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HomeMy WebLinkAboutR94-114 second partial release of collateral Blue Lake filing VCommissioner l�cn moved adoption 0 of the following esolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO {Y4 RESOLUTION NO. 94- I ra SECOND PARTIAL RELEASE of COLLATERAL BLUE LAKE SUBDIVISION Filing V 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 March 14, 1994 ( "Agreement ") with Vantex Enterprises Inc., ("Subdivider"), as a condition of final plat approval for Filing 5, Blue Lake Subdivision; and WHEREAS, the Subdivider provided collateral in the form of an Escrow Agreement to guarantee the faithful completion of the public improvements in the project; and WHEREAS, Paragraph 2.2 of the Agreement allows the Subdivider to apply for partial releases of collateral, all as described therein; and WHEREAS, by Resolution Number 94 -91 the Board approved a reduction in collateral in the amount of $376,137.45 leaving a balance of $1,140,981.05 which was collateralized by the Escrow Agreement; 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 WHEREAS, the Subdivider has requested a reduction in the amount of $191,848.50, leaving a balance of $949,132.55 to be collateralized under the existing Escrow Account: Original SIA $1,517,118.50 First Partial Release $ 376,137.45 Second Partial Release $ 191,848.50 Remaining Collateralized Improvements $ 949,132.55 543644 B -647 P -601 08/11/94 05:31P PG 1 OF 4 REC DOC Sara J. Fisher Eagle County Clerk & Recorder 0.00 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, a reduction in the collateral in the amount of $191,848.50, for a remaining collateral balance of $949,132.55 is granted. 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. THAT, the remaining balance of $949,132.55 which remains in the Escrow Account is currently sufficient to cover the collateral which will be required upon commencement of the warranty period as defined in Paragraph 2.3 of the Agreement. THAT, this partial release of collateral in no way signifies the commencement of any warranty period; the warranty period shall begin on the date all work is complete and accepted by the County, pursuant to Paragraph 2.3 of the Agreement. THAT, all other provisions of the Agreement shall remain in full force and effect. MOVED, READ M AND ADOPTED by the Board of County ommissioners of Colorado, this Y — day of COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOARD OF COUNTY COMMISSIONERS 643644 B -647 P -60Z 08/11/94 05:32P PG 2 OF 4 County Commissioners George Af. Gates, Commissioner j Commissioner seconded adoption of the foregoing resolution. The roll having been called, the vote was as follows: Commissioner Johnnette Phillips _ Commissioner James E. Johnson, Jr. Qa Commissioner George A. Gates tirn This Resolution passed by (3'-0 vote of the Board of County Commissioners of the County of Eagle, State of Colorado. r \blueV /2.par 543644 B -647 P -602 08/11/94 05:32P PG 3 OF 4 sub # 84 -33 -3- MEMORANDUM I LYY ► .71C!! TO: Maureen Amundson, Attorney's Office FROM: ' John Althoff, Engineering DATE: July 26, 1994 RE: Blue Lake Filing #5 Second Partial Release of Collateral I received a request for a second partial release of collateral for Blue Lake Filing #5 on July 14, 1994 from E.J. Chupik. I have reviewed the information supplied to me and have changed it to the format of the original SIA. I have been to the site on July 22, 1994 to review the progress. I have received a letter from Bruce Lewis of High Country Engineering stating that construction has been completed in accordance with the plans and specifications. Today I received copies of the compaction tests that I needed to see to verify compaction on all phases of the release. Proceed with the Second Partial Release of Collateral of $191,848.50 with a collateral balance of $949,132.55. 543644 B -647 P -602 08/11/94 05:32P PG 4 OF 4 C� CC: Larry Metternick File