HomeMy WebLinkAboutR95-094 final release of collateral for Blue Lake PUD Filing 4Commissioner moved adoption
of the following Resolu ion:
BOARD OF COUNTY COIrIlrlI S S IONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 95-~
BLUE LAKE P.U.D, FILING N0. 4
FINAL RELEASE OF COLLATERAL
WHEREAS, on or about November 30, 1991, pursuant to C.R.S. 30-
28-137, the Board of County Commissioners of the County of Eagle,
State of Colorado ("Board"), entered into a Subdivision Improve-
ments Agreement ("Agreement") with Vantex Enterprises, Inc., dba
Blue Lake Development Company ("Subdivider") as a condition of
final plat approval of Filing No. 4 I of the Blue Lake Planned Unit
Development; and
WHEREAS, in order to guarantee the faithful completion of
certain public improvements required under the Agreement, the Board
accepted as collateral Irrevocable Letter of Credit No. 1197 issued
by Pitkin County Bank & Trust Co., Aspen, Colorado, in the amount
of $1,079,903.00; and
WHEREAS, by Resolution No. 92-112, the Board authorized the
partial release of collateral in the amount of $407,739.00, thereby
reducing the collateral to $672,164.00; and
WHEREAS, by Resolution No. 92-192, the Board authorized a
second partial release of collateral in the amount of $483,991.00,
thereby reducing the collateral to $188,173.00; and
WHEREAS, by Resolution No. 94-44 the Board authorized the
partial release of collateral in the amount of $178,173.00, thereby
reducing the collateral to $10,000.00, representing collateral
retained for the warranty period for landscaping to expire on June
30, 1995; and
WHEREAS, both the Subdivider and the Engineering Department
state that the work is complete and acceptable and the Engineering
Department recommends full release of the collateral and the
warranty period be terminated. (Exhibit A)
WHEREAS, by Resolution No. 93-18 dated February 8, 1993, the
County accepted the roads (Exhibit B) into the Eagle County Road
System for year-round maintenance.
BASED UPON the oral and written recommendations of the Eagle
County Department of Engineering, the Board finds that the warranty
period has been successfully completed and the full release of the
collateral is appropriate and the warranty period be terminated.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO:
THAT, the Board hereby authorizes the full and final release
of collateral in the amount of $10,000 and the warranty period be
terminated.
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 ~~~r~,~_, 1995.
ATTEST:
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
BOARD OF COUNTY COMMISSIONERS
.~"'
C1 k to the B ar of James E. Johnson, Jr.
County Commissioners Chairman
eorge Ga es, Commissioner
Johnnette Phillips, Commissioner
Commissioner seconded adoption of the
foregoing resolution. he 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 Coun y of Eagle, State of Colorado.
Blulak5.red #84-33 nl
MEMORANDUM
EAGLE COUNTY ENGINEERING
TO: Nancy Lewis, Attorney's Office
FROM: Mike Gruber, Engineering ~~~ Z
DATE: June 14, 1995
RE: Blue Lake Subdivision, Filing 4
Release of Collateral
t ~ r l i'-11 r ma'r' ~'~~' /, ~
EACH COUNTY ATTOP"lEY
On Monday, June 12, 1995, Lloyd Powers and I inspected the
landscaping in Blue Lake, Filing 4 for which we were holding
$10,000.00 collae table.ur Recommend release of the•collateral and
complete and acc p
end the warranty period.
xc: George Roussos
Chrono/File
EXHIBITA
J
. LENGTH
SUBDIVISION ROAD (Miles)
DEER RUN -
Blue Lake Black Bear Trail to
,
Filing No. 4 J.W. Drive. 0'38
QUAIL RUN - Deer Run to Deer Run. 0.16
BLACK BEAR TRAIL - J.W. Drive to
end. 0,08
EAGLES NEST COURT - Deer Run to
cul-de-sac. 0.03
TOTAL MILES 0.65
EXHIBIT
