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HomeMy WebLinkAboutR92-192 Blue Lake PUD Filing No. 4 • • Commissioner /1/40/ moved adoption of the following Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 92- AP 2 — BLUE LAKE P.U.D, FILING NO. 4 SECOND PARTIAL RELEASE OF COLLATERAL WHEREAS, on or about November 30, 1991, 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 Improve- ments Agreement ( "Agreement ") with Vantex Enterprises, Inc., dba Blue Lake Development Company ( "Subdivider ") as a condition of final plat approval of Filing No. 4 I of the Blue Lake Planned Unit Development; 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. 1197 issued by Pitkin County Bank & Trust Co., Aspen, Colorado, in the amount of $1,079,903.00; and WHEREAS, by Resolution No. 92 -112, the Board authorized the partial release of collateral in the amount of $407,739.00, thereby reducing the collateral to $672,164.00; and WHEREAS, the Subdivider has requested, in a letter dated November 16, 1992, a reduction in the collateral held by the County, and acceptance of the public improvements constructed to date, thereby commencing the two -year warranty period on said public improvements; and WHEREAS, the Engineering Department has recommended that the collateral be reduced to $188,173.00, representing $100,000 as collateral retained for incomplete work of the landscaping; and $88,173.00 as collateral for the two -year warranty period for the public improvements. BASED UPON the oral and written recommendations of the Eagle County Department of Engineering, the Board finds that the improvements required by the Agreement have been completed, except for the landscaping, and a partial release of the collateral is appropriate; retaining $188,173.00 representing $100,000 as collateral for completion of the landscaping and $88,173 as collateral for the two -year warranty period for public improvements. III III 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 partial release of collateral in the amount of $483,991.00, thereby reducing the collateral to $188,173.00.00, representing $100,000 as collateral for completion of the landscaping and $88,173 as collateral for the two -year warranty period for public improvements. MOVED, READ AND ADOPTED by the Board of County f missioners of the County of Eagle, State of Colorado, this day of December, 1992. COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its ATTE T: , BO'': . COUNTY COMMISSIONERS ./ ./ `l1 ' > '- By : i �_ Ai Clef to the B `. g; of' Ri hard L. rust" son, hairmar� Count. •'1 : ° , oners - n•� -""` e�e g i rsfi�i(. 1.11 �' George A. Gates, Commissioner Dori • c _ . Welch, Commissioner / Commissioner _ � . _.. I /_ seconded adoption of the foregoing resolu ion. Me roll having been called, the vote was as follows: Commissioner Donald H. Welch L°, Commissioner George A. Gates .PTV Commissioner Richard L. Gustafson amor This Resolution passed by 01-4 vote of the Board of County Commissioners of the County of Eagle, State of Colorado. Blulak5.red #84 -33 nl -2-