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Home My WebLink AboutB16-0029 Revised DIA.pdf (°:)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 Spa Condominiums Project Number: PRJ15-0607 Permit Number: B16-0029 Planner: Chris Neubecker Letter of Credit Number: 4460203633 Issuing Bank: Alpine Bank S:\Community DevelopmenttFORMS\Planning\DIA credit format_011516.doc Page 1 of 6 IRREVOCABLE LETTER OF CREDIT FORMAT Legal Description: Lot 1 Block 2 Subdivision:Vail Lionshead Filing 3 TOWN 0 F VA I L Address: 710 W. Lionshead Circle Developer:Vail Spa Condominiums HOA Project Number:PRJ15-0607 Permit Number:B16-0029 Improvement Completion Date: November 30, 2019 Letter of Credit Expiration Date:January 1, 2020 DEVELOPER IMPROVEMENT AGREEMENT THIS AGREEMENT, made and entered into this 1st day of November , 2018 by and among Vail Spa Condominiums HOA (the "Developer"), and the Town of Vail (the "Town") and Alpine Bank (the "Bank"). WHEREAS, the Developer, as a condition of approval of the Temporary Certificate of Occupancy for Vail Spa Condominiums-Exterior Renovations-South Sidewalk Addition (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 30th day of November , 2019 . 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. S:\Community Development\FORMS\Planning\DIA credit format_011516 doc Page 2 of 6 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#4460203633 in the amount of $ 174,830.00 (125% of the total costs of the attached estimated bid(s) with Alpine Bank set to expire on the 1st day of January , 2020 (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 Paragraph) 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 format_011516.doc Page 3 of 6 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 format_011516.doc Page 4 of 6 Dated the day and year first above written. !/.A _ A A._ Alt D: -toper STATE OF ) ) s•. COUNTY OF ) Th,e foregoing Developer Improvement Agreementryas acknowled�ed before me this flill4 Day of f`l6Ve VA' ( , 203LS by `\-PSS\c-_ \ 1G+V\S Witness my hand and official seal. SAMANTHA GERSTEIN 1 9NOTARY PUBLIC My commission expires - STATE OF COLORADO NOTARY ID#20064039872 MY COMMISSION EXPIRES JUNE 27. 2019 CA/MAV . �AV/ Not Public ki -' Town nner STATE OF COLORADO ) )ss. COUNTY OF EAGLE ) The foregoing Developer Improvement Agreement was acknowledged before rrh�e this 114 Day of NOve.ti,,,6<.'-'- , 2019 by Cil L'i-A rk A A . ..4-�'-'ec-I . Witness my hand and official seal. My commission expires: r-Gi?,,,,t,1V' 1, ,, ,_;, ,,i,.1 Aer, ufiX- Notary DANIELLE COUCH NOTARY PUBLIC 1 STATE OF COLORADO 1 NOTARY ID 20174006422 MY COMMISSION EXPIRES FEBRUARY 9,2021 S:\Community Development FORM S\Planning\DIA credit format_011516.doc Page 5 of 6 ATTACHED COPIES OF THE ESTIMATED BID(S1 S:\Community Development\FORMS\Planning1DIA credit format_011516.doc Page 6 of 6 r11 .NELSO March 25, 2016 .-•- . A BUILDING MOUNTAIN RESORT COMMUNHIrS Vail Spa Condominiums - South Sidewalk Addition Cost Estimate Summary DESCRIPTION TOTAL Cost of Work $118,609 Escalation Allowance $9,963 SUBTOTAL $128,572 General Liability Insurance $1,401 SUBTOTAL $129,973 2.00% Construction Contingency $2,599 SUBTOTAL $132,573 5.50% G.C. Construction Fee $7,292 ESTIMATED CONSTRUCTION COST $139,864 OTHER COST CONSIDERATIONS Town of Vail Building Permit Fee By Owner Town of Vail Plan Review Fees By Owner Town of Vail Construction Use Tax By Owner Design Contingency By Owner e,Lq- 1 s 1 a'c) r;, R.A.NELSON Standard Estimate Report Page 1 BUILDING MOUNTAIN COMMUNITIES Vail Spa-South Sidewalk 3/25/2016 8:07 AM Total Item Description Takeoff Qty Unit Cost Amount 001-0000 GENERAL REQUIREMENTS 001-3000 Admin.Requirements 3100 Project Manager 2.00 WKS 3,400.00 /WKS 6,800 3200 Project Superintendent 6.00 WKS 3,200.00 /WKS 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/First Aid/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/Demobilize 1.00 LS 900.00 /LS 900 2200 Construction Surveying-Calcs/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/Sediment Control 1.00 LS 750.00 ILS 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 ILS 4,500 Landscaping 4,500 SITE WORK 36,035 R. N E L S O N Standard Estimate Report Page 2 I/'S. BUILDING MOUNTAIN COMMUNITIES Vail Spa-South Sidewalk 3/25/2016 8:07 AM Total Item Description Takeoff Qty Unit Cost Amount 003-0000 CONCRETE 003-3000 Exterior Concrete Slabs 3100 South Sidewalk Addition-Concrete&Pavers 1.00 LS 34,466.00 /LS 34,466 3100 Concrete Curb Replacement 40.00 LF 45.00 /LF 1,800 Exterior Concrete Slabs 36,266 CONCRETE 36,266 015-0000 MECHANICAL 015-6000 Snowmelt 6100 Snowmelt Tubing 1.00 LS 4,496.00 /LS 4,496 6100 Snowmelt Sensor 1.00 LS 2,500.00 /LS 2,500 6100 Snowmelt Start up&Balancing 1.00 LS 3,500.00 /LS 3,500 Snowmelt 10,496 MECHANICAL 10,496 016-0000 ELECTRICAL 016-7000 Site Lighting 7100 Site Lighting Electric 0.00 NIC Assumed none ELECTRICAL 0