HomeMy WebLinkAboutR94-055 substitution of collateral Arrowhead at Vail Filing 16^ , • l F
Commissioner moved adoption
of the following solution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 94 - _66
SUBSTITUTION of COLLATERAL
Arrowhead at Vail
Filing 16
Phase 2
WHEREAS, 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 Improvements Agreement dated July 6,
1993, ( "Agreement ") with Arrowhead at Vail, a Colorado Joint
Venture ( "Subdivider "), as a condition of final plat approval for
Filing 16, Phase 2, Arrowhead at Vail; 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, Paragraph 2.4 of the Agreement allows the Subdivider
=e
to provide Substitute Collateral in the form of a certain letter of
credit, acceptable to the County; and
WHEREAS, Subdivider has presented Irrevocable Letter of Credit
No. 135610 (attached as Exhibit A) issued by Nations Bank in favor
of Arrowhead at Vail. in the amount of $150,271.85; and
WHEREAS, Subdivider requests a release of the plat restriction
for Filing 16, Phase 2, Arrowhead at Vail, recorded July 7, 1993,
in Book 613, Page 1849, upon acceptance by the Board of said Letter
of Credit.
THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS
OF THE COUNTY OF EAGLE, STATE OF COLORADO:
THAT, the Board accepts the above - described letter of credit
as substitute collateral for Filing 16, Phase 2, Arrowhead at Vail
and hereby releases the plat restriction for Filing 16, Phase 2.
539621 B -643 P -575 06/22/94 04:45P PG 1 OF 4 REC DOC
Sara J. Fisher Eagle County Clerk & Recorder 0.00
THAT, all other provisions of the Agreement shall remain in
full force and effect.
THAT, this resolution shall be recorded in the Records of the
Eagle County Clerk and Recorder, which shall be evidence that the
plat note for Filing 16, Phase 2, Arrowhead at Vail is released.
MOVED, READ AND
of the County of E
May, 1994. I�.
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
BOARD OF COUNTY COMMISSIONERS
I
Commissioner seconded adoption of the
foregoing resolution. The roll having been called, the vote was as
follows:
Commissioner Johnnette Phillips ww�
Commissioner James E. Johnson, Jr.
Commissioner George A. Gates ,
� J
This Resolution passed by vote of the Board of
County Commissioners of the County of Eagle, State of Colorado.
arrow -2.sub 82 -236
539621 B -643 P -575
06/22/94 04:45P PG 2 OF 4
ADOPTED by the Board of County Commissioners
State of Colorado, this c e2 day of
County Commissioners
George Gates, C ssioner
• * S'`?cT.r ...,,.:. NADKUB 14,00
TWA NA. Awwar Back: NATIONMK DAL
5289 -0483
IRREVOCABLE LETTER OF'CRKIT
IRREVOCABLE LCTTCR OF CRECIT NUMIER 13Sal? DATED APRIL 29, 1494
EXPIRATION C.ATEt MAY 29, 1995, AT OUR COUNTERS
BOARD OF COUNTY COMMISSIONERS
COUNT r OF EAGLE
STATE OF COLORADO '
PO BOX 550
EAGLE, COLORADO 51631
GENTLEMEN:
WE HERESY OPEN OUR IRREVOCABLE LETTER OF CREDIT'IN YOUR FAVOR,
AVA]LAHLE BY DRAFT AT SIG87 DRAWN 00 NATIONSBANK Uh 1EXAS N.A.
FOR ANY SUM OR SUMS NOT EXCEEDING IN TOTAL THE SUM OF' >!''..F'; x
USU 150,271.S5 (ONE HUNDRED FIFTY THOUSAND TWO HUNDRA SEVENTY,
ONE AND 85 /L+OD U.S. DOLLARS).
