HomeMy WebLinkAboutB07-0275 Development Improvement Agreement 081610Legal Descriptior Lot
Developer: r,
Project Number:
Permit Number: So7—
Improvement Completion I
Letter of Credit Expiration
LE LETTER OF CREDIT FORMAT
DEVELOPER IMPROVEMENT AGREEMENT
THIS AGREEMENT, made and entered into this day of 4%& K.s� 20 O ,
by and among S• % » ?r, ea. D &J V%.,Lr� L L- (the " Develope '), and the Town of
Vail (the "Town ") and _ r4�o� .,� 3..� ►C (the "Bank ").
WHEREAS, the Developer, as a condition of approval of the Tem orary Certificate of
Occupancy for ale � Ori o-c '+`' loaf E
*;' lour rk k w% - 1 v
(address, legal description, and project number) wishes to enter into a Developer Improvement
Agreement; and
WHEREAS, the Developer is obligated to provide security or collateral sufficient in the
judgement of the Town to make reasonable provisions for completion of certain improvements set
forth in the attached estimated bid(s) in accordance with the approved plans and specifications
filed in the office of the Community Development Department of the Town of Vail; and
WHEREAS, the Developer wishes to provide security to guarantee performance of this
Agreement, including completion of all improvements referred to in this Agreement, by means of
the following:
The Developer agrees to establish an irrevocable letter of credit # LI H 5 Da "1 7 z- 3 y
in the amount of $ 4,2 with
as the security for the completion of all imp ovements referred to in this
Agreement, in the event there is a default under this Agreement by the Developer.
NOW THEREFORE, in consideration of the following mutual covenants and agreements,
the Developer and the Town agree as follows:
1. The Developer agrees, at its sole cost and expense, to furnish all equipment and
materials necessary to perform and complete all improvements referred to in this Agreement. The
Developer agree$ to complete all improvements referred to in this Agreement on or before the
, day of N0%3cv0-)0-cr , 20 16). The Developer shall complete, in a good
workmanlike manner, all improvements referred to in this Agreement, in accordance with all
approved plans and specifications filed in the office of the Community Development Department
of the Town of Vail, and to do all work incidental thereto according to and in compliance with the
following:
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a. All said work shall be done under the inspection of, and to the satisfaction
of, the Town Planner, the Town Engineer, the Town Building Official, or other
official from the Town of Vail, as affected by special districts or service districts, as
their respective interest may appear, and shall not be deemed complete until
approved and accepted as completed by the Community Development
Department and Public Works Department of the Town of Vail.
2. To secure and guarantee performance of the obligations as set forth herein, the
Developer agrees to provide security as follows:
Irrevocable letter of credit # 4 4 5o ;L - n & 3 4 in the amount of $ ( 4:), t '�j D ad , °o
(125% of the total costs of the attached estimated bids with Tlw-
,r► or► set to expire on the )-}`- day of ,
20 (not toe ire less than 30 days after the date set forth in Paragraph 1 of
this Agreement) as the security for the - completion of all improvements referred to
in this Agreement, in the event there is a default under this Agreement by the
Developer.
3. The Developer may at any time substitute the security originally set forth above for
another form of security or collateral acceptable to the Town to guarantee the faithful completion
of those improvements referred to in this Agreement and the performance of the terms of this
Agreement. Such acceptance by the Town of alternative security or collateral shall be at the
Town's sole discretion.
4. The Town shall not, nor shall any officer or employee thereof, be liable or
responsible for any accident, loss or damage happening or occurring to the work specified in this
Agreement prior to the completion and acceptance of the same, nor shall the Town, nor any
officer or employee thereof, be liable for any persons or property injured by reason of the nature
of said work, but all of said liabilities shall and are hereby assumed by the Developer.
The Developer hereby agrees to indemnify and hold harmless the Town, and any of its
officers, agents and employees against any losses, claims, damages, or liabilities to which the
Town or any of its officers, agents or employees may become subject to, insofar as any such
losses, claims, damages or liabilities (or actions in respect thereof) that arise out of or are based
upon any performance by the Developer hereunder; and the Developer shall reimburse the Town
for any and all legal or other expenses reasonably incurred by the Town in connection with
investigating or defending any such loss, claim, damage, liability or action. This indemnity
provision shall be in addition to any other liability which the Developer my have.
5. It is mutually agreed that the Developer may apply for and the Town may
authorize a partial release of the security provided to the Town for each category of improvement
at such time as such improvements are constructed in compliance with all plans and
specifications as referenced hereunder and accepted by.the Town. Under no condition shall the
dollar amount of the security provided to the Town be reduced below the dollar amount necessary
to complete all uncompleted improvements referred to in this Agreement.
