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Home My Public Portal About4c Resolution 2017-01-03 Approving partial reduction in surety The Willows 2 & 3TOWN OF FRASER RESOLUTION NO. 2017-01-03 A RESOLUTION APPROVING A PARTIAL REDUCTION IN THE SURETY PURSUANT TO THE SUBDIVISION IMPROVEMENT AGREEMENT (SIA) FOR THE WILLOWS AT GRAND PARK FILING NO. 2 AND FILING NO.3. WHEREAS, Grand Park and the Town of Fraser entered into a SIA, Reception # 2016006985, to ensure completion of certain infrastructure and which SIA provides for reductions in surety requirements, and WHEREAS, Grand Park has requested a reduction in surety because these improvements are substantially complete and the Town Staff and Engineer have reviewed the request and have determined it to be in conformance with the provisions of said agreement. 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 reduction in the surety required under the terms of the SIA from $512,114.00 to $332,818.00, releasing $179,296.00 to Grand Park Development LLC. READ, PASSED ON ROLL CALL VOTE, AND ADOPTED BY THE BOARD OF TRUSTEES THIS 18th DAY OF JANUARY, 2017. Votes in favor: Votes opposed: Absent: Abstained: BOARD TRUSTEES OF THE TOWN OF FRASER, COLORADO BY: Mayor ATTEST: S E A L) Town Clerk MEMORANDUM JRS ENGINEERING CONSULTANT, LLC TO: Catherine Trotter, Fraser Town Planner CC: Allen Nordin, Fraser Director of Public Works FROM: James R. "Jim"Swanson, P.E. DATE: January 4, 2017 SUBJECT: Willows at Grand Park Filing 2& 3 Surety Release Request#1 This memorandum summarizes my review of the Grand Park letter request for partial release of the irrevocable Letter of Credit, held by Fraser for the Willows @ Grand Park Filing No's 2 & 3, dated December 29, 2016. Grand Park is requesting a partial release of the US Bank letter of credit surety related to the Willows at Grand Park Filing 2 & 3 Improvements from the initial Performance Guarantee amount of$512,114.00 to an amount equal to $323,749.00, a release of$188,365.00. Review of this request is performed in accordance with the terms and conditions included in the Subdivision Improvements Agreement(SIA) between Fraser and Grand Park for the above referenced project; Reception#2016006985. Specifically: SIA Paragraph 11.1 Requests for Partial Release of Performance Guarantee: states "No reduction of the Performance Guarantee shall be allowed which would reduce the amount of collateral to less than one-hundred twenty-five percent(125%) of the estimated cost of any remaining or incomplete improvements; and the final twenty percent(20%) of the initial Performance Guarantee may not be released until all of the improvements have been preliminarily accepted, the one-year warranty period has run, the Sub-divider has complied with all requirements specified in Section 7 hereof and the Improvements are finally accepted by the Town." Based on my review of Exhibit A—Engineer's Estimate for Public Improvements attached to Grand Park's December 29, 2016 letter, the cost estimate line item status of construction completion was identified by Grand Park. I concur that$230,395 of the improvements remain to be constructed, based on my understanding of the current project status, from the periodic site observation reports received from Bowman Consulting. I am not in concurrence with Grand Park's calculation and request to Fraser for the release of$188,365.00 and retainage equal to $323,749.00. My calculations, based on SIA Paragraph 11.1 are: 1. Retainage for"Work to be Completed" = 1.25 x$230,395 = $287,994. 