE' {ril -oE IIIIIIITTIIIIIIIIIIIIIIII FIESOUFICE ENGINEEFIINGi ' nRBcEIvED MAR 2 3 Zoo5rrrch23,2oo5 8.iffiF.'?8SH'[,ft Mr. Fred Jarman Garfield County Building and Planning Department 108 Eighth Street, Suite 201 Glenwood Springs CO 81601 RE: Monument Ridge Subdivision - Revised Final Plat Submittal Dear Fred: At the request of Garfield County, Resource Engineering, lnc. (RESOURCE) has reviewed the revised final plat submittal for the Monument Ridge Subdivision. The submittal includes a March 3, 2005 cover letter from Balcomb and Green, P.C. with attached Exhibits A through F. Our comments are presented below and include conformance with the BOCC resolution approving the preliminary plan, comments on the cost estimate for the SlA, and comments on the final plat and engineering drawings not discussed with the conditions of approval. These comments follow the outline in our November 15,2004 review letter and address those items that had unresolved issues. PRELIMINARY PLAN CONDITIONS OF APPROVAL No. 3: Plat Note 28 has been revised. No. 5: Plat Note 19 provides information regarding wetlands and waters of US within the property, consistent with the February 27,2003 Beach Environmental letter report. No.6a: Relocation of fences and/or structures within the 60 foot right-of-way is included in the SIA or the cost estimate. However, it appears that the project has more than 2,000 feet of fence. No. 6b: The regrading of the high spot in County Road 100 is included in the SIA or included in the cost estimate. No.6c: The shared access road from County Road 300 to Lots 11 through 13 (Dry Creek Road) is designed in accordance with County regulations and is not included in the SIA cost estimate. No. 6d: The proposed shared access driveways are included in the SIA cost estimate. No.6e: The final drainage report was included in the new submittal. The analysis supports the proposed 30 inch diameter culverts for the 25 year and 100 year flood events. No. 13: The proposed well maintenance easements have been modified to address topographical constraints. No. 15: The proposed drainage plan is adequate with respect to the proposed culvert across Monument Ridge Road and conforms to this condition. Consulting Engineens and Hydnologists 9O9 Colonado Avenue I Glenwood Spnings, CO E}1 601 f t97O)945-A777 a Fax [97O] 945-1137 Mr. Fred Jarman Page2 March 23,2005 No. 17: The final plat submittal includes proposed mitigation measures to avoid potential debris flow onto the Monument Ridge Road cul-de-sac. The flow is routed around the cul-de-sac. The mitigation requires construction of culverts and a ditch for the Lot 14, 15 and 16 driveways. The Applicant proposes that the future lot owners construct these improvements. Based on our meeting with Planning and Legal staff, these improvements should be constructed by the Applicant and included in the SlA. No. 18: Cost for all improvements related to the wells and shared water system are not included in the SlA. SIA COST ESTIMATE The subdivision improvements agreement cost estimate appears to include all public improvements except the culverts and ditch discussed in ltem 17 above and ltem 9 below. The engineer should verify that only 2,000 feet of fencing will be relocated. FINAL PLAT AND ENGINEERING DRAWINGS A plan and profile for Monument Gulch Lane is included in the drawings. The design for Dry Creek Road appears to meet County standards. The proposed culvert under Monument Ridge Road and appurtenant grading is shown on sheet 5. Plat Note 4 has been conected. Plat Note 19 refers to Public Access Way 1 and Public Access Way 2. They are labeled on sheet 2 of the Final Plat. Figure 2, Figure 3, and Figure 4 which are included on sheet 7. The storage tank is now labeled as 3,000 gallons minimum rather than 2,500 gallons. The irrigation plan is included sheet 8. Air vents, drain valves, air vac/release structures, measuring devices are shown on the plans. All final engineering drawings must be stamped and signed by a registered professional engineer. Consistent with ltem 17 above, the culvert for the Lot 13 driveway should be installed by the Applicant as a part of the drainage improvements. lt is recognized that the Applicant will be installing approximately 75 feet of driveway. 1. 2. 3. 4. 5. 6. 7. 8. 9. :::::FlESOUFICEI'IT'I'IITE N G I N E E R I N G I N C Mr. Fred Jarman Page 3 March 23,2005 SUMMARY We believe all of the technical issues have been addressed except for the inclusion of the culverts, ditches, and driveways for Lots 13 through 16, as described above, in the public improvements for the project. The applicable changes to the design drawings and the SIA need to be completed. Please call if you have any questions or need additional information. Sincerely, MJE/mmm 885-13.0 E:\Client\885\monument fi nal plat 885.doc CC: Tim Thulson, Esq. Michael J. ErioMP.E. Water ResourCe Engineer :!!!: Fl ESO U FIC Eatrat!I"IE N G IN E E F I N G IN C