HomeMy WebLinkAboutB14-0326_B14-0326 DIA_1457563020.pdfReceipt funds to:
Name: NUGGET PROPERTIES LLC
Mailing Address: PO BOX 3518 ,
EAGLE CO 81631
CASH DEPOSIT FORMAT
Legal Description: Lot 2 , Block _____ _
Subdivision: Bighorn Estates
Address: 4288 Nugget Lane
Developer: NUGGET PROPERTIES LLC
Permit Number: B14-0326 --------Project Number: .:....P.:..;Rc::..J_,_14.:....-=02=9::...::9:___ _____ _
Improvement Completion Date: May 30, 2016
DEVELOPER IMPROVEMENT AGREEMENT
THIS AGREEMENT, made and entered into this 10th day of December, 20.1§,
by and among Bryan Desmond for NUGGET PROPERTIES LLC. (the "Developer"), and the Town of
Vail (the ''Town").
WHEREAS, the Developer, as a condition of approval of the Temporary Certificate of
Occupancy for 4288 Nugget Lane, Bighorn Estates 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 collateral to guarantee performance of this
Agreement, including completion of the 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
30rd day of May, 20.1§. 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
Developer agrees to provide collateral as follows:
A cash deposit account with the Town of Vail, as escrow agent, in the amount of
$10,000.00 as collateral (125% of the total costs of the attached estimated bid(s))
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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 collateral 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 herein 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 be 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) 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 collateral deposited with the Town for each category of
improvement after the subject improvement is 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 collateral that is being held by 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 Paragraph 1 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 deposit, 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),
of the Vail Town Code.
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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.
~-~
Bryan Desmond for NUGGET PROPERTIES LLC
STATE OF COLORADO )
) SS.
COUNTY OF EAGLE )
The foregoing Developer Improvement Agreement was acknowledged before me this
101h Day of December, 2015 by 6.r'i c.~ LA,i V\ ./'-.-=ue s ·()-~<--
Witness my hand and official seal.
My commission expires~~~~·~n,~~-\_\_\~c~\~~~~~~-·~~~~~~~~~~~~~
LYNNE CAMPBELL
st NOTARY PUBLIC ATE OF COl.ORAOo NOTARY ID 19994010145
MY COMMISSION EXPIRES APRIL 19, 2019
Notary ublic
STATE OF COLORADO )
)ss.
COUNTY OF EAGLE )
The foregoing Developer Im prov~ Agreement was ackn~efore me this
1 oth Day of December, 2015 by ....... ~ ~u~ Q . ((.
Witness my hand and official seal.
My commission expires:~~~~·~ ,0~_1 1_\~_\_~~-~~~~-~-~-~-l~~~~~~~~~~~~
LYNNE CAMPBELL NOTARY PUBLIC STATE OF COLORADO NOTARY 1019994010145 MY COMMISSION EXPIRES APRIL 19, 2!)19
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ATTACHED COPIES OF THE ESTIMATED BID(S)
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Jonathan Spence
From:
Sent:
Bryan Desmond < bryan@desmondhomebuilders.com >
Tuesday, December 08, 2015 8:08 AM
To: Jonathan Spence
Cc:
Subject:
JR Mondragon; Steve Turner; Robert Verratti; Trish Barton
Re: 4288 Nugget Lane Unit B
Johnathan here is the breakdown of costs for incomplete items 4288 Nugget Lane Unit B
Trees $3,800
Plant material $1,200
Irrigation $1,800
Grading & Top Soil $600
Sod & Seed $600
Total $8,000
This include material and labor
125% letter of Credit $10,000 Colorado Business Bank
Thanks Bryan
Desmond Homebuilders
www.desmondhomebuilders.com
Bryan@desmondhomebuilders.com
Cell: 970-376-7162
>On Dec 7, 2015, at 3:07 PM, Jonathan Spence <JSpence@vailgov.com> wrote:
>
>Good Day Bryan
>
> I am working with your banker concerning the LOC. As for the estimate, please provide a breakdown of remaining
plantings, price and installation cost. If the estimate is 8,000.00 then the LOC will be for lOK.
>
> I will prepare the Development Improvements Agreement. When you have the estimate breakdown and LOC, please
come into the office to sign the agreement which is notarized. Upon execution of the agreement, Planning can sign off
on the TCO for unit B.
>
>Thanks
>
>Jonathan
>
>-----Original Message-----
> From: Bryan Desmond [mailto:bryan@desmondhomebuilders.com]
>Sent: Thursday, December 03, 2015 3:42 PM
>To: Jonathan Spence; JR Mondragon
>Subject: 4288 Nugget Lane Unit B
1
Colorado Business Bank
IRREVOCABLE STANDBY
LETTER OF CREDIT
Letter of Credit Number: 1979
Expiration Date: May 31, 2016
Date: December 7, 2015
Beneficiary Name:
Address:
City, State, Zip Code:
Applicant Name:
Address:
City, State, Zip Code:
Town of Vail
75 South Frontage Road
Vail, CO 81657
Nugget Properties LLC
I 115 Radford Dr.
Aurora, IL 60502
105 Edwards Village Blvd
Ste. A205-209
Edwards, CO 81632
cob1zbank.com
We hereby issue our Irrevocable Standby Letter of Credit No. 1979 in your favor in the
amount of Ten Thousand and No/100 U.S. Dollars (USD $10,000.00) and expiring at the
close of business (3 :00 p.m. Mountain Time) on May 31, 2016 at our counters at
Colorado Business Bank, Loan Operations Department 3rd floor, 821 1 ih Street, Denver,
co 80202.
This letter of credit is available by presentation of your draft at sight, drawn on Colorado
Business Bank, accompanied by the original letter of credit and amendment(s), if any. In
the event of a partial draw, this letter of credit is available by presentation of your draft at
sight, drawn on Colorado Business Bank and certified copies of the original letter of
credit and amendment(s), if any.
Special Conditions:
Partial drawings are not allowed.
This Letter of Credit references Construction Permit #814-0325 and #814-0326 for completion of
landscaping at 4288 Nugget Lane Units #A & #8, Vail, CO 81657
This Letter of Credit will have a full and final expiration date of May 31, 2016.
We hereby agree with you that drafts drm:vn under and in accordance with the terms of
this letter of credit will be duly honored upon presentation of drafts(s) and required
document(s) at our office no later than the close of business (3 :00 p.m. Mountain Time)
at 821 17th St., Loan Operations Department 3rd floor, Denver, Colorado 80202, U.S.A.
on or before the expiry date of this Letter of Credit.
1
m··1111 ... 1111 l""r ,, . ,. , ... ., •. " ,,., ... -' 'I I I F"'P HI\ if if[ Tl
Unless other\\-ise expressly stated, this letter of credit and all negotiations hereunder are
subject to the International Standby Practices ISP98, as published by the International
Chamber of Commerce Publication No. 590, and, to the extent not inconsistent therewith,
the laws of the State of Colorado.
This letter of credit is not transferable unless Colorado Business Bank agrees to the
transfer in writing.
Please direct any inquiries with regard to this Letter of Credit to Colorado Business Bank,
Loan Operations Department, 821 1 ih Street, Denver, CO 80202 (303)293-2265.
Colorado Business Bank
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