2. Retainage for"Final 20%of Initial Performance Guarantee" = 0.20 x ($512,114 -$287,994) = 44,824. The total retainage from this calculation is $332,818. This would reduce the letter of credit for the above referenced project by $179,296. It is my recommendation that Fraser approve reduction of Grand Park's letter of credit for the above referenced project to $332,818. 6013 E. Briarwood Drive-Centennial, CO 80112 303) 726-5577 1 GRAND1ARK IF foi-el -e-voJ ode December 29,2016 Sent Via E-mail Town of Fraser Attn: Catherine Trotter P.O. Box 120 Fraser, CO 80442 Re: Willows at Grand Park Filing No.2 &3-Improvements Surety Release Request Number 1 Dear Catherine, Please accept this letter as a request to the Town of Fraser("Town") for a partial release of the US Bank letter of credit surety held relating to the Willows at Grand Park Filing No. 2 &No. 3 (SIA Reception#2016006985 recorded 9/21/16) Improvements completed to date as noted on the attached Exhibit A less the 20%warranty surety for the completed items. The SIA surety amount for this project currently held by the Town is $512,114 including warranty and completion surety. This is the first surety release request for this project. Upon release of the$188,365 associated with the completed work, the Town will have a surety balance of$323,749 representing the uncompleted work with a 25%completion surety and the 20% warranty surety for the completed work all as shown on the attached Exhibit A. Thank you for your consideration of this request. 7/7 Since,„-- C < 0 scomb,7 President Cc: Jeff Durbin klAIN 111.1.1(1. )Ill r'i rlf11111 l-AK 07I' '•:"1 IirtA.1 RI i I•} :`r` lr• LII.4.1C1- cf7t1 1;;6471:4'' { IINC'I" 'CIt IIIA; Cil I II I '17Il ";''t '1(11 CM 0"1 c 11(1X 'ill WIN I '. I':1RK i•0'III{ 'InIfl ull-1- EXHIBIT A ENGINEERING, .., PH E LPS Engineer's Cost Estimate for Public Improvements Willows at Grand Park 14079 May 21,2015 Filing 2 Item Description Unit Unit Cost Est.Qty STATUS Roadways Phase 2 Phase 2 Asphalt Pavement SY '-$ 24.00 2,290 $ 54,960.00 Mountable Curb and Gutter LF $ 16.00 1,634 $ 26,144.00 Crosspan SF $ 11.00 796 $ 8,756.00 Sidewalk SF $ 4.00 3,308 $ 13232.00 Sims(Stop Sign,Speed Limit,No Parking,Warning Sign) EA $ 96.00 ; 5 $ 480.00 ' Thermo-plastic Pavement Marking i Xwalk&Stop line) SF $ 2.50 50 $ 125.00 Street Lights EA $ 500.00 1 $ 500.00 Storm Sewer 2'Type'M'Soil Ricrac TON $ 88.12 10 $ 898.82 COMPLETE Narrowleaf Ct.Channel LF $ 3.00 494 $ 1,482.00 Concrete Aprons SF $ 4.00 87 $ 348.00 Sanitary Sewer 8"PVC LF $ 31.20 322 $ 10,046.40 COMPLETE Manholes EA $3,000.00 5 $ 15,000.00'COMPLETE 4"PVC Service Taos EA $ 800.00 12 $ 9,600.00 COMPLETE 4"PVC Services LF $ 25.00 778 $ 19,450.00 COMPLETE Connect to Existing.. EA $ 750.00 2 $ 1,500.00 COMPLETE Water 8"C900 LF $ 45.00 250 J $ 11,250.00 COMPLETE Fittings EA $ 400.00 4 $ 1,600.00 COMPLETE 8"Gate Valves EA $2,000.00 1 $ 2,000.00 COMPLETE Fire Hydrant Assembly's EA $4,800.00 1 $ 4,800.00 COMPLETE 3/4"Water Service Taps EA $ 800.00 12 $ 9,600.00 COMPLETE 