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HomeMy WebLinkAboutR95-035 clarification of county policies in regards to partial releasesJ3, , Commissioner ,��cc��� moved adoption of the folldwing Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 95 - Resolution Authorizing the Chairman of the Board of the Eagle County Board of County Commissioners to Authorize Partial Releases and Substitutions of Collateral and to Clarify County Policies in Regards to Partial Releases WHEREAS, pursuant to C.R.S. 30- 28 -37, the Board of County Commissioners of the County of Eagle, State of Colorado ( "Board ") is authorized to enter into Subdivision Improvements Agreement (hereinafter "Agreement ") with a Subdivider as a condition of final plat approval; and WHEREAS, pursuant to the same authority, the Subdivider is obligated to provide sufficient collateral or security in the judgment of the Board to make reasonable provisions for completion of certain public improvements; and WHEREAS, pursuant to the Agreement, the Subdivider may apply to the Board for a partial release of collateral based on its progress in constructing the public improvements required by the Agreement; and WHEREAS, pursuant to the Agreement the Subdivider may at any time substitute the Collateral originally deposited with the County, for another form of collateral acceptable to the County, to guarantee the faithful completion of the Subdivision Improvements referred to in the Agreement; and WHEREAS, in order for the Subdivider to obtain its substitution of collateral or its partial release of collateral the Board must adopt a resolution authorizing such a substitution or release; and WHEREAS, the Board wishes to expedite the collateral substitution and release process, so as not to unreasonably delay future substitutions and releases. THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: 560660 B -664 P -635 04/04/95 10 :51A PG 1 OF 3 REC Sara J. Fisher Eagle County Clerk & Recorder 0.00 I• r & f � THAT, in order to both clarify and expedite the substitution and release process, County staff, in conjunction with local Developers, have made the following recommendations which this Board finds acceptable: 1. the Board will retain ten percent of the completed public improvements and all of the uncompleted public improvements. Such retention shall ensure that the County is holding ten percent of the total collateral amount upon the commencement of the two year warranty period; and 2. the Board will delegate to the Chairman of the Board, or in his absence, the Chairman Pro -tem, the power to approve partial releases; the Chairman of the Board will be authorized to approve the release once the release has been recommended for approval by both the County Engineer and the County Attorney; releases are contingent upon Subdivider substituting collateral in a form acceptable to the County Attorney; and 3. if a Subdivider is dissatisfied with the release as approved by the County Engineer and the County Attorney, the Subdivider may appeal his release to the Board of County Commissioners; and 4. the warranty period for the public improvements shall commence on the date all work required under the Agreement is complete and accepted, as determined by the Board; the Board will hold ten percent of the collateral associated with the public improvements for the two year warranty period pursuant to the Subdivision Improvements Agreement; and 5. final release of the collateral, termination of the warranty period and acceptance of the improvements shall only be accomplished via action of the Board; and 6. in regards to substitutions of collateral, the Board will delegate to the Chairman of the Board, or in his absence, the Chairman Pro -tem, the power to approve substitutions of collateral, once the substitute collateral has been received and recommended for approval by the County Attorney. Such collateral substitutions are limited to substitutions of a plat note with a letter of credit, or substituting cash, check or letter or credit for a similar form of collateral. In the event that the substitution of collateral is to replace a plat note, the documentation denoting such substitution will be recorded in the records of the Eagle County Clerk and Recorder. THAT, this resolution shall become effective upon its approval and signature by the Board of County Commissioners. 560660 B -664 P -635 04/04/95 10:51A PG 2 OF 3 r MOVED, READ AND ADOPTED by the Board of County Commissioners of the County of Eagle, State of Colorado, this day of April, 1995. J_z ATTEST: { E ro me boara or County Commissioners By: COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its Georg A. Gates, Jr., Commissioner hnnette Phillips, Com# issioner Commissioner seconded adoption of the fore- going resolution. The roll having been called, the vote was as follows: Commissioner Johnson Commissioner Gates Commissioner Phillips This Resolution passed by ' vote of the Board of County.Commiss'oners of the County o Eagle, State of Colorado. mta \r \eollater.rel no file F& } sc L a $ rte 560660 B -664 P -635 04/04/95 10 :51A PG 3 OF 3