No preview available
HomeMy WebLinkAboutR95-102 release of collateral - release of collateral for Silverado Estates Subdivision ,~-- b" :-., ;` /~ of ttLe follvwiszg Reno u ate. 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, ~~~ ~ t,i.;t~ ~~ ~~'~ ~,c+Gcour~rc ~~°e•~~ ~~ N 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 ~. Established in 1901 ~~ O~ :~: _