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HomeMy WebLinkAboutR92-040 partial release for Old Orchard Plazar �= c- Commissioner Q fT_—' S moved adoption of the following Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 92- -V AUTHORIZING THE PARTIAL RELEASE OF COLLATERAL OLD ORCHARD PLAZA SUBDIVISION (A RESUBDIVISION OF LOTS 2 AND 3, OLD ORCHARD SUBDIVISION) WHEREAS, on or about April 9, 1991, pursuant to Section 30 -28 -137, C.R.S., the Board of County Commissioners of the County of Eagle, State of Colorado ( "Board ") entered into a Subdivision Improvements Agreement ( "Agreement ") with Mid - Valley Development Co. by H.L.M.S., Inc., a Colorado Corporation, (Morton A. Heller, Vice President of H.L.M.S., Inc., a Colorado corporation, General Partner of Mid - Valley Development Company) ( "Subdivider ") as a condition of final plat approval of River Ranch Subdivision; and WHEREAS, in order to guarantee the faithful completion of certain public improvements required under the Agreement, the Board accepted as collateral Irrevocable Standby Letter of Credit #1181, dated April 9, 1991, issued by Pitkin County Bank & Trust Company. WHEREAS, the Subdivider has represented to the Board, and the Eagle County Engineering Department have corroborated the Subdivider's representations, that a portion of the public improve- ments required under the Agreement have been satisfactorily completed; and WHEREAS, the Subdivider has applied for the partial release of Irrevocable Standby Letter of Credit No. 1181 in the amount of $15,000.00. Based upon the oral and written recommendations of the Department of Engineering, THE BOARD FINDS that the Subdivider's obligations under the Agreement have been partially satisfied, and a reduction in the collateral held by the Board is warranted. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: THAT, the Board hereby authorize the release of col- lateral in the amount of $15,000.00, thereby reducing the col- lateral to $14,290.00. THAT, the partial release of collateral granted hereby shall not in any way abrogate the rights of the Board in enforcing the Subdivider's performance of its outstanding obligations under the Agreement. MOVED, READ AND ADOPTED by the Board of County Commis- sioners of the County of Eagle, State of Colorado, this�` --" day of April, 1992. COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOARD COUNTY COMMISSIONERS County Commissioners By: Rill Gird L ViOu Chairman George . Gates, Commissioner Dona d � HW � elch � ,Co m� miss ­ ioner Commissioner t,).e,1 QL seconded adoption of the foregoing resolution. The roll having been called, the vote was as follows: Commissioner Richard L. Gustafson Commissioner George A. Gates Commissioner Donald H. Welch This Resolution passed by Cd ys)4 k)r 44&{S vote of - the Board of County Commissioners of the County of Eagle, State­-of-Colorado- #91 -21 -2-