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6. If the Town determines, at its sole discretion, that any of the improvements
referred to in this Agreement are not constructed in compliance with the approved plans ai
specifications filed in the office of the Community Development Department of the Town of Vail
not accepted by the Town as complete on or before the date set forth in Paragraphl of tf
Agreement, the Town may, but shall not be required to, draw upon the security referred to in th
Agreement and complete the uncompleted improvements referred to in this Agreement. Pursua
to Section 12 -11 -8, Vail Town Code, the Temporary Certificate of Occupancy referred to in &
Agreement may be revoked until all improvements referred to herein are completed by tt
Developer or the Town in accordance with this Agreement.
If the costs of completing the uncompleted improvements referred to in this Agreeme
exceed the dollar amount of the security provided to the Town, the excess, together with intere
at twelve percent (12 %) per annum, shall be a lien against the property and may be collected I
civil suit or may be certified to the treasurer of Eagle County to be collected in the same mann
as delinquent ad valorem taxes levied against such property. If the Developer fails or refuses
complete the improvements referred to in this Agreement, such failure or refusal shall be
considered a violation of Title 12 (Zoning Regulations), of the Vail Town Code, and the Developer
shall be subject to penalties pursuant to Section 12 -3-10 (Violations: Penalties) and Chapter 1-4
(General Penalty), Vail Town Code.
7. The Developer shall warranty the work and materials of all improvements referred
to in this Agreement located on Town property or within a Town right -of -way, pursuant to Chapter
8 -3, of the Vail Town Code, for a period of two years after the Town's acceptance of said
improvements.
8. The parties hereto mutually agree that this Agreement may be amended from time
to time, provided that such amendments be in writing and executed by all parties hereto.
Dated the day and year first above written.
6� I -
Toper
STATE OF LlOU )
) ss.
COUNTY OF
The foregoing Develo r Improv ment Agreement.Was acknowled gedbefore me this
Day of , 20L by
Witness my hand and official seal.
My commission expires 3 12
, , 2a USA ROYM AN
Notary Public :1a1�y PuNc
Cakiwi p
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!!, E IRE
A- �
STATE OF COLORADO )
)ss.
COUNTY OF EAGLE )
The foregoing Devel per Improvement Agreement was acknowl ged before me this
/ 7 Day of 20/o by to ,6 ¢ n r�DE I
Witness my hand and official seal.
My commission expires: ,6L,1 /I a /
? _ � NR y O
N G `CT
•.......... ' �O
izo�lE OF G
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ATTACHED COPIES OF THE ESTIMATED BID(S)
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F:\cdev\ FORMS \Pennits\Planning\Administrative _Actions \DIA credit format_5- 1 6- 2007.doc Page 6 of 6
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0 Alpine Bank
Vail
141 E. Meadow Drive, Suite 210
Vail, Colorado 81657
970 - 476 -8700
Fax 970 - 476 -2366
IRREVOCABLE STANDBY LETTER OF CREDIT
Date of Issue: AUGUST 16, 2010
Amount: $425,000.00
Number: 4450277634
Expiration Date: NOVEMBER 16, 2010
APPLICANT: SOLARIS PROPERTY OWNER, LLC
BENEFICIARY: TOWN OF VAIL, COLORADO
PURPOSE: STREETSCAPE IMPROVEMENTS
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 $425,000.00 (U.S. $425,000.00).
The purpose of this letter is to secure the performance of and the compliance of the Applicant
pursuant to the Developer Improvement Agreement dated August 16, 2010, by and between
Town of Vail and Solaris Property Owner, LLC (the "Agreement ").
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 VAIL
ATTENTION: MICHELLE ANDERSON
141 FAST MEADOW DRIVE, SUITE 210
VAIL, COLORADO 81657
970 - 476 -8700
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 141 EAST MEADOW DRIVE, SUITE 210, VAIL,
COLORADO, during normal business hours on or before the expiration 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 signatory
certifying that Applicant has failed to perform with, or comply in accordance with, the
provisions of said Agreement b) and between Applicant and Beneficiary, and stating the
dollar amount of the default.
www.alpinebank.com
�4I4i- - -y6dNo l
0 Alpine Bank
2. Presentation of the original Letter of Credit to Bank, endorsed on the reverse side with the
words: "TOWN OF VAIL" 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
By:
M HELLE ANDERSO , VICE PRESIDENT
www.alpinebank.com
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