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HomeMy WebLinkAboutR94-147 reelease of collateral and commencement of warranty period for Cordillera filings 1 and 2s I Commissioner p( moved adoption of the following esolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 94 - lq7 Partial Release of Collateral and Commencement of the Warranty Period for FILINGS 1 AND 2 CORDILLERA SUBDIVISION WHEREAS, on or about September 28, 1987, the Board of County Commissioners of the County of Eagle, State of Colorado ( "Board ") entered into a Subdivision Improvements Agreement ( "Agreement ") with Kensington Land Investment Partners - now doing business as "Kensington Partners" - ( "Subdivider ") for Cordillera Subdivision, Filings 1 and 2; and WHEREAS, in order to guarantee the faithful completion of certain public improvements required under the Agreement, the Board accepted as collateral money in the amount of $692,000 deposited in an Escrow Account held by Thatcher Bank of Salida assigned to the Board of County Commissioners of Eagle, State of Colorado; and WHEREAS, by Resolutions 88 -61, 88 -131, 89 -80, 92 -157 and 94- 111 the Board authorized certain partial releases and substitution of the above referenced collateral. The present collateral is in the form of a Irrevocable Letter of Credit No. 59300459 in the amount of $182,000.00; and WHEREAS, Subdivider has represented to the Board, that certain public improvements required under the Agreement have been completed, see Exhibit "A ", attached hereto and incorporated herein by this reference; therefore Subdivider has applied for a partial release of collateral and the commencement of the two year warranty period; and WHEREAS, the Subdivider requests a partial release of its collateral reducing the amount currently held by the County from $182,000.00 to $69,168.74, such release is contingent upon the Subdivider depositing with the County a new Letter of Credit in a form satisfactory to the County; and r WHEREAS, based upon the oral and written recommendations of the Department of Engineering, THE BOARD FINDS that the that public improvements associated with Cordillera Subdivision, Filings 1 and 2 appear to have been completed; therefore the commencement of the warranty period and a reduction in the collateral held by the Board is warranted. THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY OF THE COUNTY OF EAGLE, STATE OF COLORADO: THAT, the Board hereby authorizes the release of collateral in the amount of $112,831.26, thereby reducing the collateral to $69,168.74 which amount represents ten (10 %) percent of the original collateral amount for Cordillera Subdivision Filings 1 and 2. THAT, such release is contingent upon the Subdivider depositing with the County a new Letter of Credit in a form satisfactory to the County Attorney. THAT, the warranty period for Cordillera Subdivision Filings 1 and 2 is hereby commenced; said warranty period will expire on August 26, 1996. MOVED, READ AND ADOPTED by the Board of County Commissioners o the County of Eagle, State of Colorado, this CaQ day of v f " f 1994. Attest r ti COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOARD OF COUNTY COMMISSIONERS By: County Commissioners George A. Gates, Jr., Commissioner l Commissioner seconded adoption of the fore- going resolution. Th6 roll having been called, the vote was as follows: z. Commissioner Phillips Commissioner Johnson Commissioner Gates ewl This Resolution passed by 0 —O vote of the Board of County Commissioners of the County of Eagle, State of Colorado. mta \r \filingl.war sub 87 -84 CFt1M d 4� EAGLE COUNTY ENGINEERING TO: Maureen Amundson, Attorney's Office FROM: John Althoff, Engineering DATE: September 9, 1994 RE: Collateral Releases for Cordillera Filings 1, 2, 6, 7, 8, 9, 10 Filing 1 & 2 Completed 2" overlay - shoulder work when I visited the site on Wednesday, August 31, 1994. Reduce collateral to $69,168.74 (10% of original SIA) and commence the two year warranty period (see enclosed memo dated August 26, 1994). Filing 6 Per site visit on Wednesday, August 31, 1994, all of the paving has been done. Suggest reducing collateral to $279,439.84, which is down to the 10% of the original SIA, but not all of the work has been completed. Do not start the warranty period for this filing. Filings 7, 8, 9, 10 Per site visit, the work has been completed. Suggest reducing collateral to the values listed below which is more than 10% of the original SIA. Do not start the warranty period for any of these filings. Filing # Reduce Collateral to: 7 $245,263.44 8 $389,901.03 ' 9 $955,523.82 ✓ 10 $985,479.02 '� MEMO UM TO: Maureen Amundson, Attorney's Office FROM: John Althoff, Engineering DATE: August 26, 1994 RE: Cordillera Filings 1 & 2 Partial Release of Collateral The 2 overlay of Cordillera Way was completed June 13, 1994 per a letter from Chris Williams of Johnson, Kunkel & Associates (enclosed). Per memo from Phill Scott to Nancy Lewis dated November 1, 1993, the only remaining work to be done under this SIA was the 2 overlay of Cordillera Way. I have inspected the overlay and have copies of compaction and gradation tests on file. The SIA has been extended twice since October 1992 for the completion of this overlay of Cordillera Way. Reduce collateral to 10% of the original SIA and commence the two year warranty period. Collateral held today = $182,000.00 Original SIA $691,687.40 Previous Releases $509,687.40 This Release $112,831.26 Revised SIA $ 69,168.74 CC: Larry Metternick File