HomeMy WebLinkAboutR90-013 Summit Vista Subdivision Phase 2 Substitute Collateral • • Commissioner moved adoption of the ollowing Resolution: BOARD OF COUNTY COMMISSIONERS - V COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 90- J, ACCEPTING SUBSTITUTE COLLATERAL, AND DELETING THE PLAT RESTRICTION AS TO PHASE 2 ON THE FINAL PLAT OF SUMMIT VISTA SUBDIVISION U s o WHEREAS, Summit Vista, Ltd., on or about August 22, 1984, entered into a Subdivision Improvements Agreement ( "Agreement ") with the Board of County Commissioners of the County of Eagle, State of Colorado ( "the County "), as a condition of final plat U a.' approval of the Summit Vista Subdivision; and w� x • t7" WHEREAS, pursuant to the Agreement, Summit Vista, Ltd., included on its final subdivision plat a restriction stating that rl �.� no lots shall be sold and /or conveyed until all public improvements • referred to in the Agreement are approved and accepted by the Board © CI of County Commissioners; and CD u U WHEREAS, the Agreement also provides that Summit Vista, Ltd., is entitled to apply for the removal of said plat restriction z subject to the County's acceptance of appropriate substitute collateral; and ri U WHEREAS, on March 28, 1989, Summit Vista, Ltd., the County, and Meldor Partnership (hereinafter "Meldor "), entered into • a contract which further amended the Agreement by transferring the o rights and obligations regarding Phases 2 and 3 of the Subdivision CU U.1 from Summit Vista, Ltd., to Meldor, which rights and obligations N. Meldor agreed to accept; and 3_E o s WHEREAS, on or about February CO , 1990, Meldor and 471 • C.0 the County executed a contract entitled "Fourth Amendment to Sub- ma. division Improvements Agreement" ( "4th Amendment ") whereby the S • parties clarified the definition of Phase 2 and Phase 3 of the r•1 Subdivision, and the improvements- required therein; and W WHEREAS, Phase 2 of the Summit Vista Subdivision has been defined as including Pots numbered 41 through 47 and lots numbered Z 2 through 19; and U� Z m= s-s • • WHEREAS, pursuant to said 4th Amendment, Meldor has provided an Irrey cable Letter of Credit issued by • R iAg_ .(3 Stt ft in the amount of $104,089.00 as collateral to guarantee the completion of the improvements for Phase 2 as set forth in Exhibit A of said 4th Amendment; and to guarantee payment of the Off -site Road Impact Fee as provided by the 4th Amendment; and WHEREAS, in consideration for the provision of said . Letter of Credit, Meldor seeks the removal of the plat_ restriction as to Phase 2 of the Subdivision. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: THAT, the County hereby deletes the plat restriction on the final plat of the Summit Vista Subdivision as it relates to Phase 2 only. THAT, the deletion of said plat restriction shall not in any way be construed as releasing Meldor from the obligations and agreements set forth in the 4th Amendment, and in the Agreement as previously amended; nor shall said deletion abrogate the rights of the County in enforcing Meldor's satisfactory performance of its 0 outstanding obligations under the 4th Amendment, or under the Ll� Agreement as previously amended. 0 `' THAT, this Resolution is necessary for the health, safety and welfare of the citizens of the County of Eagle, State of Colorado. r•� MOVED, READ AND ADOPTED by the Board of County Commis- sioners of the Count of Eagle, State of Colorado, at its regular meeting held the ci day of February, 1990. SACz COUNTY OF EAGLE, STATE OF s 5 ifr4124. COLORADO, By and Through Its ATTEST: BOARD OF COUNTY COMMISSIONERS rte! / Op fl i C -� /" 4 � 1 L BY: -\ � C(erk to the Board of Dori- d Welch, Chai an County Commissioners - in m -2- ! • George . Gates, Commissioner Richard L. Gustafson, Commissioner Commissioner J/X /rte) seconded adoption of the foregoing resolution. The roll having been called, the vote was as follows: Commissioner Donald H. Welch ' Commissioner George A. Gates MAW Commissioner Richard L. Gustafson it _4 /,, ; U5 U5 .1 This Resolution passed by 2&W'1_067,(/j vote of the Board of County Commissioners of the County of Eagle, State of Colorado. w • • 84 -152 of 419550 B -523 P-384 02/21/90 16:03 PG 3 OF 3 -3-