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HomeMy WebLinkAboutR94-162 partial release of collateral for Aspen Mountain ViewCommissioner & , to moved adoption Of the following Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 94 - _/e ° Q AUTHORIZING THE PARTIAL RELEASE OF COLLATERAL FOR ASPEN MOUNTAIN VIEW, THE SUMMIT AND OAKRIDGE III 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, by Resolution No. 94 -117 an additional one year warranty period to expire on August 15, 1995 was granted for on- site improvements; and WHEREAS, the warranty period for off -site improvements will expire on August 20, 1995; and WHEREAS, the County is holding as collateral Letter of Credit No. 4 in the amount of $102,860.99, which Letter will expire on October 31, 1994; and WHEREAS, Subdivider has requested, and the County Engineering Department concurs (Exhibit A), a reduction in collateral to $5,000.00 for the one -year warranty period for on -site improvements and $8,172.00 as collateral for the remaining one year warranty period for off -site improvements; and WHEREAS, Subdivider has also requested that Letter of Credit No. 4 be released in full and Certificate of Deposit No. 910302 in the amount of $14,800.00 (Exhibit B) already held by the County be accepted as collateral for the warranty period. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: THAT, a reduction in the collateral in the amount of $89,688.99 for a total remaining of $13,172.00 for the remaining one -year warranty period on on -site ($5,000) and off -site ($8,172.00) improvements be granted. THAT, the warranty period for on -site improvements will expire on August 15, 1994 and the warranty period for off -site improvements will expire on August 20, 1995. THAT, Certificate of Deposit #910302, with a renewal date of September 12, 1995, in the amount of $14,800.00 will be accepted as collateral for the two warranty periods. THAT, the partial release of collateral granted 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 Commis- sioners of the County of Eagle, State of Colorado, this day of October, 1994. ATTEST: ' COUNTY OF EAGLE, r.� COLORADO, By and BOARD OF COUNTY C erk to the B and of County Commissioners STATE OF Through Its By: o nnette Phillips, Ch irman 2 George._'�_ Gates, Commissioner Commissioner seconded adoption of the foregoing resolu i n. 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 (,3 —c7 vote of the Board of County Commissioners of the County of Eagle, State of Colorado. r \summit.par 82 -237 -3- MEMORANDUM EAGLE COUNTY ENGINEERING TO: James R. Fritze, County Attorney FROM: Phill Scott, Engineering (L� DATE: October 13, 1994 RE: Summit View, Inc. Aspen Mountain View /The Summit and Oakridge III On Thursday, October 6, 1994, Lloyd Powers of our office and I, along with Donald Nye and Bruce Wallace of the Road and Bridge Department, met with Rick Stevens of Aspen Earthmoving and Bill Arrasmith of Elam Construction to review the status of the repair work to the public improvements in the above referenced subdivision, as outlined in my letter to C.E. (Bud) Aldrich, III, dated June 10, 1994. We found that, with the exception of a minor amount of pavement edge cracking repair, some filling and grading in two areas of roadway shoulder, and the reseeding of some of the areas of ditch backslopes that were disturbed during construction, the bulk of the repair