HomeMy Public PortalAbout04b Resolution 2017-07-01 EMF9 surety reductionTOWN OF FRASER
RESOLUTION NO. 2017-07-01
A RESOLUTION APPROVING A PARTIAL REDUCTION IN THE SURETY PURSUANT TO
THE SUBDIVISION IMPROVEMENT AGREEMENT (SIA) FOR EAST MOUNTAIN FILING 9
EMF9), RENDEZVOUS.
WHEREAS, Rendezvous Colorado LLC and the Town of Fraser entered into a SIA,
Reception #2015006353, to ensure completion of certain infrastructure and which SIA provides
for reductions in surety requirements; and
WHEREAS, Rendezvous 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; and
WHEREAS, the Town Board via Resolution No. 2016-08-04 previously approved a
partial reduction in surety for EMF9 from $940,000.00 to $564,000.00, releasing $376,000.00.
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 EMF9 SIA from $564,000.00 to $188,000.00 releasing
376,000.
READ, PASSED ON ROLL CALL VOTE, AND ADOPTED BY THE BOARD OF TRUSTEES
THIS 19th DAY OF JULY, 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
f'7421M9 ,1'1 ,i
is(540 p MEMORANDUM
TO: Fraser Town Board
FROM: Terry Stanford
DATE: 6/6/17
SUBJECT: Partial Release of Performance Guarantee at EMF9
Rendezvous' current Letter of Credit (LOC) For EMF9 is due to be renewed on
August 6, 2017.We are requesting a partial release of the LOC in advance of
renewal of the surety.
Rendezvous has substantially completed all infrastructure work at EMF9. The
water and sewer systems have been completed and tested per Town
specifications. All asphalt and concrete work has also been completed to Town
standards. Preliminary acceptance submittals and as-built drawings are being
completed for submission to the Town.
Rendezvous has previously received a partial release of surety in the amount of
40% of the original LOC. We are requesting the release of an additional 40% of
the original LOC, thus the LOC would be reduced by $376,000 resulting in a
renewed LOC that totals $188,000. This LOC will remain in effect until final
acceptance of infrastructure improvements by the Town, per Section 11 of the
recorded SIA.
Please consider and advise.
P.O. Box 149 77795 US Hwy 40 Winter Park CO 80482
Voice: 970 726 4500 Sales: 970 726 5177 Fax: 970 726 7160
Bowman
i`` S U L1
MEMORANDUM
TO: Town of Fraser
ATTN: Catherine Trotter, Town Planner
FROM: Tim Gagnon
PROJECT: Grand Park— Filing No. 9
DATE: July 13, 2017
I have completed my review of the letter from Rendezvous,dated June 6,2017, requesting partial
release of surety for East Mountain Filing No. 9, in the amount of$376,000.
Based on review of this letter, review of previous construction observation documentation from
Bowman Consulting, review of previous partial release acceptance by the Town for Filing No. 9,
and based on our recent meeting and on-site observation of existing site conditions, we would
recommend approval of the most recent partial release request for Filing No. 9 in the amount of
376,000.
Please contact me if you have any questions or comments.
Bowman Consulting Group, Ltd
603 Park Point Drive•Suite 100•Golden, Colorado 80401 • P: 303.674.7355
P.O. Box 176•45 County Road 804-Suite 201 •Fraser, Colorado 80442• P: 970.887.2600
bowm anconsulting.com
TOWN OF FRASER
RESOLUTION NO. 2016-08-04
A RESOLUTION APPROVING A PARTIAL REDUCTION IN THE SURETY PURSUANT TO
THE SUBDIVISION IMPROVEMENT AGREEMENT (SIA) FOR EAST MOUNTAIN FILING 9,
RENDEZVOUS.
WHEREAS, Rendezvous Colorado LLC and the Town of Fraser entered into a SIA,
Reception#2015006353, to ensure completion of certain infrastructure and which SIA provides
for reductions in surety requirements. and
WHEREAS, Rendezvous 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 $940,000.00 to $564,000.00, releasing $376,000.
READ, PASSED ON ROLL CALL VOTE. AND ADOPTED BY THE BOARD OF TRUSTEES
THIS 3rd DAY OF AUGUST, 2016.
Votes in favor: 77
Votes opposed:
Absent:
Abstained:
BOARD TRUSTEES OF THE
TOWN OF FRASER, COLORADO
BY:
OFF
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v
1p Mayor*
SEAL
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S E A )
OCORAC3o../ V(4
Town Clerk
O • AO • MEMORANDUM
TO: Fraser Town Board
FROM: Terry Stanford
DATE: 6/13/2016
SUBJECT: Partial Release of Performance Guarantee at EMF9
Rendezvous' Letter of Credit for the EMF9 is due to be renewed by August 6,
2016. We are requesting a partial release of the Letter of Credit prior to the
renewal of the surety.
The approved engineer's estimated cost of constructing the improvements was
751,805.00. The Letter of Credit issued to the Town (at 125%) totaled
940,000. Rendezvous has completed the construction of the water and sewer
systems and has successfully performed the associated testing of the systems
as required by the Town of Fraser.
The contract value of the water system ($244,146) and the sewer system
212,761) totals $456,847. We are requesting a reduction in the amount of 40%
of the original performance guarantee, thus the Letter of Credit would be reduced
by $376,000; resulting in the renewed Letter of Credit totaling $564,000.
Please consider and advise.
P.O. Box 149 77795 US Hwy 40 Winter Park CO 80482
Voice: 970 726 4500 Sales: 970 726 5177 Fax: 970 726 7160
Catherine Trotter
From: Catherine Trotter
Sent: Thursday, June 22, 2017 11:47 AM
To: Tim Gagnon'
Subject: FW: Letter of Credit Partial Reduction
Attachments: F9 LOC Reduction.doc
Catherine E. Trotter, AICP
Town Planner
Town of Fraser
970-726-5491 X209
From:Jim Swanson [mailto:iim@irsec.com]
Sent: Friday,July 15, 2016 12:17 PM
To:Catherine Trotter<ctrotter@town.fraser.co.us>; Allen Nordin <anordin@town.fraser.co.us>
Subject: Letter of Credit Partial Reduction
Catherine/Allen:
I have reviewed Rendezvous' request for partial release of the performance guarantee surety, and am in concurrence with
their request to lower the EMF 9 Letter of Credit to $564,000. Based on the Engineer's Estimate included in the SIA and
Article 11 —Release of Performance Guarantee of the SIA, their request is in compliance with the provisions set forth in
the SIA.
Please let me know if you need anything additional.
Thanks,
Jim
From:Catherine Trotter [mailto:ctrotter@town.fraser.co.us]
Sent: Friday,July 15, 2016 10:41 AM
To:Jim Swanson<jim@irsec.com>
Cc:Allen Nordin <anordin@town.fraser.co.us>
Subject: FW: Letter of Credit Partial Reduction
See attached.
Catherine E. Trotter, AICP
Town Planner
Town of Fraser
From:Terry Stanford [mailto:tstanford@koelbelco.com]
Sent:Tuesday,July 12, 2016 2:32 PM
To:Catherine Trotter<ctrotter@town.fraser.co.us>
Cc:Jeff Durbin<idurbin@town.fraser.co.us>
Subject: Letter of Credit Partial Reduction
Catherine