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HomeMy WebLinkAboutR95-080 Draw on Stag Gulch Partnership for Wildhorse SubdivisionCommissioner ~ ~p~~ moved adoption of the following Resol tion: BOARD OF COIINTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 95- $'O RESOLUTION CONFERRING POWER OF ATTORNEY UPON JAMES R. FRITZE, COUNTY ATTORNEY, MARY JOAN BERENATO, DEPUTY COUNTY ATTORNEY, ROBERT W. LOEFFLER, ASSISTANT COUNTY ATTORNEY AND MAUREEN AMUNDSON, PARALEGAL TO ACT AS ATTORNEY IN FACT FOR THE COUNTY OF EAGLE, STATE OF COLORADO, WITH RESPECT TO LETTER OF CREDIT NO. 177 IN THE AMOUNT OF $443,458.30 FOR THE ACCOUNT OF STAG GULCH PARTNERSHIP DRAWN ON FIRST BANK OF EAGLE COUNTY WHEREAS, on March 21, 1995 pursuant to C.R.S. 30-28-137, the County entered into a Subdivision and Off-Site Improvements Agreement (hereinafter "SIA") recorded in Book 663 at Page 889 of the records of the Eagle County Clerk and Recorder, with Dead Horse Investors Limited Partnership a/k/a Wildhorse Investors Limited Partnership, a Colorado limited partnership (hereinafter known as "Subdivider"), as a condition of the County's final plat approval for Wildhorse Subdivision, Filing 1, Parcels lA and 1B (hereinafter "Subdivision"); and WHEREAS, the Subdivider provided collateral in the form of a Letter of Credit for the costs associated with reclaiming Beard Creek Road; and WHEREAS, said Letter of Credit in the amount of $443,458.30 will expire on July 21, 1995. WHEREAS, the Board finds, determines and declares that it is in the best interest of the County that it draw upon the collateral in the amount of $443,458.30. WHEREAS, it is presently contemplated an agreement shall be entered into between the Subdivider and the Board whereby the aforementioned Subdivision Improvements Agreement shall be terminated; and WHEREAS, until such time as said Subdivision Improvements Agreement is formally terminated, the Subdivider has agreed to provide an extension of at least thirty (30) days to the subject Letter of Credit; and WHEREAS, no such extension to Letter of Credit No. 177 has been received by the Board as yet, and the Board deems it to be in the best interests of the County of Eagle that the subject Letter of Credit be drawn upon prior to its expiration. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: THAT, James R. Fritze, County Attorney, Mary Joan Berenato, Deputy County Attorney, Robert W. Loeffler, Assistant County Attorney, and Maureen Amundson, Paralegal, are authorized to execute any and all documents necessary to draw upon irrevocable Letter of Credit No. 177, in the amount of $443,458.30 issued by First Bank of Eagle County. THAT, James R. Fritze, County Attorney, Mary Joan Berenato, Deputy County Attorney, Robert W. Loeffler, Assistant County Attorney and Maureen Amundson, Paralegal, are hereby granted power of attorney to act as attorney in fact for the County of Eagle, State of Colorado, and its Board of County Commissioners, with regard to any and all actions that may be necessary to draw upon Letter of Credit No. 177 in the amount of $443,458.30 issued by First Bank of Eagle County. THAT, the Chairman of the Board is authorized to execute a Power of Attorney for the purposes contemplated herein in the form attached to this Resolution as Exhibit A and made a part hereof by this reference. MOVED, READ AND ADOPTED by the Board of County Commissioners of the County of Eagle, State Colorado, at its regular meeting held the /~~_ day of 1995. ATTEST: COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOARD OF COUNTY COMMISSIONERS v~~ .- r~qrtDO ~ ~- Clerk to the Board of County Commissioners By es E. J , airman George A. Gates, Commissioner ohnnette Phillips, Commis Toner Commissioner seconded adoption of the foregoing resoluti n. 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. •.