HomeMy Public PortalAboutResolution 2021-01-02 Partial Reduction of Surety Pursuant to SIA for East Mountain Filing 11 TOWN OF FRASER
RESOLUTION NO. 2021-01-02
A RESOLUTION APPROVING A PARTIAL REDUCTION IN THE SURETY PURSUANT TO
THE SUBDIVISION IMPROVEMENT AGREEMENT(SIA) FOR EAST MOUNTAIN FILING 11.
WHEREAS, Rendezvous Colorado, LLC and the Town of Fraser entered into a SIA,
Reception #2019003498, to ensure completion of certain infrastructure and which SIA provides
for reductions in surety requirements; and
WHEREAS, Rendezvous Colorado, LLC has requested a reduction in surety because
these improvements are substantially complete and Town Staff has reviewed the request and
has determined it to be in conformance with the provisions of said agreement; and
WHEREAS, a previous partial reduction in surety for East Mountain Filing 11 occurred
when the surety was provided to the Town in the amount of$920,049
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF TRUSTEES OF THE TOWN OF
FRASER, COLORADO THAT:
1. The Town Board of Fraser, Colorado hereby authorizes a partial reduction in the surety
required under the terms of the East Mountain Filing 11 SIA from $368,020 to $184,010.
READ, PASSED ON ROLL CALL VOTE, AND ADOPTED BY THE BOARD OF TRUSTEES
THIS 20th DAY OF January, 2021.
Votes in favor: I BOARD OF TRUSTEES OF THE
Votes opposed: 6 T OF FRASER, COLORADO
Abstained: 0
Absent: '
BY: V44e,
Mayor
'co44 OF FRI, ATTEST:
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SEAL Town Clerk
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' • • - • MEMORANDUM
TO: Fraser Town Board
FROM: Terry Stanford
DATE: 1/5/2021
SUBJECT: Partial Release of Performance Guarantee at EMF11
Rendezvous' Letter of Credit (LOC) for EMF11 was originally in the amount of
$920,049. We have previously reduced the surety by 40% and are requesting the
surety be further reduced to 20% of the original amount. This reduction will result
in a renewed Letter of Credit in the amount of$184,010.00. The renewed LOC
will be provided to Fraser no later than 2/08/21.
Rendezvous has substantially completed all infrastructure work at EMF11. We
are currently completing the Town's preliminary acceptance punch list at both
Phase 1 and Phase 2 and will have all preliminary acceptance work items
completed by 1/6/2021.
Please consider and advise.
TGS
P.O. Box 149 77795 US Hwy 40 Winter Park CO 80482
Voice: 970 726 4500 Sales: 970 726 5177 Fax: 970 726 7160