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HomeMy WebLinkAboutR92-150 partial rleease/substitute collateral for Squaw Creek RoadC) Commissioner a moved adoption of the following Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 92 ,D AUTHORIZING the THIRD PARTIAL RELEASE of COLLATERAL and ACCEPTING SUBSTITUTE COLLATERAL for WARRANTY PERIOD CORDILLERA FILING 3, SQUAW CREEK ROAD WHEREAS, on or about August 27, 1991, 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 Kensington Land Investment Partners (now known as "Kensington Partners ") ( "Subdivider ") as a condition of final plat approval of Cordillera Filing 3, Squaw Creek Road; and WHEREAS, in order to guarantee the faithful completion of certain public improvements required under the Agreement, the Board accepted as collateral a cash deposit in the amount of $639,232.20, which was held by the Eagle County Treasurer; and WHEREAS, on or about October 8, 1991, Subdivider applied for a partial release for Squaw Creek Road, and the Board complied by releasing $419,036.20, by Resolution No. 91 -80; and WHEREAS, on or about November 12, 1991, Subdivider applied for a second partial release, and the Board complied by releasing an additional $136,273.00, by Resolution No. 91 -84, thereby reducing the collateral for Squaw Creek Road to $83,923.00; and WHEREAS, Applicant has represented that the work required by the Agreement is now substantially complete, and requests an additional release of collateral; and WHEREAS, Applicant further requests that the Board accept the following Bonds in lieu of cash collateral for the two -year warranty period required by the Agreement: a • � �7 a. Performance and Labor and Material Payment Bonds - written by Employer's Mutual Casualty Company in favor of Bogue Construction, Inc., in the amount of $572,232.30 - as collateral for the first year of the two -year warranty period required by the Agreement; and b. Maintenance Bond in the amount of $62,777.71 - also written by Employers Mutual Casualty Company in favor of Bogue Construction - as collateral for the second year of the required warranty period. Based upon the oral recommendation of the Department of Engineering, THE BOARD FINDS that the Subdivider's obligations under the Agreement have been substantially satisfied, and a reduction in'the collateral held by the Board is warranted. The Board further finds that the Bonds offered by Subdivider are appropriate collateral for the two -year warranty period, provided that each of the Bonds have a Dual Obligee Rider naming Eagle County as an additional Obligee. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: THAT, upon the receipt of appropriate Dual Obligee Riders to the proposed Performance, Materials and Payment, and Maintenance Bonds that are satisfactory to the County Attorney, the remaining cash collateral for the improvements set forth in the Agreement, in the amount of $83,923.00, shall be released. THAT, upon notification by the Eagle County Attorney, the Eagle County Treasurer is hereby requested and directed to issue a warrant in the amount of $83,923.00, plus any remaining interest which may have accrued, to the Subdivider. THAT, the release of collateral granted hereby and acceptance of the Bonds described herein shall not in any way abrogate the rights of the Board in enforcing the Subdivider's performance of its outstanding obligations under the Agreement. -2- MOVED, READ AND ADOPTED by the Board of Count Commissioners of the County of Eagle, State of Colorado, this _ day of County Commissioners COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOARD OF COUNTY COMMISSIONERS By: 4-k!5 -e Richard L. Gustafson, Chairman Donald H. Welch, Commissioner and Chairman Pro Tem A. George A. Gates, Commissioner Commissioner -e'/ CL seconded adoption of the foregoing resolution. The roll have been called, the vote was as follows: Commissioner George A. Gates Commissioner Donald H. Welch _ Commissioner ,Richard L. Gustafson ' This Resoiution passed by vote of the Board of County Commis-sioners of the County of Eagle, State of Colorado. 87 -84 -3-