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Home My WebLink AboutR94-206 release of collateral for Old Orchard Plaza II>l Commissioner moved adoption of the (following Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 94- G AUTHORIZING THE RELEASE OF COLLATERAL AND COMMENCMENT OF THE WARRANTY PERIOD FOR OLD ORCHARD PLAZA II WHEREAS, pursuant to C.R.S. 30- 28 -37, the Board of County Commissioners of the County of Eagle, State of Colorado ( "Board ") entered into a Subdivision Improvements Agreement dated April 25, 1994 (Agreement ") with Mid - Valley Development Co., a Colorado Limited Partnership (hereinafter "Developer ") as a condition of final plat approval of Old Orchard Plaza II; and WHEREAS, the Subdivider provided collateral in the form of a plat restriction to guarantee the faithful completion of the public improvements in the project; and WHEREAS, by Resolution No. 94 -72, the plat restriction was released and the Board accepted Letter of Credit No. 1242 issued by the Pitkin County Bank and Trust Co in the amount of $221,742.50; and WHEREAS, pursuant to the Agreement, within thirty days after Developer has completed all of the work required under the Agreement and the work has been approved by the County, the entire remaining amount of the collateral, less an amount equal to ten percent (10 %) of the original collateral, shall be released; and WHEREAS, Developer has represented to the Board, that the public improvements required under the Agreement have been completed; therefore Developer has applied for a release of collateral, less an amount equal to ten percent (10 %) of the original collateral posted; and WHEREAS, the Developer requests a release of its collateral reducing the amount currently held by the County from $221,742.50 to $22,174.25; and WHEREAS, based upon the oral and written recommendations of the Department of Engineering, see Exhibit "A ", attached hereto and incorporated herein by this reference, THE BOARD FINDS that the public improvements associated with Old Orchard Plaza II appear to have been completed and a reduction in the collateral held by the Board is warranted. WHEREAS, based upon the oral and written recommendations of the Department of Engineering, see Exhibit "A ", THE BOARD FINDS that the commencement of the warranty period for Old Orchard Plaza II is hereby granted and will expire on December 19, 1996. 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, thereby reducing the collateral from $221,742.50 to $22,174.25, which represents ten percent (10%) of the original collateral posted with the County for those public improvements associated with Old Orchard Plaza II. THAT, the commencement of the warranty period is hereby granted and will expire on December 19, 1996. THAT, the Developer has provided the Board with Irrevocable Letter of Credit No. T- 239077 issued by Chemical Bank of New York in the amount of $22,174.25 which will expire on December 31, 1995, see Exhibit "B ". THAT, this resolution is necessary for the health, safety and welfare of the citizens of Eagle County. MOVED, READ AND ADOPTED by the Board of County Commissioners of the County of Eagle, State of Colorado, this !