HomeMy WebLinkAboutR92-173 Cordillera Subdivision Phase I Filing 6 Substitution of Collateral • •
Commissioner (N '°"" moved adoption
of the following Resolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 92- 17:3
SUBSTITUTION of COLLATERAL
"Phase I" of Filing 6 -
CORDILLERA SUBDIVISION
WHEREAS, 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 dated Novem-
ber 2, 1992 ( "Agreement ") with Stag Gulch Partners, a Colorado
General Partnership ( "Subdivider "), as a condition of final plat
approval for Filing 6, Cordillera Subdivision; and
WHEREAS, the Subdivider provided collateral in the form of a
plat restriction and a cash deposit in the amount of $462,689.92,
to guarantee the faithful completion of the public improvements
remaining in "Phase I" of the project, as approved by the Board
by Resolution No. 92 -151; and
WHEREAS, Paragraphs 2.4 and 2.6.2 of the Agreement allow the
Subdivider to provide Substitute Collateral in the form of a
certain letter of credit, together with an Enforceability
Opinion, all as described therein; and
WHEREAS, Subdivider has presented Irrevocable Letter of
Credit No. S8698259 issued by the New York Branch of Berliner
Handels- and Frankfurter Bank ( "BHF- Bank ") in favor of JLP Realty
Corp. in the amount of $200,000.00, together with an Enforce-
ability Opinion from the Bank's counsel; and
WHEREAS, JLP Realty Corp. has approved the use of said
Letter of Credit by Subdivider as collateral for the project; and
WHEREAS, Subdivider requests a release of a portion of its
cash collateral in the amount of $200,000.00.
THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO:
• •
THAT, conditioned upon the amendment to the Agreement
described below, the Board accept the above - described letter of
credit as substitute collateral for a portion of the Subdivider's
cash collateral for "Phase I" of Filing 6.
THAT, the Agreement be amended as follows, as a condition of
the Board's acceptance of the Letter of Credit:
The Board may demand, without cause, that
Subdivider substitute the collateral provided by
Irrevocable Letter of Credit No. S8698259 issued by
BHF -Bank, New York Branch, in the amount of
$200,000.00, upon thirty days' notice to Subdivider.
THAT, upon the execution of the amendment to the Agreement
by the parties, the County Attorney shall request and direct the
Eagle County Treasurer to issue a warrant to Subdivider in the
amount of $200,000.00.
THAT, all other provisions of the Agreement, as amended by
Resolution No. 92 -151, shall remain in full force and effect.
MOVED, READ AND ADOPTED by the Board of Count Commissioners
o e County of Eagle, State of Colorado, this - - day of
4 , 1992.
O G
1 �r ti a = COUNTY OF EAGLE, STATE OF
fia • I ° / CO e °•'_DO, By and Through Its
..' B'#ARD •E COUNTY COMMISSIONERS
o if
r - le
Ts; Y _ AV
/ Clerk to the Board o" R hard . G .taf:« ; Chairman
County Commissioners
-4
Georg/ A. Gates, Commissioner
-X\ ` -..>C
Donald . Welch, Commi sioner
and Chairman Pro Tem
-2-
Commissioner Cp T/ seconded adoption of the
foregoing resolution. The roll having been called, the vote was
as follows:
Commissioner Richard L. Gustafson 1 -ei
Commissioner George A. Gates c..J2--
Commissioner Donald H. Welch A
This Resolution passed by (.,(R/4 vote of the Board of
County Commissioners of the County of Eagle, State of Colorado.
Filing 6
#87 -84
-3-
