HomeMy WebLinkAboutB12-0029 Developer Improvement AgreementIRREVO ABLE LETTER OF CREDIT FORMAT
Legal Description: Lot ,Block
Subdivision: V... I I� n.. eA A
Developer: --J L V ; e
Project Number: FR_ ft- D (oN
Permit Number: 4Q - 00 a 9
Improvement Completion Date: Do
Letter of Credit Expiration Date: a 11�
DEVELOPER IMPROVEMENT AGREEMENT
i-V0^
THIS AGREEMENT, made and entered into this -IX" day of .hecefh 6e it , 20 1 S,
by and among n J L �>,��>P (1Q,.1ss�2c�c ltal)�e (the "Developer"), and the Town of
Vail (the Town) and h)esgF k., $4,, &4 (the "Bank ").
I ca WHEREAS, the Developer, as a ond' ion of approval of the Temporary Certificate � f
O�upanc for i.., a,..� [, f l,; on he r-
t5f l-ttU,+i*e\ I — ti
(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: `
o"lnf dG� vain �o �1
The Developer agrees t establish a r of credit # 08 � 1 11g-s
in the amount of $ q 7 %, with -the- bon
as the security for the completion of T11 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
Devel,o per agrees to complete all improvements referred to in this Agreement on or before the
31 s° day of _ A.�� , 20 /Y. 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 #_O �� %r�gS in the amount of $ iqa , $ 8
(125% of the total costs of the attached estimated bid(s) with k e Ge
set to expire on the .� day of %JN;-.e .(ter
20 _L (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 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 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 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.
Developer
STATE OF )
) ss.
COUNTY OF )
The foregoing Developer Improvement Agreement was acknowledged before me this
Al a- Day of �e $ar , 20_a by
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I I �
Planner
STATE OF COLORADO
)ss.
COUNTY OF EAGLE
The foregoing Developer Improvement Agreement was acknowledged before me this
101 Day of.'-DWLrj, 20ja by
Witness my hand and official seal.
My commission expires: 1�2o,,,j /q-,,gc),L/
0, %tiIIIIIII1111, "
"'SN XAtA BEIZ %
..........
ublic
OS
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PERFORMANCE BOND
WESTCHESTER FIRE INSURANCE COMPANY
BOND NUMBER: K08971985
KNOW ALL MEN BY THESE PRESENTS:
That we J.L. Viele Construction, Inc. dba Viele Construction, as Principal, (hereinafter called Principal), and
WESTCHESTER FIRE INSURANCE COMPANY, 436 Walnut Street WA1OH, Philadelphia, PA 19106, a
corporation organized and existing under the laws of the State of Pennsylvania as Surety, (hereinafter
called Surety), are held and firmly bound unto Town of Vail, Community Development, 75 S. Frontage Rd.
Vail, CO 81657 as Obligee, (hereinafter called Obligee), in the amount of Forty nine thousand, seven
hundred ninety two and 88/100 ($49,792.88) for the payment whereof Principal and Surety bind themselves,
their heirs, executors, administrators, successors and assigns, jointly and severally, firmly by these
presents.
WHEREAS, the Principal has by written agreement dated January 3, 2012 for Landscaping, Lion Square
Lodge East, which contract is by referenced made a part hereof, and is hereinafter referred to as the
contract.
NOW, THEREFORE, THE CONDITION OF THIS OBLIGATION is such that, if Principal shall promptly and
faithfully perform said Contract, then this obligation shall be null and void; otherwise it shall remain in full
force and effect.
Whenever Principal shall be, and declared by Obligee to be in default under the Contract, the Obligee
having performed Obligee's obligations thereunder, the Surety may promptly remedy the default, or shall
promptly complete the Contract in accordance with its terms and conditions.
Any suit under this bond must be instituted before the expiration of one (1) year from the date on which
final payment under the Contract falls due.
No right of action shall accrue on this bond to or for the use of any person or corporation other than the
obligee named herein or the heirs, executors, administrators or successors of the Obligee.
Signed and sealed this 9th day of December, 2013
J.L. Viele Construction, Inc. dba Viele Construction
r
By: L1�11 (SEAL)
id D. Viele, President
WESTCHESTE IRE INSURAN COMPANY
By: (SEAL)
Thoma auer , Attorney- in -Fa6t
0 THE BACK OF THIS DOCUMENT LISTS VARIOUS SECURITY FEATURES E THAT WILL PROTECT AGAINST COPY COUNTERFEIT AND ALTERATION. m