HomeMy WebLinkAboutR94-077 partial release of collateral on The Reservea
n
Commissioner moved adoption
of the following Resolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 94 - ZZ
ACCEPTING CERTAIN IMPROVEMENTS AS COMPLETE in re
THE RESERVE ON THE EAGLE RIVER SUBDIVISION
and AUTHORIZING PARTIAL RELEASE OF COLLATERAL
WHEREAS, on or about June 26, 1988, the Board of County
Commissioners of the County of Eagle, State of Colorado
(hereinafter "the Board "), entered into an Amendment of and
Assignment of Subdivision Improvements Agreement ( "Agreement ") on
The Reserve on the Eagle River Subdivision ( "Subdivision ") with M
& H Development Company, Inc. ( "Subdivider ") among other parties;
and
WHEREAS, pursuant to the terms of said Agreement, Subdivider
provided collateral to the Board to guarantee faithful completion
of certain public improvements within The Reserve on the Eagle
River Subdivision, said collateral in the form of a Letter of
Credit in the amount of $136,100.00; and
WHEREAS, Irrevocable Letter of Credit No. 8422745 was
amended by Resolution 91 -48 accepting certain improvements in the
Reserve on the Eagle River Subdivision and authorizing partial
release of collateral to $111,100.00; and
WHEREAS, by Resolution No. 92 -59, the Board authorized a
further partial release of collateral in the amount of $1,300,
and authorized the County Attorney to approve an additional
release, thereby reducing said collateral to 100,000.00; and
WHEREAS, by letter from 1st Bank of Avon dated June 14,
1992, the expiration date of Letter of Credit #8422745 was
extended to June 14, 1993; and
WHEREAS, by Resolution No. 93 -59, collateral was reduced to
$42,685.00, collateral was secured in the form of a Letter of
Credit dated June 14, 1993 from the 1st Bank of Avon in the
amount of $17,685.00 and a cash deposit in the amount of $25,000;
and
WHEREAS, by Resolution No. 93 -160 the Subdivision
Improvements Agreement expiration date was extended to June 14,
1994; and
WHEREAS, the Subdivider has represented to the Board, and
members of the County staff have corroborated the Subdivider's
representations, that all the off -site improvements required
under the Agreement have been satisfactorily completed and the
requirements of the Subdivision Improvements Agreement dated June
26, 1988 have been satisfied, except for the installation of the
bike path, see the attached Exhibit "A "; and
WHEREAS, Subdivider has requested a Release of Letter of
Credit No. 842275 in the amount of $17,685.00 which is set to
expire June 14, 1994; and
WHEREAS, the Subdivider has requested a reduction in the
collateral being held for the improvements to 10 % - -or $620.50- -
of the cost estimate for landscaping, as set forth on the
inspection date of May 19, 1993 and the actual cost of the
construction joint, said improvements totaling $6205.00 for the
one -year warranty period which will expire on June 2, 1995; see
the attached Exhibit "A "..
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO:
THAT, based upon written recommendations of the Department
of Engineering, the Board finds that the Subdivider's obligations
under the Agreement have been satisfied, and reduction in the
collateral held for the warranty period is warranted.
THAT, a reduction in the collateral to 10% of $6205.00 or
$620.50 for the one -year warranty period on the remaining
improvements be granted, said warranty period will expire on June
2, 1995.
THAT, the Subdivider has provided the County with check
number 1005, from the First Bank of Eagle in the amount of
$620.50 for the remaining one year warranty period.
THAT, the County will retain the $25,000.00 currently on
deposit with Eagle County for the construction of the bike path.
THAT, the County will release Letter of Credit No. 8422745
that is in the amount of $17,685.00.
THAT, this Resolution is necessary for the health, safety
and welfare of the County of Eagle, State of Colorado.
MOVED, READ AND ADOPTED by the Board of County Commissioners
of the County of Eagle, State of Colorado, this 10 day of
June, 1994.
ATTEST
I
Clerk to the Board of
County CommissiQai�Ft,s'x--,,.
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
BOARD OF COUNTY COMMISSIONERS
By:
Johnnette Phil ps, Ch irman
r •,rte
James E. Johnson, Jr.
Commissioner
George 4. Gates, Commissioner
Commissioner d2- seconded adoption of the
foregoing resolution. The roll having been called, the vote was
as follows:
Commissioner Johnnette Phillips GAL
Commissioner James E. Johnson, Jr.
Commissioner George A. Gates
This Resolution passed by ZGsP� ®�j d ram /_�11 vote of the Board of
County Commissioners of the County of Eagle, State of Colorado.
r \RELEASE.m&h 82 -331
-3-
a
EAGLE COUNTY ENGINEERING
TO: Nancy Lewis, County Attorney's Office
FROM: Larry Metternick, County Engineer
DATE: June 2, 1994
RE: The Reserve on the Eagle River
On June 2, 1994, John Althoff and Larry Metternick site inspected
the project, along with the Haney brothers of M&H Development.
We found all work to be complete and summarized as follows:
Item
Landscaping
Bus Shelter
Entry sign
Fencing
Pave unpaved area
Pave turnaround
Pave 20' overlay
Pave overlay N. of bridge
and construction joint
in bridge
( ' ) Bike Path funding
Exhibit A
5 -19 -93
6 -2 -94
Amount
Inspection
Inspection
38,300
5,455
0
3,000
0
0
5,000
0
0
6,700
0
0
31,400
0
0
6,200
0
0
15,000
0
0
5,500
5,500,
0
25,000
136,100
0
10,955
6,730
$17,685
0
0
0
$620.50
(1) 10 of previously completed and accepted work for one year
warranty period.
(2) $620.50 represents 10% of 5,455 + 750 (actual cost of
construction joint) and is one year warranty period
collateral to now be held.
(3) $25,000 in cash provided to Eagle County one year ago - to
be kept by Eagle County.
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