HomeMy WebLinkAboutR94-001partial release of collateral and commencement of wannaty period for Aspen Mountain ViewWHEREAS, the Subdivider has requested a reduction in the
collateral being held for off -site improvements to 10% of the
original cost estimate for said improvements ($81,719.00) (Exhibit
A) or $8,171.90 for the two -year correction period which will
expire on August 20, 1995.
Commissions moved adoption
of the fol .,.Wi#fg Resolution:
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BOARD OF COUNTY COMMISSIONERS
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COUNTY OF EAGLE, STATE OF COLORADO
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RESOLUTION NO. 94 - T_q
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AUTHORIZING THE PARTIAL RELEASE OF COLLATERAL m'
AND COMMENCEMENT OF WARRANTY PERIOD
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FOR
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ASPEN MOUNTAIN VIEW, THE SUMMIT AND
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OAKRIDGE III
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WHEREAS, on or about October 1, 1990, pursuant to Section
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30 -28 -137, C.R.S., the Board of County Commissioners of the County
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of Eagle, State of Colorado ( "Board ") entered into a Subdivision
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Improvements Agreement ( "Agreement ") with Summit View, Inc.
( "Subdivider ") as a condition of final plat approval of Aspen
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Mountain View, The Summit and Oakridge III; and
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WHEREAS, in order to guarantee the faithful completion of
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certain public improvements required under the Agreement, the Board
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accepted as collateral Irrevocable Letter of Credit No. 1176 issued
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by Pitkin County Bank & Trust Company, in the amount of
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$293,138.92; and
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WHEREAS, by Resolution No. 91 -81 the Board authorized the
partial release of collateral in the amount of $173,135.06, thereby
reducing the collateral to $81,719.00 for Off -Site (Upper Cattle
Creek Road) improvements; and
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WHEREAS, the Subdivider has represented to the Board, and
members of the County staff have corroborated the Subdivider's
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representations, that the off -site improvements required under the
Agreement have been satisfactorily completed and the requirements
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of the Amendment dated January 14, 1991 to Subdivision Improvements
Agreements having been satisfied; and
WHEREAS, the Subdivider has requested a reduction in the
collateral being held for off -site improvements to 10% of the
original cost estimate for said improvements ($81,719.00) (Exhibit
A) or $8,171.90 for the two -year correction period which will
expire on August 20, 1995.
Based upon the oral and written recommendations of the
County staff, THE BOARD FINDS that the Subdivider's obligations
under the Agreement for the off -site improvements have been
satisfied.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
ERS OF THE COUNTY OF EAGLE, STATE OF COLORADO:
THAT, a reduction in the collateral to 10% of $81,719.00
or $8,171.90 for the two -year correction period on the off -site
improvements be granted, said correction period will expire on
August 20, 1995.
THAT, the partial release of collateral and deadline
extension granted hereby shall not in any way abrogate the rights
of the Board in enforcing the Subdivider's performance of his
outstanding obligations under the Agreement.
MOVED, READ AND ADOPTED by the Board of County Commis-
sioners of the County of Eagle, State of Colorado, this 32&
day of January, 1994.
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
BOARD OF COUNTY COMMISSIONERS
By
George Chairman
i,phnnette Phillips, Commissi ner
Commissi
foregoin
follows:
525283 B -629 P -223 01/04/94 03:14P PG 2 OF 4
. County Commissioners
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Commissioner George A. Gates o
Commissioner Johnnette Phillips
Commissioner James E. Johnson, Jr._ ti
This Resolution passed by 3 —Q vote of the Board of
County Commissioners of the County of Eagle, State of Colorado.
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82 -237
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525283
B -629 P -223 01/04/94 03:14P PG 3
OF 4
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CITTA, HOLZAPFEL, MILLARD & ZABABSKY
ATTORNEYS AT LAW
248 WASHINGTON STREET
P.O. BOX 4
JAMES W. HOLZAPFEL TOMS RivER, NEW JERSEY 08754
E. DAVID MILLARD (908) 349-1600
STEVEN A. ZABABSKY -
TELEFAX: (908) 349-0792
MATTHEW A. LEAHEY
August 20,1993
Eagle County Board of
County Commissioners
P.O. Box 850
Eagle, Colorado 81631
In re: Summit View, Inc.
Aspen Mountain View /The Summit Oak Ridge III
Gentlemen:
JOSEPH A. CITTA
OF COUNSEL
In view of the fact that all improvements have been
completed, we ask that you release the Bond that you are holding
from Summit View, Inc.
Thank you for giving this matter your earliest
attention.
Very truly yours,
JOSEPH A. CITTA
525283 B -629 P -223 01/04/94 03:14P PG 4 OF 4
JAC : mr
cc/ Office of County Attorney
cc/ Johnson & Kunkel, Att: Chris Williams i-- !_'✓ _
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! 2:'s 1993 :
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