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HomeMy WebLinkAboutR95-033 substitution of collateral for El Jebel TexcoCommissioner moved adoption of the following Resolution: , k k BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 95 -3_3 SUBSTITUTION of COLLATERAL EL JEBEL TEXACO PUD 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 that certain Subdivision Improvements Agreement (hereinafter "SIA") dated February 15, 1994 recorded in Book 632 at Page 739 of the records of the Eagle County Clerk and Recorder, with June Crawford, as General Partner of F.B. Crawford & Co, J.A. Crawford & Co., Colorado Partnerships and the Crawford Family Limited Partnership, a Colorado Limited Partnership, (hereinafter collectively known as "Crawfords "), as a condition of the County's final plat approval for Planned Unit Development known as the El Jebel Texaco PUD (hereinafter "PUD"); and WHEREAS, the Crawfords provided collateral in the form of a plat restriction to guarantee the faithful completion of the public improvements; and WHEREAS, on March 18, 1994, the Board approved a Consent to Assignment and Assumption of Certain Obligations recorded in Book 637 at Page 255 of the records of the Eagle County Clerk and Recorder, by and between the Crawfords and Kevin Tucker and Tammy J. Tucker, (hereinafter collectively referred to as the "Tuckers ") wherein the Tuckers agreed to undertake the obligations of the SIA, all as set forth therein; and WHEREAS, on April 11, 1994 the Eagle County Attorney's office received substitute collateral in the form of an Irrevocable Letter of Credit No. S800292 in the amount of $62,975.00, attached hereto as Exhibit "A ", to guarantee the faithful completion of the public improvements; said substitution of collateral was never approved by the Board nor recorded in the Office of the Eagle County Clerk and Recorder's Office; and WHEREAS, the Tuckers request a release of the plat restriction for the El Jebel Texaco, upon acceptance by the Board of said Letter of Credit. WHEREAS, on February 27, 1995, the Tuckers and Wend Colorado Partnership, (hereinafter collectively referred to as "Subdivider ") and the Board entered into an Agreement to amend the E1 Jebel Texaco PUD; such amendment required the Subdivider to post collateral for the additional public and off -site improvements associated with the PUD Amendment; and NE 560659 B -664 P -634 04/04/95 10:50A PG 1 OF 7 REC DOC Sara J. Fisher Eagle County Clerk &. Recorder 0.00 Ci WHEREAS, Subdivider presented the Board with check number 9209 in the amount of $51,231.00, deposited with the Eagle County Treasurer's Office, to guarantee the faithful completion of those additional public and off -site improvements; and WHEREAS, the Subdivision Improvements Agreement allows the Subdivider to substitute collateral at any time for another form of collateral acceptable to the Board; and WHEREAS, Subdivider further requests to substitute that second form of collateral and has therefore presented the Board with Irrevocable Letter of Credit No. 94 -24 issued by The Snow Bank, N.A. in the amount of $51,231.00 attached hereto as Exhibit "B ". NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: THAT, the Board accepts the ehove- described letters of credit as substitute collateral for the El Jebel Texaco and hereby releases the plat restriction for the El Jebel Texaco. THAT, the Board hereby directs