HomeMy WebLinkAboutD11-0008 Developer Improvement Agreement (Letter of Credit) (2) TOWN OF VAIL
75 South Frontage Road West Community Development Department
Vail, Colorado 81657 970.479.2138
vailgov.com 970.479.2452 fax
November 8, 2012
California Bank & Trust
I nternational Operations
550 South Hope Street, 3rd Floor
Los Angeles, CA 90071
Re: Irrevocable Standby Letter of Credit No. SB06-1921
Town of Vail Project Number: PRJ11-0604
To Whom It May Concern:
The above mentioned letter of credit has been released and can be cancelled with your
organization. Enclosed you will find the original letter. If you have any questions please
call Bill Gibson, planner, for the Town of Vail at 970-479-2173.
Sincerely,
�������
Lynne Campbell
Office Manager
Enclosure
,
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�►r#� V� Tn��'` ,�
Community Development
75 South Frontage Road
Vail, CO 81657
970.479.2139
LETTER OF CREDIT DEVELOPER IMPROVEMENT AGREEMENT
Instructions: This page shouid be given to your lender/bank and returned
with your letter of credit.
Project Name: CTL Vail CO Tower Precast Arrest and Repair
Project Number: PRJ 11-6 04
PermitNumber: Dil-0008
Planne�: �Narren Campbell
Letter of Credit Number: SBO6-1921
Issuing Bank: vectra
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� �; �ces� 303-��I- '�`�`� �
, �ruce I
I
I
IRREVOCABLE LETTER OF CREDIT FORMAT '
Legal Description: Lot N/A ,Block N/A
Subdivision: Unplatted
Address: 16 5 N. Frontacte Rd.
Developer: GH Phio�s Construction
Project Number: PRJ 11-604
Permit Number: D11-0008
Improvement Completion Date: July 13, 2012
Letter of Credit Expiration Date: Auqust 3t, 20�2
DEVELOPER IMPROVEMENT AGREEMENT
THIS AGREEMENT, made and entered into this 25th day of October , 20 11 ,
by and among GH Phipps Construction Company (the "Developer"), and th� of
Vail (the"Town").aFld-----------------------------------------------------------Et�g'�k"�=--
WHEREAS, the Developer, as a condition of approval of the Temporary Certificate of
Occupancy for 165 N. Frontage Road, Unplatted, PRJ 11-604
(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 ake reasonable provisions for completion of certain improvements set
forth i ttach ated bid(s) i accordance with t approved plans and specifications
filed i the o of ommunity ent D he o ail; and '�' ��
REAS, he eveloper o provi s un ntee erformance 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# S 13v� � ��o�- �
in the amount of$ �62,500.0o with Vectra Bank
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 Develope�.
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 agrees to complete all improvements referred to in this Agreement on or before the
13th day of �uiv , 20 �2 . 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:
�,�s �1 �� . O' .
a �f
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IRREVOCABLE LETTER OF CREDIT FORMAT
Legal Description: Lot N/A ,Block N/A
Subdivision: Unplatted
Address: 16 5 N. Frontacte Rd.
Developer: GH Phipns Construction
Project Number: PRJ 11-604
Permit Number: D11-0008
Improvement Completion Date: July 13, 2012
Letter of Credit Expiration Date: Auqust 3�, 20�2
DEVELOPER IMPROVEMENT AGREEMENT
THIS AGREEMENT, made and entered into this 25th day of October , 20 11 ,
by and among GH Phipps Construction Company (the "Developer"), and th� of
Vail (the"Town").aFld----------------------------------------------------------{�e`�ank"�=--
i
WHEREAS, the Developer, as a condition of approval of the Temporary Certificate of
OCCUpBnCy fo� 165 N. Frontage Road, Unplatted, PRJ 11-604
(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 suffcient 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# 5�U��� ���- �
in the amount of$ 162,500.00 with Vectra Bank
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.
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 agrees to complete all improvements referred to in this Agreement on or before the
13th day of .luN , 20 12 . 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 Pianner, the Town Engineer, the Town Building Officiai, or other
official from the Town of Vail, as affected by special districts or service districfs, 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# S606-1921 in the amount of$ �s2,5oo.00
(125% of the total costs of the attached estimated bid(s)with Rocky Mt.
Prestress, Inc. set to expire on the 31st day of August
20 �2 (not to expire 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 Agreemenf 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 refeRed to in this Agreement and the performance of the terms of this
Agreement. Such acceptance by the Town of alternative security or collateral shal� 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 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 certified 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 fails or refuses to
complete the improvements referred to in this Agreement, such failure or refusal shalt 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�
(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 prope►ty 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.
�
�`
Developer Kurt T. K nderud, President, GH Phipps Construction Company
STATE OF COLORADO )
)ss.
COUNTY OF ARAPAHOE )
The foregoing Developer Improvement Agreement was acknowledged before me this
25th Day of October , 20�by Kurt T. Klanderud President
Witness my hand and official seal.
My commission expires 12-19-14
E�IZABETH K DREHER
) ����° � �� Notary Publlc
Nota ublic State of Colorado
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' r
�
Town Planner
STATE OF COLORADO )
)ss.
COUNTY OF EAGLE )
The foregoing Developer Improvement Agreement was acknowl dged before me this
,_�1 Day of��1-�a r , 20JL-.bY�a�.CC2� �C�M.�lt !/
Witness my hand and official seal.
