HomeMy WebLinkAboutD11-008 Release of Developer Improvement AgreementTOWN OF
75 South Frontage Road West
Vail, Colorado 81657
vailgov.com
June 17, 2014
Ms. Zoila Reyes- Garcia
California Bank & Trust
550 south Hope Street, 3rd Floor
Los Angeles, CA 90071
Re: Letter of Credit Number SB06 -0214
Gerald H Phipps
Dear Ms. Reyes- Garcia:
Community Development Department
970.479.2138
970.479.2452 fax
The above mentioned letter of credit has been released as work has been completed.
The original document is enclosed. If you have any questions please call Warren
Campbell, Chief of Planning for the Town of Vail at 970 - 479 -2148.
Sincerely,
Shelley Bellm
Administrative Assistant
Enclosure
Community Development
75 South Frontage Road
Vail, CO 81657
970.479.2139
LETTER OF CREDIT DEVELOPER IMPROVEMENT AGREEMENT
SC
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Instructions: This page should be given to your lender /bank and returned
with your letter of credit.
Project Name: CTL Vail Tower Precast Repair
Project Number: PRJ 11 -604
Permit Number: D11 -0008
Planner: Warren Campbell
Letter of Credit Number: SB06 -2014
Issuing Bank: Vectra
r>kACe CdCV'e'5+ 303- 9o1-`i49`1
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IRREVOCABLE LETTER OF CREDIT FORMAT
Legal Description: Lot N/A ,Block N/A
Subdivision: Unplatted
Address: 165 N Frontage Road
Developer: GH Phipps Construction Co.
Project Number: PRJ 11-604
Permit Number: D11 -0008
Improvement Completion Date: 30 June 2013
Letter of Credit Expiration Date: 31 July 2013
DEVELOPER IMPROVEMENT AGREEMENT
THIS AGREEMENT, made and entered into this 31St day of October , 2012
by and among Gerald H. Phipps. Inc. d /b /a GH Phipps Construction Company
(the "Developer"), and the Town of Vail (the "Town ") and Vectra Bank (the "Bank ").
WHEREAS, the Developer, as a condition of approval of the Temporary Certificate of
Occupancy for 165N Frontage Rd, Unplatted, PRJ 11 -0604
(address, legal description, and project number fishes to enter into a Developer Improvement
Agreement; and O• lea—m, . t s 1 WHEREAS the ;e o er i t o provide security or coaera• l Csufficien
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 # SB06 -2014
in the amount of $ 114,988.00 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
3e day of June , 2013 . 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:
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
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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 # SB06 -2014 in the amount of $ 114,988.00
(125% of the total costs of the attached estimated bid(s) with Professional
Restoration, & Repair, Inc set to expire on the 31st day of
August , 2013 (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.
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.
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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.
Deve o . Klanderud, President,
Gerald H. Phipps, Inc. d /b /a
GH Phipps Construction Company
STATE OF Colorado )
) ss.
COUNTY OF Arapahoe )
The foregoing Developer Improvement Agreement was acknowledged before me this
31St Day of October , 2012 by Kurt T. Klanderud, President of GH Phipps
Construction Company
Witness my hand and official seal.
My commission expires 12/19/14
I
Not V Public "
7LN TH K DREHER
ary Public
of Colorad o
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'W
Town Planner
STATE OF COLORADO )
)ss.
COUNTY OF EAGLE )
The foregoing Developer Improvement Agreemept was acknowledged before me this
04 Day of f , 20 I � by U-kkr-Yt L' a ^ -2pk%,-4 I
Witness my hand and official seal.
My commission expires: Oc'0-LaLi !'/
23
otary Pu
. V. AS
y
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Proposal
LON! /fYC7ION CON/AN
GH%�hipps Worksheet
Date: 1012412012
Project: Vail Tower Precast
Architects Reference: Repair
Repair Precast, add Fail Proacdon, Arrest Panel Bowing Project #: 12D1213
PR #: I
Descri 'on
Unit
U.L.
U.M.
Labor
Material
Subcontract
R air Precast anels R&R
l
LS
$70 786
Install Miller Gidelock S stem PPE g&g
1
LS
$6 965
Arrest Panel Bo ' R&R
1
LS
$1 887
Professional Restoration and air Inc.
ota u upp ers
Su ion Jce
12
HR
$75
$900
Full Time Onsite S rvision 3 wks
120
HR
$56
$6 720
Pro'ectMan er
8
HR
$100
$800
MOP
1
EA
$285
$285
Travel and Subsistance 3 Wks
3
WK
$500
$500
$1 500
$1 500
ota , c. or
Subtotal
$911
Net Char a
$91 343.00
Insurance
0.70%
$639.40
Subtotal
$91 982.40
TL $91,982
TOTAL CHANGE—
I
VNI Precut Repair Est 08221212D1218.xis Page 1 of 1 10/24/2012 at 2:27 PM
i CALIFORNIA BANK & TRUST
International Operations
. _ 47_ 550 South Hope Street, 3rd Floor
Los Angeles, California 90071
S.W.I.F.T. CALBUS66
Amendment of
Standby Letter of Credit
July 29, 2013
IRREVOCABLE STANDBY LETTER OF CREDIT NO. SB06 -2014
AMENDMENT
BENEFICIARY:
TOWN OF VAIL COMMUNITY
DEVELOPMENT
75 SOUTH FRONTAGE ROAD
VAIL, CO 81657
Dear Sir/Madam:
LETTER OF CREDIT DATE:
October 31, 2012
CURRENT AMOUNT: USD114,988.00
We have been requested by GERALD H. PHIPPS, INC., 5996 GREENWOOD PLAZA BLVD STE 100
GREENWOOD VILLAGE, CO 80111 to amend the above referenced IRREVOCABLE LETTER OF CREDIT
issued in your favor, as follows:
The new expiry date of this letter of credit is: October 31, 2013
All other terms and conditions remain the same.
