HomeMy Public PortalAbout4d Resolution 2017-01-04 Approving partial reduction in surety Elk Creek 1TOWN OF FRASER
RESOLUTION NO. 2017-01-04
A RESOLUTION APPROVING A PARTIAL REDUCTION IN THE SURETY PURSUANT TO
THE SUBDIVISION IMPROVEMENT AGREEMENT (SIA) FOR ELK CREEK AT GRAND PARK
FILING NO. 1.
WHEREAS, Grand Park and the Town of Fraser entered into a SIA, Reception #
2016001809, to ensure completion of certain infrastructure and which SIA provides for
reductions in surety requirements. and
WHEREAS, Grand Park has requested a partial reduction in surety (irrevocable letter of
credit SLCPPDX06831) 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 $321,106.00 to $129,052.00, releasing $192,054.00 to
Grand Park Development LLC.
READ, PASSED AND ADOPTED BY THE BOARD OF TRUSTEES THIS 18th DAY OF
JANUARY, 2017.
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: GP Elk Creek Filing 1 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 Grand Park Elk Creek Filing No. 1, dated December 29,
2016. Grand Park is requesting a partial release of the US Bank letter of credit surety related to the Elk
Creek at Grand Park Filing No. 1 Improvements from the initial Performance Guarantee amount of
321,106.00 to an amount equal to $129,052.00.
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#2016001809.
Based on my review of Grand Park's request, no exception is taken to their requested reduction of the
performance guarantee surety for this project. This recommendation is based on my understanding of the
current project status, of the constructed improvements, from the periodic site observation reports received
from Bowman Consulting.
6013 E. Briarwood Drive-Centennial,CO 80112 303) 726-5577
LcANLiPS
01,,, -042,„,r.k
December 29,2016
Sent Via E-mail
Town of Fraser
Attn: Catherine Trotter
P.O. Box 120
Fraser, CO 80442
Re: Elk Creek at Grand Park Filing No. 1 - 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 Elk Creek at Grand Park Filing
No. 1 (SIA Reception#2016001819 recorded 3/17/16) Improvements completed to date
as noted on the attached Exhibit A less the 20%warranty surety for the completed items.
The surety amount for this project currently held by Fraser is$321,106 including
warranty and completion surety. This is the first surety release request for this project.
Upon release,the Town will have a surety balance of$129,052 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.
Sincer-
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EXHIBIT A
Engineer's Cost Estimate for Public Improvements
Project 15117-Elk Creek PHASE 1
Date-9/28/2015
CONSTRUCTION COSTS Quantities/Pricing Cost
Roadways Ory Unit Price cost
1 Asphalt Pavement 2,857.00 SY $ 24.00 $ 68,568.00 complete
2 Mountable Curb and Gutter 2,712.45 IF $ 16.00 S 43,399.21 complete
3 Crosspan 934.60 SF $ 11.00 $ 10,280.60
4 Sidewalk 4,724.37 SF $ 4.00 $ 18,898.28 complete
Signs(Stop Sign,Speed Limit,No Parking,Warning Sign)
5 9.00 EA $ 96.00 5 864.00
6Street Lights 3.00 EA $ 500.00 $ 1,500.00
Total 143,310.08
Storm Sewer Ary Unit Price Cost
1 18"RCP 77.00 IF $ 63.00 5 4,851 complete
2 24"RCP 24.00 IF S 67.00 $1,608 complete
3 30"RCP 710.00 LF $ 78.00 5 16,380 complete
4 18"FES 2.00 EA $ 2,000.00 $4,000 complete
S 24"FES 1.00 EA $ 2.400.00 $2,400 complete
6 Pond Outlet Structures 2.00 EA $ 5,000.00 5 10,000
7 2'Type'M'Riprap 67.00 TN $ 88.12 $5,904
8 Concrete Aprons 909.00 SF $ 4.00 $3,636
9 Headwall(per COOT Std.M-601..10) 33.00 IF $ 80.00 $2,640
10 Wing Walls(per CDOT Std.M-601-20) 18.00 IF .$ 58.00 5 3,364
54,783
Sanitary Qty unit Price Cost 1
1 8'PVC 1,459.00 LF $ 31.20 $ 45,521 complete
2 Manholes 11.00 EA $ 3,000.00 $ 33,000 complete
3 4'PVC Service laps 10.00 EA 5 800.00 $8,000 complete
4 4"PVC Services 256.00 IF $ 25.00 $6,400 complete
5 Connect to Existing Manhole 1.00 EA $ 900.00 $ 900 complete
Total 93,821
Water I Qty 1 Unit Price [ Con 1
1 8'Water(PVC) 314 IF $ 40.00 $ 12,560 complete
2 12'Water(PVC)877 IF $ 55.00 $ 48,235 complete
3 Fittings 15 EA $ 400.00 $6,000 complete
4 8'Gate Valves 2 EA $ 2,000.00 $4,000 complete
5 12'Gate Valve 4 EA $ 2,700.00 $ 10,800 complete
6 Fire Hydrant Assembly's 4 FA $ 4;800.00 $ 19,200 complete
7 3/4'Water Service Taps 4 EA $ 800.00 $3,200 complete
8 9t4"Water Services 338 Ir 5 71.00 $7,098 complete
9 Relocating F.H.Assembly w16'DIP A.6'Gate Valves I EA $ 1,300.00 $1,500 complete
10 Connect to Existing 1 FA $ 750.00 $ 750 complete
Total 113,343
Erosion Control ow Unit Price l Cost
I Erosion Control Log 3,489 IF $ 3.75 $ 13,084 complete
2 Vehicle Tracking Control Pad 1 EA $ 3,400.00 $3,400 complete
3 Sediment Basin(Pond u4) 1 EA $ 4,200.00 $4,200 complete
4 Rovegetaticn 44,676 SF $ 0.09 5 4.021 comelete
Total 24,705
Roadway Grading I Qty 1 Unit 1 Price 1 1 Cost
1
1 Cot 200 CY $ 2.00 5 400 complete
2 Net(Fill) 7,104 CY $ 2.00 S 14,208 complete
S
Total 14,608
Total Uncompleted Work Cost Before Contingency 38,189
Town of Fraser 25%SIA Contingency 9,547
Surety Held for Work to be Completed 47,736 't
Completed Work 5 406,581
20%Warranty Surety 81,316 •2
Total US Bank LOC Surety Provided 321,106
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