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HomeMy WebLinkAboutR92-060 draw on The Reserve on the Eagle RiverE C' Commissioner )-, /ck moved adoption of the following Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 92- ACCEPTING CERTAIN IMPROVEMENTS IN RE THE RESERVE ON THE EAGLE RIVER SUBDIVISION, AND AUTHORIZING PARTIAL RELEASE OF COLLATERAL WHEREAS, on or about June 26, 1988, Commissioners of the County of Eagle, (hereinafter "the Board "), entered into Assignment of Subdivision Improvements Agre The Reserve on the Eagle River Subdivision & H Development Company, Inc. ( "Subdivider" and the Board of County State of Colorado an Amendment of and ement ( "Agreement ") on ( "Subdivision ") with M ) among other parties; WHEREAS, in order to guarantee the faithful completion of certain public improvements required under the Agreement, the Board accepted as collateral Subdivider's Irrevocable Letter of Credit No. 8422745 issued by lst Bank of Avon in the amount of $136,100.00; and WHEREAS, Irrevocable Letter of Credit No. 8422745 was amended by Resolution 91 -48 accepting certain improvements in the Reserve on the Eagle River Subdivision and authorizing partial release of collateral to $111,100.00; and WHEREAS, said Letter of Credit expires June 14, 1992; and the Subdivision Improvements Agreement will expire December 31, 1993; and t C) x WHEREAS, the Subdivider has applied for a partial release of its collateral in the amount of $1,300.00; and BASED upon the written recommendations of the Department of Engineering, the Board finds that the work required under the Agreement is partially complete, and that a reduction of collateral is warranted. WHEREAS, Subdivider represents that prior to the expiration of the collateral which is the subject of this resolution, it will have completed additional improvements, and intends to have the additional work inspected by the County Engineer. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: THAT, based upon the 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. THAT, the Board hereby authorizes the partial release of collateral issued by lst Bank of Avon in the amount of $1,300 for performing obligations under the Agreement. THAT, the remainder of the money for the amount of $110,800.00 will be retained by the County as collateral to ensure the completion of work as described in the Subdivision Improvements Agreement dated June 26, 1988. THAT, Kevin Lindahl, as Eagle County Attorney, be and is hereby granted the authority to further reduce the collateral upon the recommendation of the County Engineer, should Subdivider satisfactorily complete the additional work as indicated above. 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 their outstanding obligations under the Agreement. El G MOVED, READ AND ADOPTED by the Board of County Commis- sioners of the County of Eagle, State of Colorado, at its regular meeting held the day of June, 1992. lerk to the Board 6f County Commissioners By: irman { Donald H. Welch, Commissioner k £ Commissioner adoption of the foregoing resolution. The roll'having „been called, the vote was as follows: Commissioner Richard L. Gusfatson Commissioner George A. Gates p, Commissioner Donald H. Welch This Resolution passed by vote of the Board of County Commissioners of the County of Eagle, State of Colorado. 82 -331 M &H2.re1 COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its -3- George /A. Gates, Commissioner