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HomeMy WebLinkAboutR95-102 release of collateral - release of collateral for Silverado Estates Subdivision
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BOARD OF ( CSSI~
CO[II~TIY OF EAGZE. STATE OF
gESOLUTIODT NO. 95 f (~
A RF~SOLUTION ppTHORIZIl~IG R ~ ~~T~'
AND
~~'t'TON OF T~ Dim PEEt~COD
FOR
SILVERADO ~*_a~rn~~ S[R~DIVISION
WI~REAS, on September 25, 1989, the County entered into a
Subdivision Improvements Agreement ("SIA) recorded at Book 515 at
Page 149 in the records of the Eagle Caunt~r Clerk and Recorder,
with Howard Clark, Jr., (hereinafter "Subdiv~.der"), as a condition
of the County's final plat approval for Silvexado Estates, Filing
I; and
WHEREAS pursuant to the terms of said Agreement, collateral
was provided~by Subdivider in the form of a Letter of Credit in the
amount of $ 8 8 , 4 0 0.0 0 to guarantee f nth fi i l COmPletion of certain
improvements set forth in the Agreement; and
,WHEREAS, on January 16, 1990, by Eagle County Resolution No.
90 - 9 , collateral was reduced two $~o ~ be0 d~r~~al~l s as ~~ forth
collateral for the work ~~;
therein; and
WI~tEAS, on August 13 , 1990 , by Eagle County Resolution No .
90-85, the work required under the S?A was accepted as complete,
therefore the warranty Period was coed and the collateral was
reduced to $8,840.00 to be held for the two year warranty Period,
all as set forth therein; and -
WHEItE'AS , on August 10 , 19 92 , Ea le County, Resolution Number
92-77 was duly adopted, authorizing the extension of the warranty ~•
period required under the SIA, as the improvements required under s•"
the SIA required certain corrections. including repairs to .;
Silverado Drive, all as set forth therein; and
~_.
WI~REAS, on August 9, 1993, the County and Subdivider entered
into the First Amenclnent to the SIA, once again extending the
warranty period, as required under the SIA- through August 13,
1994, all as set forth therein; and
571305 B-675 P-L91 09/06/95 U'L:~3P PU 1 OF 5 REC DUC
Sara J. Fisher Eagle County Clerk & Recorder 0.00
CC~L7.881~1EY' mO~VeCl S~tlOil
of the follawuig Reso ution:
BOARD OF COLA~ITY CO~~SSIONERS
COUNPY OF EAGLE. STATE OF COLORADO
RESOLUTIODT NO. 95- /Q~
A QF~OLUTION AUTHORIZIl~IG RELEASE OF COLLATERAL
A1~ID
rt~'t'TOI~T OF T~ q~~]tu2ANrY PERIOD
FOR
SILVERADO ESTATES SUBDIVISION
WHEREAS, on September 25, 1989, the County entered into a
Subdivision Improvements Agreement ("SIA) recorded. at Book 515 at
Page 149 in the records of the Eagle Counter Clerk and Recorder,
with Howard Clark, Jr., (hereinafter "Subdivider"), as a condition
of the County's final plat approval for Silverado Estates, Filing
I ; and
Wf~RF~AS, pursuant to the terms of said Agreement, collateral
was provided by Subdivider in the form of a Letter of Credit in the
amount of $88,400.00 to guarantee faithful completion of certain
improvements set forth in the Agreement; and
Wf~REAS, on January 16, 1990, by Eagle County Resolution No.
90-9', collateral was reduced to $24,900 which was retained as
collateral for the work required to be done, all as set forth
therein; and
WHEREAS, on August 13, 1990, by Eagle County Resolution No.
