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HomeMy WebLinkAboutR92-051 release of collateral for Basalt Industrial Park Filing 2Commissioner �T�S moved adoption of the following Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 92- 5 IN RE BASALT INDUSTRIAL PARK, FILING 2: FINDING THAT IMPROVEMENTS ARE SATISFACTORILY COMPLETED, AND AUTHORIZING RELEASE OF COLLATERAL WHEREAS, on or about March 8, 1988, as a condition of final plat approval for Basalt Industrial Park, Filing No. 2, the Basalt Trade Associates ( "Subdivider ") pursuant to Section 30 -28- 137, C.R.S., entered into a Subdivision Improvements Agreement ( "Agreement ") with the Board of County Commissioners of the County of Eagle, State of Colorado ( "Board "); and WHEREAS, in order to guarantee the faithful completion of certain public improvements required under the Agreement, the Board has retained as collateral Irrevocable Letter of Credit No. 60 -A issued by Alpine Bank, Basalt, in the amount of $6,000.00; and WHEREAS, on May 29, 1990, the Board of County Commis- sioners granted a partial release of collateral, Resolution No. 90 -58, retaining $3,325.00 to collateralize the two -year warranty period pursuant to Section 3.4 of the Agreement. WHEREAS, staff of the County Engineering Department have inspected the subject improvements, and have found them to be satisfactorily completed and observed no workmanship or materials failures; and WHEREAS, staff of the County Engineering Department recommends that Subdivider's collateral should be released in its entirety. THEREFORE, BASED UPON the oral and written recommen- dations of the Department of Engineering, the Board finds that the improvements required by the Agreement have been satisfied, and a release of the collateral held by the Board is warranted. r NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: THAT, the Board hereby authorizes the release of Amended Irrevocable Letter of Credit No. 60 -A, issued by Alpine Bank, Basalt. THAT, the release of collateral granted hereby does 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. 2 By: Clerk to the Board of County Commissioners Commissioner 6 t LL foregoing resolution. The roll as follows: Commissioner Donald H. Commissioner George A. Commissioner Richard L. COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOARD OF COUNTY COMMISSIONERS 14 6 -S j f,7 i /" Richard L. Gustafson, Chairman �2z GeorgW�G Gates, commissioner Donald H. Welch, -- Commissioner _ seconded adoption of- the having been called, the.vote was �. Welch Gates �4 -- Gustafson This Resolution passed by ,2`�-8i vote of the Board of County Commissioners of the County of Eagle, State of Colorado. -2-