This amendment is an integral part of the captioned letter of credit and must be attached to the said letter in your
possession.
If you have any questions concerning this transaction, please feel free to call us at (213) 593 -2127, (213) 593 -2131
or(213)593 -2128.
Sincerely,
Zoila Reyes- Garcia
Assistant Vice President
Standby Letter of Credit
October 31, 2012
IRREVOCABLE STANDBY LETTER OF CREDIT NO. SB06 -2014
BENEFICIARY:
TOWN OF VAIL COMMUNITY DEVELOPMENT
75 SOUTH FRONTAGE ROAD
VAIL, CO 81657
Dear Sir/Madam:
EXPIRATION:
August 31, 2013
AMOUNT: USD 114,988.00
At the request of GERALD H. PHIPPS, INC., 5995 GREENWOOD PLAZA BLVD. STE 100,
GREENWOOD VILLAGE, CO 80111, we hereby establish our Irrevocable Standby Letter of Credit in your favor
up to an aggregate amount of One Hundred Fourteen Thousand Nine Hundred Eighty Eight and 00 /100
USDOLLARS (USD114,988.00). This Letter of Credit is available for payment against presentation of your draft(s)
at Sight drawn on CALIFORNIA BANK & TRUST, bearing the clause: "Drawn under Letter of Credit No.
SB06 -2014 of CALIFORNIA BANK & TRUST, Los Angeles, California" accompanied by the following
documents:
This original Letter of Credit and amendment(s) thereto, if any, which will be returned to you
following our notation thereon of the amount of such draft drawn hereunder. If the amount of the
draft is for the full amount of this Letter of Credit, the original Letter of Credit will be retained
by us.
Beneficiary's statement purportedly signed by an official of Town of Vail Community
Development stating as follows:
"The undersigned hereby certifies that the Improvements pertaining to Project Number PRJ
11 -604 located at 165 N. Frontage Rd., have not been completed as required by the Town of Vail
Community Development ".
Partial drawings are not allowed.
In the event of a drawing all original documents including original sight Draft must be dispatched in one lot by
registered mail or courier services directly to California Bank & Trust, International Operations, 550 South Hope
Street, 3rd Floor, Los Angeles, CA 90071.
This Standby Letter of Credit expires at our counters at the close of business on the expiration date.
All banking charges are for the account of the Applicant.
If you have any questions concerning this transaction, please call us at (213) 593 -2127, (213) 593 -2131 or (213)
593 -2128.
We hereby agree with you that all draft(s) drawn under and in compliance with the terms of Letter of Credit will be
honored upon presentation to us as specified herein.
CALIFORNIA BANK & TRUST
International Operations
550 South Hope Street, 3rd Floor
TR , s r
Los Angeles, California 90071
S.W.I.F.T. CALBUS66
Standby Letter of Credit
October 31, 2012
IRREVOCABLE STANDBY LETTER OF CREDIT NO. SB06 -2014
BENEFICIARY:
TOWN OF VAIL COMMUNITY DEVELOPMENT
75 SOUTH FRONTAGE ROAD
VAIL, CO 81657
Dear Sir/Madam:
EXPIRATION:
August 31, 2013
AMOUNT: USD 114,988.00
At the request of GERALD H. PHIPPS, INC., 5995 GREENWOOD PLAZA BLVD. STE 100,
GREENWOOD VILLAGE, CO 80111, we hereby establish our Irrevocable Standby Letter of Credit in your favor
up to an aggregate amount of One Hundred Fourteen Thousand Nine Hundred Eighty Eight and 00 /100
USDOLLARS (USD114,988.00). This Letter of Credit is available for payment against presentation of your draft(s)
at Sight drawn on CALIFORNIA BANK & TRUST, bearing the clause: "Drawn under Letter of Credit No.
SB06 -2014 of CALIFORNIA BANK & TRUST, Los Angeles, California" accompanied by the following
documents:
This original Letter of Credit and amendment(s) thereto, if any, which will be returned to you
following our notation thereon of the amount of such draft drawn hereunder. If the amount of the
draft is for the full amount of this Letter of Credit, the original Letter of Credit will be retained
by us.
Beneficiary's statement purportedly signed by an official of Town of Vail Community
Development stating as follows:
"The undersigned hereby certifies that the Improvements pertaining to Project Number PRJ
11 -604 located at 165 N. Frontage Rd., have not been completed as required by the Town of Vail
Community Development ".
Partial drawings are not allowed.
In the event of a drawing all original documents including original sight Draft must be dispatched in one lot by
registered mail or courier services directly to California Bank & Trust, International Operations, 550 South Hope
Street, 3rd Floor, Los Angeles, CA 90071.
This Standby Letter of Credit expires at our counters at the close of business on the expiration date.
All banking charges are for the account of the Applicant.
If you have any questions concerning this transaction, please call us at (213) 593 -2127, (213) 593 -2131 or (213)
593 -2128.
We hereby agree with you that all draft(s) drawn under and in compliance with the terms of Letter of Credit will be
honored upon presentation to us as specified herein.
IRREVOCABLE STANDBY LETTER OF CREDIT
No. SB06 -2014
Dated October 31, 2012
Page No. 2
EXCEPT AS OTHERWISE EXPRESSLY STATED HEREIN, THIS LETTER OF CREDIT IS SUBJECT TO THE
UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS (2007 REVISION),
INTERNATIONAL CHAMBER OF COMMERCE, PUBLICATION NO. 600.
Sincerely,
CALIFORNIA BANK & TRUST
Zoila Reyes- Garcia
Assistant Vice Presider ii