HomeMy WebLinkAbout1.0 Fifth Amendment to SIAIIIIN VIII111111 III IIIIIIII III1111111 III IIIA IIII IIII
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FIFTH AMENDMENT
TO SUBDIVISION IMPROVEMENTS AGREEMENT
IRONBRIDGE PLANNED UNIT DEVELOPMENT, PHASE I
(formerly known as "Rose Ranch Planned Unit Development")
THIS FIFTH AMENDMENT TO SUBDIVISION IMPROVEMENTS AGREEMENT,
is made and entered into this /4- day of Z -u N e, , 2004, by and between LB Rose Ranch
LLC, a Delaware limited liability company ("Owner") and the Board of County Commissioners for
Garfield County, Colorado ("Board").
WHEREAS, on September 13, 1999, Owner and the Board executed, pursuant to the
requirements and provision of Section 5:31 of the Garfield County Subdivision Regulations, as
amended, a Subdivision Improvements Agreement ("SIA") securing to the satisfaction ofthe Board
the completion of construction of all subdivision improvements within the first subdivision phase
of the Ironbridge Planned Unit Development ("PUD") — then known as the Rose Ranch PUD. A
copy of the SIA executed on this date was recorded in the records of the Clerk and Recorder for
Garfield County, Colorado as Reception No. 569190;
WHEREAS, in addition to the subdivision improvements above referenced, the SIA also
set forth Owners obligations relating to the provision of affordable housing this phase of the
Ironbridge PUD;
WHEREAS, amendments to the SIA (First, Second, Third and Fourth) were executed by
Owner and the Board on July 10, 2000, September 11, 2000 and February 19, 2003. Copies of said
amendments were recorded in the records of the Clerk and Recorder for Garfield County, Colorado
as Reception Nos. 569191, 569192, 597597 and 598280, respectively;
WHEREAS, subsequent to the execution of the SIA and amendments thereto and during
construction ofthe subdivision improvements, Owner encountered on-site conditions which required
certain modifications and changes to the subdivision improvements as previously specified within
the SIA, as amended;
WHEREAS, subsequent to the execution of the SIA and amendments thereto developments
in the Colorado courts significantly undermined the legal validity of Owner's planned provision of
affordable rental housing units;
WHEREAS, all of the modifications and changes to the subdivision improvements above
referenced together with new plan for the provision of affordable housing were reviewed and
approved by the Board on October 6, 2003 upon the applications by Owner for Amended PUD and
Preliminary Plan. The Board's approvals in this regard were memorialized within Resolution of
Approval No. 2004-20 ("PUD Amendment Approval") and Resolution No. 2004-21 ("Preliminary
Plan Approval"), heretofore recorded in the records of the Clerk and Recorder for Garfield County,
Colorado as Reception No. 647544;
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WHEREAS, as hereinafter set forth, Owner and the Board have agreed to amend the SIA
to incorporate as applicable all of the modifications to the subdivision improvements and affordable
housing provision changes reviewed and approved by the Board under the PUD Amendment
Approval and Preliminary Plan Approval.
NOW THEREFORE, for and in consideration of the premises and the following mutual
covenants and agreements, Owner and the Board agree as follows:
1. The subdivision improvements heretofore identified within the SIA and amendments
thereto shall be deemed to include all modifications thereto approved by the Board under the PUD
Amendment Approval and Preliminary Plan Approval
2. The time period for the completion by Owner of all remaining subdivision
improvements shall be extended to Sthic. 3q i 4, which date coincides with the date of
expiration of the present Letter of Credit securing the same.
3. The amount required to be secured under the Letter of Credit is hereby reduced to
$495, 681.56, said amount heretofore having been established under the Acknowledgment of Partial
Satisfaction Subdivision Improvements Agreement ("Acknowledgment of Partial Satisfaction)
approved by the Board on March 1, 2004 upon the certification of construction costs prepared by
High Country Engineering, Inc., a copy of which is attached hereto and incorporated herein as
Exhibit A..
4. Consistent with the Acknowledgment of Partial Satisfaction, the Board agrees that
the sole improvements remaining to be constructed by Owner under this Amendment address bike
paths, landscaping and other non -integral improvements; accordingly, and for purposes relating
solely to the interpretation of Paragraph 18 of the SIA and the issuance of Certificates of Occupancy
thereunder, Owner shall be deemed to have completed all subdivision improvments.
