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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. 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