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HomeMy WebLinkAboutR92-157 release of collateral for Cordillera Filings 1 and 2Commissioner (2 A'7�-S moved adoption of the following Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 92 - CORDILLERA SUBDIVISION Filing 1 and Filing 2 PARTIAL RELEASE OF COLLATERAL WHEREAS, pursuant to C.R.S. 30 -28 -237, the Board of County Commissioners of the County of Eagle, State of Colorado ( "Board ") did, on or about September 28, 1987, enter into a Subdivision and Off -Site Improvements Agreement ( "Improvements Agreement ") with Kensington Land Investment Partners - now doing business as "Kensington Partners" - ( "Subdivider ") for Cordillera Subdivision, Filings 1 and 2; and WHEREAS, in order to guarantee the faithful completion of certain public improvements required under the Improvements Agreement, the Board took as collateral, money in the amount of $692,000, deposited in an Escrow Account, held by Thatcher Bank of Salida assigned to the Board of County Commissioners of Eagle, State of Colorado; and WHEREAS, by Resolutions 88 -61, 88 -131, and 89 -80, the Board authorized certain partial releases and substitution of the above referenced collateral. The present collateral is in the form of Certificates of Deposit, automatically renewable, at the Vail National Bank, in the following original amounts: #804202 #804204 $ 182,000.00 $ 96,000.00 and WHEREAS, one of the requirements of the Improvements Agreement is to "acquire right -of -way from adjoining owners "; and WHEREAS, Subdivider represents that the required right - of -way for improvements to Squaw Creek Road has been obtained, and has this date presented to the Board its Right -of -Way Map for Squaw Creek Road, entitled as follows: and Right -of -Way Plat, A Portion of Squaw Creek Road Located in Tract 37 in Sections 1 & 2, Lot 7 in Section 2, Tract 38 in Sections 2 & 11 and Tract 57 in Sections 11 & 12, All in Township 5 South, Range 83 West of the Sixth Principal Meridian, Eagle County, Colorado WHEREAS, the Board has accepted the dedication of the right -of -way as described on said map, as set forth therein; and WHEREAS, the Subdivider has applied for the release of Certificate of Deposit No. 804204 in the amount of $96,000.00. WHEREFORE, based on the recommendation of the County Engineering Department, THE BOARD FINDS that the partial release of collateral as requested 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 release of Vail National Bank Certificate of Deposit No. 804204 in the amount of $96,000.00, plus any interest which may have accrued. THAT, the Board shall retain Certificate of Deposit No. 804202 in the amount of $182,000.00, to guarantee completion of the improvements remaining under the Improvements Agreement; said Improvements Agreement was amended on October 5, 1992, to extend the completion date of the improvements to November 15, 1993. THAT, the partial release of collateral granted hereby shall not in any way abrogate the rights of the Board in enforc- ing the Subdivider's performance of its outstanding obligations under the Agreement. -2- 3 C MOVED, READ, AND ADOPTED by the Board of County Commis- sioners of the County of Eagle, State of Colorado, this day of November, 1992. ATTEST: By: lerk to the Board County Commissioners COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOARD OF COUNTY COMMISSIONERS By: �J Dona d H. Welch, Commissioner and Chairman Pro Tem Georg A. Gates, Commissioner Richard L. Gustafson Chairman Commissioner t�1�ra� 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,.` 9 _yb� vote of the Board of County Commissioners of the County of Eagle, State of Colorado. Filings 1 & 2 87 -84 -3-