4. Paragraph 7 of the SIA addressing the provision of affordable housing is hereby
replaced in its entirety with the following:
7. Affordable Housing Units. Owner shall create and obtain all required
subdivision approvals within PA 22 ( Block 1, Amended and Restated Final Plat Ironbridge
Planned Unit Development, Phase i) necessary to locate therein ten (10) affordable housing
units in partial satisfaction of the requirements set forth within Section 4.07.15.01 of the
Garfield County Zoning Resolution of 1978, as amended ("Zoning Resolution"). Owner
shall construct and offer for sale the ten (10) affordable housing units in compliance with the
terms and provisions of the Affordable Housing Guidelines set forth within Section 4.14 of
the Zoning Resolution. The obligation to provide the affordable housing units within this
1st Subdivision Phase shall be secured by Applicant pursuant to the following documents:
a. A deed of trust recorded on PA 22, as subdivided, in favor of the
Board in the amount of $500,000.00 or in lieu thereof, such other security as may be
deemed by satisfactory by the Board; and
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b. A deed restriction which shall be appurtenant to and run with title to
the land ofPA 22, as subdivided, requiring the location, construction and sale therein
of the ten (10) affordable housing units in accordance with the terms and provisions
of Sections 4.07.15.01 and 4.14 of the Zoning Resolution.
Owner shall be required at all times and until construction ofthe entire 10 affordable housing
units required in this Subdivision Phase are complete, to have constructed and sold or have
constructed and made available for sale, affordable housing units in a number equal to 10% ofthe
total number of unrestricted units which have at that time bee sold or made available for sale. If at
any time, this percentage falls below the required 10%, Owner shall be required for each such
deficient affordable housing unit, to place $150,000.00 into an escrow account in favor of the Board
or to provide such other security in lieu thereof as may be acceptable to the Board, which funds or
security the Baord will then apply to the construction of the affordable dwelling unit.
The remaining twenty (20) affordable housing units required under owners PUD approval
may, in lieu of being located within the PUD property, be located off-site.
4. All remaining provisions of the SIA, as heretofore amended, not modified herein or
otherwise affected by this Fifth Amendment to Subdivision Improvements Agreement shall remain
in full force and effect.
ENTERED INTO the day and year first above written.
LB ROSE RANCH LLC, a Delaware Limited Liability Company
By: PAMI LLC, a Delaware Limited Liability Company, its managing member
By
Authorized Signatory
STATE OF
COUNTY OF
)SS
vits
The foregoing instrument was acknowledged before me this i {,day of
2004 1__� C.,. , Authorized Signatory for PAMI LLC, manaing member
of LB Rose Ranch LLC.
WITNESS MY HAND AND SEAL
N.aAarem
Notary Public
My Commission Expires:
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BOARD OF COU OMMISSIONERS
R GARFI - L 1. COU TY, COLORADO
By
ATTEST
1pillli�!'?lil; J:
Chai
o the Board
N:1Peg 4`11\ ronbridgelPhase 1 Plat\Ironbridge .STA .65.24.04.wpd
1—
iii NG/N�E.4'/NC
February 2, 2004
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Mark Bean, County Planner
Garfield County Building and Planning Department
109 8th Street, Suite 303
Glenwood Springs, CO 81601
Re: Ironbridge P.U.D. — Partial Release of Collateral Request Number Four
HCE Project No. 2000075.02
Dear Mark:
On behalf of LB Rose Ranch, LLC, the Owner of Ironbridge P.U.D., 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 fourth request for
partial collateral release.
High Country Engineering, Inc. (HCE) has been on site daily to observe the construction on
the project and certify that:
1. All costs for which the release is being requested have been incurred in connection
with the construction of the Improvements;
2. All work performed and materials supplies 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. Except on this request we are asking for release of all funds related to
the construction of the water treatment facility. Since we are joining the Roaring
Fork Water and Sanitation District these facilities will not be necessary and will be
the responsibility of the district if needed in the future.
5. The Project Engineer has inspected, approved and has certified that all such
improvements have been constructed in accordance with the plans and specifications.
The associated request for release is shown in the following table.
14 Inverness Drive East, Suit
Englewood, Colorado 80
telephone (303) 925-0544 - fax (3
Exhibit
A
'7 Blake Avenue, Suite 101
nwood Springs, CO 81601
70) 945-8676 — fax (970) 945-2555
Mark Bean
February 2, 2004
Page 2 of 2
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Cost Estimate
Original Total
Previously
Released
4th Collateral
Release
Funds
Remaining
Phase 1
Public
Improvements
$7,021,526.24
5,480,052.17
$1,192,207.02
$349,267.05
Phase 1
Landscaping
$279,518.61
$0.00
$133,104.10
$146,414.51
Cart Path
$891,726.00
$810,660
$81,066.00
$0.00
RFWSD
Payment
$370,596.00
$0.00
$370,596.00
$0.00
TOTAL
$8,563,366.85
$6,290,712.17
$1,776,973.12
$495,681.56
Please see the enclosed summaries of the costs being requested on the different areas of the
project. We are requesting the funds in the amount of $1,776,973.12 be released and
considered complete. This leaves 5495,681.56 to complete the remainder of the public
improvements. In this request we have also asked for all of the retainage for those items that
have been completed. Those items still incomplete still have the retainage applied. We have
also requested the release of 100% of the landscape cost since the contingency of the
landscaping portion was 110%, this leaves the 10% for constructing the landscaping. This
10% will not be requested to be released until the warranty period with the county has
expired.
