Press Alt + R to read the document text or Alt + P to download or print.
This document contains no pages.
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-