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HomeMy WebLinkAboutR95-075 partial release of collateral for east west interconnect water mainCommissioner ~~~~ moved adoption of the following Resolution: BOARD OF COIINTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 95-_~ PARTIAL RELEASE OF COLLATERAL AND COMMENCEMENT OF TWO YEAR WARRANTY PERIOD FOR THE EAST WEST INTER-CONNECT WATER MAIN WHEREAS, on August 30, 1993, the County entered into a Construction Improvements Agreement (hereinafter "CIA") with Stag Gulch Partners, a Colorado General Partnership (hereinafter known as "Owner"), as a condition of the County's approval for a permit to construct a major new domestic water system to serve the Cordillera Development; and WHEREAS, the Owner provided collateral in the form of a check in the amount of $35, 900.00 to guarantee the faithful completion of certain public improvements; and WHEREAS, the Owner requests the commencement of the warranty period and a release of its collateral reducing the amount currently held by the County from $35,900.00 to $3,590.00; and WHEREAS, the Owner has represented to the Board, and members of the County staff have corroborated the Owners's representations, see Exhibit "A", that the public improvements appear to have been completed in a satisfactory manner and that the commencement of the warranty period would be appropriate. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: THAT, based upon the oral and written recommendations of the Engineering Department, the Board finds that the public improvements appear to have been satisfactorily completed and a reduction in the collateral and commencement of the warranty period is appropriate. THAT, a reduction in the collateral to $3,590.00 (ten percent of $35,900.00) is authorized, the $3,590.00 is to be held for the duration of the two year warranty period. THAT, the Board hereby directs the Eagle County Treasurer to issue a warrant to Stag Gulch Partners, in the amount of $32,310.00. THAT, the two year warranty period shall commence with an expiration date of May 22, 1997. THAT, this release of collateral and commencement of the warranty period 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 Count of Eagle, State o Colorado, at its regular meeting held the day of 1995. ATTEST: Commissioners COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its iBOARD OF COUNTY COMMISSIONERS ohnnette Phillips, Commi sinner 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 ~,N,P This Resolution passed by L7 ~ I vote of the Board of County Commissioners of the County of Eagle, State of Colorado. mta\r\eastwst.rel sub #87-84 -2- G~ rge Gates, Commissioner MEMORANDUM EAGLE COUNTY ENGINEERING TO: Maureen Amundson, Attorney's Office FROM: John Althoff, Engineering DATE: May 22, 1995 RE: Construction Improvement Agreement East-West Inter-Connect Water Line I was up to Cordillera on Friday, May 19, 1995, to review the seeding of the east-west inter-connect water line. The areas disturbed by construction have been seeded, and most areas have good ground cover as of this date, and other areas are just starting to show. Would suggest reducing the collateral to $3,590.00 (10% of original $35,900.00) for the two year warranty period. Construction Improvement Agreement number is C-93-15504. cc: George Roussos File