� day of December, 1994. ATTEST: C erc to the Board of County Commissioners COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOARD OF COUNTY COMMISSIONERS By: ohnnette Phillipt, Cha rman , .mot 2�'t' GeorqW A. Gates, Commissioner Commissioner seconded adoption of the fore- going resolution. The roll having been called, the vote was as follows: Commissioner Phillips r�/Q Commissioner Johnson Commissioner Gates This Resolution passed by (3 0 vote of the Board of County Commissioners of the County of Eagle, State of Colorado. mta \r \ctymrk.re1 93 -87 calm � MEMORANDUM EAGLE COUNTY ENGINEERING TO: Maureen Amundson, Attorney's Office FROM: John Althoff, Engineering DATE: December 6, 1994 / 3 RE: City Market I was not able to get over to the City Market in El Jebel to check out the completion of this work. Called Kerry O'Neil, of the Road and Bridge Department, to check the work for me. Have done signage and striping since I was last over there. Suggest that collateral be reduced to loo for the work on the frontage road. Orchard Inn Restaurant $ 5,800.75 Theater to Willits Lane $16,373.50 Total $22,174.25 Commence the two year warranty period with Board of County Commissioners actions. CC: John Caldwell via FAX (303)244 -1052 Jana Bingham via FAX (303)245 -6409 Phill Scott File T MC Ui f 3,* vncmreseL Chemical Bank ISSV DATE DECEMBER 14, S 994 Trade Services Group j L PATE: T--'23907 7 P.O. Box 44, Church Street Station New York, N.Y. 10008 Cable Address: Chemical New York t Advising Bank APPLICANT: acxafaex•tt�•�ta DIRECT THE KROGER CO. ON BEHALF OF ITS WHOLLY -OWNED SUBSIDIARY CITY MARKE ~ MARKET, INC., 105 W.COLORADO AVE., GRAND JUNCTION, CO 51502 Beneficiary BOARD OF COUNTY COMMISSIONERS AMOUNT: USD 22,174.2, COUNTY OF EAGLE:, STATE OF COLORADO (TWENTY TWO THOUSAND ONE PQ. BOX 850 HUNDRED SEVENTY FOUR AND 25/100 EAGLE, COLORADO 51631 UNITED STATES DOLLARS) GENTLEMEN WE HEREBY OPEN OUR IRREVOCABLE LETTER OF CREDIT IN YOUR FAVOR, AVAILABLE BY DRAFT AT SIGHT DRAWN ON CHEMICAL BANK, NEW YORK FOR AMY SUM OR SUMS NOT EXCEEDING IN TOTAL THE SUM OF US$22,17405. FOR THE ACCOUNT OF MID VALLEY DEVELOPMENT CO., A COLORADO LIMITED PARTNERSHIP, C/O LEONARD OATES, 533 E. HOPKINS, ASPEN, COLORADO 51611, AND CITY MARKET INC. A COLORADO CORPORATION, P.O. BOX 729, GRAND JUNCT'I'ON, 60LORA60 51502. FOR THE PURPOSE OF GUARANTEEING CONSTRUCTION OF PUBLIC IMPROVEMENTS REIQUIRED BY THE COUNTY OF EAGLE, STATE OF COLORADO, PURSUANT TO THA CERTAIN SUBDIVISION IMPROVEMENTS AGREEMENT DATED APRIL 25, 1994, BETWEEN THE COUNTY OF EAGLE, COLORADO, AND MID VALLEY DEVELOPMENT CO. AND CITY MARKET, INC., RELATIVE TO OLD ORCHARD PLAZA II: SUBDIVISION. PURSUANT TO SAID AGREEMENT, DEVELOPERS AGREE TO PAY ANY COSTS AND EXPENSES, INCLUDING BUT NOT LIMITED TO LEGAL. P=EES, THE COUNTY MAY INCUR IN DRAWING UPON THE COLLATERAL, OR IN ACCOMPLISHING AN EXTENSION OF ITS EXPIRATION. EACH DRAFT DRAWN ON CHEMICAL. BANK AT SIGHT SHALL_ BE ENDORSED ON THE REVERSE SIDE OF THIS LETTER OF CREDIT AND BEAR UPON ITS FACE "DRAWN UNDER LETTER OF CREDIT NUMBER T- 239077, DATED DECEMBER 14, 1994, OF CHEMICAL. BANK', AND SHALL BE ACCOMPANIED