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HomeMy WebLinkAboutR94-127 release of 38 lots in Eby Creek Mesa.. commissioner moved adoption of the following 'Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 94- �a RELEASE OF 38 SUBDIVISION LOTS WITHIN THE EBY CREEK MESA SUBDIVISION FOR WHICH THE COUNTY HAS TITLE WHEREAS, the Eby Creek Mesa Subdivision was originally approved by the County for development by Eby Creek Mesa, a general partnership, whose general partners were Loren G. Chambers, and individual, and Eby Creek Mesa, Inc., a Colorado corporation of which Mr. Chambers was President (collectively referred to herein as "Chambers "), and was subject to a Subdivision Improvements Agreement dated October 28, 1981 (the "Original Agreement ") which provided for one -phase development; and WHEREAS, after 30 lots had been sold and certain improvements begun but not completed, Chambers defaulted on its obligations under the original Agreement; and WHEREAS, as a result of Chambers' other things, acquired title to 38 lots 180 through 184 inclusive, and lots 18E shown on the Final Plat of Eby Creek Mes Clerk and Recorder's Office in Book 33 referred to as "Lots "), which had been secure Chambers' obligations under the default, the County, among lots 73, 74 and 185; lots through 215 inclusive, as a filed in the Eagle County 'X) L at Page 641 (hereinafter accepted as collateral to -� Original Agreement; and WHEREAS, on June 8, 1992, Chambers' successor in interest agreed to sell the Subdivision to SHS Partnership, which agreement to sell was subsequently assigned to Eby Creek Mesa Limited Partnership, who thereafter acquired the Subdivision; and 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 Eby Creek Mesa Limited Partnership, a Colorado Limited Partnership, whose general partner is Eagle River Land Company, Inc., a Colorado corporation ( "Subdivider ") , as a condition of final plat approval for Eby Creek Mesa Subdivision Phase I; and 545963 B -649 P -923 09/14/94 04:34P PG 1 OF 3 REC DOC Sara J. Fisher Eagle County Clerk & Recorder 0.00 a WHEREAS, the County and the other owners of lots located within the Eby Creek Mesa Subdivision benefitted from entering into the Agreement with Subdivider, as the County required more public improvements to be installed by the Subdivider than the alternative of having the public improvements installed by the County, financed from the proceeds of the sale of the Lots; and WHEREAS, at the time the Agreement was signed the Subdivider provided collateral in the form of the Lots for which the County has title, a performance bond to be executed at a future date and copies of all fully executed contracts together with evidence of full payment of the required contract amounts; and WHEREAS, such provisions for alternative collateral methods and completion of public improvements for Phase I were granted by the Board to allow the Subdivision to re- establish itself; and WHEREAS, by Addendum " A " dated August 23, 1993, Subdivider provided collateral in the form of Irrevocable Letter of Credit No. 8069050 in the amount of $620,438.00 to guarantee the faithful completion of all public improvements to be associated with the Subdivision, in lieu of the performance bond; said Letter of Credit was for the work to be completed in 1993; Subdivider is to extend said Letter of Credit for the work to be performed in 1994; and WHEREAS, by Eagle County Resolution No. 94 -122 the Board approved a partial release of collateral in the amount of $528,760.40, from the total collateral amount of $1,023,752.00; and WHEREAS, as a condition of the partial release the Subdivider provided the Board with Irrevocable Letter of Credit No. 45 in the amount of $528,760.40, drawn on Alpine Bank of Eagle; and WHEREAS, said Letter of Credit No. 45 provides for full collaterialization of all the remaining and unfinished public improvements associated with Phase I; therefore based on Section 2.3 of the Agreement Subdivider requests that the Lots be released and transferred via deed to it. THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: THAT, the Board hereby release lots 73, 74 and 185, lots 180 through 184, inclusive and lots 186 through 215, inclusive as shown on the Final Plat of Eby Creek Mesa, filed in the Eagle County Clerk and Recorder's Office in Book 331 at Page 641. THAT, the Lots shall be conveyed via a Quit Claim Deed. THAT, the Quit Claim Deed shall be prepared by the Eagle County Attorney's office within two weeks of the adoption of this resolution. THAT, the Board is hereby authorized to execute the Quit Claim Deed upon its preparation. THAT, the release and transfer of these Lots to the Subdivider 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 County Commissioners of the County of Eagle, State of Colorado, this Erg day of August, 1994. COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its Clerk to the Board o County Commissioners n BOARDOF COUNTY COMMISSIONERS \ I i s E. Jori issioner George . Gates, Commissioner Commissioner ` / m r-�_ seconded adoption of the foregoing resoluti 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 vote of the Board of County Commissioners of the County of Eagle, State of Colorado. r /release.lots 82 -248