HomeMy WebLinkAboutR94-160 final release of collateral Wayne Creek Commonsy r
Commissioner �Aypn moved adoption
of the following Resolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 94 - /60
FAIRLAND DEVELOPMENT CORPORATION
WAYNE CREEK COMMONS
FINAL RELEASE OF COLLATERAL
WHEREAS, pursuant to Section 30 -28 -137 C.R.S., the Board of
County Commissioners of the County of Eagle, State of Colorado
( "Board ") did, on or about August 10, 1992, enter into a
Subdivision Improvements Agreement ( "Agreement ") with Fairland
Development Corp., by and through its president, Kraig Forbes
(hereinafter "Developer "), as a condition of the Board's approval
of the Final Plat of the Fourth Amendment to the Second Filing,
Beaver Creek Subdivision, Wayne Creek Commons.
WHEREAS, Developer presented Irrevocable Letter of Credit No.
8774781 in the amount of $33,000 as collateral for the warranty
period in accordance with the terms of the Agreement; and
WHEREAS, the Subdivide
members of the County staff
representations, (Exhibit A)
materials failures and the
satisfactorily completed.
Subdivider
has represented to the Board, and
have corroborated the Subdivider's
that there are no workmanship or
two -year correction period has been
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO;
THAT, based upon the written recommendations of the Department
of Engineering, the Board finds that the two -year correction period
under the Agreement has been satisfactorily completed; and
THAT, the Board hereby authorizes the full and final release
of collateral in the amount of $33,000.00; and
THAT, the Board finds, determines and declares that this
Resolution is necessary for the public health, safety and welfare
of the citizens of the County of Eagle, State of Colorado.
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MOVED, READ AN OPTED by the Board of County Commissioners
of the County of �@� tate of Colorado, at its regular meeting
held the (��_ , 1994.
ATTEST •
Jerk to t e Board of
County Commissioners
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
BOARD OF COUNTY COMMISSIONERS
By:
ssioner
�rge tes, Commissioner
Commissioner seconded adoption of the
foregoing resolutivon. The roll having been called, the vote was as
follows:
Commissioner Johnnette Phillips
Commissioner James E. Johnson, Jr. o 1z
Commissioner George A. Gates O
This Resolution passed by R —r) vote of the Board of
County Commissioners of the County of Eagle, State of Colorado.
r \wayne.rel 83 -140
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K ice► [
EAGLE COUNTY ENGINEERING
TO:
Nancy
Lewis,
Attorney's Offi
FROM:
Phill
Scott,
Engineering
DATE:
October
13,
1994
RE:
Wayne
Creek
Commons
Letter
of Credit No. 8774781
On Thursday, October 13, 1994, I inspected the improvements
constructed and collateralized as part of the above - referenced
development.
We observed no workmanship or materials failures. We recommend
remaining collateral of $33,000.00 we were holding for the two year
correction period be released.
CC: John Althoff
Lloyd Powers
File
EXHIBIT
A
R EAL ES TAT E
The Ri P...,
J
October 11, 1994
Eagle County
County Attorney Office
500 Broadway
Post Office Box 850
Eagle, CO 81631
Dear Sirs:
EAGIF
Thank you for your letter dated September 28, 1994 regarding the letter of credit.
Be advised that the infrastructure for Wayne Creek Commons has been completed.
I request the release of the collateral with this letter. I have contacted the County
Engineering Department for an inspection.
Regards,
SLIFER, SMITH & FRAMPTON /VAIL ASSOCIATES REAL ESTATE
F
Kraig orbes
Broke ASSO late
VILLAGE HALL AT BEAVER CREEK OFFICE • DRAWER 2820, AVON, COLORADO 81620
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