HomeMy WebLinkAboutB07-0275 Development Improvement Letter of Credit.i
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75 South Frontage Road West Community Development Department
Vail, Colorado 81657 970.479.2138
vailgov.com 970.479.2452 fax
3/1/2012
Michelle Anderson
Alpine Bank Vail
141 East Meadow Drive, Suite 210
Vail, CO 81657
Re: Letter of Credit Number 4450277634
Dear Ms. Anderson,
Enclosed you will find the above mention original letter of credit. This letter expired
November 16, 2010 and was never closed out of our system. Do not hesitate to contact
me with any questions.
Sincerely,
J
� � �C �Q...�.�
� ��
Lynne Campbell
Office Manager
electronic copy in file
IRREVOCABLE LETTER OF CRED T FORMAT
Legal Descriptio�p: Lot ,Block
Subdivision: V ` Ur , ; ,
Address: 1 1 E
Developer: ; � C-LG
Project Number: ' O.SG
Permit Number: o —
Improvement Completion Date: A�ou¢,ns� 1 ��td
Letter of Credit Expiration Date: /Uo vaMbr� 1 b;aoto
DEVELOPER IMPROVEMENT AGREEMENT
�
THIS AGREEMENT, made and entered into this�day of !�►� +�.s� , 20 l�,
by and among S•���rs ?c-�r-l., D•..��f-� z.�� (the "Develope '), and the Town of
Vail (the"Town") and__A�-1 a�•,.� 3 K (the"Bank").
WHEREAS, the Developer, as a condition of a proval of the Temporary Certificate of
Occupancyfor �-I a�p� ����r�c �'' to�� E
�'`~ l oor a, k- � ►-.� t�—t v
(address, legal description, and project number) wishes o enter into a Developer Improvement
Agreement; and
S, th D loper is to provi 'ty o collateral sufficient in the
judge nt of th To make reas able rovisions fo ple' �' ' ents set
forth ' the atta ed ated bid(s) in a ce with h a v n cif' tions
filed i the o dF the unity Develo epartm t th o , d
WHEREAS, e Developer 'shes to provid curity to uarantee erformance of this ,
Agreement, includin co etion I improvem re rred i Agre , y means of
the following: � �
• � I
The Developer agrees to esta lish an irrevocable letter of credit# ��i�SDa"7?Lv 3 y ,
in the amount of$ �-l�SoOa 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
Z Deve�lo\per agree_�s to complete all improvements referred to in this Agreement on or before the
. 11�day of No�cvv�h.�r , 20�. 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 there#o 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
Depa�tment 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'�5v�?��3�-{ in the amount of$����Od� �°
(125% of the total costs of the attached estimated bid(s)with Th�
- �. o►�. set to expire on the �{`' day of 1�Je w�.� �C' , '
20�(not to ex 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 I
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 thereofl 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 and
specifications filed in the office of the Community Development Department of the Town of Vail or
not accepted by the Town as complete on or before the date set forth in Paragraph1 of this ✓
Agreement, the Town may, but shall not be required to, draw upon the security referred to in this
Agreement and complete the uncompleted improvements referred to in this Agreement. Pursuant
to Section 12-11-8, Vail Town Code, the Temporary Certificate of Occupancy referred to in this
Agreement may be revoked until all improvements referred to herein are completed by the
Developer or the Town in accordance with this Agreement.
If the costs of completing the uncompleted improvements referred to in this Agreement
exceed the dollar amount of the security provided to the Town, the excess, together with interest
at twelve percent (12%) per annum, shall be a lien against the property and may be collected by
civil suit or may be cert�ed to the treasurer of Eagle County to be collected in the same manner
as delinquent ad valorem taxes levied against such property. If the Developer faifs or refuses to
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 i
(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 pe�iod 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.
oper
STATE OF �i IU��U )
)ss.
COUNTY OF L�G�I� )
The foregoing Develo r Improv�ment Agreement�fas acknowled�ed before me this
� � Day of , 20L by U'c"�i �2c 1
Witness my hand and official seal.
My commission expires � (� � � �
/ ,
-�C,,'t l � .�' tISA ROY�,A�
Notary Public :�C��
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T n Planner
STATE OF COLORADO )
)ss.
COUNTY OF EAGLE ) •
The foregoing Devel per Improvement Agreement was acknowle ged before me this
/�7 Day of , 20/O by (��l/¢n �h-tJ��.�l I
Witness my hand and official seal.
My commission expires: / .�'�/�� /� 0?0/�
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AT7ACHED COPIES OF THE ESTIMATED BID(S)
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Alpin¢ Bank
vai�
141 E. Meadow Drive,Suite 210
Vail, Colorado 81657
970-476-8700
Fax 970-476-2366
IRREVOCABLF, STANDBY LETTER OF CREDIT
Date of Issuc:: AUGUST 16, 2010
Amount: �425,0OO.Ot)
Number: 44��0277634
Expiration Date: NOVEIVIBER 16, 2010 �
APPLICANT: SOL�IS PROPERTY OWNER, LLC
BENF,FICIARY: TOV�'l�i OF VAIL, COLORAI)O
PURPOSE: STREETSCAPE IMPROVEMENTS
To Whom It May Concern:
We hereby astablish 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 O��ner, LLC (the"Agreemenf').
