HomeMy WebLinkAboutR92-101 substitute collateral for Creamery Gulch Ranch4 >.
1
Commissioner �"/ moved adoption
of the following Resolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
r
RESOLUTION NO. 92 - 10 t
c; r; ACCEPTING SUBSTITUTE COLLATERAL,
DELETING PLAT RESTRICTIONS, and
ACCEPTING SUBSTITUTE COLLATERAL'
for
"THE FINAL PLAT OF A RESUBDIVISION OF LOT 3
and
w "A RESUBDIVISION OF TRACTS C and X"
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CREAMERY GULCH RANCH
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WHEREAS, on June 23, 1992, Frank J. Lynch, (hereinafter
"Developer "), entered into a Subdivision Improvements Agreement
with the County of Eagle, State of Colorado, by and through its
Board of County Commissioners ( "the Board "), as a condition of
the Board's approval of the Final Plat of A Resubdivision of
Lot 3, Creamery Gulch Ranch (said Agreement and plat are recorded
in the records of the Eagle County Clerk and Recorder at Book
583, Page 275, and at Book 583, Page 585, respectively); and
WHEREAS, on September 15, 1992, Developer entered into a
second Subdivision Improvements Agreement as condition of the
Board's approval of the Final Plat of A Resubdivision of Tracts C
and X, Creamery Gulch Ranch (File No. PD- 231- 92 -F2); and
WHEREAS, the respective Subdivision Improvements Agreements
( "Agreements ") are also known as Phase I and Phase II of the work
collateralized by said respective Agreements; and
WHEREAS, the cost estimated to be sufficient to complete the
improvements required by the Agreements is as follows:
Phase I
Phase II
TOTAL
$439,191.97
176,255.72
$615,447.69
WHEREAS, pursuant to the Agreements, Developer
security and collateral to guarantee the completion
required improvements in the form of a plat note on
Plat for Phase I and on the Final Plat for Phase II
the sale or conveyance of any tract or lot within t
Resubdivisions until the improvements are complete;
provided
of the
the Final
prohibiting
e respective
and
G
WHEREAS, pursuant to the Agreements, collateral may be
substituted in accordance with the terms of the respective
Agreements; and
WHEREAS, in consideration of the provision of substitute
collateral in the form of five irrevocable letters of credit
totaling $500,000.00, Developer seeks the removal of the plat
restriction from each of the Final Plats; and
WHEREAS, Developer represents, and County Staff have corrob-
orated Developer's representations, that certain of the improve-
ments have been completed in Phase I and Phase II, with a com-
bined value of $319,572.00; and
WHEREAS, Developer further seeks a release of collateral in
said amount.
WHEREFORE, the Board finds as follows:
1. THAT, Irrevocable Letters of Credit Numbers 874 - 1050 -A,
874 - 1050 -B, 874 - 1050 -C, 874 - 1050 -D, and 874 - 1050 -E, issued by 1st
Bank of Vail, each in the amount of $100,000.00, are deemed to be
sufficient and in the proper form to guarantee Developer's
performance of the work under the Agreements for Phase I and
Phase II of the project, considering that certain of the improve-
ments are complete.
2. THAT, certain of the improvements within Phase I and
Phase II have been completed as represented, and a partial
release of collateral is appropriate.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO:
THAT, Letters of Credit Numbers 874 - 1050 -A and 874 - 1050 -B,
totaling $200,000, be and are hereby released, leaving a total
combined collateral for Phase I and Phase II of $300,000.
THAT, deletion of the plat restriction on the Final Plat of
A Resubdivision of Tracts C and X, Creamery Gulch Ranch, is
appropriate, and said plat note is hereby released.
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Clerk to the Board
THAT, deletion of the plat restriction on the Final
Plat of the Resubdivision of Lot 3, Creamery Gulch Ranch, is
appropriate, and said plat note is hereby released.
THAT, the deletion of said plat restrictiors shall not
in any way be construed as releasing Developer from the obliga-
tions and agreements set forth in the Agreemenis; nor shall said
deletion abrogate the rights of the Board in enforcing Devel-
oper's satisfactory performance of its outstanding obligations
under the Agreements.
MOVED, READ AND ADOPTED by the Board of County Commis-
sioners of the County of Eagle, State of Colorado, at its regular
mee.tina held the day of September, 1992.
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through its
BOARD OF COUNTY COMMISSIONERS
By:
Richard L. Gustafson, Chairman
Donald We ch, Commi sioner
and Chairman Pro Tem
Georg A. Gates, Commissioner
Commissioner
foregoing Resolution.
as follows:
NAAk seconded adoption of the
The roll having been called, the vote was
Commissioner George A. Gates
Commissioner Donald H. Welch
Commissioner Richard L. Gustafson
This Resolution passed by vote of the
Board of County Commissioners of the County of Eagle, State of
Colorado.
67- 112 -af
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