HomeMy WebLinkAboutR90-010 Aspen Junction Subdivision Partial 1
Commissioner moved adoption
of the following Resolution:
BOARD OF COUNTY COMMISSIONERS
iJ
F,„ COUNTY OF EAGLE, STATE OF COLORADO
i RESOLUTION NO. 90- ,()
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A �. ASPEN JUNCTION SUBDIVISION
'&" PARTIAL RELEASE OF COLLATERAL
WHEREAS, pursuant to Section 30 -28 -137 C.R.S., the Board of
w IS County Commissioners of the County of Eagle, State of Colorado
m . ( "Board ") did, on or about May 4, 1989, enter into a Subdivision
s Improvements Agreement ( "Agreement ") with Dieter Sander and Carina
Sander ( "Subdivider ") ; and
"i WHEREAS, in order to guarantee the faithful completion of
0
u-A certain public improvements required under the Agreement, the Board
0 m took as collateral, a Letter of Credit, dated April 25, 1989, in y
" the amount of $801,000.00, issued by Colorado National Bank of
O v Denver, Colorado, for the benefit of the Board of County
Commissioners, County of Eagle, State of Colorado; and
m WHEREAS, the Subdivider has represented to the Board, and
• J members of the County staff have corroborated the Subdivider's
4- 0 representations, that the portion of public improvements required
if) > under Exhibit A of the original Agreement have been satisfactorily
z completed; and
sI 0
m
v WHEREAS, pursuant to Section 2.1 of the Agreement, the
IN Subdivider has applied for partial release of its collateral.
J
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I+ WHEREAS, Eagle County is authorized to release the sum of Six
Hundred Fifteen Thousand Dollars ($615,000.00) for completion of
, a portion of the public improvements required under the Agreement;
iS+ u. and
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0. _I
J NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
NM COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO;
in a
1
im w THAT, based upon the written recommendations of the Department
1- of Engineering, the Board finds that the portion of the
z Subdivider's obligations under the requirements of Exhibit A of the
CU = o riginal Agreement have been satisfied and a reduction in the
-.0 collateral held by the Board is warranted.
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THAT, the Board hereby authorizes the partial release of
collateral in the amount of $615,000.00 for performing certain
obligations under the Agreement, thereby reducing the collateral
to $186,000.00.
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 County of Eagle, State of Colorado, at its regular meeting
held the. .day of ) 44 / a/ , 1990.
COUNTY OF EAGLE, STATE OF COLORADO,
By and Through Its BOARD OF COUNTY
ATTEST: COMMISSIONERS
By • � _ % � B Y � � „ 1 ,
er to e ":oar• 4 D - e ch, Chairman
County Commissioners
y q� 24!6
u j LS �-
• / reor• . Ga es, Commissioner
e 'se
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4 -4MADO < •
4 4 '
� � 1 Cu � C,
and L. Cu 54 , �" I `issioner
m
Commissioner ,n1 seconded ado •tion of the
foregoing resolution. The roll aving been called, the vote was
as follows:
Commissioner Donald H. Welch !� �
a Commissioner George A. Gates / '
Commissioner Richard L. Gustafson ‘11,
cu
This Resolution passed by 1 /j //7(Y vote of the Board of County
s1 Commissioners of the Count Eagle, State of Colorado.
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