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HomeMy WebLinkAboutR90-030 Valley Business Center Partial Release • r Commissioner � moved adoption _0- of the following Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO r) RESOLUTION NO. 90- 30 AUTHORIZING THE PARTIAL RELEASE OF COLLATERAL VALLEY BUSINESS CENTF.,R 0, WHEREAS, on or about September \26, 1989, pursuant to Section 30 -28 -137, C.R.S., the Board of County Commissioners of the County of Eagle, State of Colorado ( "Board ") entered into a *Sub- division Improvements Agreement ( "Agreement ") with Robert P. Gillman, doing business as Sunset Properties ( "Subdivider ") as a condition of final plat approval of Valley Business Center; and w WHEREAS; in order to guarantee the faithful completion of certain public improvements required under the Agreement, the o Board accepted as collateral Irrevocable Letter of Credit No. 1155 o issued by Pitkin County Bank & Trust, in the amount of $74,294.00; and ..f te r } WHEREAS, the Subdivider has represented to the Board, 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 13> Z cr6 TtiHEREAS, the Subdivider has applied for partial release of his collateral in the amount of $28,860.00. :w Based upon the oral and written recommendations of the rs Department of Community Development, THE BOARD FINDS that the Subdivider's obligations under the Agreement have been partially a r satisfied, and a reduction in the collateral held by the Board is ` warranted. 113 c„ NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY ? ill COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: 1- v z cu 0 • M • • THAT, the Board hereby authorize the partial release of collateral in the amount of $28,860.00, thereby reducing the collateral to $45,344.00. THAT, the partial release of collateral granted hereby shall not in any way abrogate the rights of the Board in enforcing the Subdivider's performance of his outstanding obligations under the Agreement. MOVED, READ AND ADOPTED by the Board of County sioners of the County of Eagle, State of Colorado, this day of March, 1990. ` tollkrp �► • COUNTY OF EAGLE, STATE OF Z COLORADO, By and Through Its ATTEST: % 0 V BOARD OF COUNTY COMMISSIONERS - at Aare • ) By: " \1•b. / p erk to the Board of Donald . Welch, Chai an County Commissioners Georg& . Gates, Commissioner r4 Richard L. Gustafson, Commissioner Commissioner -Qc-- seconded adoption of the foregoing resolution. The roll having been called, the vote was as follows: Commissioner Donald H. Welch Commissioner George A. Gates , , Commissioner Richard L. Gustafson This Resolution passed by 3— d vote of the Board of County Commissioners of the County of Eagle, State of Colorado. 421186 B - 525 P - -022 03/21/90 15:15 PG 2 OF 2 -2-