No preview available
HomeMy WebLinkAboutR92-111 release of collateral for Valley Business Centerjp� I - 4 0 C Commissioner e�-�°� moved adoption of the following Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 92- VALLEY BUSINESS CENTER RELEASE OF COLLATERAL WHEREAS, on or about September 26, 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 Improvements Agreement ( "Agreement ") with Robert P. Gillman, doing business as Sunset Properties ( "Subdivider ") as a condition of final plat approval of Valley Business Center; 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. 1155 issued by Pitkin County Bank & Trust in the amount of $74,204.00; and WHEREAS, by Resolution No. 90 -30, the Board found that certain of the public improvements required by said Agreement were complete, and authorized a reduction in collateral to $45,344; and WHEREAS, by Resolution No. 90 -100, dated October 2, 1990, the Board found that the Subdivider had completed improvements, and authorized an additional reduction in collateral to $3,374.00 for the two -year warranty period; and WHEREAS, the Subdivider has represented to the Board, and members of the County staff have corroborated the Subdivider's representations, that no workmanship or materials failures exist and the warranty period required under the Agreement has been satisfactorily completed; and WHEREAS, the Subdivider has applied for a full release of its collateral in the amount of $3,374.00. BASED UPON the oral and written recommendations of the Eagle County Department of Engineering, the Board finds that the two -year warranty period required by the Agreement is satisfactorily completed, and a full release of the collateral, is appropriate. 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 full release of collateral in the amount of $3,374.00. MOVED, READ AND ADOPTED by the Board of County Commissioners of the County of Eagle, State of Colorado, this day of S 1992. lerk to the Board 'of County Commissioners By: COUNTY OF EAGLE, STATE OF COLORADO, By a Th rough Its Donald H. Welch, Commissioner Commissioner r,(,�� `d/t� seconded - adoption of the foregoing resolution. The roll having -been call.ed';_the vote was as follows: Commissioner Donald H. Welch Commissioner George A. Gates Commissioner Richard L. Gustafson This Resolution passed by 9P vote of the Board of County Commissioners of the County of;Eagle, 'State of Colorado. #89 -16 nl 2.- " �- � ! � f-- 2 & & � ±'� George . Gates, Commissioner