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. � , �`'