Press Alt + R to read the document text or Alt + P to download or print.
This document contains no pages.
HomeMy WebLinkAboutR94-113 second partial release Cordillera filing 7-1
Commissioner moved adoption
of the following esolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 94 - ZZ3
SECOND PARTIAL RELEASE OF COLLATERAL
t
Filing 7
Phase 2
CORDILLERA SUBDIVISION
1
I'/- a
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 Subdivision Improvements Agreement dated April 27,
1993 ( "Agreement ") with Stag Gulch Partners, a Colorado General
Partnership ( "Subdivider "), as a condition of final plat approval
for Filing 7, Cordillera Subdivision; and
WHEREAS, the Subdivider provided collateral in the form of a
plat restriction to guarantee the faithful completion of the public
improvements remaining in the project; and
WHEREAS, Paragraph 2.4 of the Agreement allows the Subdivider
to provide Substitute Collateral in the form of a certain letter of
credit, together with an Enforceability Opinion, all as described
therein; and
WHEREAS, by Resolution No. 93 -115, the plat restriction was
released and Letter of Credit No. 59179359 in the amount of
$661,899.41 with an expiration date of November 30, 1994 was
accepted by the Board.
WHEREAS, by Resolution No. 94 -08 the Board approved a
reduction in collateral in the amount of $351,367.77, leaving a
balance of $310,531.64 which was collateralized by Irrevocable
Letter of Credit No. S9179359; and
WHEREAS, Subdivider has represented to the Board, and members
of the County staff have corroborated the Subdivider's
representations, that further improvements required under the
Agreement have been partially completed in a satisfactory manner
(Exhibit A) and therefore Subdivider has applied for a second
release of collateral; and
543544 B -647 P -502 08/10/94 05:28P PG 1 OF 6 REC DOC
Sara J. Fisher Eagle County Clerk & Recorder 0,00
WHEREAS, the Subdivider has requested a reduction in the
amount of $76,492.53, leaving a balance of $234,039.11 to be
collateralized under a new Letter of Credit acceptable to the Board
(Exhibit B).
Based upon the oral and written recommendations of the
Department of Engineering, THE BOARD FINDS that the Subdivider's
obligations under the Agreement have been partially satisfied, and
a further reduction in the collateral held by the Board is
warranted.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO:
THAT, the Board hereby authorize the partial release of
collateral in the amount of $76,492.53, thereby reducing the
collateral to $234,039.11.
THAT, the Board hereby accepts Letter of Credit No. S9179359
in the amount of $234,039.11.
THAT, the partial release of collateral granted hereby 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 Count Commissioners
of the County of Eagle, State of Colorado, this _U 7 day of
August, 1994.
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
ATTEST: BOARD OF COUNTY COMMISSIONERS
By:
erk to th Board of George A.' Gates, .
County Commissioners
ohnnette PhillipiEf, Commi ioner
Commissioner _ seconded adoption of
foregoing reso utiC4 Tne roll having been called, the vote was
follows:
the
as
Commissioner George A. Gates n:�
Commissioner Johnnette Phillips
Commissioner James E. Johnson, Jr.
This Resolution passed by C3 vote of the Board of
County Commissioners of the County of Eagle, State of Colorado.
cord7I1 -2.par
#87 -84
µ b�
V�
' C) {
�W
543544
B -647 P -502 08/10/94 05:28P PG 3
OF 6
-3-
MEMORANDUM
1► r !! 1 �71►IV
TO: Maureen Amundson, Attorney's Office
FROM: John Althoff, Engineering
DATE: July 26, 1994
RE: Cordillera Filing #7
Collateral for Filing #7 should be as follows:
Phase I Phase II
Original SIA $271,183.27 $661,899.41
First Release $210,084.32 $351,367.77
This Release $ 10,274.62 $ 76,492.53
Remaining SIA $ 50,824.33 $234,039.11
Total
$933,082.68
$561,452.09
$ 86,767.15
$284,863.44
F�
E b y
543544 B -647 P -502 08/10/94 05:28P PG 4
CC: Larry Metternick
Mark Avery
File
OF 6
i'
August 03, 1994
== BHF -BANK
Berliner Handels-
und Frankfurter Bank
New York Branch
Board of County Commissioners
County of Eagle
State of Colorado
P.O.Box 850
Eagle, Colorado 81631
55 East 59th Street
New York, NY 10022 -1186
Telephone (212) 75G5500
FAX: (212) 756 -5966
On
w
RE: IRREVOCABLE LETTER OF CREDIT
Number S9179359
Gentlemen:
We hereby amend our above referenced Letter of Credit as follows:
Amount is decreased by USD76,492.53 (Seventy -Six Thousand Four Hundred Ninety -
Two and 53/100 U. S. Dollars) to a new balance of USD234,039.11 (Two Hundred
Thirty -Four Thousand Thirty -Nine and 11/100 U.S. Dollars).
All other terms and conditions remain unchanged.
Please signify your agreement to this amendment by signing and returning the attached
copy.
Very truly yours,
Berliner Handels- and Frankfurter Bank
ew York Branch
.a
to
Managing Partners:
Registered Head Offices: Registry and Commercial Register.
Wolfgang Graebner
FrankfuNM and Berlin No. Frankfurt/M 72 HRB 29000
Heinz - Gernot Reiners
Charlottenburg in Berlin 92 HRB 20000
Wolfgang Rupf
Wulf v. Schimmelmann
Wolfgang Strutz
r•
Louis Graf von Zech
A y � euo J
"�
Chairman of the Supervisory Board
Klaus Sublet[ki
Corporate Status:
Limited Company with General Partners
ro
cl
C
a
C
oc
c
c
01
ti
00
ro
ro
c�
0
m