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HomeMy WebLinkAboutR92-211 Old Orchard Subdivision Extension Subdivision Improvements Agreement 111 • ti : Commissioner i i moved adoption of the following Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO :RESOLUTION NO. 92- , I j 1 AUTHC)RIZING THE EXTENSION OF THE SUBDIVISION IMPROVEMENTS AGREEMENT AND LETTER OF CREDIT NO. 1181 FOR OLD ORCHARD SUBDIVISION TO DECEMBER 31, 1993 WHEREAS, on or about April 9, 1991, 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 Mid - Valley Development Co. by H.L.M.S., Inc,,, a Colorado Corporation, (Morton A. Heller, Vice President of H.L.M.S., a Colorado corporation, General Partner of Mid- Valley Development Company) ( "Subdivider ") as a condition of final plat approval of Old Orchard Plaza Subdivision; and WHEREAS, in order to guarantee the faithful completion of certain public improvements required under the Agreement, the Board accepted as collateral Irrevocable Standby Letter of Credit #1181, dated April 9, 1991, issued by Pitkin County Bank & trust Company; and WHEREAS, by Resolution No. 92 -40 dated April 6, 1992, Subdivider applied for and was granted a partial release of Letter of Credit No. 1181 in the amount of $15,000.00, reducing the collateral to $14,290.00; and WHEREAS, by First Amendment to Subdivision Improvement Agreement dated October 9, 1992, the completion date of said Agreement was extended to October 31, 1992; and WHEREAS, by Resolution No. 92 -155 dated November 9, 1992, Subdivider applied for and was granted an extension on the Agreement and the Letter of Credit until December 31, 1992; and WHEREAS, the Subdivider has by letter dated November 25, 1992, (Exhibit A) requested an extension on the Subdivision Improvements Agreement to December 31, 1993, and the County agrees to said extension, for the mutual benefit to be derived by said extension; and 411 III WHEREAS, the Subdivider has provided an extension on the Letter of Credit #1181, issued by Pitkin County Bank & Trust, to December 31, 1993, (Exhibit B) and the County agrees to said extension. 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 extension of the Subdivision Improvements Agreement to December 31, 1993. THAT, the Board hereby authorize the extension of Letter of Credit #1181 to December 31, 1993. MOVED, READ AND ADOPTED by the Board of County Commissioners of the County of Eagle, State of Colorado, this ,U day of December, 1992. COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its AT 9 ST: BO'•e OF COUNTY COMMISSIONERS - ' L egc ____- ', AeT- Ae_ 4) k " / � d C1, =rk to the , of e chard L.'afs: v Chairman County Comm sioners $ape, �if __ __ 4 _�. �i- ���'~ George ' Gates, Commissioner e K' i wi / AL e�i fit\ -‘,A \.._u agl, @ w,.- Dona d . Welch, Commissioner Commissioner seconded adoption of the foregoing resolution. The roll having been called, the vote was as follows: Commissioner Richard L. Gustafson 4e Commissioner George A. Gates -,),74Y' Commissioner Donald H. Welc This Resolution passed by 2 i .z( em u-, vote of the Board of County Commissioners of the County of Eagle, State of Colorado. Attachments 91 -21 orchard2.res