HomeMy WebLinkAboutB13-0456 Developer Improvement Agreement Letter of Credit 010215 TOWN OF VAIL)
75 South Frontage Road West Community Development Department
Vail, Colorado 81657 970.479.2138
vailgov.com 970.479.2452 fax
July 31, 2015
Ms. Adina D Dean
Firstbank
10403 West Colfax Avenue
Lakewood, CO 80215
Re: Letter of Credit Number 8452096
RA Nelson, LLC
Dear Ms. Dean:
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 the Town of
Vail at 970-479-2139.
Sincerely,
der,
Shelley Bellm
Administrative Assistant
Enclosure
dk -b eAe� - S
IRREVOCABLE LETTER OF CREDIT FORMAT
Legal Description: Lot 2 ,Block 5
Subdivision: Vail Village
TOWN OF VA I L ` Address: 1027 Ptarmigan Road
Developer: RA Nelson
Project Number: PRJ13-0342
Permit Number: B13-0456
Improvement Completion Date: 07/31/2015
Letter of Credit Expiration Date: 07/31/2015
DEVELOPER IMPROVEMENT AGREEMENT
THIS AGREEMENT, made and entered into this 31st day of July , 20 15
by and among R.A.Nelson (the "Developer"), and the Town of
Vail (the"Town") and FirstBank (the "Bank").
WHEREAS, the Developer, as a condition of approval of the Temporary Certificate of
Occupancy for 1027 Ptarmigan Road;Parcel No.2101-092-09-006;Filing 7 Block 5 Lot 2
(address and legal description) 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,
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
31st day of July , 20 15 . 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
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
S:\Community Development\FORMS\Planning\DIA credit format_062414.doc Page 2 of 6
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Community Development
76 South Frontage Road West
Vail, CO 81667
970.479.2139
LETTER OF CREDIT DEVELOPER IMPROVEMENT AGREEMENT
Instructions: This page should be given to your lender /bank and returned
with your letter of credit.
Project Name:
Project Number: PRJ13 -0342
Permit Number: B13 -0456
Planner:
Letter of Credit Number:
Issuing Bank:
845 -2096
FirstBank
SACommunity DevelopmentTORMSOanningOIA credit format_062414.doc Page 1 of 6
IRREVOCABLE LETTER OF CREDIT FORMAT
Legal Description: Lot 2 Block 5
Subdivision: Vail village
TOWN OF VA I L ` Address: 1027 Ptarmigan Road
Developer: RA Nelson
Project Number: PRJ13 -0342
Permit Number: B13-0456
Improvement Completion Date: 07/31/2015
Letter of Credit Expiration Date: 07/31/2015
DEVELOPER IMPROVEMENT AGREEMENT
THIS AGREEMENT, made and entered into this 31St day of July , 20 15
by and among R.A. Nelson (the "Developer "), and the Town of
Vail (the "Town ") and FirstBank (the "Bank ").
WHEREAS, the Developer, as a condition of approval of the Temporary Certificate of
Occupancy for 1027 Ptarmigan Road; Parcel No. 2101 - 092 -09 -006; Filing 7 Block 5 Lot 2
(address and legal description) 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,
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
31St day of Ally , 20 15 . 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
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
SACommunity DevelopmentTORMSTIanningTIA credit format_062414.doc Page 2 of 6
Developer agrees to provide security as follows:
Irrevocable letter of credit # 845 -2096 in the amount of
$ 40,625.00 (125% of the total costs of the attached estimated bid(s)
with FirstBank set to expire on the 31 day of July
20 15 (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.
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
SACommunity DevelopmentTORMWIanningTIA credit form at_062414.doc Page 3 of 6
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.
SACommunity Development \FORMS \Planning \DIA credit form at_062414.doc Page 4 of 6
Dated the day and year first above written.
Developer
STATE OF )
) ss.
COUNTY OF )
The foregoing Developer Im rovement Agre ment was acknowledged before me this
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Witness my hand and official seal.
