HomeMy WebLinkAboutR92-183 Castle View Subdivision Release of Collateral . .
Commissioner moved adoption
of the following Resolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 92- /<"� �/ 21
AUTHORIZING THE RELEASE OF COLLATERAL
CASTLE VIEW SUBDIVISION
WHEREAS, on or about August 28, 1990, 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 Wayne Hyrup, Mark J.
Rockwood and Andrew Lane ( "Subdivider ") as a condition of final
plat approval of Castle View Subdivision ( "Subdivision "); and
WHEREAS in order to guarantee the faithful completion
of certain public improvements required under the Agreement, the
Board accepted as collateral Irrevocable Letter of Credit No. 14917
issued by Central Bank Glenwood Springs in the amount of
$27,733.00; and
WHEREAS, by Resolution No. 90 -116, the Board found that
a portion of the public improvements required under the Agreement
had been substantially complete with the exception of certain
deficiencies; and the County Engineering Department recommended
that the collateral be reduced to ten percent of the original cost
of the improvements ($2,773.00); said reduced amount would be
adequate to cover the cost of rectifying the deficiencies and would
sufficiently collateralize the two -year warranty period required
under the Agreement; and
WHEREAS, The Subdivider has represented to the Board,
and members of the. County staff have corroborated the Subdivider's
representations, that the improvements have satisfactorily survived
the two -year warranty period; and
WHEREAS, the Subdivider has applied for a full release
of its collateral;
BASED UPON the oral and written recommendations of the
Engineering Department, the Board finds that the improvements have
satisfactorily survived the two -year warranty period, and the full
release of Irrevocable Letter of Credit No. 14932 in the amount of
$2,773.00 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 authorize the full release of said
Irrevocable Letter of Credit in the amount of $2,773.00.
MOVED, READ AND ADOPTED by the Board of County Commissioners
of the County of Eagle, State of Colorado, this o 4 — day of
� �� - �� * GG � .,•er, 1992.
7r'
o t' COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
ATT Et- )a BOARD OF COUNTY COMMISSIONERS
I . IiittUttiCC4CUe By: .4(0W /.61
perk to the Board o Richard L. Gu= afso Chairman
County Commissioners
eorge A. Gates, Commissioner
Donald H. Welch, ommissioner
Commissioner ' `' seconded adoption of the
foregoing resolution. The roll having been called, the vote was
as follows:
Commissioner Richard L. Gustafson
Commissioner George A. Gates '-
Commissioner Donald H. Welch J '—
This Resolution passed by Cb4' k://i -€7 S vote of the Board of
County Commissioners of the County of Eagle, State of Colorado.
#90 -71
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