FOR THE ACCOUNT OF VAIL/ARROWHEA0. INC., PO DRAWER A,
EDWAFDS. co 91c„2.
w0 FOR THE PURPOIE OF QvAPC.NTEEING CONaTRUCTI!ON OF PUBLIC
I'MP'ROVEMENT;: REQUIREU BY THE COUNTY OF EAGLE, $$ATE OF COLORADO,
PURSUANT TO THAT CERTAIN SUBDIVISION IMPROVEfIENTS &REEMENT
DATED JULY t. 1993. BETWEEN THE COUNTY OF EAGLE, COLORADO, AND
C'7 APPOWHEAD AT VAIL, A COLURAGO JOINT VENTURE, RELATIVE TO
a ARRUWHEAU A VAfL SURPIVISION. EACH GPAF'I DRAWN ON HATIONSBANK
w Ol TE?PS N.A. WT SIGMT MALL OE ENDORSED 00 THE PCVE',RSE SIDE OF
0 1411 LF TTIN Or' C00017 AND RFAP UWUN TTY.: :FACE - CtkAWY UNDER
e1• 1. C.' cf ^.
OF 00ml ! uwAo. OF " Afl'JmsGANK OF 10 45 N.A., AMC.
is`. 4 RFSaL0110" YV ti'l't' F.: 0APU OF QUUNTf
er C_I;i(•Ii1I.`.(xoNEpT of "_ "_t=,l.L' aouNTf '.:&WfjF'fiN.. ' L, i THAr THERE HA',
� GEa-'ti t. C'fF, -d'LT Urit;`t:p THE :;Vi;LIdI „iCrt: Itti[+P G;c;F ?EEMEt1T, AtJI,'
N j FHAt A `UM CERTAIN In REQUIRED TO PENEDY THE DEFAULI
C.0 NAfIt1N"S!s NY. OF TEXAS N.A. AuREES WITH THE DRAWERS, ENDOR.SEP.; AND
LI ONATIDL' HOLDEP S OF EQAFT , DPOWN r "MD NIGOTIATE0 IN r'OPIPLIe'Ni F
Lo WITH T'HE TERN$ OF THIS LETTER OF CPEDIT THAT 'EVCH UIRAFTS WILL 6E
WUL i UONTREP UPON GUF: Pf!E 0EUli;TI+?N AT THE C7UN OF THIS G.XII ,
I
P+ fY•i7L OF TL "::':'7, N.o. FLr'i!CvEnr5 oND wAPPAN TO THE COUNT,
m Or Er.(,LE THAI IT HAT THE FULL AUTHORVY AND POWEP TO ISSUE THIS
d' LkTrER OF CREDIT TO THE. COUNTY OF EAGLE, QfpTC iOC iOLORADO,
to /�
1 1N THE 'FtjTAl, AMOUNT ANG FOR THE PERIOD OF TIME STATED HEREIN;
SAJU AUTHURIft BEING PUR UMIT TO THE LAWS OF THE PCOULATION OF
NATIONIBANf'. OF TEXAS N.A. CHARTER, UT LAW`.: AND OTHEP APPLICAULE
,-� HULL4 AND NEG"LFTECHS ADOPTED PUFt`.$vAmr TmIRETO. LHOULO IT BE
N HLCt` ,":;ARY FOR THE COMY OF EAGLE TO PILL TUIT IN AN EFFORT 10
co
Q EN F OOOE THIN A`+keV'_CASLE LUTTCR Ur CPCOIK I'fAFE0':f.QnMK OF fivl�-
M 1 (y : t I�r t
in IJ.:a. HL,KEB'. WHIVEi ALL VALUE R1 H: AN 1:'MITS TO THE
JVFt[moTI'-+N op rm E. OLL i4iCT QLll.RT IN ANU 90P fHE COUNTY 0r
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OLL ORAFTS HEREUKER Mull Cj CJI7-"p' orl OR BEFORE MAN 29, 1905-
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p l e l l e call ROUNARIE allnO at 214
very truly yours.
oationzaank Of t0yes, O-A.
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539621
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