No preview available
HomeMy WebLinkAboutR94-117 draw on Aspen Mountain View/Summit/Oakridge�( a Commissioner _ moved adoption of the following esolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 94 -//7�_ WHEREAS, in order to guarantee the faithful completion of certain public improvements required under the Agreement, the Board accepted as collateral Irrevocable Letter of Credit No. 1176 issued by Pitkin County Bank & Trust Company, in the amount of $293,138.92; and WHEREAS, by Resolution No. 91 -81 the Board authorized the partial release of collateral in the amount of $173,135.06, thereby reducing the collateral to $38,284.86 for On -Site subdivision improvements; and WHEREAS, by Resolution No. 92 -144 that portion of the collateral attributed to On -Site improvements were reduced to $21,141.99 for the two -year warranty period required by the Agreement; and WHEREAS, the warranty period will expire August 20, 1994; and l 545960 AUTHORIZING THE DRAWING OF COLLATERAL IF REQUIRED P -920 09/14/94 04:28P PG FOR i REC DOC Sara J. Fisher ASPEN MOUNTAIN VIEW, THE SUMMIT AND Clerk & Recorder OAKRIDGE III OR APPROVAL OF AN ADDITIONAL ONE YEAR '.,j.Avr2 T': , : •a't,r' ^D WHEREAS, on or about October 1, 1990, pursuant to Section 30- 28 -137, C.R.S., the Board of County Commissioners of the County of Eagle, State of Colorado ( "Board ") entered into a Subdivision Improvements Agreement ( "Agreement ") with Summit View, Inc. ( "Subdivider ") as a condition of final plat approval of Aspen Mountain View, The Summit and Oakridge III; and WHEREAS, in order to guarantee the faithful completion of certain public improvements required under the Agreement, the Board accepted as collateral Irrevocable Letter of Credit No. 1176 issued by Pitkin County Bank & Trust Company, in the amount of $293,138.92; and WHEREAS, by Resolution No. 91 -81 the Board authorized the partial release of collateral in the amount of $173,135.06, thereby reducing the collateral to $38,284.86 for On -Site subdivision improvements; and WHEREAS, by Resolution No. 92 -144 that portion of the collateral attributed to On -Site improvements were reduced to $21,141.99 for the two -year warranty period required by the Agreement; and WHEREAS, the warranty period will expire August 20, 1994; and l 545960 B -649 P -920 09/14/94 04:28P PG 1 OF 3 i REC DOC Sara J. Fisher Eagle County Clerk & Recorder 0.00 WHEREAS, the Engineering staff on June 2, 1994 inspected the public improvements and observed workmanship and /or materials failures; and WHEREAS, said repairs required to be made will necessitate a one -year warranty period; and WHEREAS, unless a request for extension of the warranty period is submitted by the Subdivider before the end of the warranty period, the Board deems it to be in the best interests of the County of Eagle that the collateral in the form of Letter of Credit #1176 in the amount of $102,860.99 ($21,141.99 being held as collateral for on -Site improvements) be drawn upon prior to its expiration. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: THAT, an additional one -year warran period is hereby granted; said warranty period to expire THAT, unless a request for extension of the warranty period is received by the County, the Board draw upon the remaining collateral in the amount of $102,860.99. THAT, the Chairman of the Board be authorized to sign a draft for the purpose of drawing upon the Irrevocable Letter of Credit No. 1176, dated October 28, 1993, issued by Pitkin County Bank and Trust, said draw to be in the amount of $102,860.99. THAT, said sum of $102,860.99 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. f s4 545960 B -649 P -920 09/14/94 04:28P PG 2 OF 3 MOVED, READ AND ADOPTED by the Board of County Commissioners of the County of Eagle, State of Colorado, this 1611— day of nn , 1994. 545960 ATTEST: County Commis COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOARD OF COUNTY COMMISSIONERS A BY: ,Gti ohnnette Phi lips, Chairman eor� 'A. Commissioner Commissioner 6 IL seconded adoption of the foregoing resolution. The 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 cl vote of the Board of County Commissioners of the County of Eagle, State of Colorado. r \aspen . dbl -82 -237 B -649 P -920 09/14/94 04:28P PG 3 -3- OF 3 7