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HomeMy WebLinkAboutR94-173 release of collateral and commencement of warranty period for Castle Peak TownhomesCommissioner moved adoption of the following Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 94 - _ZZ3 AUTHORIZING RELEASE OF COLLATERAL AND OF THE WARRANTY PERIOD FOR CASTLE PEAK TOWNHOMES BUILDINGS "E" AND "F" WHEREAS, pursuant to Section 3.05.02(H) (13) the Board of County Commissioners of the County of Eagle, State of Colorado ( "Board ") entered into a Construction Improvements Agreement dated March 18, 1994 ( "Agreement ") with Castle Peak Limited Liability Company ( "Builder ") as a condition for the of issuance of a Temporary Certificate of Occupancy for 170 Arlington Place, Homestead Subdivision Phase II, Buildings "E" and "F ", also known as Castle Peak Townhomes ( "Buildings "); and WHEREAS, pursuant to the Agreement the Builder provided collateral to the Board in the form of Certificate of Deposit Number 806702 in the amount of Fifteen Thousand Dollars, ($15,000.00), deposited with Vail National Bank, 108 S. Frontage Road, Vail Colorado; and WHEREAS, pursuant to the Agreement, within thirty (30) days after Builder has completed all of the work required under the Agreement and the work has been approved and accepted by the County, the entire remaining amount of the Collateral, less an amount equal to ten percent of the Original Collateral shall be released; and WHEREAS, Builder has represented to the Board, that the improvements required under the Agreement have been completed, see Exhibit "A ", attached hereto and incorporated herein by this reference; therefore, the Builder has requested a reduction in the collateral being held for the improvements to 10% - -or $1,500.00 of the total cost estimate for the construction improvements associated with the Buildings - -for the one -year warranty period which will expire on November 14, 1995; and WHEREAS, the Builder has deposited check Number 103269 with the Eagle County Treasurer's office in the amount of $1,500.00, as collateral for the one -year warranty period; and WHEREAS, based upon the oral and written recommendations of the Department of Engineering, THE BOARD FINDS that the construction improvements associated with 170 Arlington Place, Homestead Subdivision, Phase II Buildings "E" and "F" also known as Castle Peak Townhomes appear to have been completed and a reduction in the collateral held by the Board is granted and commencement of the warranty period is authorized. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY ERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: THAT, based upon the oral and written recommendations of the Department of Engineering, the Board finds that the Builder's obligations under the Agreement appear to have been satisfied, see the attached Exhibit "A ". THAT, a reduction in the collateral to 100 or $1,500.00 for the one -year warranty period on the improvements be granted, the warranty period will expire on November 14, 1995. THAT, the Builder has deposited check number 103269 in the amount of Fifteen Hundred Dollars ($1,500.00) with the Eagle County Treasurer for the duration of the of the warranty period. THAT, the Board hereby authorizes the release of Certificate of Deposit Number 806702 deposited with Vail National Bank, in the amount of $15,000.00. MOVED, READ AND ADOPTED by the Board of County Commissioners o the County of Eagle, State of Colorado, this /4/* day of a= te 1 1994. COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOARD OF COUNTY COMMISSIONERS Georg A. Gates, Jr., Commissioner -T Commissioner seconded adoption of the fore- going resoluti The roll having been called, the vote was as follows: Commissioner Phillips Commissioner Johnson Commissioner Gates This Resolution passed by 3 -- CO County Commissioners of the County of Eagle, mta /r /arlingtn.rel File % 94 -29 vote of the Board of State of Colorado. -3- EAGLE COUNTY ENGINEERING TO: Maureen Amundson, Attorney's Office FROM: John Althoff, Engineering Pattie Haefeli, Planning DATE: October 28, 1994 RE: Castle Peak Townhomes On September 22, 1994 Pattie and I went up to the Castle Peak Townhomes in Edwards to review the work done for the C.I.A. At the time of this site visit, they were just finishing the asphalt driveway and still needed to do some concrete work. The landscaping work looked good to Pattie. Today, October 28, 1994, I drove up to the site. All the concrete work and paving is complete, working on a few drainage problems around the building. The project looks complete and would like for your office to close out this C.I.A. L. _; a