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HomeMy WebLinkAboutR92-145 release/substitution for Squaw Creek Road - CordilleraCommissioner a of the following Resolution: moved adoption BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 92 -1VS RELEASE and SUBSTITUTION of COLLATERAL Permit to Construct Within the Right -of -Way CORDILLERA SUBDIVISION: SQUAW CREEK ROAD WHEREAS, on or about May 4, 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 an Agreement with Kensington Partners ( "Applicant ") concerning Permit to Construct Within the Public Way of Eagle County No. 1537; said Permit Agreement is recorded at Book 580, Page 387, in the records of the Eagle County Clerk and Recorder; and WHEREAS, in order to guarantee the faithful completion of certain public improvements required under the Permit Agreement, the Board accepted as collateral Irrevocable Letter of Credit No. S8397259 issued by BHF -Bank, New York City, in the amount of $215,000.00; and WHEREAS, Applicant has represented that the work required by the Permit Agreement has been completed. Applicant further requests that the Board accept Performance, Materials and Payment Bonds - written by The Talbert Corporation in favor of B & B Excavating, Inc., in the amount of $1,364,416 - as collateral for the two -year warranty period required by the Permit Agreement; and WHEREAS, staff of the County Engineering Department have inspected the work, and confirm Applicant's assertion that the work is substantially complete. WHEREFORE, Based upon the oral and written recommendations of the County staff, THE BOARD FINDS that the improvements constructed to Squaw Creek Road required by County Permit No. 1537 and the related Permit Agreement are substantially complete. The Board further finds that such bonds as are contemplated by Applicant are appropriate collateral for the two -year warranty period, provided that Eagle County is named as Additional Insured. C, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: THAT, upon the receipt of appropriate Performance, Materials and Payment Bonds that are satisfactory to the County Attorney, Irrevocable Letter of Credit No. S8397259 issued by BHF -Bank shall be released in its entirety. THAT, the release of collateral approved hereby shall not in any way abrogate the rights of the Board in enforcing the Appli- cant's performance of the obligations remaining under the Permit Agreement. MOVED, READ AND ADOPTED by the Board of CountV Commissioners of County of Eagle, State of Colorado, this day of 992. COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOARD OF COUNTY COMMISSIONERS 0 By: f�5� Clerk to the_oard off Richard L. Gustafson, Chairman County Commissioners George/A. Gates, Commissioner Donald H. Welch, Commissioner Commissioner % seconded adoption of the foregoing resolution. The roll having been called, the vote was as follows: Commissioner Richard' L. Gustafson' Commissioner George A. -. Gates c2-- Commissioner Donald H. Welch �¢l This Resolution passed by �R vote of the Board of County Commissioners of the County of Eagle, State of Colorado. Road Cut 1537 #87 -84