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HomeMy WebLinkAboutR90-009 Silverado Estates Partial Release • • Commissioner CO STf4 h) " moved adoption of, the following Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, "STATE OF COLORADO RESOLUTION NO. 90- 9 U PS SILVERADO ESTATES SUBDIVISION a 9 A PARTIAL 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 u ( "Board ") did, on or about September 25, 1989, enter into a ms; Subdivision Improvements Agreement ( "Agreement ") with Howard Clark 0 ( "Subdivider "); and WHEREAS, in order to guarantee the faithful completion of ru certain public improvements required under the Agreement, the Board Ls A took as collateral, a Letter of Credit, dated September 26, - 1989, to in the amount of $88,440.00, issued by Central Bank Aspen of Aspen, v-' CI Colorado, for the benefit of the Board of County Commissioners, CD v County of Eagle, State of Colorado; and WHEREAS, the Subdivider has represented to the Board, and w members of the County staff have corroborated the Subdivider's �.� representations, that the portion of public improvements required ID C.) under Exhibit A of the original Agreement have been satisfactorily > completed; and z - m WHEREAS, pursuant to Section 2.1 of the Agreement, the v Subdivider has applied for partial release of its collateral. w _ WHEREAS, Eagle County is authorized to release the sum of +5r ¢ Sixty Three Thousand Five Hundred Dollars (S63,500.00) for w r r f r public improvements t ri r3 com�letio.. c•� a portion of the �ubli.. required under the Agreement; and In CL J NOW, THEREFORE, BE IT' RESOLVED BY THE BOARD OF COUNTY -4 COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO; CU Li o THAT, based upon the written recommendations of the Department w of Engineering, the Board finds that the portion of the w Subdivider's obligations under the requirements of Exhibit A of the s z original Agreement have been satisfied and a reduction in the = collateral held by the Board is warranted. ,-4 p -1- • • 4' . THAT, the Board hereby authorizes the partial release of collateral in the amount of 563,500.00 for performing certain obligations under the Agreement, thereby reducing the collateral to 524,900. THAT, the partial release of collateral granted hereby does not in any way abrogate the rights of the Board in enforcing the Subdivider's performance of its outstanding obligations under the Agreement. 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. MOVED, READ AND ADOPTED by the Board of County Commissioners of the Count of Eagle, State of Colorado, at its regular meeting held the Jf - day of , 1990. v et i• C Y OF EAGLE, STATE OF COLORADO, By and Through Its BOARD OF COUNTY !EST: COMMISSIONERS RA :..._ _r, BYE 5 c.It� % By [1• 'lerk to the Boars o Donald H. Welch, Chairman CD a County Commissioners cu ,..114,11.6i • Geo / . Gates, Commissioner • ti • R chard L ust.�son, Ci /i ' fiss ion - r m N Commissioner f fr-es s:c. wed ad .pi.ion of the foregoing resolution_. The roil h ;vine, been called, ,.he vote was as follows: aJ Commissioner Donald H. Welch Commissioner George A. Gates .� a Commissioner Richard L. Gustafson CU Lil This Resolution passed by tm/Mi/%#e4s vote of the Board of County Commissioners of the County of Eagle, State of Colorado. 11• ti -2-