TC Res. No. 2004-18 APPROVING A PARTIAL RELEASE OF SECURITY FUNDS HELD,TOWN OF AVON, COLORADO
RESOLUTION NO. 0448
Series of 2004
A RESOLUTION APPROVING A PARTIAL RELEASE OF SECURITY FUNDS HELD,
FOR RETAINAGE ON WORK COMPLETED IN THE VILLAGE (AT AVON)
FILING 1, ON IMPROVEMENTS INSTALLED AND CONSTRUCTED IN
ACCORDANCE WITH THE SUBDIVISION IMPROVEMENTS AGREEMENT
WHEREAS, the Town of Avon (Town), Traer Creek LLC and Traer Creek Metropolitan .
District (District) entered into a SUBDIVISION IMPROVEMENTS AGREEMENT (SIA) in
connection with the approval of the Final Plat for The Village (at Avon) Filing 1 Subdivision;
and
WHEREAS, said SIA established certain public improvements to be constructed in conjunction
with said subdivision; and
WHEREAS, said SIA established requirements for the reservation of funds held by, District to
assure completion of the improvements and provide for warranty work in accordance with the
SIA; and
WHEREAS, said SIX provides for the, release of funds reserved by District, subject to Town
approval, to make, partial payments to-their contractors as construction of the improvements is
completed, and
WHEREAS, said SIA provides that funds reserved by the District for completion of public
improvements shall be no less than 110% of the estimated cost to complete all remaining
improvements, and
WHEREAS; said SIA provides that funds equal to the minimum retainage (5% of the total
contract amount) will be reserved by District pending completion of all work related to the
improvements, Town's acceptance of the improvements and expiration of the specified Warranty
Period, and
WHEREAS, said SIA provides District may substitute a bond (for District Improvements
warranty period only, and
WHEREAS, District has requested approval to substitute a bond to provide security for the
Warranty Period and to make payments for completed construction work from the funds held as
retainage, allowing a reduction in the reserved funds to 110 % of the estimated cost to complete
all remaining improvements in the scope of the corresponding construction agreement.
Resolution No. 04-18 Retainage, Filing I V@A
Page I of 2
NOW, THEREFORE BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN
OF AVON, that the District, may upon the provision of a substitute security satisfactory to the
Town, in an amount equal to the total retainage stipulated in the Subdivision Improvements
Agreement, reduce funds reserved to meet the obligations of their construction agreement to
110 % of the estimated cost to complete all remaining improvements in the scope of that
construction agreement.
ADOPTED THIS
DAY OF 7 2004.
TOWN COUNCIL,
TOWN OF AVON, COLORADO
Albert D. Reynolds, ; yor
ATTEST:
4•t ° .j,
Patt) Mc, envy
Town Clerk
Resolution No. 04-18 Retainage, Filing 1 V@A
Page 2 of 2
Memo
To: Honorable Mayor and Town Council
Thru: Larry Brooks, Town Manager
From: Norman Wood, Town Engineer
Date: May 20, 2004
Re: Resolution No. 04-18, Series of 2004, A Resolution Approving a Partial Release
of Security Funds Held for Retainage on Work Completed in The Village (at Avon) Filing
1, on Improvements Installed and Constructed in Accordance with the Subdivision ,
Improvements Agreement
Summary: Traer Creek Metropolitan District (District) has requested approval
• for a partial release of funds reserved by the District as security to assure completion of the
public improvements being constructed in conformance to the Subdivision Improvements
Agreement (SIA). The SIA requires the District reserve funds equal to the required retainage
plus the estimated cost of all remaining improvements. The SIA requires that the retainage be
held by the District until all improvements are complete and accepted by the Town at the
completion of the Warranty Period. The SIA also allows the District to substitute collateral in
the form of a bond to provide the required security only during the Warranty Period.
Resolution 04-18 allows the District to reduce the reserved funds to 110 % of the estimated
cost of all remaining improvements with the provision of collateral satisfactory to the Town to
provide the required security throughout the stipulated warranty period.
A copy of the most recent Application for Payment approved for SEMA Construction, Inc. is
attached along with a copy of the most recent Corrective Issues List with cost estimates to
complete the corrective actions. Completed work, reserved funds, unfinished work, corrective
issues and estimated costs are summarized as follows along with projected funds available for
release with substitution of acceptable collateral to be held through the acceptance and
warranty period. Note this estimate is only for the SEMA Construction, Inc. portion of the
public improvements and does not apply to other contractors providing services to the District.
However, this demonstrates the management practice we would like to make available to the
District to apply to the remainder of The Village (at Avon) Filing 1 public improvement
construction contracts.
