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Home My Public Portal About4e Resolution 2017-01-05 Approving partial reduction in surety Elk Creek 2TOWN OF FRASER RESOLUTION NO. 2017-01-05 A RESOLUTION APPROVING A PARTIAL REDUCTION IN THE SURETY PURSUANT TO THE SUBDIVISION IMPROVEMENT AGREEMENT (SIA) FOR ELK CREEK AT GRAND PARK FILING NO. 2. WHEREAS, Grand Park and the Town of Fraser entered into a SIA, Reception # 2016003566, 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 SLCPPDX06878) 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 $157,886.00 to $72,948.00, releasing $84,938.00 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 10, 2017 SUBJECT: GP Elk Creek Filing 2 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. 2, 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. 2 Improvements from the initial Performance Guarantee amount of 157,886.00 to an amount equal to$72,948.00. 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#2016003566. 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 trp A pr./ ;RANI5VARK Aide, (1)10 fle 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. 2 -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.2 (SIA Reception#2016003566 recorded 5/24/16) Improvements completed to date as noted on the attached Exhibit A less the 20%warranty surety for the completed items. In addition we are requesting the Town release the cash grading permit surety in the amount of$9,206.25 associated with the grading permit that was pulled prior to entering into the Subdivision Improvement Agreements for the project. The SIA surety amount for this project currently held by Fraser is$157,886 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$72,948 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. Sincereiv Clark. scomb, President Cc: Jeff Durbin mA IN 771\ 861111 FAX 9711 771. HA3:1 h` hIF OFF-ICE ',i7(I 77A u701 I ori ;'i{L1f IIIIN4)11.II 1: •171' 77r, x1(1'1 1t55"I (*' ( it NM 111 1%I' I•) 1'.SKk t't?l1Ik.'iIIII HJi }.' EXHIBIT A Engineer's Cost Estimate for Public Improvements Project 15117- Elk Creek PHASE 2 Date-9/28/2015 CONSTRUCTION COSTS Quantities/Pricing Cost Roadways Qty Unit Price cost 1 Asphalt Pavement 1,712.00 Sy $ 27.00 $ 46,224.00 Complete2MountableCurbandGutter1,452.00 LF $ 18.00 $ 26,136.00 Complete3Crosspan507.00 SF $ 12.00 $ 6,084.00 4 Sidewalk 2,761.00 SF $4.00 $ 11,044.00 5 Signs(Stop Sign,Speed Limit,No Parking,Warning Sign) 4.00 EA $ 120.00 $480.00 6 Street Lights 1.00 EA $ 500.00 $500.00 Total 90,468.00 Sanitary Sewer Qty Unit Price Cost 1 8"PVC 694.00 LF $ 35.00 $ 24,290.00 Complete2Manholes13.00 EA $ 3,000.00 $ 39,000.00 Complete34"PVC Service Taps 13.00 EA $ 800.00 $ 10,400.00 Complete 4 4"PVC Services 370.00 IF $ 25.00 $ 9,250.00 Complete Total 82,940.00 Water Qty Unit Price Cost 1 8"Water(PVC) 228 IF $ 40.00 $ 9,120.00 Complete 2 12"Water(PVC) 503 IF $ 55.00 $ 27,665.00 Complete 3 Fittings 13 EA $ 400.00 $ 5,200.00 Complete 4 8"Gate Valves 2 EA $ 2,000.00 $ 4,000.00 Complete 5 12"Gate Valve 3 EA $ 2,700.00 $ 8,100.00 Complete 6 Fire Hydrant Assembly's 2 EA $ 5,000.00 $ 10,000.00 Complete 7 3/4"Water Service Taps 12 EA $ 800.00 $ 9,600.00 Complete 8 3/4"Water Services 593 LF $ 21.00 $ 12,453.00 Complete Total 86,138.00 Erosion Control Qty Unit Price Cost 1 Erosion Control log 1,636.00 LF $3.75 S 6,135.00 Complete2RevegetationEA $ 4,200.00 $ Total 6,135.00 Roadway Grading Qty Unit Price I ( cost 2 Net(Fill) 1,996.00 CY $2.00 $ 3,992.00 Complete Total 3,992.00 Total Uncompleted Work Cost Before Contingency 18,108 Town of Fraser 25%51A Contingency 4,527 Surety Held for Work to be Completed 22,635 •1 Completed Work 251,565 Complete W:\Planning Area SW-Elk Creek\02 Elk Creek Sub Docs Filing 2 2016\Acceptance Folder\Elk Creek Surety Release Cost Est.12- 28-16 Page 1of 1 EXHIBIT A Engineer's Cost Estimate for Public Improvements Project 15117-Elk Creek PHASE 2 Date-9/28/2015 CONSTRUCTION COSTS Quantities/Pricing Cost Roadways Qty Unit Price Cost 1 Asphalt Pavement 1,712.00 SY $ 27.00 $ 46,224.00 Complete 2 Mountable Curb and Gutter 1,452.00 LF $ 18.00 $ 26,136.00 Complete 3 Crosspan 507.00 SF $ 12.00 $ 6,084.00 4 Sidewalk 2,761.00 SF $ 4.00 $ 11,044.00 5 Signs(Stop Sign,Speed Limit,No Parking,Warning Sign) 4.00 EA $ 120.00 $480.00 6 Street Lights 1.00 EA $ 500.00 $500.00 Total 90,468.00 Sanitary Sewer Qty Unit Price Cost 1 8"PVC 694.00 IF $ 35.00 $ 24,290.00 Complete 2 Manholes 13.00 EA $ 3,000.00 $ 39,000.00 Complete 3 4"PVC Service Taps 13.00 EA $ 800.00 $ 10,400.00 Complete 4 4"PVC Services 370.00 LF $ 25.00 $ 9,250.00 Complete Total 82,940.00 Water Qty Unit Price Cost 1 8"Water(PVC) 228 IF $ 40.00 $ 9,120.00 Complete 2 12"Water(PVC) 503 LF $ 55.00 $ 27,665.00 Complete 3 Fittings 13 EA $ 400.00 $ 5,200.00 Complete 4 8"Gate Valves 2 EA $ 2,000.00 $ 4,000.00 Complete 5 12"Gate Valve 3 EA $ 2,700.00 $ 8,100.00 Complete 6 Fire Hydrant Assembly's 2 EA $ 5,000.00 $ 10,000.00 Complete 7 3/4"Water Service Taps 12 EA $ 800.00 S 9,600.00 Complete 8 3/4"Water Services 593 LF $ 21.00 $ 12,453.00 Complete Total 86,138.00 Erosion Control Qty Unit Price Cost 1 Erosion Control Log 1,636.00 LF $3.75 $ 6,135.00 Complete 2 Revegetation EA $ 4,200.00 $ Total 6,135.00 Roadway Grading Qty Unit Price I I Cost I 2 Net(Flit) 1,996.00 CY $2.00 5 3,992.00 Complete Total 3,992.00 Total Uncompleted Work Cost Before Contingency S 18,108 Town of Fraser 25%SIA Contingency 4,527 Surety Held for Work to be Completed 22,635 Completed Work 251,565 Complete W:\Planning Area 5W-Elk Creek\02 Elk Creek Sub Docs Filing 2 2016\Acceptance Folder\Elk Creek Surety Release Cost Est.12- 28-16 Page lof 1