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HomeMy WebLinkAboutR90-011 Blue Lake PUD Partial Release < v • • v Commissioner ://,'.a.49(, , moved adoption of the following Res ution: At) BOARD OF COUNTY COMMISSIONERS 4 1 COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 90- // BLUE LAKE P.U.D, FILING NO. 2 PARTIAL RELEASE OF COLLATERAL U +5 O A WHEREAS, pursuant to Section 30 -28 -137, C. R. S . , the Board of County Commissioners of the County of Eagle, State of Colorado ( "Board "), on or about August 9, 1989, entered into a Subdivision Improvements Agreement ( "Agreement ") with Vantex Enterprises, Inc., L.) IS dba Blue Lake Development Company ( "Subdivider ") as a condition of m . final plat approval of Filing No. 2 of the Blue Lake Planned Unit Development; and CU O WHEREAS, in order to guarantee the faithful completion o Q of certain public improvements required under the Agreement, the o Board accepted as collateral Irrevocable Letter of Credit No. 8329388004- 1577808 issued by Bank One, Texas, in the amount of o a L3 $778,400.00; and WHEREAS, the Subdivider has represented to the Board, 4 L) and members of the County staff have corroborated the Subdivider's >- representations, that a portion of the public improvements required � under the Agreement have been satisfactorily completed; and in 0 0 . 1 W WHEREAS, pursuant to Paragraph No. 2.1 of the Agreement, the Subdivider has applied for partial release of its collateral is a w in the amount of $444,600.00. co 4 CO #''' NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY J cu i-1 COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: cal t7 a 111 W THAT, based upon the oral and written recommendations of the Department of Community Development, the Board finds that the �� z , jsz Subdivider's obligations under the Agreement have been partially cn satisfied, and a reduction in the collateral held by the Board is warranted, subject to the acceptance by Mid - Valley Metropolitan District of the water and sewer improvements which Subdivider has completed. • r i • THAT, the Board hereby authorizes the partial release of collateral in the amount of $444,600.00, subject to the condition set forth above, thereby reducing the collateral to $333,800.00. 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. MOVED, READ AND ADOPTED by the Board of County Commis- sioners of the County of Eagle, State of Colorado, this day of January, 1990. COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its ATTEST: BOARD OF COUNTY COMMISSIONERS Ale BY: Ilk (C erk to the Board of Dona d . Welch, Chairman County Commissioners ovink A"p11% irr 3 * Georg t . Gates, Commissioner / A / 4 _ .., ,. •• - 1 hard ; Gustafs • it3 /1 Commiss ones ,1 , / rn L / ' a' Commissioner ..-146yr/ / , seconded adoption of the foregoing resolution. The roll having been called, the vote was as follows: 4 Commissioner Donald H. Welch u. Commissioner George A. Gates /_ 0.1 Commissioner Richard L. Gustafson / 111 t7q This Resolution passed by / L , AL / vote of the Board of County Commissioners of the County of Eagle, State of Colorado. U7 4 #84 -33 of -2-