3/4"Water Services LF ' $ 21.00 426 $ 8,946.00 'COMPLETE Connect to Existing EA $ 750.00 1 $ 750.00 COMPLETE Demolition 8"Sanitary Sewer LF $ 24.00 240 $ 5,760.00 COMPLETE Sewer Manholes EA $ 520.00 2 $ 1,040.00 COMPLETE Plugging 4"Sanitary Sewer Service Taps EA $ 200.00 9 $ 1,800.00 COMPLETE 4"Sanitary Sewer Services LF $ 12.00 230 $ 2,760.00 COMPLETE 8"DIP Water LF $ 14.00 167 $ 2,338.00 COMPLETE Water Fittin.us EA $ 152.00 2 $ 304.00 COMPLETE 18"Gate Valves EA $ 152.00 1 $ 152.00 COMPLETE Fire Hydrant Assembly's with 6"DIP and 6"Gate Valves EA $ 560.00 1 $ 560.00 COMPLETE Plugging 3/4"Water Service Taps EA $ 150.00 9 $ 1,350.00 COMPLETE 3/4"Water Services LF $ 8.00 187 $ 1,496.00 COMPLETE Cozen's Ditch(Private) 48"RCP LF $ 150.00 Cozens Ditch LF ' $ 3.00 Culvert Headwall LF $ 80.00 2'Type'M'Soil R crap TON $ 88.12 Water Feature Pond#1 SF $ 0.33 Water Feature Pond#2 SF $ 0.33 I I I Roadway Grading Erosion Control LF $ 4.00 I COMPLETE Revegetation mm SF $ 0.09 3,200.0 $ 288.00 Cut/Fill CY $ 1.96 2,620.1 I $ 5,135.40 COMPLETE Net(Fifa) CY S 1.96 1,245.2 5 2,440.59 COMPLETE Filing 3 Item Description Unit Unit Cost STATUS Roadways Phase 3 Phase 3 Asphalt Pavement SY $ 24.00 1,854 $ 44,496.00 Mountable Curb and Gutter LF $ 16.00 1,295 $ 20,720.00 Crosspan SF $ 11.00 540 $ 5,940.00 Sidewalk SF $ 4.00 2,820 $ 11,280.00 Signs Stop Sign,Speed Limit,No Parking,Warning Sign' r EA $ 96.00 3 $ 288.00 Street Lights EA $ 500.00 1 $ 500.00 Storm Sewer 2'Type'M'Soil Riprap TON $ 88.12 9 1 $ 768.64 COMPLETE I Sanitary Sewer 8"PVC LF ' $ 31.20 270 $ 8,424.00 Manholes EA $3,000.00 3 ' $ 9,000.00 4"PVC Service Taps EA $ 800.00 13 $ 10,400.00 4"PVC Services LF I $ 25.00 474 I $ 11,850.00 Connect to Existing EA $ 750.00 1 $ 750.00 Water 8"C900 LF $ 45.00 251 $ 11,295.00 COMPLETE Fittings EA $ 400.00 4 $ 1,600.00 COMPLETE 8"Gate Valves EA $2,000.00 2 $ 4,000.00 COMPLETE Fire Hydrant Assembly's EA $4,800.00 2 $ 9,600.00 COMPLETE 314"Water Service Taps EA $ 800.00 11 $ 8,800.00 COMPLETE 3/4"Water Services LF I $ 21.00 460 $ 9,660.00 COMPLETE Connect to Existing EA $ 750.00 1 $ 750.00 COMPLETE Demolition 8"Sanitary Sewer LF $ 24.00 52 $ 1,248.00 COMPLETE Plugging 4"Sanitary Sewer Service Taps W EA $ 200.00 2 $ 400.00 COMPLETE 4"Sanitary Sewer Services LF $ 12.00 51 $ 612.00 COMPLETE 8"DIP Water LF $ 14.00 1 30 $ 420.00 COMPLETE Water Fittings EA $ 152.00 3 4 $ 456.00 COMPLETE 8"Gate Valves EA $ 152.00 1 $ 152.00 COMPLETE Fire Hydrant Assembly's with 6"DIP and 6"Gate Valves EA $ 560.00 1 $ 560.00 COMPLETE Cozen's Ditch(Private) 48"RCP LF $ 150.00 Cozens Ditch LF 1 $ 3.00 Culvert Headwall LF 1 $ 80.00 2'Type'M'Soil Riprap TON f $ 88.12 Water Feature Pond#1 SF I $ 0.33 Water Feature Pond#2 SF $ 0.33 Roadway Grading Erosion Control LF I $ 4.00 COMPLETE Revegetation SF I $ 0.09 4,800.0 $ 432.00 Cut/Fill CY I $ 1.96 5.6 $ 10.94 COMPLETE Net Fill) CY 7 $ 1.96 4,013.5 $ 7,866.40 COMPLETE Total Uncompleted Work Cost Before Contingency 230,395 Town of Fraser 25%SIA Contingency 57,599 Surety Held for Work to be Completed 287,994 `1 Completed Work 178,774 COMPLETE 20%Warranty Surety 35,755 *2 Total US Bank LOC Filing 2&3 512,114 Remaining LOC Surety Balance for Warranty and work to be completed 323,749 *1+*2 i US Bank LOC Surety Partial Release for Completed Work 188,365