•
I.\Engineering\Avon Village\2.0 Filing 1\2.9 Conpletion\2.9.5 Security Deposit Release\Res 04-18 Partial Release-Menm.Doc
1
•
Current Contract Amount
Total Work Complete to Date
Payments Approved to Date
Retainage Held in Reserved Funds
Minimum Warranty Period Collateral (Bond)
to be provided by District prior to release of Retainage
Balance to Finish
Corrective Issues List - Estimated Cost
Total Cost Unfinished Work & Corrective Issues List
Minimum Reserved Funds per SIA 110 % Remaining Work
$ 16,415,708.78
$ 16,031,104:34
$ 15,210,318.90
$ 820,785.44
$ 820,785.44
$ 384,604.44
$ 229,838.00
$ 614,442.44
$ 675,886.68
Current Funds Reserved for Remaining Work & Warranty - . $ 1,205,389.88
Required Reserved Funds with Substitute Warranty Collateral $ 675,886.68
Funds Available for Release $ 529,503.20
We believe this is in conformance with the SIA and provides adequate security'to assure
completion of the public improvements.
Recommendation: We recommend approval of Resolution No. 04-18,
Series of 2004, A Resolution Approving a Partial Release of Security Funds Held for Retainage
on Work Completed in The Village (at Avon) Filing 1, on Improvements Installed and Constructed
in Accordance with the Subdivision Improvements* Agreement,
Proposed Motion: I move to approve Resolution No. 0418, Series of
2004, A Resolution Approving a Partial Release of Security Funds Held for Retainage on Work
Completed in The Village (at Avon) Filing 1, on Improvements Installed and Constructed in
Accordance with the Subdivision Improvements Agreement.
Town Manager Comments:
• Page 2
•
•
V
TOWN OF AVON
• RESOLUTION NO. 04-18
Series of 2004
A RESOLUTION APPROVING A PARTIAL RELEASE OF SECURITY FUNDS HELD
FOR RETAINAGE ON WORK COMPLETED IN THE VILLAGE (AT AVON) FILING
1, ON IMPROVEMENTS INSTALLED AND CONSTRUCTED IN ACCORDANCE
WITH THE SUBDIVISION IMPROVEMENTS AGREEMENT
WHEREAS, the Town of Avon (Town), Traer Creek LLC and Traer Creek Metropolitan
District (District) entered into a SUBDIVISION IMPROVEMENTS AGREEMENT (SIA) in
connection with the approval of the Final Plat for The Village (at Avon) Filing 1 Subdivision;
and
WHEREAS, said SIA established certain public improvements to be constructed in conjunction
with said subdivision; and
WHEREAS, said SIA established requirements for the reservation of funds held by District to
assure completion of the improvements and provide for warranty work in accordance with the
SIA; and
• WHEREAS, said SIA provides for the release of funds reserved by District, subject to Town
approval, to make partial payments to their contractors as construction of the improvements is
completed, and
WHEREAS, said SIA provides that funds reserved by the District for completion of public
improvements shall be no less than 110% of the estimated cost to complete all remaining
improvements, and
WHEREAS, said SIA provides that funds equal to the minimum retainage (5% of the total
contract amount) will be reserved by District pending completion of all work related to the
improvements, Town's acceptance of the improvements and expiration of the specified Warranty
Period, and
WHEREAS, said SIA provides District may substitute a bond (for District Improvements
warranty period only, and
WHEREAS, District has requested approval to substitute a bond to provide security for the
Warranty Period and to make payments for completed construction work from the funds held as
retainage, allowing a reduction in the reserved funds to 110 % of the estimated cost to complete
all remaining improvements in the scope of the corresponding construction agreement.
•
I:\Engineering\Avon Village\2.0 Filing 1\2.9 Completion\2.9.5 Security Deposit Release\Res 04-18 Partial
Release.doc
1)
s
NOW, THEREFORE BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN
OF AVON, that the District, may upon the provision of a substitute security satisfactory to the
Town, in an amount equal to the total retainage stipulated in the Subdivision Improvements
Agreement, reduce funds reserved to meet the obligations of their construction agreement to
110 % of the estimated cost to complete all remaining improvements in the scope of that
construction agreement: -
ADOPTED THIS DAY OF ; 2004.
TOWN COUNCIL
TOWN OF AVON, COLORADO
Albert D. Reynolds, Mayor
ATTEST:
•
Patty McKenny
Town Clerk
i
I:\Engineering\Avon Village~2.0 Filing 1\2.9 Completion\2.9.5 Security Deposit Release\Res 04-18 Partial
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