HomeMy WebLinkAboutDoc. 2009-181 - Caldera Springs Destination Resort Bond RiderDeschutes County Board of Commissioners
1300 NW Wall St., Suite 200, Bend, OR 97701 -1960
(541) 388 -6570 - Fax (541) 385 -3202 - www.deschutes.org
AGENDA REQUEST & STAFF REPORT
For Board Business Meeting of April 27, 2009
Please see directions for completing this document on the next page.
DATE: April 21, 2009
FROM: Will Groves CDD x6518
TITLE OF AGENDA ITEM:
Signature of Document No. 2009 -181, a Bond Rider to Implement Partial Bond Releases Previously
Approved by the Board under Document No. 2009 -042 for Caldera Springs Destination Resort. County
File Nos. IA -05 -7, IA- 05 -08, IA -06 -1, and IA- 06 -2).
PUBLIC HEARING ON THIS DATE? No.
BACKGROUND AND POLICY IMPLICATIONS:
Caldera Springs has bonded for required Destination Resort facilities. As these facilities are partially
completed, the Resort periodically requests adjustments to the bond to reflect the remaining cost to
complete and warranty required facilities, such as overnight units. On February 11, 2009 Board signed
Document 2009 -042, which approved the reduction of Bond No. 8835804 from $9,499,304 to
$8,840,225.40 based on the completion of required overnight units.
Document 2009 -042 did not include the actual bond rider to implement the approved reduction in
bonding. The bond rider has been provided by Caldera Springs and is ready for Board signature.
FISCAL IMPLICATIONS:
None,
RECOMMENDATION & ACTION REQUESTED:
Staff recommends that the Board approve and sign Document No. 2009 -181. .
ATTENDANCE: BOCC, Legal, Will Groves
DISTRIBUTION OF DOCUMENTS:
BOCC, Will Groves
STEVEN P. HULTBERG
OF COUNSEL
BALL JANIK LLP
A T T O R N E Y S
15 SW COLORADO, SUITE 3
BEND, OREGON 97702
www.balljanik.com
TELEPHONE 541- 617-1309
FACSIMILE 541- 617- 8824
March 31, 2009
Will Groves
Senior Planner
Deschutes County
Community Development Department
117 NW Lafayette Avenue
Bend, OR 97701
Re: Caldera Springs Real Estate LLC Bond.
Dear Will:
MAR 3 1 2009
is•y:
shultberg@balljanik.com
Enclosed is the Surety Rider related to Caldera Springs. Please have the
appropriate person at the County sign the Surety Rider where indicated and return it to Caldera
Springs in the enclosed envelope.
comments.
SPH:ljk
Enclosures
Thank you for your assistance in this matter. Please call with any questions or
Yours truly,
Ste" n P. tberg
Of Counsel
::ODMA \PCDOCS\PORTLAND \651420\
PORTLAND, OREGON
WASHINGTON, D.C. BEND, OREGON
REVIEWED
SURETY RIDER
LEGAL COUNSEL
To be attached to and form a part of:
Type of Bond: Subdivision bond
Bond No: 8835804
Executed By: Caldera Springs Real Estate, LLC
And By: Fidelity and Deposit Company of Maryland
In Favor of: County of Deschutes, OR
In consideration of the mutual agreements herein contained the Principal and the Surety hereby consent
to decreasing the bond amount:
From: Nine Million Four Hundred Ninety Nine Thousand Three Hundred Four and 20/100
($9,499,304.20)
To: Eight Million Eight Hundred Forty Thousand Two Hundred Twenty Five and 40/100
($8,840,225.40)
Nothing herein contained shall vary, alter or extend any provision or condition of this bond except as
herein expressly stated.
Signed, sealed and dated this 10th day of March , 2009.
BOARD OF COUNTY COMMISSIONERS
OF DESCHUTES COUNTY, OREGON
Accepted by Obligee:
TAMMY BANEY, CHAIR DATE
Fidelity and Deposit Company of Maryland
BY /Old AA / , /A
Kristine Mendez,
0C ®2009 -181