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HomeMy WebLinkAboutDeveloper Improvement AgreementT-220 P.003 F-445 Nov-28-07 11:23am From-TOWN OF VAIL COMMUNIT9Y1DDE4VELO 52 9704792452 IRREVOCABLE LETTER OF CREDIT FORMAT Legal Description: Lot Block -I Subdivision: Vcu Address: -z~- c„ Developer. c - -v - Project Number: 0 V r Permit Number. "Ocw Improvement Completion Date: Letter of Credit Expiration Date: , DEVELOPER IMPROVEMENT AGREEMENT THIS AGREEMENT, made and entered into this day of t~ 20151 by and among (the "Developer"), and the Town of Vail (the "Town") and -A~-►-~'^~ (the "Bank"). WHEREAS, the Developer, as a condition of approval of the Temporary Certificate of Occupancy for (address, legal description, and project number) wishes to Agreement; and WHEREAS, the Develop is judgement of th own to make forth in the atta d sti ate filed ~the~ th%nmunity into a Developer Improvement ated the set and specifications P.MOR"Stheleveipper wls es to provide rl t ece of this gr n . means of AA. re ent, including comp) oOaan rovements lin R the following: The Developer agree irrevocable letter of credit # s'a~ ►`1~ S- in the amount of with 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. 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 ?A day of 20 LV. The Developer shall complete, in a good workmanlike manner, all improvements referred to in this Agreement, in accordance with all approved ed in Community of the To nl of Vail,, and to do fall olrk inc dentalFtheretohaccord ng to aDnd`inlcomplia D e epartment w th the of the following: F:\cdev\FORMS\Permits\Planning\Administrative Actions\DlA Mdit format, 6-1 &2007.doc Page 2 of 6 RECEIVED TIME NOV,28. 10:44AM Nov-26-07 11:23am From-TOWN OF VAIL COMMUNITY DEVELOPMENT 9704792452 T-220 P.004 F-445 9704792452 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 # ti o31-1 -1 33 in the amount of $ tee, (125% of the total costs of the attached estimated bid(s) with set to expire on the day of I~J~S 20 0_ (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 rijured 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. F:\cdevTORMS\Permits\Planning\Administratfve_Actions\DIA credit format_5-16-2007.dcc Page 3 of 6 RECEIVED TIME NOV,28. 10:44AM Nov-28-07 11:23am From-TOWN OF VAIL COMMUNITY DEVELOPMENT 9704792452 T-220 P-005/012 F-445 9704792452 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 12-3-10 (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. Dated the day and year first above written. Developer -k STATE OF ) SS. COUNTY OF ) The foregoing Developer Improvement Agreement Day of ',dz~nu AEe_ , 20 _Z by, Witness my hand and official seal. My commission ed before me this MOTA*lr expires /c) zCr~Ii =04000- a ublic F:Icdev\FORMS\PermitslPlanningWdministmtive Actions'DlAcreditformat_5-1rr2007.doc Page 4 of 6 RECEIVED TIME NOV.28. 10:44AM Nov-26-07 11:23am From-TOWN OF VAIL COMMUNITY DEVELOPMENT 9704792452 T-220 P.006/012 F-445 9704792452 (Jo Town !Tanner STATE OF COLORADO ) )ss. COUNTY OF EAGLE ) The going Developer Improvement Agree ent was acknowle!ed bef re me this c' Day of ~O 4,,V Q.J'_ 20N-by l1S ~ %r-C , Witness my hand and official seal. ZU 4f My commission expires: A JL ~c 2 • '•N t • ~ ~ ~ a Notary F blic i`~ ~~''''/JfP//ry ~ t F:lcdevlFORMS1PermitsWlanning\Administrative_Adions\DlA credit format_5-16.2007.doc Page 5 of 6 RECEIVED TIME NOV.28, 10:44AM Nov-28-07 11:23am From-TOWN OF VAIL COMMUNITY DEVELOPMENT 9704792451 9704792452 ATTACHED COPIES OF