HomeMy WebLinkAboutR95-047 partial release of collateral/commencement of warranty period for Arden Real Estate - The River ForgeCommissioner 4,4 1;Q.Q moved adoption
of the following Resol tion:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 95 -
PARTIAL RELEASE OF COLLATERAL
AND
COMMENCEMENT OF TWO YEAR
WARRANTY PERIOD
FOR
ARDEN REAL ESTATE AND DEVELOPMENT COMPANY, INC.
SUBDIVISION IMPROVEMENTS AGREEMENT
FOR
THE RIVER FORGE
WHEREAS, on May 17, 1993 pursuant
County entered into a Subdivision
(hereinafter "SIA") recorded in Book 609
of the Eagle County Clerk and Recorder,
Development Company, Inc. (hereinafter
a condition of the County's approval of
Forge (hereinafter "Subdivision "); and
to C.R.S. 30 -28 -137, the
Improvements Agreement
at Page 14 6 of the records
with Arden Real Estate and
known as "Subdivider "), as
a Final Plat of The River
WHEREAS, Subdivider provided collateral in the form of a
Letter of Credit No. 884 -8459 in the amount of $23,414.00 to
guarantee the faithful completion of the project; and
WHEREAS, Subdivider has represented to the Board, and members
of the County staff have corroborated Subdivider's representations,
that the improvements have been completed in a satisfactory manner;
and
WHEREAS, the Subdivider has requested a reduction in the
collateral being held to ten percent (10 %) of the original
collateral ($23,414.00) or $2,341.00 and the commencement of the
two -year warranty period to expire April 3, 1997.
Based upon the oral and written recommendations of the County
staff, THE BOARD FINDS that the Subdivider's obligations under the
Agreement have been satisfied.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO:
THAT, a reduction in the collateral to $2,341.00 (ten percent
of $23,414.00) be allowed.
THAT, the two year warranty period shall commence with an
expiration date of April 3, 1997.
THAT, the partial release of collateral shall not in any way
abrogate the rights of the Board in enforcing the Subdivider's
performance of his outstanding obligations under the Agreement.
MOVED, READ AND ADOPTED by the Board of County Commissioners
of the County of Eagle, State of Colorado, at its regular meeting
held the day of ,�1J, , 1995.
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
BOARD OF COUNTY COMMISSIONERS
U4,t,v� (9� �-
hnnette Phillips, Commiss'oner
Commissioner a'17 seconded adoption of the
foregoing resolution. The roll having been called, the vote was as
follows:
Commissioner James E. Johnson, Jr. C�c
Commissioner George A. Gates
Commissioner Johnnette Phillips
This Resolution passed by j - vote of the Board of
County Commissioners of the County of Eagle, State of Colorado.
r \forge.par 93 - 23
-2-
George A Gates, Commissioner
r
I►Ti i�i►Ti ���7_�►'i�i1►l I
EAGLE COUNTY ENGINEERING
TO: Nancy Lewis, Attorney's Office
FROM: John Althoff, Engineering
DATE: April 10, 1995
RE: River Forge Subdivision Improvements Agreement
Letter of Credit No. in the amount of $� - x - 0.0
TV J - f'
I was out to the site on Monday, April 3, 1995, with Pattie Haefeli
to review the work done for this SIA. The driveway asphalt all
looked good and will drain to low points between the buildings. A
small pond was constructed on the bench for storm drainage.
Pattie reviewed the landscaping and it was to her liking. The
seeding of the berm looked questionable as there was nothing
visible, but it is early in the growing season. Rob Haney said
that the berm had been seeded.
Suggest reducing the letter of credit for this project to 10% of
the original SIA for the warranty period.
CC: George Roussos
File
OF AVON 0011 W. BEAVER CREEK BLVD. P.O. DRAWER 5270 AVON, COLORADO 81620 303 - 949 -0100
Eagle County
PO Box 537
Eagle, CO 81631
Attn: Attorney's Office, Mary Jo
Gentlemen:
May 7, 1994 rr
APR 1 2 U 1994
EAGLE COUNTY ATTORNEY
RE: Letter of Credit #884 -8459
for the account of Arden Real
Estate & Development Co.
dated May 7, 1993 for $23,414.00
We have agreed to extend the above mentioned Letter of Credit until
May 7, 1995. The terms of the Letter of Credit shall remain the same
except that the expiration date is hereby extended to May 7, 1995 and
all drafts must be negotiated no later than May 7, 1995.
If you have any questions regarding this, please do not hesitate to
contact me.
CMH /dmd
Sincerely,
Christine M. Hancock
Senior Vice President
