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HomeMy WebLinkAboutR95-085 final release for M & H Developmenr - the reserve on the eagle riverCommissioner ~ rp~,r~ moved adoption of the following Resolution: BOARD OF COIINTY COMMISSIONERS COIINTY OF EAGLE, STATE OF COLORADO RESOLIITION NO. 95-~j_ RESOLIITION AIITHORIZING FINAL RELEASE OF COLLATERAL FOR M & H DEVELOPMENT COMPANY THE RESERVE ON THE EAGLE RIVER WHEREAS, on or about June 26, 1988, the Board of County Commissioners of the County of Eagle, State of Colorado (hereinafter "the Board"), entered into an Amendment of and Assignment of Subdivision Improvements Agreement ("Agreement") on The Reserve on the Eagle River Subdivision ("Subdivision") with M & H Development Company, Inc. ("Subdivider") among other parties; and WHEREAS, pursuant to the terms of said Agreement, Subdivider provided collateral to the Board to guarantee faithful completion of certain public improvements within The Reserve on the Eagle River Subdivision, said collateral in the form of a Letter of Credit in the amount of $136,100.00; and WHEREAS, Irrevocable Letter of Credit No. 8422745 was amended by Resolution 91-48 accepting certain improvements in the Reserve on the Eagle River Subdivision and authorizing partial release of collateral to $111,100.00; and WHEREAS, by Resolution No. 92-59, the Board authorized a further partial release of collateral in the amount of $1,300, and authorized the County Attorney to approve an additional release, thereby reducing said collateral to $100,000; and WHEREAS, by Resolution No. 93-59, collateral was reduced to $42, 685.00 in the form of Letter of Credit dated June 14, 1993 from the 1st Bank of Avon in the amount of $17,685.00 and a cash deposit in the amount of $25,000; and WHEREAS, by Resolution No. 94-77, collateral was reduced to 10~ of $6,205.00 or $620.50 for the cost estimate for landscaping and the actual cost of the construction joint for the one year warranty period to expire June 2, 1995; Letter of Credit No. 8422745 for $17,685.00 was released; and the County retained $25,000 for construction of the bike path; and WHEREAS, the Subdivider has applied for a full release of its collateral; and BASED UPON the oral and written recommendations of the Engineering Department, the Board finds that the improvements have satisfactorily survived the one year warranty period, and the full release of the funds being held in the amount of $620.50 is appropriate. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: THAT, that the Board hereby authorizes the full release of the funds being held in the amount of $620.50. THAT, the Eagle County Treasurer is hereby requested and directed to issue a warrant in the amount of $620.50 to the Subdivider. MOVED, READ AND ADOPTED by the Board of County Commissioners of the County of Eagle, State Colorado, at its regular meeting held the ~~~5,~_ day of , 1995. • ~~ ~~ ATTEST : ~, ~' ~c~ n a ~a ..~,,,~ y l` ' ~ WF ~~~, f ~~ COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOARD OF COUNTY COMMISSIONERS B Clerk to the '$oard of County Commissioners es ~~sori,/Jr. airman ~ G/e~orge Gates, Commissioner I /1 ~~ ~ hnnette Phil ips; Commissioner 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. r\reserve.fnl 82-331