work has been completed. It should be noted that Resolution No. 94 -117 has already extended the warranty period for that work. We are writing at this time due to the upcoming expiration of the Letter of Credit the county is holding as collateral for this work. Said Letter of Credit is in the amount of $102,860.99, and will expire October 31, 1994. The warranty period for both the on -site and off -site work is set to expire August 20, 1995. We suggest continuation of the warranty period as provided in Resolution No. 94 -117, and substitution of a Letter of Credit in the amount of $13,172.00 as collateral to cover the remaining warranty work. Breakdown of collateral: On -site $ 5,000.00 Off -site $ 8,172.00 $13,172.00 CC: Nancy Lewis John Althoff Lloyd Powers File Q Mu ❑ TM ' ❑ BENEFI OE TRUST OR PAY -ON-DEATH ACCOUNTS NON- PERSONALACCODNtS. Depositor s a. �Yattnership r,' `'�Co=pomtum Authorization dated .. The NDGi m OF ENDORSENMM'S.needed ., for withdrawal or any otherpucposeis::'�N� ;:ENDORSENENLS. -.Sh ® 1983 BANKERS STSTCMS INC.. ST. CLOUD. MN 56301 COMB.C65C f I I 6 16164 r22- 2947140 r 20 =349 -1600 .; SOGIAi.SECURITYOR LD.NUPMM ISmnW twcpaMidentificationnumtieris required lb e:. a1most : ivery type" aoracmt. catlo &b2j .Of ft numbals also myuirea ads coma nad on dre firs { 'mpy adtHIs o¢nifirate "'.'�y`'� �:�.;•,. `" X READ OTHER SIDE FOR ADDITIONAL OCT P4 194 09:41A N PCL AP7 DEFT y , P.i kagle count, Attn: Nancy RR! Summit view, Snc,, Certificate Of Deposit October 24, 1994 Dear M'. Lewis: This letter is to verity thj.extenvion of Certificatpo #9103`02 in the name of 9ummiT .vie 0, Ina, e of Deposit , until 'Saptembe r 12, ! o The currant value of the CD 'i'';;4,goo.'00, 2 have enclosed a copy of the current value with tikiel , otter. If you have any questions regarding this matter pleases do!-It hesitate to Contact me. Thank you, Sino Tom Settler MIDVALLEYB NCH ORCHARD PLA7A P.O. BOY 98424 EL JESEL, 00 10s FAX Anatoo- 0,1 :RAIN O' riot 584 E, HYAW (AVENGE 70, Bo: 34 ANPEN. C' . 81414 46A/4F fto VAX VOW 0�187S 9AN MIGVUL COUNTS' 98ANCH 107 W 0OL0ZL%Qo AVENUE P.O. Box W TELLLT4P4 CO S24SS 800/788.5476 VAX 303/128 -9804 OCT 24 '94 09 ;ZSAM Pf8 ',N DEPT 1QCD INQUIRY CER'PIH':'TATES OF DEPOSIT BRANCH 001 TYPE U06 CERT NSR 09103[; CUS L &GAL TITL£ SUMMIT VIEW INC ALERT CODE IDENTYFICATZC:j CODE REG DD CODE N IRA MAX CONTE!1UTION BIRTH DATE 00 /00 /00 DTE LST CON 00 /00 /00 ISSUE DATE 08/13/90 NEXT RENEWAL 08/12/95 FNL MATURITY 00/00/00 LAST PYMT DTE 10/11/94 ACCRUED DATE 10/21/594 NEXT PYMT DTE 11/10/94 ANTIC ACCR DTE 10/23/94 CLOSE DATE 00/00/00 DTE LAST MAINT 08/17/90 DTE LAST PN 00 /00 /00 IRA DIST CODE N DECR TERM CODE 0 PENALTY ROUTTNE CODE Id ASSIGNMENT INFO NER 000 AMT .00 REDEMPTION-AM CURRENT VALUE REG Q CD vALv REG Q PENALTY PURCHASE AMT ACCRUED INTR ANTIC ACCRUAL INTR CAPITAL AVAIL CAA INT INTR THIS YEAfi INTR PAID LIPS INTR PER -DIEM PENALTY YTD INT WTHHELD YT MATURED INT SW P.3 MORE BANK o2. T NSR 222947140 9UMMVIEIN000 9UO14E NSR 201/349 -7,600 BU HANK SERVICES CODE .00 IRA RP:TIREMENT YR 1 4,775.34 1 4,800,18 14,251,22 39.33 12,000.00 14.49 3.64 2,800.18 548.96 396.06 2,800.18 1.3178 .00 .00 N CLASS CODE SPECIAL INST STATUS MATURITY CODE RENEWAL FREQ YEAR BASE INTR METHOD ACCRUAL BASE PAYMENT DIsP PYMT FREQ OrrICER CODE RATE CHG FLA(3 INTEREST RATE NOTICE OPTION REG ACTIVE AUTO 00365 -D 366 SIMPLE ACT DAY CAP INT 030 -D P 3.2SOoo 90