BY A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF EAGLE COUNTY CERTIFYING 1.) THAT THERE HAS BEEN A DEFAULT UNDER THE SUBDIVISION IMPROVEMENTS AND 20 THAT A SUM CERTAIN IS RQUIRED TO DRAWINGS NOT PERMITTED PRIOR TO JANUARY 01, 1995. CHEMICAL BANK AGREES WITH THE DRAWERS, ENDORSERS AND BONAFIDE HOLDERS OF DRAFTS DRAWN AND NEGOTIATED IN COMPLIANCE WITH THE TERMS OF THIS LETTER OF CREDIT THAT SUCH DRAFTS WILL BE DULY HONORED UPON DUE PRESENTATION AT THE COUNTER OF THIS BANK. CHEMICAL BANK REPRESENTS AND WARRANTS TO THE COUNTY OF EAGLE: THAT IT HAS THE FULL AUTHORITY AND POWER TO ISSUE_ THIS LETTER OF CREDIT TO THE COUNTY OF EAGLE, STATE OF COLORADO, IN THE TOTAL_ AMOUNT AND FOR THE PERIOD OF TIME >TATED.HEREIN; SAID AUTHORITY BEING PURSUANT TO THE LAWS OF THE UNITED STATES, OR THE STATE OR -- f:oNTI 6 Authorized Signature T- 239077_ Provisions applicable to this credit This credit is subject to the Uniform Customs and Practice for Documentary Credits (1983 Revision.) International Chamber of Commerce Publication No. 400 Chemical Bank Trade Services Group po. Box 44, Church Arab Station New York, w.v.10000 Cable Address: Chemical New York 4avisinooun� ISS ATE: DECEMBER 14 1994 LA NO^: T~239877 . J �--_ = —_' APPLICANT: CANT: / ************* DIRECT *********** O CO, N B L ~ Y—O D SUB IDI CITY MARK EF ' | | | MARKET 85 W COLORABO AVE^J � �_ ! INC., ^ / ^ �—z GRAND ^UNCTION CO 81582 TERRITOR WHICH GOVERNS THE ESTABLISHMENT AN G AT F CHE MICAL AN E ~LA A OTHER E D REG ULATIONS D D OR T THERETO. SHOUL E NECESSARY FOR THE C OUNTY OF EAGLE TO FILE SUIT IN AN EFFORT TO ENFORCE THIS IRREV OCABLE LETTER F CREDIT CHEMICAL BANK HEREBY WAIVES ALL VENUE RIGHTS AND SUBMITS TO fHE JURISDICTION OF THE DISTRICT COURT IN AND FOR THE COUNTY OF EAGLE STATE OF COLORADO. ALL DRAFTS HEREUNDER MUST BE DRAWN ON OR BEFORE DECEMBER 31 i995^ VERY TRULY YOURS CHEMICAL BANK � BY- ` ^^�^ M \NF ANn TITLF� Qk&ROLYN �A, NO. bNOWWN11 Owed In elp CO 3 / �/ � Z') / / %I- T-239077— —881~0-81-0-81 ' � Provisions apomc�o this credit 2� This cmditis su�votm the UnhormCvmmmsand Pmmioofor Documentary Crooimyo (1ono,mon.) International Chamber of Commerce Publication No. 400 Eenoficimry BOA RD COU NTY OF COUNTY COMMISSIONERS OF EAG STATE OF COLORA AMOUNT: (TWENTY USD 22 174.25 TWO TH6USAND ONE | P^O^ BOX 858 | ! HUNDRED SEVENTY FOUR AND 25/1O8 | L— EAGLE, COLORADO 81631 —J L— UNITED STATES DOLLARS) —� TERRITOR WHICH GOVERNS THE ESTABLISHMENT AN G AT F CHE MICAL AN E ~LA A OTHER E D REG ULATIONS D D OR T THERETO. SHOUL E NECESSARY FOR THE C OUNTY OF EAGLE TO FILE SUIT IN AN EFFORT TO ENFORCE THIS IRREV OCABLE LETTER F CREDIT CHEMICAL BANK HEREBY WAIVES ALL VENUE RIGHTS AND SUBMITS TO fHE JURISDICTION OF THE DISTRICT COURT IN AND FOR THE COUNTY OF EAGLE STATE OF COLORADO. ALL DRAFTS HEREUNDER MUST BE DRAWN ON OR BEFORE DECEMBER 31 i995^ VERY TRULY YOURS CHEMICAL BANK � BY- ` ^^�^ M \NF ANn TITLF� Qk&ROLYN �A, NO. bNOWWN11 Owed In elp CO 3 / �/ � Z') / / %I- T-239077— —881~0-81-0-81 ' � Provisions apomc�o this credit 2� This cmditis su�votm the UnhormCvmmmsand Pmmioofor Documentary Crooimyo (1ono,mon.) International Chamber of Commerce Publication No. 400