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Home My WebLink AboutB16-0029 Developer Improvement Agreement.pdf1 i J TOWN 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 ~PA {oNOowi1rllJms -5041fl 5jpt:\IJ~"- Project Number: Et? -s l ~ -0'2 o 1 flt. D 0 l ,... ~O> Permit Number: ~ I '9 .... o o -z_ 9 Planner: Li.,t:.1~ J;J,..Y.6f..f~~ Letter of Credit Number: ___ __,,,_ _______ _ Issuing Bank: ALf'JclL B f\-Nk S:\Community Development\FORMS\Planning\DIA credit format_011516.doc Page 1 of6 TOWNOF9 IRREVOCABLE LETTER OF CREDIT FORMAT Legal Description: Lot I ,Block "2- Subdivision: \/At L L\ o ;Jsw '-Ao E 1 L.' ;:lt., ~ Address: 1{.s> ~4t..-?.:f'.: C6of.l!>U t(..AQ C-lf!:£-Lit- Developer: VA: I L -?FA ~,... C1 o ~ uv' L U!1'J 2 Jll o Pt Project Number: l -CP Permit Number: -o o ~Cit Improvement Completion Date:_ .......... _,,......:;.,;:;;~..:....;c:;.__ ___ _ Letter of Credit Expiration Date: ___ _._ ______ _ ~~~. 2{0(-o(o"3-\10IO-\ DEVELOPER IMPROVEMENT AGREEMENT THIS A~REEMENT, made and entered into this £c1ay of MK \L-, 20 I&,, by and among \I A\ L ri L, rJ ~ 01~~ff\~ Yo A (the "Developer"), and the Town of Vail (the "Town") and L 1 ,Jf.. A (the "Bank"). 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 improve!Ilents referred to in this Agreement on or before the ?Ji!:> day of t-lovr...m &t-e;.. , 20~. 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. $:\Community Development\FORMS\Planning\DIA credit format_011516.doc Page 2 of6 I i l l I 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# in the amount of $ l 74-L9P o ~125% of the total costs of the attached estimated bid(s) with Aert ~'-B~tc-set to expire on the _L day of ;fAUc.J/t\g,'"( _____ , 20J.i_ (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. S:\Community Development\FORMS\Planning\DIA credit fonnat_011516.doc Page 3 of6 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. S:\Community Development\FORMS\Planning\DIA credit fonnat_011516.doc Page 4 of6 Dated the day and year first above written. STATE OF COUNTY OF Developer ) ) SS. ) ~egoing D~r Improvement Af~eemeoi_ W8" ..._ckn~edgect before me this Day of ·~ 1 , 20 by ~fd.--'<-ttnclve.ws. Wrtness my hand and official seal. My commission expires___..l .... o_-__ ) __ 1-=---..... )=0.=...\ _O\.a.-, ___ _ SAMANTHA GERSTEIN NOTARY PUBLIC STATE OF COLORAD.O NOTARY ID# 20064039872 MY COMMISSION EXPIRES JUNE 27 2019 STATE OF COLORADO ) )ss. COUNTY OF EAGLE ) Witness my hand and official seal. CAROLYN GODFREY NOTARY PUBLIC STATE OF COLORADO NOTARY ID 20124079643 My commission expires: ______ 1 •M•Y cilioiiiiMiiiiM1ilissiii1oiiiNliEX•P•1RE11silioeiiciiEiiiiMB•ER•1iil1.920•1&_. $:\Community Development\FORMS\Plannlng\DIA credit fonnat_011516.doc Page 5 of6 . ' ATTACHED COPIES OF THE ESTIMATED BID(S) $:\Community Development\FORMS\Planning\DIA credit fonnat_ 011516.doc Page6 of6 0 Alpine Bank ...... ® IRREVOCABLE STANDBY LETTER OF CREDIT Date oflssue: April 1, 2016 Amount: $17 4,830.00 Expiration Date: January 1, 2019 APPLICANT: Vail Spa Condominium Association BENEFICIARY: Town of Vail Avon 10 W. Beaver Creek Blvd. Avon, C081620 970.7 48.5707 Fax: 970.7 48.5709 PURPOSE: Implement a letter of credit to the Town of Vail to verify the following conditions are met: Conditions of Approval per Town Engineer (See Sheet L-1 ): 1. Realign east portion of sidewalk to be 5'-6' offset from back of curb; this will be coordinated with The Lion. The walk will be a 6' wide, heated paver walk. 2. Move west crosswalk a little west, this will allow for one ADA ramp at Marriott drive's west corner. 3. Install ADA ramps at each end of both crosswalks. 4. Crosswalks to be initially striped by this project. 5. Move existing bus stop post 15 feet to the east as directed by Town of Vail. 6. A pedestrian easement shall be granted for the new east-west walk to the Town of Vail upon completion. To Whom It May Concern: We hereby establish in Beneficiary's favor, at the request and for the benefit of Applicant, our Irrevocable Standby Letter of Credit in an amount not to exceed One hundred seventy-four thousand, eight hundred and thirty dollars (U.S. $174,830.00). The purpose of this letter is to secure the performance of and the compliance with, the agreement by and between Applicant and Beneficiary, dated March 2, 2016 and titled "Design Review Board -Action Form and the Developer Improvement Agreement dated April 4, 2016". Beneficiary shall promptly notify Bank when a default or event of default of said agreement occurs. Your notification shall include any notice or order required to be sent to Applicant pursuant to the agreement. Notice shall be by telephone and in writing to: Alpine Bank Avon Attention: Brian Nestor 10 