My commission expires_�,[��_L���a/c�
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ATTACHED COPIES OF THE EST(MATED BID(S)
F:\cdevlFORMS1PertnitslPlanningWdministralive_AdionslDlA credit formal_5-i6-2007.doc Page 6 of 6
.
Bruce Gilchrist
From: Kevin O'Connell [oconnellk@rmpprestress.com]
Sent: Thursday, October 20, 2011 5:02 PM
To: Bruce Gilchrist
Subject: RE:
Bruce-
Our WAG is$130,000.
This is based on:
1. (2)crane mobilizations—1 for demo and 1 for install
2. 3 days for demo and 3 days for install
3. Demo pieces are removed by RMP and brought back to our yard.
4. Pieces are the C-shaped pieces as well as the back piece that is on the interior of the grating. All get demolished
and replaced new.
5. Only the 6' C-shaped pieces and back piece on the single elevation, no pieces on the return elevations or the
triangular piece below.
6. NO Galvanizing or stainless steel.
7. No Caulking or sealing.
8. We don't need any man lifts. All access is from the tower.
This does not include any As-builts after demo for engineering or geometry. RMP does not take liability for these
elements.
If you feel there are any holes in our scope,you can put in an estimated cost and just let me know.
Let me know what you think.
Kevin O'Connell
Preconstruction Services/Sales
Rocky Mountain Prestress
oconne I l k(a�rmpprestress.com
Direct 303-964-7052
Cel I 303-994-5697
This e-mail transmission may contain information that is proprietary, privileged and/or confidential and is intended
exclusively for the person(s)to whom it is addressed. Any use, copying, retention or disclosure by any person other than
the intended recipient or the intended recipient's designees is strictly prohibited. If you are not the intended recipient or
their designee, please notify the sender immediately by return e-mail and delete all copies. Rocky Mountain
Prestress may, at its sole discretion, monitor, review, retain and/or disclose the content of all email communications.
From: Bruce Gilchrist fmailto:Bruce.Gilchrist@ahphipps.coml
Sent: Monday, October 17, 2011 4:12 PM
1
CALIFORNIA BANK& "1'RUST Standby Letter of Credit
�� , �� Internatiunul Operations
5�p Sou[h Hope Strect,3rd Floor
��� Los Angcics,California 90071
S.W.I.F.T.CALBUS66
October 28, 201 1
IRRCVOCAI�LC STANUI3Y LETTER OF CREDIT NO. SB06-1921
BENEFICIARY: E�PIRATION:
TOWN OF VALI COMMUNiTY DEVELOPMENT August 31,2012
75 FRONTAGE ROAD
VAIL,CO 81657
AMOUNT: USD 162,500.00
Dear Sir/Madam:
At the request of GERALD H. PHIPPS, INC., 5995 GREENWOOD PLAZA BLVD.,GREENWOOD
VILLAGE,CO 8011 I, �ve hereby cstablish our Irrevocable Stan�lby Letter of Credit in your favor up to an aggregate
amount of Onc Hundred Sixty Two Thousand Fi��c Hundred USDOLLARS (USD162,500.00). This Letter of
Credit is availablc for paymcnt agaiust presentation of your draft(s)at Sight drarvn on CALIFORNIA BANK &
TRUST, bcaring thc clause: "Drawn undcr Lctter of Crcdit No. SB06-1)21 of CALIFORNIA BANK &TRUST,
Los Angeles,California" accoinpanied by the follo�ving documents:
This original Lettcr of Crcdit and amendment(s) thereto, if any, which will bc returned to you followi���our
notation thereon of the�u�wunt of sueh ciraf't drawn hcrcw�der. If the amount of the draft is for the full
amount of this Lcttcr of Crcdit, thc original Lcttcr of Creciit will bc rctaincd by us.
Bcncficiary's statcmcnt purportcdly si�;ucd by an ofticial uf Town of Vail Convnunity Dcvelopu�cnt stating
as follo���s:
"1'hc undcrsigned hereby certifies that the Improvemcnts pertaining to Project Number PRJ 1 1-604 located
at 165 N. Frontagc Rd., havc not becn completed as rcquired by the Town of Vail Community
Dcvclopmcnt".
Partial drawings are not allowed.
In the event of a dra�ving all origin<il docu�l�cnts iiicludinb original sight Draft must be dis�atched in one lot by
rcgistered mail or couricr scrvices directly to California Bank&Trust, International Operations,550 South Hope
Strect,3rd Floor, Los Angcics,CA 90071.
This Standby Letter of Credit expires at ow�countcrs at thc close of business on the expiration date.
All banking charges are for the accoim[of the Applicant.
If you havc ai�y qucstions conccrning this U�ansaction,plcasc call us at(213) �)3-2127,(213) 593-2131 or(213)
593-212�.
We hercby agree with you that all di-aft(s) drawn under and in compliance witl�the terms of Letter of Credit will be
honorcd upon presentation to us as spccificd hcrcin.
EXCEPT AS OTHERWISE EXPRESSLY STATGD HEREIN,THIS LETTER OF CREDIT IS SUBJECT TO THE
UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS(2007 REVISION),
INTEFtNAT10NAL Cf-IAMBER OF COMMERCE, PUBLICATION NO. 600.
Sinccrcly,
CALII�ORNIA B NK&TRUST
i iorize Sig� u-