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HomeMy WebLinkAboutR92-061 partial release of collateral for Summit Vista Phase IICommissioner ta )LA ek moved adoption of the following Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 92 - � L SECOND PARTIAL RELEASE OF COLLATERAL SUMMIT VISTA, PHASE II SUBDIVISION WHEREAS, on or about August 22, 1984, 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 Meldor Partnership ( "Sub- divider"); and WHEREAS, in order to guarantee the faithful completion of certain public improvements required under the Agreement, the Board took as collateral a Letter of Credit in the amount of $104,089.00, issued by the Alpine Bank of Basalt, Colorado, for the benefit of Eagle County; and WHEREAS, Irrevocable Letter of Credit No. 65 was amended by Resolution 91 -101 dated December 10, 1991 to the amount of $62,700.00 through a partial release of collateral; and WHEREAS, pursuant to Section 4 of the Agreement, the Sub- divider had applied for partial release of its collateral in the amount of $31,900.00. 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. 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 Alpine Bank of Basalt in the amount of $31,900.00 for performing obligations under the Agreement. THAT, the remainder of the money in the amount of $30,800.00 will be retained by the County as collateral to ensure the completion of work as described in the Memorandum dated May 29, 1992, authored by Larry Metternick, Eagle County Engineer, said Memorandum attached hereto as Exhibit. A. 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. MOVED, READ AND ADOPTED by the Board of County Commissioners of the County of Eagle, State of Colorado, at its regular meeting held the �/ day of June, 1992. COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOAS OF COUNTY COMMISSIONERS By: chard Lea! Gufitaf*", Chairman ge oK. Gates, Commissioner Donal H. Welc Commissioner County Commissioners M G C' Commissioner t,, 4-7. - e seconded adoption of the foregoing resolution. The roll having been called, the vote was as follows: Commissioner Richard L. Gustafso Commissioner George A. Gates -,_ Commissioner Donald H. Welch This Resolution passed by L4A y'gi/,`&4e2 S vote of the Board of County Commissioners of the County of Eagle, State of Colorado. 89 -39 -3- IE G C CORRECTED MEMORANDUM EAGLE COUNTY ENG =NEER =NG TO: Kevin Lindahl, County Attorney FROM: Larry Metternick, County Enginee DATE: May 29, 1992 Re: Summit Vista Subdivision This memorandum is to correct the figures of present collateral held and proposed collateral which were listed in my previous memorandum to you of this same date. The corrected figures are as follows: Possible 2 overlay Bike path - gravel & paving Landscaping offsite impacts (30 dwelling units total @ $1,000 each - to date have received $1,000 each for S.F. lots 7, 9, 14, 17, 18, 19, 41, 11, and 12, and $2,000 each for duplex lots 2, 3, and 4) Street lights 10% contingency Present Proposed $21,000 $ 0 $ 4,000 $ 4,000 $ 6,000 $ 6,000 $23,000 $15,000 $ 3,000 $ 3,000 $57,000 $28,000 $ 5,700 $ 2,800 _ $62,700 $30,800