HomeMy WebLinkAboutR92-064 fourth partial release of Blue Lake Filing 2Commissioner & J-- /QJA" moved adoption
of the following Resolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 92- �O 4
BLUE LAKE P.U.D, FILING NO. 2
FOURTH PARTIAL RELEASE OF COLLATERAL
WHEREAS, on or about August 9, 1989, 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 Vantex Enterprises, Inc., dba
Blue Lake Development Company ( "Subdivider ") as a condition of
final plat approval of Filing No. 2 of the Blue Lake Planned Unit
Development; 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. 8329388004-
1577808 issued by Bank One, Texas, Dallas, Texas, in the amount of
$778,400.00; and
WHEREAS, by Resolution No. 90 -11, the Board found that certain
of the public improvements required by said Agreement were
complete, and authorized a reduction in collateral to $333,800.00;
and
WHEREAS, by Resolution No. 90 -71, the Board found that the
Subdivider had completed further improvements, and authorized an
additional reduction in collateral to $52,825.00; and
WHEREAS, by Resolution No. 90 -79, the Board found that the
Subdivider had completed further improvements, and authorized an
additional reduction in collateral to $22,675.00; and
WHEREAS, the Subdivider has represented to the Board, and
members of the County staff have corroborated the Subdivider's
representations, that the landscaping improvements warranty
required under the Agreement have been satisfactorily completed;
and
WHEREAS, the Subdivider ha
collateral except for the ten
County staff for the remaining
the Agreement.
applied for a full release of its
percent retainage recommended by
street warranty period required by
BASED UPON the oral and written recommendations of the Eagle
County Department of Engineering, the Board finds that the
improvements required by the Agreement are complete, and a release
of the collateral, except for a retainage to collateralize the
remaining street improvements warranty period, is appropriate.
l
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 partial release of
collateral in the amount of $3,350.00, thereby reducing the
collateral to $19,325.00, which represents the ten percent
retainage for four -year warranty for street improvements, of which
two years remain.
THAT, the release of collateral granted hereby does not in
any way abrogate the rights of the Board in enforcing the Sub -
divider's performance of its outstanding obligations under the
Agreement.
MOVED, READ AND ADOPTED by the Board
of the County of Eagle, State of Colorado
of County Commissioners
, this ( day of
COUNTY OF EAGLE, STATE OF
COLORA O, By and Through Its
BOAPZ OF COUNTY COMMISSIONERS
By:
s
tes, Commiss
.. Donald . Welch, Commissioner
Commissioner -G _ seconded adoption of the
foregoing resolution ' --- TFie °r'bl - Z' - 'having been called, the vote was
as follows:
s
Commissioner Donald H ,,r- We- 1 -ch-_ -
Commissioner George A. Gates
Commissioner Richard L. Giis�afsori +ffi _- ;
This Resolution passed by vote of the Board of
County Commissioners of the County of Eagle, State of Colorado.
#84 -33 cc
-2-
County Commissioners
