HomeMy WebLinkAboutR92-112 Blue Lake partial release of collateral Filing 4rl �:
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Commissioner ��-�S moved adoption
of the following Resolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 92- ll�e—
BLUE LAKE P.U.D, FILING NO. 4
PARTIAL RELEASE OF COLLATERAL
WHEREAS, on or about November 30, 1991, pursuant to C.R.S. 3 0-
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. 4 I 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. 1197 issued
by Pitkin County Bank & Trust Co., Aspen, Colorado, in the amount
of $1,079,903.00; and
WHEREAS, the Subdivider has represented to the Board, and
members of the County staff have corroborated the Subdivider's
representations, that the improvements required under the Agreement
have been partially completed. (see Exhibit A attached hereto and
incorporated herein); and
WHEREAS, the Subdivider has applied for a partial release of
its collateral in the amount of $407,739.00 thereby reducing the
collateral to $672,164.00, which represents the amount retained
for improvements not completed.
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 partially complete, and
a partial 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 partial release of
collateral in the amount of $407,739.00, thereby reducing the
collateral to $672,164.00, which represents the incomplete work.
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THAT, the release of collateral granted hereby does not in any
way abrogate the rights of the Board in enforcing the Subdivider's
performance of its outstanding obligations under the Agreement.
MOVED, READ AND ADOPTED by the Board of County Commissioners
of the County of Eagle, State of Colorado, this � day of
September, 1992.
0
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COUNTYYOF EAGLE, STATE OF
COLC'P , By and Through Its
BO AR O F` COUNTY COMMISSIONERS
I By:
Clerk to the Board bf �i&haird L
County Commissioners
. Gates, Commissioner
Donald H. Welch, Commissioner
Commissioner � l;�,; '-e - d'� seconded adoption of the
foregoing resolution. The roll having been called, the vote was
as follows:
Commissioner Donald H. Welch�jci�
Commissioner George A. Gates y
Commissioner Richard L. Gustafson Z!U �--
This Resolution passed by g z&-Z� vote of the Board of
County Commissioners of the County of Eagle, State of Colorado.
BWLA4.red #84 -33 nl
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antex e e pri" ses, Inc. 1825 Mockingbird Lane Dallas, Texas 75235 214/630 -6851
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E.J.CHUPIK ^_ t
President and Y
Chief Executive Officer — — - —
June 11, 1992
Mr. Paul Clarkson
Eagle County
Board of County Commissioners
P.O. Box 850
Eagle, CO. 21631
Dear Paul:
Enclosed you will find the following information pertaining to
Blue Lake Filing IV in El Jebel, Colorado. The estimated
costs are as follows:
Site Work, Streets, Drainage,
Water Lines, Sewer Lines, Utilities
(Clem Hughes Contract)
Gas
Electric
Telephone
Landscaping
10% Contingency
We have made the following payments:
Site Work, Streets, Drainage,
Water Lines, Sewer Lines, Utilities
(Clem Hughes Contract)
Gas
Electric
Telephone
Landscaping
Oil and Gas Producers • Real Estate Developers • Retail Marketing
PYWTRTT A
Estimated Costs
$755,730
16,000
90,000
20,000
100,000
$981,730
98,173
$1,079,903
Actual Payments
$302,872
14,800
65,000
25,067
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$4.07,739