THE ESTIMATED BID(S) F:\cdevTORMS\Permits\PlanningWdministradve Actions\DLA credit format_5-1 6-2007.doc T-220 P.007/011 F-445 Page 6 of 6 RECEIVED TIME 'NOV,28, 10:44AM -'ya F i K E R i, vc "am e. :5e,rV1-ce,5, .rnC-. General Contractor to install all irrigation sleeving General Contractor to provide topsoil General Contractor to establish grade within z/ro`t' of final grade General Contractor to install irrigation backflow valve General Contractor to provide power to irrigation clock This pricing is contingent upon accessing the rear of the lodge via the bike path Plant material is based upon landscape key. There was some discrepancy between plan drawing and plan key This proposal does not include removal of trees to be replaced Irrigation pricing is assuming installation of new irrigation in island between parking lot and E Lionshead Circle Native grass from new fence to bike path is shown outside of property line but will likely be disturbed for construction access. The reclamation of any disturbed areas are not included in this proposal. Price for stone beams is based on io tons of stone All plant material to be approved by landscape architect prior to delivery Landscape architect to provide a substitute for the Alpine Honeysuckle Respectfully Submitted., Bill Whittaker Proposal accepted by: Date: '.b. $ox 7~f pt Vie, v. X16 1 '~isr~em yTO) . 8-6 6 ~r~ x: (f7 3?~ ~ ~ A HITI;AKER " Uice-s, I nc. Proposal for work to be done for: Evans Chaffee Construction duly x7: zoo? The Lodge at Lionshead Vail, CO Grade work and soil prep $7,44a.oo Install automatic irrigation system $17:385.00 Install 350 If steel edging $x,050.ao Install 30 cy cedar shred mulch $x,xs0.0a Ammend 6" of soil with compost in 4,200 sf of planting beds $2,100.00 Install 150 - z of bags of soil pep to planting beds $1,350.00 Provide and install 20 Oklahoma Partners Stone beams in pool area $4,565.oo Plant: 12 - 3" Aspen " $2,800.00 Aspen 4 - 4 9 - io' Engelmann Spruce ' s5,85o.oo 2 - 1O C0 Blue Spruce 4 - 18' CO Blue Spruce $1,300.00 12 - x#5 Shrubs $7,200.00 42 - 4' to 6' B&B Red Twig Dogwood $420.00 $6,300.00 19 - 8' Alpine Honeysuckle (unable to locate this variety) N/A 18 - x#x Feathered Reedgrass $180.00 329 ° #x Perennial flowers 9 - F32 Perennials $3,290.00 12,000 sf Bluegrass sod $990.00 $9,6oo.oo Total Costs $75,070.00 All work and material carries a one year guarantee from the completion date of the project Upon acceptance of this proposal a material advance of $18,750.00 is requested, with the balance of $56,320.00 due upon completion P. 0. ?ax 3787Zxgl ey 6P. YA31 0 Alpine Bank Copy IRREVOCABLE STANDBY LETTER OF CREDIT Date of Issue: Amount: Number: Expiration Date: APPLICANT: BENEFICIARY: PURPOSE: To Whom It May Concern: November 29, 2007 $100,000.00 4450314733 August 30, 2008 Vail 12 Vail Road, Suite 200 Vail, Colorado 81657 970-476-8700 Fax 970-476-2366 Vail Lionshead Condominium Association and Lionshead Phase II Condominium Association, Inc. AKA Lodge at Lionshead Phases I & II Town of Vail Development Agreement for Landscaping We hereby establish in The Town of Vail's favor, at the request and for the benefit of Vail Lionshead Condominium Association and Lionshead Phase II Condominium Association, Inc. AKA Lodge at Lionshead Phases I & II, our Irrevocable Standby Letter of Credit in an amount not to exceed $100,000.00 (U.S. $100,000.00). The purpose of this letter is to secure the performance of and the compliance with, the development agreement