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HomeMy WebLinkAboutR92-058 partial release of collateral for Blue Lake Filing 3Commissioner moved adoption of the following Resolution: BOARD OF COUNTY COI S S I OI�tE - ERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 92 - ILE IN RE BLUE LAKE P.U.D, FILING NO. 3: FINDING THAT IMPROVEMENTS ARE COMPLETE, AND AUTHORIZING PARTIAL RELEASE OF COLLATERAL WHEREAS, on or about September 26, 1989, as a condition of final plat approval for Filing No. 3 of the Blue Lake Planned Unit Development, Blue Lake Development Company ( "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 accepted as collateral Irrevocable Letter of Credit No. 63 issued by Alpine Bank, Basalt, in the amount of $100,400.00; and WHEREAS, Irrevocable Letter of Credit No. 63 was amended by Resolution 90 -63 dated June 4, 1990 to the amount of $1,480 through a partial release of collateral; and WHEREAS, the Subdiv2ider has represented to the Board, and members of the County staff have corroborated the Subdivider's representations, that improvements required under the Agreement have been satisfactorily completed; and WHEREAS, the Subdivider has requested and the County Department of Engineering has recommended that Subdivider's collateral be released in its entirety. 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 satisfied, and a release of 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 authorizes the release of Letter of Credit No. 63, issued by Alpine Bank, Basalt, in the amount of $1,480.00. 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 Com;nis- sioners of the County of Eagle, State of Colorado, this day of June, 1992. la COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOARD COUNTY COMMISSIONERS s By�: lerk to the Board - o County Commissioners Commissioner Donal H. Welch, Commissioner Commissioner a fi-r seconded adoption of the foregoing resolution. The roll having been called, the vote was as follows: Commissioner Richard L. Gustafson GPs Commissioner George A. Gates �- Commissioner Donald H. Welch This Resolution passed by ag, ” 11 " 41.t < vote of the Board of County Commissioners of the County of Eagle, State of Colorado. #84 -33 -2-