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HomeMy WebLinkAboutR94-066 release of collateral and start of warranty period for Eagle HillsCommission�� moved adoption of the followi gg Resolu on• BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 94- AUTHORIZING THE RELEASE OF COLLATERAL AND COMMENCEMENT OF WARRANTY PERIOD FOR EAGLE HILLS SUBDIVISION WHEREAS, on or about August 12, 1980, pursuant to Section 30 -28 -137, C.R.S., the Board of County Commissioners of the County of Eagle, State of Colorado ( "Board ") entered into a Subdivision Improvements Agreement ( "Agreement ") with Mervyn Lapin and Richard Evancho dba Gershon ( "Subdivider ") as a condition of final plat approval of Eagle Hills Subdivision; and WHEREAS, in order to guarantee the faithful completion of certain public improvements required under the Agreement, the Board accepted as collateral a Promissory Note in the amount of $60,000.00 secured by a First Deed of Trust; and WHEREAS, by Resolution No. 82 -32 the Board authorized the partial release of collateral by releasing Lot 9, Eagle Hills Subdivision, from the First Deed of Trust recorded in Book 307, Page 864 of the property records of the County of Eagle; and WHEREAS, the Subdivider has represented to the Board, and members of the County staff have corroborated the Subdivider's representations, that the improvements required under the Agreement have been satisfactorily completed; and the one -year warranty period as discussed in paragraph 7 of the Subdivision Improvements Agreement will commence as of February 3, 1994 and continue until February 3, 1995; and WHEREAS, the Engineering Department has recommended retaining the amount of $6,000, or 10% of the amount collateralized, for the one -year warranty period. Based upon the oral and written recommendations of the County staff, THE BOARD FINDS that the Subdivider's obligations under the Agreement for the improvements have been satisfied. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: THAT, the Promissory Note in the amount of $60,000 be marked "Paid" and the Deed of Trust securing said Note be released. THAT, collateral in the amount of $6,000, or 10% of the amount collateralized, in the form of a check or certified funds submitted by the Subdivider be accepted for the one -year correction period. THAT, the correction period will expire on February 3, Fss4.5I MOVED, READ AND ADOPTED by the Board of County Commis- sioners of t e County of Eagle, State of Colorado, this a�j1 day of , 1994. By: COUNTY OF EAGLE, STATE OF COLORADO, By and Through I "Gr BOARD OF COUNTY COMMISS14A . S Geor A. Gates, Commissioner E County Commissioners �f ohnnette Phillips, Cha. Commissioner seconded adoption of the foregoing resol tion. Th 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 �� —Q vote of the Board of County Commissioners of the County of Eagle, State of Colorado. r \eaglehil.par 82 -246 -3- .. ^:�.?.. x...15 MERV LAPIN 232 WEST MEADOW DRIVE VAIL, COLORADO 81657 303- 476 -5531 FAX & Phone February 3, 1994 Board of County Commissioners Box 850 Eagle, Colorado 81631 FEB 1 4 1994 Re: Subdivision Improvement Agreement August, 1980 with Mervyn Lapin & Richard Evancho dba Gershon Gentle persons: We have now completed all of the subdivision improvements as called for under our Agreement. Please release the collateral which I believe is a first deed of trust on lot 8 of Eagle Hills Subdivision. I would also like to request that you forego the policy of holding 10% of the cost of construction for one year. I own four of the lots and have the incentive to insure that my one year warranty with the contractor is enforced. The total cost of the construction was $42,000, so your exposure is not significant, in any case. By foregoing the 10% policy you will, also, not have to see me again on this issue. Sincerely, P erv Lapin cc: Larry Metternick Charlie Elsworth REC'I RIM FEB - 7 IM BOARD Oi WUNTY COMMISSIONERS EAGLLE Z0 RTY I XC 1 .w Y °T. Retur:. Or:g. To Page 1 of 2 6 v "s m i� ENGINEERING DEPARTMENT (303) 328 -8760 February 10, 1994 Mr. Mervyn Lapin and Mr. Richard Evancho, dba Gershon c/o Vail Securities Investment 232 West Meadow Drive Vail, CO 81657 Re: Eagle Hills Subdivision Dear Mery and Rick: 500 BROADWAY P.O. BOX 850 EAGLE. COLORADO 81631 FAX (303) 325.7207 We are in receipt of your February 3, 1994 letter announcing completion of the improvements detailed in the Subdivision Improvements Agreement dated August 1980. The County Engineering staff and Road and Bridge staff concurs that the work is complete. We will schedule the matter before the Board of County Commissioners, and recommend a loo retainage of collateral ($6,000) for the 1 year warranty period discussed in paragraph 7 of the Subdivision Improvements Agreement. Sincerely, Larry Me prnick Eagle Co Engineer LM /jp CC: Jack Lewis, County Manager James R. Fritze, County Attorney E at` u M u Page' 2 of 2 EAGLE COUNTY, COLORADO