90-85, the work required under the SIA was accepted as complete,
therefore the warranty period was commenced and the collateral was
reduced to $8,840.00 to be held for the two year warranty period,
all as set forth therein; and
WHERF~AS, on August 10, 1992, Eagle County Resolution Number
92-77 was duly adopted, authorizing the extension of the warranty
period required under the SIA,,as the improvements required under
the SIA required certain corrections, including repairs to
Silverado Drive, all as set forth therein; and
Vd~~FtEAS, on August 9, 1993, the County and Subdivider entered
into the First Amendment to the SI.A, once again extending the
warranty period, as required under the SIA., through August 13,
1994, all as set forth therein; and
VifHEHEAS, by Eagle County Resolution No. 94-116, the County
once again extended the warranty period, as required under the SIA,
through August 13, 1995, as the required repairs were never made,
all as set forth therein; and
W~~EREAS, on August 8, 1994 the County approved a Consent to
Assignment and Assumption of Certain Obligations recorded in Book
637 at Page 255 of the records of the Eagle County Clerk and
Recorder, by and between the Subdivider and the Silverado Estates
Property Owner's- Association (hereinafter "Property, Owners")
wherein the Property Owner's agreed to undertake the obligations of
the SIA, all as set forth therein; and
WHERF~AS, the Property Owner's provided the County with the
collateral required under the SIA in the form of Irrevocable Letter
of Credit No. 5703, issued by Colorado National Bank in the amount
of $8,840.00 (hereinafter "Collateral"); and
y~fHF'R~AR, as a result of 'The Sopris Meadows Annexation of 1994,
Silverado Estates Subdivision was annexed into the Town of Basalt;
and
WF~ILA~, as a consequence of the Annexation, coupled with the
fact that the County would never accept Silverado Drive as a County
road, in Aril of 1995 the County contacted the Town of Basalt to
determine if the County should transfer the Collateral to the Town
of Basalt or return the Collateral to the Property Owners; and
WHEREAS, by letter dated August 3, 1995, the Town of Basalt
indicated that they would prefer us to return the Collateral to
the Property Owners, see Exhibit "A", attached hereto and incorpo-
rated herein by this reference; and
~i~TF:REAS, the Board has determined that the purpose of the SIA
was to collateralize the construction of public improvements, until
all public improvements have been constructed; and
W~F_AS, there still remains deficiencies in Silverado Drive,
but since this road is no longer located within the unincorporated
portion of Eagle County it will not be accepted for maintenance by
the County, nor will the Town of Basalt accept it for maintenance;
and
WHEREAS, the Property Owners Association is the entity
responsible for the maintenance of the road and also the party
responsible under the SIA; and
V~fHEREAS, the Property Owners Association has requested a
return of its collateral.
NOW, THErT, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS
OF THE COUNTY OF EAGLE, STATE OF COIARADO:
THAT, the Board desires to release the remaining collateral to
the Silverado Estates Property Owner's .Association, the entity
currently maintaining the road, all other improvements having been
previously completed.
THAT, the Board hereby takes no responsibility for any repairs
to or maintenance of Silverado Drive, such is the obligation of the
Property Owner's Association.
THAT, the Board hereby directs the Eagle County Attorney's
Office to return Irrevocable Letter of Credit No. 5703, issued by
Colorado National Bank in the amount of 8,840.00 directly to the
Lender.
THAT, this resolution is necessary for the public health,
safety and welfare of the citizens of Eagle County, Colorado.
MOVED, READ AND ADOPTID by the Board of County Commissioners
of the County of Eagle, State f Colorado, at its regular meeting
held the o~ ~'`~~ day of 1995 .
COUNTY OF EAGLE, STATE OF
COIARADO, By and Through Its
BOARD OF COUNTY CO1~lISSIONERS
By
~-
org A. tes, ommissioner
o ette i ips, ommissioner
County Commissioners
Commissioner ~`„~,~~ seconded adoption of the
foregoing resolution. roll ~~ving been called, the vote was as
follows:
Commissioner James E. Johnson, Jr. ~_
Commissioner Geode A. Gates ~,~.,
Commissioner Johnnette Phillips ~„~
This Resolution passed by ~ ~Q vote of the Board of
County Commissioners of the ounty o gle, State of Colorado.
89-108
c-dev/silverad.ter
101
MIDLAND AVEIV P.O. BOX Q • BASALT, CO
(970) 927-4701 • FAX (970) 927-4703
August 3, 1995
Mr. James Fritze
Eagie~CouMy Attorney
Eagle County Building
P.O. Box 850
Eagle, CO 81631
Dear Jim:
e,
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Thanks for your recent letter regarding the uinve sdh Eds Ste J stba' the County ~t
in the amount of $8,840.00 which Eagle C ty
never intended to accept Silverado Drive because it was not built to your
standards, the Town of Basalt does not intend to accept Silverado Drive.
Because Silverado Drive is the private road of the Property Owners Association,
and likely to remain so, it is appropriate that you return the funds you are holding
for the benefit of the subdivision to the Property Owners Association directly.
They may then apply those funds toward the road reconstruction necessary in ,
their subdivision. Please let us know when you have transferred the deposit to
the Property Owners.
Sincerely,
Kent Mueller
Town Administrator
~fIXHIBIT
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Established in 1901
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