HomeMy WebLinkAboutR94-150 second partial release & commencement of warranty period for Bentgrass at CordilleraCommissioner moved adoption
of the following Rd-solution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 94 - /
SECOND PARTIAL RELEASE OF COLLATERAL
AND
COMMENCEMENT OF THE WARRANTY PERIOD
BENTGRASS AT CORDILLERA
A RESUBDIVISION OF TRACT C AND TRACT C -1
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 September
7, 1993 ( "Agreement ") with Stag Gulch Partners, a Colorado general
partnership ( "Subdivider "), as a condition of final plat approval
for Bentgrass at Cordillera; and
WHEREAS, the Subdivider provided collateral in the form of a
Letter of Credit No. 59130359 in the amount of $148,268.00 to
guarantee the faithful completion of the public improvements of the
project; and
WHEREAS, by Resolution No. 93 -119 the Board released Letter of
Credit No. 59130359 and the Subdivider was allowed to substitute
cash in the amount of $148,268.00; and
WHEREAS, by Resolution No. 94 -22 the Board approved a
reduction in collateral in the amount of 112,930.00 leaving a
balance of $35,338.00 which was collateralized by cash deposited
with the Eagle County Treasurer's Office; and
WHEREAS, the 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 release
of collateral and has requested the commencement of the warranty
period; and
WHEREAS, the Subdivider requests a release of its collateral
reducing the amount currently held by the County from $35,338.00 to
$14,826.80
WHEREAS, based upon the oral and written recommendations of
the Department of Engineering THE BOARD FINDS that the public
improvements associated with Bentgrass at Cordillera, A
Resubdivision of Tract C and Tract C -1, appear to have been
completed, a reduction in the collateral held by the board is
warranted, as well as the commencement of the warranty period.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
SSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO:
THAT, the warranty period is hereby commenced; said warranty
period will expire on October 11, 1996.
THAT, the Board hereby authorizes the release of collateral in
the amount of $20,511.20 thereby reducing the collateral to
$14,826.80, said amount is on deposit with the Eagle County
Treasurer and will be held for the two year warranty period.
THAT, the Eagle County Treasurer is hereby requested and
directed to issue a warrant in the amount of $20,511.20 to the
Subdivider.
THAT, all other provisions of the Agreement shall remain in
full force and effect.
MOVED, READ AND ADOPTED by the Board of County / C / pmm / �issioners
of the County of Eagle, State of Colorado, this day of
October, 1994.
"� ',j
� }� COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
ATTEST: ���sa BOARD OF COUNTY COMMISSIONERS
'14
By:
C er to the and of ohnnette Ph4143s*ha
County Commissioners
George A. Gates, Commissioner
Commissioner � seconded adoption of the
foregoing resolutidft. The roll having been called, the vote was as
follows:
Commissioner Johnnette Phillips �j(J
Commissioner George A. Gates
Commissioner James E. Johnson, Jr.
This Resolution passed by C3 Q vote of the Board of
County Commissioners of the County of Eagle, State of Colorado.
mta \r \bent2.res
sub #87 -84
-3-
EAGLE COUNTY ENGINEERING
TO: Maureen Amundson, Attorney's Office
FROM:
John Althoff,
Engineering
DATE:
September 26,
1994
V
RE: Bentgrass at Cordillera
Second Partial Release of Collateral
I received a letter from Glenn Palmer of Alpine Engineering, dated
July 26, 1994, requesting a Second Partial Release of Collateral
down to the loo for the warranty period.
I met with Glenn Palmer on -site, on August 1, 1994, to review the
project. A couple of things needed to be worked on:
1. Culvert at intersection with Fenno Drive. Ditch Section
along Fenno Drive east of the intersection.
2. Improve swale section between lots 2 & 3 for drainage
from cul -de -sac cross pan.
Needed to see the following items to process the release:
1. Map of water and sewer services locations.
2. Compaction tests for the aggregate base course and
asphalt.
On September 22, 1994, I received the needed items and am sending
this collateral reduction to you for Board action.
Reduce collateral to 10 of the original Subdivision Improvements
Agreement ($14,826.80) and commence the 2 year warranty period.
s �
COLLATERAL RELEASE SUMMARY
SIA: Bentgrass at Cordillera
Second Partial Release of Collateral
DATE: September 26, 1994
ORIGINAL EXHIBIT A:
• Water system
Sewer system
Roads
Electric
• Telephone
• Gas
• T.V.
• Signs
Original amount collateralized
Improvements completed:
AMOUNT
COLLATERALIZED
$ 39,198.00
$ 30,590.00
$ 43,820.00
$ 22,940.00
$ 4,920.00
$ 3,740.00
$ 2,760.00
$ 300.00
$148,268.00
$148,268.00
Water system
$ 39,198.00
Sewer system
$ 30,590.00
Roads
$ 43,820.00
Electric
$ 22,940.00
Telephone
$ 4,920.00
Gas
$ 3,740.00
T.V.
$ 2,760.00
Signs
$ 300.00
Total
$148,268.00
Less loo retainage
$ 14,826.80
Total
$133,441.20 $133,441.20
Revised collateral
amount recommendation $ 14,826.80