Please contact me if you have any questions or need additional information.
Sincerely,
HIGH COUNTRY GINXRING, INC.
r ' PO fiEG�J I'
/
Vernon Hope,— -.
'�
Principle % • ; �, ''
%. •r' -fir'_..
Enc ' 11L'etSWt�
Cc: Mike Staheli — Ironbridge
Tim Thulson -- Balcomb & Green
February 4, 2004
HCE JOB NO: 97042.05
k:Iwv19710421collateral#4r2.xls (public improvements)
Item
Quantity
Unit
Cost
Cost
Previous
Release
4th Colateral Release
Quantity Installed Request 1 Remaining
RELEASE REQUEST
Check Dani Construction
1,444
L.F.
2.00
2,888.00
r 0.00
1,444.00
2,888.00
0.00
C.R. 109 Improvements
1
L.S.
511,508.00
511,508.00
502,758.00
0.02
8,750.00
0.00
H.W. 82 Int. Improvements
1
L.S.
745,016.00
745,016.00
740,016.00
0.01
5,000.00
0.00
Pump House
1
Each
10,000.00
10,000.00
0.00
1.00
10,000.00
0.00
Pump House Appurtenances
1
L.S.
20,000.00
20,000.00
0.00
1.00
20,000.00
0.00
Water Treatment Building
1
L.S.
160,000.00
160,000.00
0.00
1.00.
160,000.00
0.00
Water Treatment Appurtenances
1
L.S.
230,000.00
230,000.00
0.00
1.00
230,000.00
0.00
Water Treatment Pumps
1
L.S.
80,000,00
80,000.00
0.00
1.00
80,000.00
0.00
Settling Pond Intake Structure
2
E.A.
2,000.00
4,000.00
0.00
2.00
4,000.00
0.00
Below grade lift station
2
Each
65,000.00
130,000.00
65,000.00
1.00
65,000.00
0.00
Subtotal 585,638.00
RFA A111NG WORK
Sod in roadside ditches
1,137
S.Y.
0.50
568.50
0.00
0.00
0.00
568.50
10' Concrete bike path
4,623
S.Y.
29.00
134,067.00
0.00
0.00
0.00
134,067.00
Maintenance Road to Water Tank
2,008
S.Y.
9.00
18,072.00
9,000.00
0.00
0.00
9,072.00
5' Concrete Sidewalk
28,102
S.F.
4.00
112,408.00
0.00
0.00
0.00
112,408.00
Baffled Oil Skimmer
4
Each
2500.00
10,000.00
0.00
0.00
0.00
10,000.00
Revegetate/Landscape
1
L.S.
50,000.00
50,000.00
0.00
0.00
0.00
50,000.00
Class 1 Ground Sign
7
Each
200.00
1,400.00
0.00
0.00
0.00
1,400.00
Subtotal 317,515.50
SUB TOTAL
$6,383,205.67
5,480,052.17
$585,638.00
$317,515.50
10% Contingency
$638,320.57
$606,569.02
$31,751.55
TOTAL
$7,021,526.24
5,480,052.17
$1,192,207.02
$349,267.05
This summary of probable construction cost was prepared for estimating purposes
only. High Country Engineering, Inc. cannot be held responsible for variances
from this estimate as actual costs may vary due to bid and market fluctuations.
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February 4, 2004
eiease (February 2, 2004
HCR JOB NO: 97042.05
k:1wv197\0421coilateral#4r2.xls(landscape)
Bern
Unit
Cost
Original 7
Cost
Previous
Release
4th Colateral Release
Request
Remaining
Phase 1 Estimated Cost
SUB TOTAL
$133,104.10
$0.00
$133,104.10
Phase 1 Revegetatian Contigency
$133,104.10
$133,104.10
10% Construction Cost Contingency
$13,310.4I
$ 13,310.41
TOTAL
$279,518.61
$0.00
$133,104.10
$ 146,414.51
This summary of probable construction cost was prepared for estimating purposes
only. High Country Engineering, Inc. cannot be held responsible for variances
from this estimate as actual costs may vary due to bid and market fluctuations.
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February 4, 2004
4th Release (January 29. 2003
HCE JOB NO: 97042.05
k:1wp19710421collateral#4r2.ids (cart path)
Item
Unit
Cost
Cost
Previous
Release
4th Colateral Release
Request
Remaining
Sub Total
$810,660.00
$810,660.00
$0.00
10% Contingency
$81,066.00
$81,066.00
$0.00
Total
$691,726.00
$810,660.00
$81,066.00
$0.00
This summary of probable construction cost was prepared for estimating purposes
only. High Country Engineering, Inc. cannot be held responsible for variances
from this estimate as actual costs may vary due to bid and market fluctuations.
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