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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