W. Beaver Creek Blvd Avon, CO 81620 (970) 748-5707 1 of2 We hereby agree to honor drafts drawn under and in compliance with the terms of this Letter of Credit if duly presented to a loan officer at (physical address), during normal business hours on or before the expiration date. Partial drawings are permitted. This Letter of Credit is not transferable. The conditions for payment of any draft drawn against this Letter of Credit are as follows: 1. Receipt by Bank of Beneficiary's manually signed statement by an authorized signatory certifying that Applicant has failed to perform with, or comply in accordance with, the provisions of said agreement by and between Applicant and Beneficiary, and stating the dollar amount of the default. 2. Presentation of the original Letter of Credit to Bank, endorsed on the reverse side with the words: "Drawn by (Beneficiary) in the amount requested'' then manually signed by an authorized signatory. This Letter of Credit shall be governed by Article V of the Uniform Commercial Code as in effect in the State of Colorado on the date of issue. This Letter of Credit sets forth in full the terms of our undertaking, and such undertaking shall not in any way be modified, amended, amplified or limited by any document, instrument or agreement referred to herein, or in which this credit is referred to, or to which this credit relates; and no such reference shall be deemed to incorporate herein by reference any such document, instnunent or agreement. ALPINE BANK By: ~l.U Brian Nestor -Vice President of Alpine Bank Avon 2 of2 March 25, 2016 Vail Spa Condominiums -South Sidewalk Addition Cost Estimate Summary DESCRIPTION Cost of Work Escalation Allowance SUBTOTAL General Liability Insurance SUBTOTAL 2.00% Construction Contingency SUBTOTAL 5.50% G.C. Construction Fee ESTIMATED CONSTRUCTION COST ofRER cost coNslbeRAtloNs Town of Vail Building Permit Fee Town of Vail Plan Review Fees Town of Vail Construction Use Tax Design Contingency TOTAL $118,609 $9,963 $128,572 $1,401 $129,973 $2,599 $132,573 $7,292 $139,864 By Owner By Owner By Owner By Owner ~ ·~,~~d ~N~I~ C~M21~ Standard Estimate Report Page1 Vail Spa • South Sidewalk 312512016 8:07 AM Total Item Description Takeoff Qty Unit Cost Amount 001-0000 GENERAL REQUIREMENTS 001-3000 Admln. Requirements 3100 Project Manager 2.00 WKS 3,400.00 N-IKS 6,800 3200 Project Superintendent 6.00 WKS 3,200.00 N-IKS 19,200 Admin. Requirements 26,000 001-5000 Temporary Facilities 5400 Field Equipment & Supplies 1.00 LS 350.00 /LS 350 5500 Temporary Sanitary Facilities 1.50 MO 175.00 /MO 263 5600 Dumpster Charges 1.00 LS 1,500.00 /LS 1,500 5800 Temporary Barriers & Signs 1.00 LS 4,500.00 /LS 4,500 Temporary Facilities 6,613 001-7000 Execution Requirements 7200 Safety I First Aid I OSHA 1.00 LS 500.00 /LS 500 7300 Mobilize & Demobilize 1.00 LS 450.00 /LS 450 7500 Final Cleaning & Window Washing 1.00 LS 750.00 /LS 750 7700 Protection of Finishes 1.00 LS 1,500.00 /LS 1,500 Execution Requirements 3,200 GENERAL REQUIREMENTS 35,813 002-0000 SITE WORK 002-1000 Demolition & Hazmat 1100 Remove Sidewalks 245.00 SF 9.60 /SF 2,352 1100 Demo of Curb 40.00 LF 65.25 /LF 2,610 1100 Tree Removal 6.00 EA 175.00 /EA 1,050 Demolition & Hazmat 6,012 002-2000 Site Preparation 2100 Excavator Mobilize I Demobilize 1.00 LS 900.00 /LS 900 2200 Construction Surveying • Cales I Set up 1.00 LS 450.00 /LS 450 2200 Construction Surveying -Site Trips 3.00 EA 750.00 /EA 2,250 2500 Excavation for Sidewalks 1,630.00 SF 2.93 /SF 4,776 2500 Prep for Sidewals 1,630.00 SF 3.29 /SF 5,363 2500 Prep for Stairs 25.00 SF 17.76 /SF 444 2500 Export 6.00 LOAD 285.00 /LOAD 1,710 2900 Erosion I Sediment Control 1.00 LS 750.00 /LS 750 Site Preparation 16,643 002-8000 Site Improvements 8100 Crosswalks 0.00 NIC By Town of Vail 8500 Boulder Walls -Labor 80.00 LF 36.00 /LF 2,880 8500 Boulder Walls -Material 30.00 TN 200.00 /TN 6,000 Site Improvements 8,880 002-9000 Landscaping 9100 Landscaping Repair 1.00 LS 4,500.00 /LS 4,500 Landscaping 4,500 SITE WORK 36,035 Item Description 003-0000 CONCRETE 003-3000 Exterior Concrete Slabs Standard Estimate Report Vail Spa • South Sidewalk Takeoff Qty 3100 South Sidewalk Addition -Concrete & Pavers 3100 Concrete Curb Replacement 1.00 LS 40.00 LF Exterior Concrete Slabs CONCRETE 015-0000 MECHANICAL 015-6000 Snowmelt 6100 Snowmelt Tubing 6100 Snowmelt Sensor 6100 Snowmelt Start up & Balancing Snowmelt MECHANICAL 016-0000 ELECTRICAL 016-7000 Site Lighting 7100 Site Lighting Electric Assumed none ELECTRICAL 1.00 LS 1.00 LS 1.00 LS 0.00 NIC Total Unit Cost 34,466.00 /LS 45.00 /LF 4,496.00 /LS 2,500.00 /LS 3,500.00 /LS Page2 312512016 8:07 AM Amount 34,466 1,800 36,266 36,266 4,496 2,500 3,500 10,496 10,496 0