Beneficiary shall promptly notify Baiilc when a default or event of default of said Agreement
occurs. Your notifioation shall i�iclude atiy 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
ATTEN'CIOTL• 1�1IC�fELLE ANDERSON
141 F_AST MEA�OW DRI�'E, SUITE 210
VAIL, COLOKADO 81657
970-476-8700
We hereby aa ee to honor drafts drawn under and in compliance w�th ttie tezms of this Letter of
Credit if duly presented to a loan officer at 141 E:�S7'MEADOW DKIVE?, SLZTE 210,VAIL,
COLORADO, di�ring normal'�usi.iess hours on or before the expiration date. Partial drawings
are perrr�itted. T1us Letter of Credit �s not trausferabl�.
The conditions for payment of any draft drawn against this Letter of Credit are as follows:
1. Receipt by�Bank of Beneticiary's nl�nuaily signed statement by an authorized sib atory
certifyin�that Applicant has failed to�erfornl with, or comply in accordance with,the
provisious of said Agre�r�le?it by�and between Applicant and Beneficiary, and stating the
dollar�mc�uiit of the default.
www.alpinebank.com
�'�y Rin�d on RecYCled Paper
. ►�
Alpin¢ 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 ��ELLE ANDERSO , VICE PRESIDENT
www.alpinebank.com
g�i Rinietl on Rccycicd Peper
.
: t i,
�D�V��F VA��,` ' '��
Department of Public Works& Transportation
1309 Elkhorn Drive
Vail, CO 81657
970-479-2158
Fax:970-479-2166
www.vailgov.com
MEMO
To: Gerry Poye
Michael Suman
Todd Johnston
From: Tom Kassmel,Town Engineer
Re: Final CO Inspection Comments/Punch List
Date: 08/26/10
The Town of Vail Public Works Department has completed a final walk thru of the Solaris project. The
following are items that must be resolved prior to final CO or as stated.
Items to be resolved prior to CO issuance;
1. Revocable ROW permit needs to be recorded for improvements in the ROW.
2. Execute Streetscape Maintenance and Snowmelt Agreement as provided to Reed.
3. Provide Town with Traffic Impact Fee per DIA.
4. Provide Town with reimbursement for Heat mains and Utility Trench as previously invoiced.
5. Provide Town with reimbursement for remaining design fees for East Meadow Drive Project.
6. Provide Town with a Letter of Credit for$425,000 to account for all incomplete/unsatisfactory
work as delineated below.
7. Provide Town with 2-Year Warranty from date of final acceptance for all completed public
improvements.
Items to be resolved prior to November 15th,2010 and to be included as a part of the above mentioned
Letter of Credit he�d by the Town of Vail;
8. Provide the Town with As-builts for all work within ROW.
9. Frontage Road improvements must be installed per plan, including rework of inlets
47. Loading Dock needs to be cleared and cleaned for general use.
48. Frontage Rd walk at is lower than top back of curb near Village Center intersection. How does
this drain.
49. Fix sod and irrigation on Town property by VV parking structure.
50. All manifold boxes need to be sealed along curb.
51. Sweep walk along Village Center on east side. ,
52. Raise electric box in walk along Village Center on east side. �
53. Confirm all ADA ramps meet ADA requirements. ',
54. Complete Loading and delivery bay access driveway.
�
�
TO�VN OF�AI� .
Department of Public Works& Transportation
1309 Elkhorn Drive
Vail, CO 81657
970-479-2158
Faz: 970-479-2166
www.vailgov.com
PUBLIC WAY IMPROVEMENTS !
LETTER OF PROJECT ACCEPTANCE
August 30`h, 2010
This letter acknowledges that the Solaris Development has substantially completed the
work under the project plans, specifications, and addenda entitled East Meadow Drive
Streetscape Phase III, dated January 2010, hereafter referred to as the Work, as a part of
the approved Solaris redevelopment project, in a manner satisfactory to the Town of Vail
and establishes a Warranty Period for the above referenced Work which begins on
August 30`h, 2010 and ends on November 15`h, 2012.
The undersigned agrees that, if any portion of the Work or material proves defective
during the Warranty Period, he shall replace any such defective material and remedy any
such defective work to the satisfaction of the Town and shall defend, indemnify and save
harmless the Town from all damages, claims, demands, expenses, and charges of every
kind which may arise as a result of any such defective material and workmanship during
said period.
It is the responsibility of the Developer/Contractor to accompany a representative of the
Town of Vail on a Warranty walkthrough a minimum of one month prior to the end of
the Warranty period if so requested, although additional walkthroughs can occur at any
time during the Warranty period. Any and all Work deemed unacceptable by the Town
accarding to the plans, specifications and addenda will be noted and a procedure
established to correct the Work.
Town Solaris Development
Title Title
TOWN OF VAIL
75 South Frontage Road West Community Development Department
Vail, Colorado 81657 970.479.2138
vailgov.com 970.479.2452 fax
3/1/2012
Michelle Anderson
Alpine Bank Vail
141 East Meadow Drive, Suite 210
Vail, CO 81657
Re: Letter of Credit Number 4450277634
Dear Ms. Anderson,
Enclosed you will find the above mention original letter of credit. This letter expired
November 16, 2010 and was never closed out of our system. Do not hesitate to contact
me with any questions.
Sincerely,
Lynne Campbell
Office Manager
electronic copy in file