by and between Vail Lionshead Condominium Association and Lionshead Phase II Condominium Association, Inc. AKA Lodge at Lionshead Phases I & II and The Town of Vail. The Town of Vail 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 Vail Lionshead Condominium Association and Lionshead Phase II Condominium Association, Inc. AKA Lodge at Lionshead Phases I & II pursuant to the agreement. Notice shall be by telephone and in writing to: Alpine Bank Vail Attention: Michael Glass 12 Vail Road, Suite 200 Vail, CO 81657 Phone #970-476-8700 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 12 Vail Road, Suite 200, Vail, CO 81657, during normal business hours on or before the expiration date. Partial drawings are permitted. This Letter of Credit is not transferable. www.alpinebank.com 4 P-1d in Rll)1110 PlP l a _ p-Vo ° 0 gip- C°. rn N Co o a N ° CD , G. n $ 4. CAD 'W-"' p; ° we ao w via o o w - ° o a a oa cD ° p o' " o Y o ° w ° -t 'o CL CD 0 0 I'D CD a a C CD cr co 0, CID, CD CPD t= CL Cl I'D 0, 0 0 CD cD ° r* b r o ua o w Q R C b7 A o o w. twr o o,h o o a CD CL CD a o ° CD sy Off. Ro a OR ca I CL CD CD c A- CD 0 CL CD CL CD O aa CD CD ° CD p- a. CND ' CD o CD o ~d a CD 0 TOWNOFVAII, Department of Community Development 75 South Frontage Road Vail, Colorado 81657 970-479-2138 FIX 970-479-2452 www. vailgov. com August 12, 2008 Alpine Bank Vail Attn: Michael Glass 12 Vail Road, Ste. 200 Vail, CO 81657 Re: Irrevocable Standby Letter of Credit Number 4450314733 Applicant: Vail Lionshead Condominium Association and Lionshead Phase II Condominium Association, Inc. AKA Lodge at Lionshead Phases I &II Dear Mr. Glass: The above mentioned Irrevocable Standby Letter of Credit has been released by Bill Gibson, planner on the project. If you have any questions please contact Bill at 970- 479-2173. Sincerely, Lynne Campbell Office Manager Enclosure ~J6 RECYCLED PAPER TOWN O WAIL ; Department of Community Development 75 South Frontage Road Vail, Colorado 81657 970-479-2138 FAX 970-479 2452 www. vailgov. com August 12, 2008 Re: Irrevocable Letter of Credit Mr. Jeff Bailey Lodge at Lionshead 380 East Lionshead Circle Vail, CO 81657 coible Dear Jeff, Enclosed is a copy of the released letter of credit on your project. I have returned the original letter to Alpine Bank attention Michael Glass. If you have any questions do not hesitate to contact me at 970-479-2150. Sincerely, 4LynCtampbell Office Manager enclosure #a RECYCLED PAPER % M y i TOWN OF VAIL Stormwater Quality Permit Cash Deposit Format TOWN OF VAIL of ap? 0% p ! Cqc Receipt fytpds to: Name: Q t ; e` Mailing Address: C,L va;/ co c s CASH DEPOSIT FORMAT Legal Description: Lot 7 ,Block Subdivision: Vall UIM mad Zia 1 Address: ato E jmShLg d UY J Developer:%~\JjpSlucLA > o. c . i 6 cu( Pi'lOV Building/Grading Permit Num _ Project Number: Improvement Completion D IMPROVE THIS AGREEMENT, made and ent by and among'61 .koNyad (oVldo►~limyill Vail (the "Town"). loorl,)l:traol Pllave'Z WHEREAS, the Developer, as c for compliance with the project sWwa , r date) wishes to enter W S, judgemen f t T in the att hed e specificati s filed in the Town Vail; ark/ WHER"PS, the Develdq Agreement, including completion of the following: 75 South Frontage Rd. Vail, Colorado 81657 970-479-2333 (Fax) 970-479-2452 T day of ri l 20 0-T, :,Developer"), and the Town of the Stormwater Quality■Qermit , . nt; rt 1W %I #F y pro e ity or colla al sufficient in the the w er Qua it items set forth in co nce with p loved plans and pment rt nt or Town Engineer of recollatera rantee performance of this ments referre in this Agreement, by means The Developer agrees to establish a cash deposit account with the Town of Vail, as escrow agent, in the amount of $4177•78 as collateral for the completion of all improvements referred to in this Agreement, in the event there is a default under this Agreement by the Developer. 