the Eagle County Treasurer's Office to release check No. 9209 in the amount of $51,231.00 to the Subdivider, Wend Colorado. THAT, this resolution shall be recorded in the Records of the Eagle County Clerk and Recorder, which shall be evidence that the plat note for the El Jebel Texaco is released. THAT, all other provisions of the Agreement shall remain in full force and effect. MOVED, READ AND ADOPTED b the Board of County Commissioners of the County of wag ,this day of April, 1995. ATTEST: �;k ' Clerk tote B and of County Commissioners COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOARD OF COUNTY COMMISSIONERS By ? --.P' - L es E. n, airman Georg A. Gates, Commissioner Q "; �_ ohnnette Phillips, Commssioner 560659 B -664 P -634 04/04/95 10:50A PG 2 OF 7 r C Commissioner > seconded adoption of the foregoing resolution. The roll having been called, the vote was as follows: Commissioner James E. Johnson, Jr. Commissioner George A. Gates Commissioner Johnnette Phillips This Resolution passed by vote of the Board of County Commissioners of the County of Eagle, State of Colorado. mta \c- dev \texaco.sub 94 -09 #87 -84 560659 B -664 P -634 04104195 10 :50A PG 3 OF 7 NRLMN mansm NORMST BANKS / / /// / / 'T// NORWEST BANK COLORADO, NATIONAL ASSOCIATION LETTERS OF CREDIT 1740 BROADWAY DENVER, CO 80274 -8685 SWIFT ADDRESS: NWNBUS55 TELEX NUMBER: 168118 NBI DVR FAX: (303) 863 -4898 IRREVOCABLE STANDBY LETTER OF CREDIT OUR REFERENCE NUMBER: S800292 APRIL 08, 1994 BENEFICIARY: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO, P.O. BOX 850 500 BROADWAY EAGLE, CO 81631 -0850 GENTLEMEN: RECEIVED 3-ii APR i 1199 BOARD OF COUNTY CUMMISSIUNERS EAGLE COUNTY AT THE REQUEST OF: KEVIN TUCKER, TAMMY J. TUCKER & TRIPLE T ENTERPRISES, INC., DBA EL JEBEL GAS & TIRE 19001 HWY 82 EL JEBEL, CO 81682 AND FOR THE ACCOUNT OF: SAME WE HEREBY ISSUE OUR IRREVOCABLE STANDBY LETTER OF CREDIT NUMBER 5800292 WHICH IS AVAILABLE BY PAYMENT AGAINST BENEFICIARY'S DRAFT(S) AT SIGHT, DRAWN ON NORWEST BANK COLORADO, NATIONAL ASSOCIATION. THIS CREDIT IS FOR AN AGGREGATE AMOUNT NOT TO EXCEED A TOTAL OF U.S. DOLLAR 62,975.00 ( SIXTY TWO THOUSAND NINE HUNDRED SEVENTY FIVE AND 00 /100 U.S. DOLLARS). DRAFTS SUBMITTED MUST BE ACCOMPANIED BY THE FOLLOWING DOCUMENTS: 1. THIS LETTER OF CREDIT. 2. A STATEMENT PURPORTEDLY SIGNED BY THE BENEFICIARY STATING THAT: "THE UNDERSIGNED, AN AUTHORIZED SIGNER, HEREBY CERTIFIES THAT KEVIN TUCKER, TAMMY J. TUCKER & TRIPLE T ENTERPRISES, INC., DBA EL JEBEL GAS & TIRE IS IN VIOLATION OF REQUIREMENTS * ** CONTINUED ON NEXT PAGE * ** 99 -50 -997 (Rev. 4192) im 0 0 ca v, 0 cn 0 a b O WIN O NORWEST BANKS OUR REF. NO. S800292 PAGE 2 OF THE BOARD OF COUNTY COMMISSIONERS, COUNTY OF EAGLE, WITH REGARD TO CERTAIN IMPROVEMENTS DETAILED IN EXHIBIT 'A' TO THAT CERTAIN SUBDIVISION AND OFF SITE IMPROVEMENTS AGREEMENT DATED FEBRUARY 15, 1994, FOR EL JEBEL TEXACO P.U.D., FILE NO. PD- 313 -93, RECORDED AT BOOK 632, PAGE 739, RECEPTION NO. 528796, COUNTY OF EAGLE, STATE OF COLORADO." EXPIRES AT OUR COUNTERS AT 3:00 PM DENVER TIME ON APRIL 08, 1995. ALL DRAFTS MUST BE MARKED: DRAWN UNDER NORWEST BANK COLORADO, NATIONAL ASSOCIATION, IRREVOCABLE STANDBY LETTER OF CREDIT NUMBER 5800292 DATED APRIL 8, 1994. CANCELLATION OF L/C PRIOR TO EXPIRATION THIS LETTER OF CREDIT (AND AMENDMENTS) MUST BE RETURNED TO US FOR CANCELLATION WITH A STATEMENT PURPORTEDLY SIGNED BY THE BENEFICIARY STATING