HomeMy WebLinkAboutR92-155 extension of SIA and LOC forOld Orchard Subdivisiont? Commissioner moved adoption of the following Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 92- AUTHORIZING THE EXTENSION OF THE SUBDIVISION IMPROVEMENTS AGREEMENT AND LETTER OF CREDIT NO. 1181 FOR OLD ORCHARD SUBDIVISION TO DECEMBER 31, 1992 WHEREAS, on or about April 9, 1991, pursuant to Section 30- 28 -137, C.R.S., the Board of County Commissioners of the County of Eagle, State of Colorado ( "Board ") entered into a Subdivision Improvements Agreement ( "Agreement ") with Mid - Valley Development Co. by H.L.M.S., Inc., a Colorado Corporation, (Morton A. Heller, Vice President of H.L.M.S., a Colorado corporation, General Partner of Mid- Valley Development Company) ( "Subdivider ") as a condition of final plat approval of River Ranch Subdivision; and WHEREAS, in order to guarantee the faithful completion of certain public improvements required under the Agreement, the Board accepted as collateral Irrevocable Standby Letter of Credit #1181, dated April 9, 1991, issued by Pitkin County Bank & trust Company; and WHEREAS, the Subdivider has by letter dated October 23, 1992, (Exhibit A) requested an extension on the Subdivision Improvements Agreement to December 31, 1992, and the County agrees to said extension, for the mutual benefit to be derived by said extension; and WHEREAS, the Subdivider has provided an extension on the Letter of Credit #1181, issued by Pitkin County Bank & Trust, to December 31, 1992, (Exhibit B) and the County agrees to said extension. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: THAT, the Board hereby authorize the extension of the Subdivision Improvements Agreement to December 31, 1992. d THAT, the Board hereby authorize the extension of Letter of Credit #1181 to December 31, 1992. MOVED, READ AND ADOPTED by the Board of Count Commissioners of the County of Eagle, State of Colorado, this day of NovembejZ, V 1992. ► %� ;%a1� COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its s BOARD OF COUNTY COMMISSIONERS E A s erk to the Board off County Commissioners By: Richard L. Gustafson, Chairman George . Gates, Commissioner Dona elch, Commissioner Commissioner /Awtk seconded adoption of the foregoing resolution. The roll having been called, the vote was as follows: Commissioner Richard L. Gustafson Ai eS_4t'7 ` Commissioner George A. Gates qq-// ., Commissioner Donald H. Welch1�� This Resolution passed by vote of the Board of County Commissioners of the County of Eagle, State of Colorado. Attachments 91 -21 orchard.ord U(_ 1 -;e 1b; Jb t XL 1 11U= t(Y I tK I H l Nl'ICI`i i I U x � 0 Charles B. Moss, Jr. Mid - Valley Development 225 North Mill Street Asper., CO 81611 tea. (303) 925-4554 October 23, 1992 Eagle County Board of Commissioners 540 Broadway P.O. Box 850 Eagle, CO 81631 REF: Old Orchard Plaza Subdivision Your File No. 91 -21 Dear Sirs: .L_)a ] [.=U I 1 . - This is a request for an extension of 60 days to December 31, 1992 for the Subdivision Improvements Agreement between Mid- Valley Development and the Eagle County Board of Commissioners dated April 91 1991 for the old Orchard Subdivision. Thank you. Sincerely, Charles B. Muss, Jr. Mid-Valley Development CBM, Jr. /Is EXHIbe"'ITA 0_! Gt "Je Ue_; ail M t'i i KIN WUN I Y tiHNK W November 9, 1992 BENEFICIARY: Board of County Commissioners County of Eagle State of Colorado 500 Broadway P.O.'Hox 850 Eagle, Co 81831 RE: AMENDKENT NO. 3 TO IRREVOCABLE LZTU OF CREDIT 81181 To Whom It May Concern: r.c The following is an amendment to our Irrevocable Standby Letter of Credit Number 1181 for the account of Mid - Valley Development Co. (Old Orchard Plaza Subdivision file no. 91 -21): 1. The maturity date is hereby extended to December 31, 1982. All other terms and conditions of the original Letter of Credit remain unchanged. Very truly yours, P I TK I N CO PM E LN-K & TRUST Thomas W. Gr f f it 7 Executive Vice P dent TWQ /s r . EXHIS T 8 534 E. HYMAN AVE. 9 POST OFFICE BOX 3677 + ASPEN, COLORADO 81612 • PHONE 303/925 -6700