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HomeMy WebLinkAboutR94-072 substitution of collateral for Old Orchard Plaza IIT � n Commissioner ,< _� moved adoption of the following Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 94 - _/ 7 �2- SUBSTITUTION of COLLATERAL OLD ORCHARD PLAZA II 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 Public and Off -Site Improvements Agreement dated April 25, 1994 ( "Agreement ") with Mid - Valley Development Co, a Colorado Limited Partnership and City Market, Inc. ( "Subdivider "), as a condition of final plat approval for 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; and WHEREAS, Paragraph 2.4 of the Agreement allows the Subdivider to provide Substitute Collateral in the form of a certain letter of credit; and WHEREAS, Subdivider has presented Irrevocable Letter of Credit No. 1242 issued by the Pitkin County Bank and Trust Co., 534 E. Hyman, Aspen, Colorado 81611 in the amount of $221,742.50; and WHEREAS, Subdivider hereby requests a release of the plat restriction 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 Old Orchard Plaza II and hereby releases the plat restriction. 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 Old Orchard Plaza II is released. MOVED, READ AND ADOPTED by the Board of County Commissioners of the County of Eagle, State of Colorado, this 5/� q� — day of May, 1994. COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOARD OF COUNTY COMMISSIONERS Commissioner �7-r-1 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 J r This Resolution passed by vote of the Board of County Commissioners of the County of Eagle, State of Colorado. ctymrkt.sub #93 -87 George A Gates , Commissioner May 25, 1994 BENEFICIARY: Board of County Commissioners County of Eagle State of Colorado P.O. Box 850 Eagle, CO 81631 RE: Irrevocable Standby Letter of Credit No. 1242 AMOUNT: $221,742.50 EXPIRES: December 30, 1994 To Whom it May Concern: We hereby open our Irrevocable Standby Letter of Credit in favor of the Board of County Commissioners of Eagle County, Colorado ( "County ") available by the County's drafts drawn on the Pitkin County Bank and Trust Company, 534 E. Hyman Avenue, P.O. Box 3677, Aspen, Colorado 81612, at sight, for any sum, not exceeding in total $221,742.50 U.S. Dollars for the account of City Market, Inc., A Colorado Corporation, and Mid - Valley Development Co., A Colorado Limited Partnership. Drafts must be accompanied by the following: 1.) A written Resolution of the County, signed by an authorized representative of the Board of Commissioners of Eagle County, Colorado, stating that "there has been an event of default, as defined in Section 2.6, of the "Public and Off -Site Improvements Agreement, Old Orchard Plaza II, File No. SM- 29- 92 -AF" and that a sum certain is required to remedy the default." A copy of the "Agreement" is attached hereto. Each draft must bear upon its face the clause, "Drawn under Letter of Credit #1242, dated May 25, 1994, of The Pitkin County Bank & Trust Co." Except so far as otherwise expressly stated herein, this Letter of Credit is subject to the International Chamber of Commerce, Paris, France, Uniform Customs and Practice Publication Number 500 (1993 Revision). 534 E. HYiA AN AVE. • POST OFFICE BOX 3677 • ASPEN, COLORADO 81612 • PHONE 3031925 -6700 We hereby agree with you that drafts drawn under and in compliance with the terms of the Letter of Credit will be duly honored if presented to our office located at 534 E. Hyman Avenue, Aspen, Colorado 81611 on or before the close of business on December 30, 1994. Sincerelv,