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HomeMy WebLinkAboutR92-165 partial release for River Ranch SubdivisionC Commissioner ./e" moved adoption of the following-Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 92 - la AUTHORIZING THE PARTIAL RELEASE OF COLLATERAL RIVER RANCH SUBDIVISION WHEREAS, on or about November 20, 1989, 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 Sub- division Improvements Agreement ( "Agreement ") with River Ranch Partners (Steven J. Conger, General Partner) ( "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 the following Irrevocable Letters of Credit dated November 17, 1989, issued by Pitkin County Bank & Trust: Letter of Credit No. 1162 $382,614.00 Letter of Credit No. 1163 144,375.00 and WHEREAS, by Resolution No. 90 -31, the Board authorized a reduction in collateral in the amount of $144,375.00, and released Letter of Credit No. 1163; and WHEREAS, by Resolution No. 90 -54, the Board authorized an additional reduction of collateral in the amount of $160,757.00; and WHEREAS, by Resolution No. 91 -21, the Board authorized an additional reduction of collateral in the amount of $116,371.00; and WHEREAS, by Resolution No. 91 -90, the Board authorized an additional reduction of collateral in the amount of $87,437.00 and that $8,000.00 should be retained for the shoulder graveling plus $10,049.00 should be retained for the duration of the extended correction period for the road work, which will expire November 20, 1994; and WHEREAS, the Subdivider has represented to the Board and members of the County Engineering Department have corroborated the Subdivider's representations, that the remaining improvements (shoulder graveling, repair or adjustment of water valve boxes in IV 0 the roadway shoulder area, submission of water and sewer stubout location mapping, and installation of street signage) required under the Agreement have been satisfactorily completed; and WHEREAS, the Subdivider has applied for a further reduction in collateral in the amount of $8,000.00. THE BOARD FINDS that the Subdivider's obligations under the Agreement have been partially satisfied, and a further reduction in the collateral held by the Board is warranted. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: THAT, the Board hereby authorize a partial release of collateral in the amount of $8,000.00, thereby reducing the collateral to $10,049.00. THAT, the partial release of collateral granted hereby shall not in any way abrogate the rights of the Board in enforcing the Subdivider's performance of its outstanding obligations under the Agreement. MOVED, READ AND ADOPTED by the Board of County `commis- sioners of the County of Eagle, State of Colorado, this (6, day of November, 1992. COUNTY OF EAGLE, STATE OF f= T°+14�, COLORADO, By and Through Its ATTEST: r ,a�'"'"7 "=�l.,'I,_ BOARD OF COUNTY COMMISSIONERS Cl County Commissioners By: 6 Richard L. Gustafson, Chairman -2- Donald H. Welch, Commissioner OV 'el /-- GeorgeA. Gates, Commissioner Commissioner �,�,$P�'i seconded adoption of the foregoing resolutio . 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 J-7�0- vote of the Board of County Commissioners of the County of Eagle, state of Colorado. #89 -115 _3®