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HomeMy WebLinkAboutR97-010 final release of collateral for Old Orchard Plaza II - City MarketCommissioner moved adoption Of th following Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 97 -/_ AUTHORIZING THE FINAL RELEASE OF COLLATERAL AND TERMINATION OF THE WARRANTY PERIOD OLD ORCHARD PLAZA II, CITY MARKET WHEREAS, pursuant to C.R.S. 30- 28 -37, the Board of County Commissioners of the County of Eagle, State of Colorado ( "Board ") entered into a Subdivision Improvements Agreement dated April 25, 1994 (Agreement ") with Mid - Valley Development Co., a Colorado Limited Partnership (hereinafter "Developer ") as a condition of final plat approval of Old Orchard Plaza II; and WHEREAS, the Subdivider provided collateral in the form of a plat restriction to guarantee the faithful completion of the public improvements in the project; and WHEREAS, by Resolution No. 94 -72, the plat restriction was released and the Board accepted Letter of Credit No. 1242 issued by the Pitkin County Bank and Trust Co in the amount of $221,742.50; and WHEREAS, by Resolution No. 94 -206, based on the recommendations of the County Engineer, the warranty period was commenced with an expiration date of December 19, 1996; and WHEREAS, the Subdivider represents that the work required under the Agreement is complete and acceptable and the Engineering Department recommends full release of the collateral and the termination of the warranty period, see Exhibit "A ", attached hereto and incorporated herein by this reference. WHEREAS, the Board is not accepting any of the improvements nor any of the maintenance responsibility associated with the improvements required under the Agreement and installed by the Subdivider, as this property has been annexed into the Town of Basalt; and 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, as is the termination of the warranty period. 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 and the termination of the warranty period. THAT, the Board will not be accepting any of the improvements installed pursuant to the Agreement. THAT, this document shall be recorded in the Records of the Eagle County Clerk and Recorder, which shall be evidence that the Agreement has been terminated. MOVED, READ AND ADOPTED by the Board of County Commissioners of the County of Eagle, State of Colorado, this CQ[At:- day of January, 1997. ATTEST: � z Clerk to the °Board of County Commissioners COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOARD OF COUNTY COMMISSIONERS 7 By: Johnnette Phillips, C airman es so !r /" CommisE sioner a 6� George A. Gates, Commissioner -.3 3 Commissioner yUj� �A seconded adoption of the foregoing resolution. The roll having been called, the vote was as follows: Commissioner Johnnette Phillips Commissioner James E. Johnson, Jr Commissioner George A. Gates This Resolution passed by (a -0 vote of the Board of County Commissioners of the County of Eagle, State of Colorado. 93 -87 -3- � rMj EAGLE COUNTY ENGINEERING TO: Maureen Amundson, Attorney's Office FROM: John Althoff, Engineering DATE: January 3, 1997 U RE: Orchard Plaza, City Market Subdivision Improvements Agreement Received a letter from the Town of Basalt stating that work covered by the Subdivision Improvements Agreement has successfully completed the warranty period and the SIA should be closed out. Attached is a copy of the letter from the Town of Basalt. xc: George Roussos Chrono /file EX IBIT 101 MIDLAND AVEh . - BASALT, CO 81621 (970) 927 -4701 • FAX (970) 927 -4703 TO: FROM: DATE: SUBJECT: MEMORANDUM John Althoff, Eagle County Project Engineer Gerry Pace, Basalt Public Works Director Glenn Hartmann, Town Planner 12/31/96 Orchard Plaza & City Market Warranty Review !WNWN The Town of Basalt has reviewed the status of that work covered by existing warranties and security with Eagle County for the Orchard Plaza and City Market projects adjacent to East Valley Road. Said review has included site inspections by the public works and engineering staff. The Town is satisfied with the current condition of the improvements and finds no existing failures or deficiencies that would preclude the release of remaining funds. Please be advised that the Town supports your release of any remaining obligations or security for this project. Your coordination with the Town in regard to this final release has been appreciated. Should any additional information or communication from the Town be the Town Public Works or Planning Departments. Pace Glenn Hartmann Works Director Town Planner Established in 1901