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HomeMy WebLinkAboutR94-107 draw on Higland WoodsCommissioner earn np moved adoption of the following Re lution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 94- / THE DRAWING OF COLLATERAL IF REQUIRED FOR HIGHLAND WOODS, A RESUBDIVISION OF LOT 33 AT HIGHLAND MEADOWS AND LOTS 34 & 35 AT HIGHLAND PARK OR FIRST PARTIAL RELEASE OF COLLATERAL WHEREAS, on or about August 10, 1993, the Board of County Commissioners of the County of Eagle, State of Colorado (herein- after "the Board "), entered into a Subdivision Improvements Agreement ( "Agreement ") with Jack D. Beals ( "Subdivider ") relative to Highland Woods, A Resubdivision of Lot 33 at Highland Meadows and Lots 34 & 35 at Highland Park ( "Subdivision "); and WHEREAS, on or about November 1, 1993 a Consent to Assignment and Assumption of Certain Obligations of Highland Woods was entered into between Jack D. Beals ( "Assignor ") and Eli Quaknine, David Irwin and Don Everett ( "Assignee ") and the Board of County Commissioners of the County of Eagle, State of Colorado ( "the Board "); and WHEREAS, pursuant to said Consent to Assignment and Assumption the Assignees, jointly and severally, agreed to assume responsibil- ity for completing the subdivision improvements required in the SIA; and Assignees assumed the financial responsibility of the SIA which included collateral in the form of Letter of Credit #885 -5986 in the amount of $23,210.00; and WHEREAS, Subdivider has represented to the Board, and members of the County staff have corroborated the Subdivider's representa- tions, that improvements required under the Agreement have been partially completed in a satisfactory manner (Exhibit A); and WHEREAS, the Subdivider has requested a reduction in the amount of $9,549.00, leaving a balance of $14,266.00 to be collateralized under a new Letter of Credit acceptable to the Board; and WHEREAS, the Letter of Credit provided as collateral expires August 6, 1994 and a new letter of credit in the amount of $14,266.00 needs to be supplied to the Board; and WHEREAS, the Board finds, determines and declares that if a new letter of credit in the amount of $14,266.00 is not supplied to the Board by August 5, 1994, that it is in the best interest of the County that it draw upon the remaining collateral, to ensure proper completion of the improvements. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: THAT, a reduction in the collateral in the amount of $9,549.00 for a balance of $14,266.00 is granted. THAT, if a new letter of credit acceptable to the Board in the amount of $14,266.00 is not provided to the County by August 5, 1994, the Board draw upon the remaining collateral in the amount of $23,210.00. THAT, the Chairman of the Board be authorized to sign a draft for the purpose of drawing upon the Irrevocable Letter of Credit No. 885 -5986, dated November 1, 1993, issued by 1st Bank of Vail, said draw to be in the amount of $23,210.00. THAT, said sum of $23,210.00 be deposited by the Eagle County Treasurer and held as collateral to guarantee the satisfactory correction of said improvements. THAT, James R. Fritze, Eagle County Attorney; Mary Joan Berenato, Deputy County Attorney; Robert W. Loeffler, Assistant County Attorney; or Maureen Amundson, Paralegal, be each granted power of attorney to act as attorney in fact for the County of Eagle, State of Colorado, and its Board of County Commissioners; to perform all acts and execute any and all documents reasonably incidental to drawing upon the subject Letter of Credit. THAT, the Chairman of the Board be authorized to execute a Power of Attorney for the purposes contemplated herein. THAT, all other provisions of the Agreement shall remain in full force and effect. a MOVED, READ AND ADOPTED by the Board of County Commissioners of the County of Eagle, State of Colorado, this day of 1994. ATTEST: County Commissioners Johnnette Phillips, / Chair . -+, 0 James E. Johnson, Jr. Commissioner ZUeorge . Gates, Commissioner Commissioner R seconded adoption of the foregoing resolution. TlYe 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 C5. V vote of the Board of County Commissioners of the County of Eagle, State of Colorado. r \high.dbl 82 -258 COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BBOARD OF , COU N TY CCOM 1 /il �. ..f /lfJt sALfi �( /eA -3- ' MEMORANDUM EAGLE COUNTY ENGINEERING TO: James R. Fritze, County Attorney rn FROM: Phill Scott, Engineering DATE: July 29, 1994 RE: Highland Woods Subdivision Improvements Agreement First Partial Release of Collateral On Thursday, July 28, 1994, I inspected the improvements constructed and collateralized as part of the above referenced Subdivision Improvements Agreement, in response to the request of Don Everett, one of the developers, for a determination of the state of completion of said public improvements and a reduction in collateral corresponding to the work that has been completed. I found work to be complete as follows: 7 -28 -94 6 Lodgepole Pine, 7' to 10' Grass Seed, Fertilizer, Straw and Application 8 Aspen, 12' to 15' Strip Topsoil Unclassified Excavation Import Boulders Boulder Wall 18" Culvert Place Topsoil Paving & Prep (16' Paved w /2' Shoulder)(4" ABC /3" Asphalt) Original Amount Amount Amount Completed Remaining $ 1,080.00 $ -0- $ 1,080.00 $ 220.00 $ -0- $ 220.00 $ 280.00 $ -0- $ 280.00 $ 800.00 $ 800.00 $ -0- $ 3,724.00 $ 3,724.00 $ -0- N/C N/C N/C N/C N/C N/C $ 3,000.00 $ 3,000.00 $ -0- $ 825.00 $ 825.00 $ -0- $ 1,200.00 $ 1,200.00 $ -0- $12,686.00 $ -0- $23,815.00 $ 9,549.00 Note: In the original SIA there was an addition error. The collateralized was $23,210.00 but should have been $23,815.00 has been corrected with this partial release. $12,686.00 $14,266.00 total amount . This error We recommend the collateral be reduced to $14,266.,00. It will be necessary for the developer to request an extension in time to complete the public improvements. The developer has been so apprised. cc: Larry Metternick File EXHIBIT