HomeMy WebLinkAboutR94-089 release and start of warranty period for Riverwalk at Edwards Phase 2Commission moved adoption
of the followi g Resolut on:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
r RESOLUTION NO. 94 - -- W_
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AUTHORIZING THE RELEASE OF COLLATERAL
AND COMMENCEMENT OF WARRANTY PERIOD
FOR
RIVERWALK AT EDWARDS - PHASE 2
LOTS 1 AND 2
WHEREAS, on or about January 5, 1994, 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 4020 Land Investors
( "Subdivider ") as a condition of final plat approval of Riverwalk
at Edwards, Phase 2; and
WHEREAS, in order to guarantee the faithful completion of
certain public improvements required under the Agreement, the Board
accepted as collateral a plat note which stated that no lot or lots
within the subdivision shall be conveyed nor shall any building
permit be issued until the improvements are in place; and
WHEREAS, the Subdivider has represented to the Board, and
members of the County staff have corroborated the Subdivider's
representations, that the public improvements required under the
Agreement have been satisfactorily completed, see the attached
Exhibit "A ": and
WHEREAS, the Subdivider has therefore requested the issuance
of a building permit and release of the plat note for Riverwalk at
Edwards - Phase 2, for Lots land 2 only; and
WHEREAS, as a condition for a release of this plat note the
County requires that the Subdivider post collateral for the two
year warranty period, as required under the Agreement, in the
amount of $11,165.00, or 10% of the costs associated with said
improvements; and
Based upon the oral and written recommendations of the County
staff, THE BOARD FINDS that the Subdivider's obligations under the
Agreement for Riverwalk at Edwards - Phase 2, Lots 1 and 2 only,
for the required public improvements have been satisfied.
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Sara J. Fisher Eagle County Clerk & Recorder 0.00
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NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO:
THAT, the Subdivider has provided the County with Letter of
Credit No. 201 drawn on the First Bank of Eagle County, Edwards,
P.O. Box 1299, Edwards, CO 81632 in the amount of $11,165.00 for
the two -year correction period on the public improvements, attached
hereto as Exhibit "B "; said correction period will expire on June
22, 1996.
THAT, the release of the plat note for Riverwalk at Edwards,
Phase 2, Lots 1 and 2 only, is hereby granted.
That neither the release of the plat note nor the commencement
of the warranty period shall not in any way abrogate the rights of
the Board in enforcing the Subdivider's performance of his
outstanding obligations under the Agreement.
MOVED, READ AND ADOPTED by the Board of County Commis-
sioners of the County of Eagle, State of Colorado, this _ (�
day of July, 1994.
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
BOARD OF COUNTY COMMISSIONERS
�1. -
Commissioned seconded adoption of the
foregoing reso ution. The roll having been called, the vote was as
follows:
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540617 B -644 P -572 07/06/94 02:01P PG 2 OF 7
County Commissioners
George A. Gates,
Commissioner
S
Commissioner Johnnette Phillips
Commissioner James E. Johnson, Jr.
Commissioner George A. Gates
This Resolution passed by vote of the Board of
County Commissioners of the County of Eagle, State of Colorado.
r \riverwlk.rel
93 -114
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EAGLE COUNTY ENGINEERING
TO:
FROM:
DATE:
RE:
Maureen Amundson, Attorney's Office
John Althoff, Engineering
June 22, 1994
Riverwalk - Plat Note
JUN 2 3 1994
The total dollar amount for Phase II, Riverwalk at Edwards public
improvements is $111,644.64. The 10% retainage required for the
warranty period would be $11,165.00.
Most of this work has been completed, or is contracted to be
completed and paid for, by the utility company. The plat note
can be removed and replaced with the 10e collateral for the
warranty period.
540617 B -644 P -572 07/06/94 02:01P PG 4
OF 7
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RIVERWALK AT EDWARDS, PHASE II
1. Basic Utilities
A. Water Line
B. Sanitary Sewer
C. Electric
D. Gas
2. Roads
3. Basic Drainage Improvements
4. Erosion Control
5. Traffic Signage
Total
loo Retainage - Warranty Period
$ 6,838.36
$ 789.88
$ 16,515.00
$ 500.00
$ 66,200.00
$ 8,161.00
$ 10,390.40
$ 2,250.00
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$111,644.64
$ 11,165.00
540617 B -644 P -572 07/06/94 02:01P PG 5 OF 7
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First 1 Eagl
1 County
Since 1908
Irrevocable Letter of Credit
First Bank
P.O.
Eagle,
Irrevocable Letter of Credit
Number: 201
Board of County Commissioners
County of Eagle
State of Colorado
P.O. Box 850
Eagle, CO 81631
Gentlemen:
Date 6/29/94
Cy;
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We hereby open our irrevocable Letter of Credit in your favor,
available by draft or drafts at sight drawn on the First Bank of
Eagle County for any sum or sums not exceeding in total the sum of
$11,165.00
For the account of 4020 LAND INVESTORS
RIVERWALK @ EDWARDS
PHASE 2, LOTS 1 &2
Edwards, Co. 81632
For the purpose of guaranteeing those public improvements
required by the County of Eagle, State of Colorado, pursuant to
that certain Subdivision Improvements Agreement dated January 5,
1994, between the County of Eagle, Colorado and 4020 Land
Investors, a General Partnership, relative to Riverwalk at Edwards,
Phase II Subdivision. Each draft drawn on First Bank of Eagle
County on sight shall be endorsed on the reverse side of this
Letter of Credit and bear upon its face "Drawn under Letter of
Credit Number 201, dated June 29, 1994, of the First Bank of Eagle
County "; and shall be accompanied by a resolution of the Board of
County Commissioners of Eagle County certifying 1.) that there has
been a default under the Subdivision Improvements Agreement, and
2.) that a sum certain is required to remedy the default.
The First Bank of Eagle County agrees with the drawers,
endorsers, and bonafide holders of drafts drawn and negotiated in
compliance with the terms of the Letter of Credit that such drafts
will be duly honored upon due presentation at the counter of this
bank. E XHIBIT B
of Eagle County
Box 567
CO 81631
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P.O. Box 567 • Eagle, Colorado 81631 • (303) 328 -6361 • Fax (303) 328 -4343
Edwards Branch • Edwards. Colorado 81632 • (303) 926 -4150
First. Bank of Eagle County represents and warrants to the
County of Eagle that it has the full authority and power to issue
this Letter of Credit to the County of Eagle, State of Colorado, in
the total amount and for the period of time stated herein; said
authority being pursuant to the laws of the United States, or the
State or territory which governs the establishment and regulation
of First Bank of Eagle County, and the First Bank of Eagle County's
charter, by -laws and other applicable rules and regulations adopted
pursuant thereto. Should it be necessary for the County of Eagle
to file suit in an effort to enforce this irrevocable Letter of
Credit, First Bank of Eagle County hereby waives all venue rights
and submits to the jurisdiction of the District Court in and for
the County of Eagle, State of Colorado.
All drafts hereunder must be drawn on or before June 29, 1996.
Very truly yours,
First Bank of Eagle County
a
Dan E. Godec
Vice President
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