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Home My WebLink AboutB14-0363 Developer Improvement Agreement.pdfTOWN Of VAIL Community Development 75 South Frontage Road West Vail, CO 81657 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: Vail Custom Ski Home 2014 Permit Number: .=B...!..14...!..-....!:0:..:::3~6-=-3 ___________ _ Planner: Jonathan Spence Letter of Credit Number: =2-=-03=9=------------- lssuing Bank: Colorado Business Bank TOWN OF~ IRREVOCABLE LETTER OF CREDIT FORMAT Legal Description: Lot 12, Block 1 Subdivision: Vail Village Filing #6 Address: 756 Forest Road Developer: Vail Custom Ski Homes LLC Permit Number: B14-0363 Improvement Completion Date: June 5. 2017 Letter of Credit Expiration Date: July 5. 2017 DEVELOPERIMPROVEMENTAGREEMENT THIS AGREEMENT, made and entered into this _l1h_ day of February, 2017. by and among Vail Custom Ski Homes LLC (the "Developer''), and the Town of Vail (the "Town") and Colorado Business Bank (the "Bank"). WHEREAS, the Developer, as a condition of approval of the Temporary Certificate of Occupancy for 756 Forest Road. Vail Village Filing #6, Block 1. Lot 12 _ (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 5th day of June, 2017. 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 security as follows: Irrevocable letter of credit #2039 in the amount of $31,250.00 (125% of the total costs of the attached estimated bid(s) with the Letter of Credit set to expire on the 5th day of July, 2017 (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 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 12-3-9 (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. STATE OF COUNTY OF ) ) ss. ) ki Homes LLC, Jim Turnipseed The foregoing Developer Improvement Agreement was acknowledged before me this 7th Day of February, 2017 by -:::5\........_ -ri. )(a·,psu J Witness my hand and official seal. My commission expires----..~c4~·~r_!.'.~-J ___J/~9-~--+-,--'"CJ~o::....f!.f:c;,l-f ____ _ STATE OF COLORADO COUNTY OF EAGLE ) )ss. ) The foregoing Developer Improvement Agreemen~as acknowledged before me this ih Day of February, 2017 by \o 1\.c../-k..r' of?J?oc L . Witness my hand and official seal. My commission expires:_-.~a""'""'""'7<12~:r_,::...._l:.....___,_/ ...... L~.-"""d:...._o"-'IL.LtfL-___ _ ATTACHED COPIES OF THE ESTIMATED BID(S) Prroposa~ Work to be performed for: Scott S. Turnipseed AlA J>.Q. Box 3388 Eagle, CO 81631 WORK TO aE :COMPLETED TN 2017 Provide 37 cy topsoil/coqlpost mix Grade work and soli jJrep - JnstallrcJaining \valls lnst~IJ pc!:mimen,t auto!natlc irrigation system )nstriJI 7.$ c:;y cedat§hre"d liwl~h Install 50 If rolled top steel edging Plant I -14' CO Blue Spruce 3-i2' B&B.Shuhert.Chokecheny 2-: 4" As,)en · i -30" GIQbe Sprtlce 3-#10 l'vfugo Pine I "#5 Prostrate 'Spru~e 4-#? shrubs - 22 -#5 Shrubs .900 !?fPerenninl flowers 10" F32 ·perennial ground covers 70,0 s(Bit.1egrass Sod 3SO sfNati\ie grass seed mulched with straw mat Respectfully Submilled, ~&~~ Bill Whittaker Proposal accepted by: __________ Datc: ____ ~ Date 11/10/2016 Job Address: 756 Forest Rd All, work und ·material curries it one )'c.ur guaraincc from the complctior) date orthc projc..:t . . . . PO Box 3785 Eagle; co 8163 r + Phone: 970.~28.69,6(, * Fax: 970.32S.4•fl 7 Proposal# 1015 Total 1,480.00 z;z~s.oo l, 180.00 2,400.00 675.00 r7s.oo 1,120.00 1,800~00 900.00 200.00 660.'00 230.00 360.00 880.00 9,00Q.0:0 I,ioo.oo l,OSQ.OO 87.5.0 $25,562.50 ~ Colorado Business Bank Co BIZ Financial IRREVOCABLE STANDBY LETTER OF CREDIT Letter of Credit Number: 2039 Expiration Date: July 5, 2017 Date: February 7, 2017 Beneficiary Name: Town of Vail Community Development Address: 75 S. Frontage Road West City, State, Zip Code: Vail, CO 81657 Applicant Name: Vail Custom Ski Homes, LLC Address: P.O. Box 3388 City, State, Zip Code: Eagle, CO 81631 105 Edwards Village Blvd. Ste. A205-209 Edwards, CO 81632 cobizbank.com We hereby issue our Irrevocable Standby Letter of Credit No. 2039 in your favor in the amount of Thirty One Thousand Two Hundred Fifty and 00/100 U.S. Dollars (USD $31,250.00) and expiring at the close of business (3:00p.m. Mountain Time) on July 5, 2017 at our counters at Colorado Business Bank, Loan Operations Department 30th floor, 1099 18th Street, Ste. 3000, 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 o,n Colorado Business Bank and certified copies of the original letter of credit and amendment(s), if any. Special Conditions: Partial drawings are allowed. This Letter ofCredit will have a full and final expiration date of July 5, 2017. We hereby agree with you that drafts drawn under and in accordance with the terms of this letter of credit will be duly honored upon presentation of dra..fts(s) and required document(s) at our office no later than the· close of business (3:00p.m. Mountain Time) at 1099 18th St., Ste. 3000, Loan Operations Department 30th floor, Denver, Colorado 80202, U.S.A. on or before the expiry date ofthis Letter of Credit. 1 Unless otherwise 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, 1099 18th Street, Ste. 3000, Denver, CO 80202 (303)293- 2265. Colorado Business Bank ~--=--~~~-==~::::-----.____ President 2 CUSTOMER SIGHT DRAFT DATE: __________________________________________________________ ___ AT SIGHT-PAY TO THE ORDER OF: Town of Vail, Community Development (Beneficiary) IN THE AMOUNT OF:$ --------------------------DOLLARS DRAWN UNDER LETTER OF CREDIT NUMBER: 2039 IN THE NAME OF: Vail Custom Ski Homes, LLC (Applicant) TO: Colorado Business Bank Loan Operations Department 1099 18th Street, Ste. 3000-30th floor Denver CO 80202 Authorized Signer/Title Printed or Typed Name:------------------ Town of Vail, Community Development (Beneficiary)