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 Develo er agrees to complete all improvements referred to in this Agreement on or before the day of KI , 2009 . The Developer shall complete, in a good workmanlike manner, all improvements referred to in this Agreement, in accordance with all approved plans F:/bcarlsonNail Stormwater Inspection Docs/DIA cash format 02.20.2007 Page 1 of 5 rTMMpAr 1V Tprolient All P and specifications filed in the office of the Community Development Department or Town Engineer 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 Environmental Planner, the Town Engineer, 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 (Town Engineer) 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 $ 4M:75 as collateral 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 or Town Engineer 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 F:/bcarlsonNail Stormwater Inspection Docs/DIA cash format 02.20.2007 Page 2 of 5 security referred to in this Agreement and complete the uncompleted improvements referred to in this Agreement. Pursuant to Section 12-11-4, Vail Town Code, the Stormwater Quality Permit 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. 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. F:/bcarlsonNail Stormwater Inspection Docs/DIA cash format 02.20.2007 Page 3 of 5 Dated the day and year first above written. Dev er STATE OF COLORADO ) ) ss. COUNTY OF EAGLE ) The foregoing Developer Improvement Agreement was acknowledged before me this to Day of ape i l- , 2007 by LA -C ~«y Witness my hand and official seal. My commission expires l© 19y- /U l#OTARy ...+11111111r-- ._Puevo xa~ Town Planner STATE OF COLORADO ) )ss. COUNTY OF EAGLE ) The foregoing Developer Improvement Agreement was acknowledged before me this _(,2 Day of Aac~ 20~1by (~,~~~G,~-. , ~ ,r `Sc~v Witness my hand and official seal. My commission expires: L p'Sy~ \0wut t IIIrrn~,,~~ ~N E Cq C,* OTC?~- Notary P blic •.........•00 COLORP' ~~~Urlr►Itltllt ~s 04-18 0 F:/bcarlsonNail Stormwater Inspection Docs/DIA cash format 02.20.2007 Page 4 of 5 ATTACHED COPIES OF THE ESTIMATED PERFORMANCE SECURITY CALCULATION F:/bcarlson/Vail Stormwater Inspection Docs/DIA cash format 02.20.2007 Page 5 of 5 LIONSHEAD PHASE II CONDOMINIUM ASSOCIATION 380 E. LIONSHEAD CT. VAIL, CO 81657 IL- PAY TO THE ORDER OF " DOLLARS 17 VAIL ROAD VA L. CO 81657 24 HOUR i:fBMKv',', 47 BANKING FOR NP u'00793411' 1:102LOL5191:229052L45011' VAIL LIONSHEAD CONDOMINIUM ASSOCIATION 380 E. LIONSHEAD CIR. VAIL, CO 81657 PAY TO THE ORDER OF 7934 _ 82-151/1021 DATE 'L IO-7 7435 _ 82-151/1021 DATE L I O-7 $ Z4A 14 S4f DOLLARS VYBAWIIL 11 I0)OUP9 BAO0KING FOR 11200 74 3 511' is 10 2 10 1 5 19l: 2 290 5 1404 711' * O O 0 0 0 0 0 0 0 0 0 0 0 0 0 -0 D Z G O O O 1 0 0 0 0 0 0 0 0 0 0 0 0 0 a, a) 3 n (7 N O O O O O O O O O O O O O O O O fu O CD O O O O O O O O O O O O O O O O D N CD 3 w ( 3 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 n yr CL (n 0 O o 0 0 O O O O O O O O O O O 0 C m ~~wwwwwcwwCaww w > O N N -4, .4, 4 P. 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