THAT: "THIS LETTER OF CREDIT IS NO LONGER REQUIRED BY US AND IS HEREWITH RETURNED TO THE ISSUING BANK FOR CANCELLATION." WE HEREBY AGREE TO HONOR EACH DRAFT DRAWN AND IN COMPLIANCE WITH THE TERMS OF THIS CREDIT IF DULY PRESENTED (TOGETHER WITH THE DOCUMENTS AS SPECIFIED) AT THIS OFFICE ON OR BEFORE THE EXPIRY DATE. THIS CREDIT IS ISSUED SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS (1993 REVISION), INTERNATIONAL CHAMBER OF COMMERCE PUBLICATION NO. 500. NORWEST BANK COLORADO, NATIONAL ASSOCIATION BY: -- - - Cyr -- - - - - -- ( THORIZED SIGNATURE) Lydia 0. SIP -hrold International Banking Officer Letters of Credit /Collections Manager 560659 B -664 P -634 04/04/95 10:50A PG 5 OF 7 m �n 99 -50 -997 (Rev. 4192) C/ THE SNOw N.A. Irrevocable Letter of Credit Number: 94 -24 March 16, 1995 Board of County Commissioners County of Eagle State of Colorado P.O. Box 850 Eagle, Colorado 81631 Gentlemen: We hereby open our irrevocable Letter of Credit in your favor, available by draft at sight drawn on the Snow Bank N.A. for any sum or sums not exceeding in total the sum of $51,231.00. For the account of Wend Colorado Partnership, P. O. Box 1458 Dillon, Co. 80435. For the purpose of guaranteeing construction of public improvements required by the County of Eagle, State of Colorado, pursuant to that certain Subdivision Improvements Agreement dated '@ - 7 19_?,� between the County of Eagle, Colorado and Wend Colorado Partnership, rela a to El Jelbel Texaco PUD subdivision. Each draft drawn on Snow Bank N.A. sight shall be endorsed on the reverse side of this Letter of Credit and bear upon it's face "Drawn under Letter of Credit Number 94 -24, dated March 16, 1995, of the Snow Bank N.A.," and shall be accompanied by a Resolution of the Board of County Commissioners of Eagle County certifying 1. That there has been a default under the Subdivision Improvements Agreement, and 2. That a sum certain is required to remedy the default. The Snow Bank N.A. agrees with the drawers, endorsers and bonafide holders of drafts drawn and negotiated in compliance with the terms of this Letter of Credit that such drafts will be duly honored upon due presentation at the counter of this bank. Snow Bank N.A. represents and warrants to the County of Eagle that it has the full authority and power to issue this Letter of Credit to the County of Eagle, State of Colorado, in the total amount and for the period of time stated herein; said authority being pursuant to the laws of the United States, or the State or territory which governs the establishment and regulation of Snow Bank N.A. charter, by -laws and other applicable rules and regulations adopted pursuant thereto. Should it ne necessary for the County of Eagle to file suit in an effort to enforce this irrevocable Letter of Credit, Snow Bank N.A. hereby waives all venue rights and submits to the jurisdiction of the District Court in and for the County of Eagle, State of Colorado. XHIBIi B 0 cn 0 b -z 0 P.O. Box D Dillon, CO 80435 (303) 468 -1300 FAX (303)262 -0567 Denver line 534 -7533 Member: FDIC C Pp f THE SNow BANK, N.A. All drafts hereunder must be drawn on or before September 15, 1995. Very truly yours, Snow Bank N.A. By.( Fred W. Collins President Attest: .1'96 � L (Japes R. Mctonlogue Wecretary r 560659 B-664 P-634 04/04/95 10:50A PG 7 OF 7 P.O. Box D Dillon, CO 80435 (303) 468-1300 FAX (303) 262-0567 Denver line 534-7533 Member: FDIC