HomeMy WebLinkAboutR94-115 partial release and start of warranty for Arrowhead at Vail Filing 16 Phase 21 Commissioner moved adoption
2 J of the following Resolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 94 -
AUTHORIZING PARTIAL RELEASE OF COLLATERAL
AND
COMMENCEMENT OF THE WARRANTY PERIOD
Arrowhead at Vail
Filing 16
Phase 2
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 July 6,
1993, ( "Agreement ") with Arrowhead at Vail, a Colorado Joint
Venture ( "Subdivider "), as a condition of final plat approval for
Filing 16, Phase 2, Arrowhead at Vail; and
WHEREAS, pursuant to the terms of said Agreement, Subdivider
provided collateral to the Board to guarantee faithful completion
of certain public improvements within Arrowhead at Vail, Filing 16,
Phase 2, said collateral in the form of a Letter of Credit No.
k35'6 in the amount of $150,271.85; and
WHEREAS, the Subdivider has represented to the Board, and
members of the County staff have corroborated the Subdivider's
representations, that all the subdivision and off -site improvements
required under the Agreement have been satisfactorily completed and
the requirements of the Subdivision Improvements Agreement dated
July 6, 1993 have been satisfied; and
WHEREAS, Subdivider has requested a Release of Letter of
Credit No. 135610 in the amount of $150,271.85; and
THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS
OF THE COUNTY OF EAGLE, STATE OF COLORADO:
THAT, based upon written recommendations of the Department of
Engineering, the Board finds that the Subdivider's obligations
under the Agreement have been satisfied, and reduction in the
collateral held for the warranty period is warranted.
THAT, a reduction in the collateral to 10% of $150,027.85 or
$15,027.18 for the two -year warranty period on the remaining
improvements be granted, said warranty period will expire on June
29, 1996.
2J
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Sara J. Fisher Eagle County Clerk & Recorder 0.00
THAT, the Subdivider has provided the County with Letter of
Credit No. 5622 in the amount of $15,027.18 for the remaining
two year warranty period.
MOVED, READ AND ADOPTED by the Board of County Commissioners
of the County of Eagle, State of Colorado, this day of
August, 1994.
ATTEST: t
--j' h,... .
Clerk to thd Board of
County Commissioners
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
BOARD OF COUNTY COMMISSIONERS
By:
Johnnette Phil rips, Cliairman
2J
Commissioner seconded adoption of the
foregoing resoluti46n. The roll having been called, the vote was as
follows:
Commissioner Johnnette Phillips
Commissioner James E. Johnson, Jr. r, "I
Commissioner George A. Gates �P
This Resolution passed by (� —0 vote of the Board of
County Commissioners of the County of Eagle, State of Colorado.
arrow -2.rel 82 -236
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George . Gates, Commissioner
MEMORANDUM
EAGLE COUNTY ENGINEERING
TO: Maureen Amundson, Attorney's office
FROM: John Althoff, Engineering
DATE: June 29, 1994
RE: Arrowhead, Filing #16, Phase 2 EHGCFCOUNTY
I have been meeting and talking with Terry Nolan, of Alpine
Engineering, to release the collateral for Arrowhead, F16, Phase 2.
I have received compaction tests, utility service locations, and
letters from utility companies accepting the work. Also received
a letter from Alpine stating public improvements installed per
plans and specifications.
At this time, we have the following for Arrowhead, Filing #16:
1. Phase I - 100 of original collateral for 2 year warranty
period, $49,779.40.
2. Phase II - Original collateral in the amount of $150,271.85,
Letter of Credit.
Phase II collateral can be reduced to 100 of the original amount
($15,027.18) for the 2 year warranty period.
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CC: Larry Metternick
File
"' I®IT-
Colorado NaGnal Bank
Downtown Denver Office
Seventeenth Street at Champa
Denver, CO 80202
Mailing Address:
P.O. Box 5168
Denver, CO 80217
August 4, 1994
Board of County Commissioners
County of Eagle
State of Colorado
500 Broadway
Eagle, Colorado 81631
RE: Irrevocable Letter of Credit number 5622 dated August 4, 1994.
Expiration date: November 15, 1996, at our counters.
Madam or Sir:
We hereby open our Irrevocable Letter of Credit in your favor, available by draft at sight
drawn on Colorado National Bank for any sum or sums not exceeding in total the sum of
USD 15,027.19 (Fifteen Thousand Twenty Seven and 19/100 U.S. Dollars).
For the account of The Vail Corporation and its subsidiary, Vail/Arrowhead, Inc. PO
Drawer A, Edwards, CO 81632.
For the purpose of guaranteeing construction of public improvements required by the
County of Eagle, State of Colorado, pursuant to that certain subdivision improvements
agreement dated July 4, 1993, between the County of Eagle, Colorado, and Arrowhead at
Vail. A Colorado joint venture, relative to Arrowhead at Vail subdivision. Each draft
drawn on Colorado National Bank at sight shall be endorsed on the reverse side of this
letter of credit and bear upon its face "Drawn under letter of credit 5622, of Colorado
National Bank, 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."
Colorado National Bank agrees with the drawers, endorsers and bonafide holders of drafts
drawn and negotiated in compliance with the terms of this letter of credit that such drafts
will be duly honored upon due presentation at the counter of this Bank.
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Attached to and forming part of Letter of Credit No. 5622 dated August 4, 1994.
Colorado National Bank 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 regulation of Colorado National Bank 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,
Colorado National Bank hereby waives all value 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 November 15, 1996.
For assistance please call Dennis Orcutt at 303 -585 -4185.
Very truly yours,
Colorado National Bank
Authorized Signature
wY
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