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HomeMy WebLinkAboutR92-113 partial release for Harmony View - KoskiCommissioner 0fi-7 rte' , moved adoption of the following Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 92- 3 PARTIAL RELEASE OF COLLATERAL KIP KOSKI AND WENDY KOSKI HARMONY VIEW SUBDIVISION WHEREAS, on or about January 7, 1992, 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 Kip Koski and Wendy Koski (hereinafter "Subdivider") as a condition of final plat approval of Harmony View Subdivision; 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. 10065 issued by Bank of Aspen, Aspen, Colorado, in the amount of $40,000.00; and WHEREAS, the Subdivider has represented to the Board, and members of the County staff have corroborated the Subdivider's representations, the work to be performed under the Agreement has been satisfactorily completed; and WHEREAS, the Subdivider has applied for a full release of its collateral in the amount of $40,000.00; WHEREAS, the members of the County staff have recommended that the County retain the customary 10% as collateral for the two -year correction period for the maintenance of the water system. BASED UPON the oral and written recommendations of the Eagle County Department of Engineering, the Board finds that the work required by the Agreement is satisfactorily completed, 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 $36,000, thereby reducing the collateral to $4,000, which represents the 10% retainage for the two year warranty period. C) C,'� 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 County CDmm issioners the County of Eagle, State of Colorado, this � day of fir, 1992. COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its £ BOARD COUNTY COMMISSIONERS � o 'OLDS `9 1' By: Clerk to the Board o 4hd L. G fson, Chairma County Commissioners George A- Gates, Commissioner Donald H. Welch, Commissioner Commissioner (,J seconded adoption of the foregoing resolution. The roll having been called, the vote was as follows: Commissioner Donald H. Welch Commissioner George A. Gates --,-� Commissioner Richard L. Gustafson - - -� This Resolution passed by , "q c vote of the Board of County Commissioners of the ounty of Eagle, State of Colorado. Harmony.fnl #91 -65 cc -2-