HomeMy WebLinkAboutR92-144 - second release of collateral and estension of completion date for Aspen Mountain/Summit/Oakridge IIIM
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Commissioner d moved adoption
of the following Resolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 92 -�
SECOND PARTIAL RELEASE OF COLLATERAL and
EXTENSION of COMPLETION DATE for
OFF -SITE IMPROVEMENTS
ASPEN MOUNTAIN VIEW, THE SUMMIT, and
OAKRIDGE III
WHEREAS, on or about October 1, 1990, pursuant to C.R.S. 30-
28 -137, the Board of County Commissioners of the County of Eagle,
State of Colorado ( "Board ") entered into a Subdivision Improve-
ments Agreement ( "Agreement ") with Summit View, Inc. ( "Sub-
divider") as a condition of final plat approval of Aspen Mountain
View, The Summit and Oakridge III; and
WHEREAS, in order to guarantee the faithful completion of
certain public improvements required under the Agreement, the
Board accepted as collateral Irrevocable Letter of Credit No.
1176 issued by Pitkin County Bank & Trust Company, in the amount
of $293,138.92; and
WHEREAS, by Resolution No. 91 -81, the Board authorized the
partial release of collateral in the amount of $173,135.06,
thereby reducing the collateral to $38,284.86 for On -Site
subdivision improvements, and $81,719.00 for Off -Site (Upper
Cattle Creek Road) improvements.
WHEREAS, by letter dated October 5, 1992, Subdivider
requested an extension of one year, or until October 31, 1993, to
complete the Off -Site work on Upper Cattle Creek Road, due to the
conclusion of the current construction season; and
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WHEREAS, staff of the
inspected the subdivision,
provements are substantial
collateral for the On -Site
(10°x) of the original cost
$21,141.99); and
County Engineering Department have
and represent that the On -Site im-
ly complete, and recommend that the
improvements be reduced to ten percent
of the On -Site improvements (to
WHEREAS, by Amendment to the Agreement dated January 14,
1991, Subdivider agreed that the Board shall retain the full
amount of the collateral for the Off -Site Improvements
($81,719.00), in lieu of a Materials and Payment Bond, until the
time specified in said Amendment.
Based upon the oral and written recommendations of the
County staff, THE BOARD FINDS that the On -Site Improvements have
been substantially completed, and that a second partial reduction
in collateral is appropriate.
THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO:
THAT, that portion of the collateral attributed to On -Site
improvements shall be reduced to $21,141.99 for the two -year
warranty period required by the Agreement.
THAT, the Board shall also retain $81,719.00 for Off -site
improvements (Upper Cattle Creek Road) in lieu of the Material
and Payment Bond described above.
THAT, the Agreement (as previously amended) shall be amended
to extend the Off -Site improvements completion date to
October 31, 1993, the Chairman of the Board being hereby author-
ized to execute said Amendment on behalf of the Board.
THAT, the partial release of collateral and second amendment
to the Agreement approved hereby shall not in any way abrogate
the rights of the Board in enforcing the Subdivider's performance
of the remaining obligations under the Agreement.
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MOVED, READ AND ADOPTED by the Board of County Commissioners
of the County of Eagle, State of Colorado, this �c day of
October, 1992.
County Commissioners
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
BOARD OF COUNTY COMMISSIONERS
By:
Richard L. Gustafson, Chairman
Ge&rgeA. Gates, Commissioner
Donald . Welch, Commissioner
Commissioner 4itJ Q& seconded adoption of the
foregoing resolution. The roll having been called, the vote was
as follows:
Commissioner Richard L. Gustafson 04�`i/'--
Commissioner George A. Gates zq-lt -P'
Commissioner Donald H. Welch
This Resolution passed by RG� vote of the Board of
County Commissioners of the County of Eagle, State of Colorado.
aspmt2.rel #82 -237
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