My commission exp
Notary Pu
T Planner Ell
STATE OF COLORADO )
)ss.
COUNTY OF EAGLE )
SANDRA SMITH
Notary Public
State of Colorado
Notary ID 20054030587
Commission Expires Aug 20, 2017
The foregoing Developer Improvement Agreement was acknowledged before me this
.Day of SGn. 20115_ by -7oe�
Witness my hand and official seal.
My commission expires: 9 , 'zls
Iu ' AN1Vg
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NOTARY ry Public
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SACommunity Development \FORMS \Planning \DIA credit format_062414.doc Page 5 of 6
ATTACHED COPIES OF THE ESTIMATED BID(S)
SACommunity Development \FORMS \Planning \DIA credit format_062414.doc Page 6 of 6
IRREVOCABLE STANDBY LETTER OF CREDIT
Letter of Credit Number: 8452096
Amount: U.S. $ 40,625.00 (forty thousand six hundred and twenty five dollars and zero cents U.S. DOLLARS)
This Letter of Credit is issued on December 18, 2014 by Issuer in favor of the Beneficiary for the account of Applicant. The parties' names
and their addresses are as follows:
APPLICANT:
R.A. NELSON, LLC
Entity Type: Limited Liability Company
PO Box 5400
Avon, CO 81620
BENEFICIARY:
TOWN OF VAIL
Entity Type: Domestic Government Unit
76 S Frontage Rd W
Vail, CO 81657
ISSUER:
FIRSTBANK
10403 West Colfax Avenue
Lakewood, CO 80215
1. LETTER OF CREDIT. Issuer establishes this Irrevocable Standby Letter of Credit (Letter of Credit) in favor of Beneficiary in the amount
indicated above. Beneficiary may draw on this Letter of Credit with a Draft (or Drafts, if the maximum number of drawings is greater than
one). Each Draft shall be signed on behalf of Beneficiary and be marked "Drawn under FirstBank Letter of Credit No. 8452096 dated
December 18, 2014." Drafts must be presented at Issuer's address shown above on or before the Expiration Date. The presentation of any
Draft shall reduce the Amount available under this Letter of Credit by the amount of the draft.
This Letter of Credit sets forth in full the terms of Issuer's obligation to Beneficiary. This obligation cannot be modified by any reference in this
Letter of Credit, or any document to which this Letter of Credit may be related.
This Letter of Credit expires on the Expiration Date.
2. DRAWINGS. Partial drawings shall not be permitted under this Letter of Credit. "Draft" means a draft drawn at sight.
3. DOCUMENTS. Each Draft must be accompanied by the following, in original and two copies except as stated:
A. The original Letter of Credit, together with any amendments.
B. A sight draft drawn by Beneficiary on Issuer.
Issuer shall be entitled to accept a draft and the documentation described above, as required by the terms of this Letter of Credit, from any
person purporting to be an authorized officer or representative of Beneficiary without any obligation or duty on the part of Issuer to verify the
identity or authority of the person presenting the draft and such documentation.
4. EXPIRATION DATE. This Letter of Credit expires at the close of business at Issuer's address at 6:00 PM Mountain Time (Time) on July 31,
2015 (Date). Issuer agrees to honor all Drafts presented in strict compliance with the provisions of this Letter of Credit on or before the
Expiration Date.
5. NON - TRANSFERABLE. This Letter of Credit is not transferable.
6. APPLICABLE LAW. This Letter of Credit is governed by the Uniform Customs and Practice for Documentary Credits, 2007 Revision,
International Chamber of Commerce Publication No. 600 (UCP), or any later version or amendment. This Letter of Credit is also governed by
the laws of Colorado, except as those laws conflict with the UCP.
ISSUER:
FirstBank
By
Adina D. Dean, Executive Vice President
Date I O- l I I
R.A. NELSON LLC
Standby Letter Of Credit
CO/ 4KRSCHUMA00000000000676012121814N Wolters Kluwer Financial Services 01996, 2014 Bankers Systems- Page I