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HomeMy WebLinkAboutR90-031 River Ranch Subdivision Partial Release • 02Pi) Commissioner / moved adoption of the following Resolution: n1 BOARD OF COUNTY COMMISSIONERS nn- COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 90 - - 3/ AUTHORIZING THE PARTIAL RELEASE OF COLLATERAL 0 RIVER RANCH SUBDIVISION WHEREAS, on or about November 20, 1989,. pursuant to Section 30 -28 -137, C.R.S., the Board of County Commissioners of the us County of Eagle, State of Colorado ( "Board ") entered into a Sub- . division Improvements Agreement ( "Agreement ") with River Ranch Partners (Steven J. Conger, General Partner) ( "Subdivider ") as a condition of final plat approval of River Ranch Subdivision; and _ , WHEREAS, in order to guarantee the faithful completion 5 of certain public improvements required under the Agreement, the 0 Board accepted as collateral the following Irrevocable - Letters of o Credit dated November 17, 1989, issued by Pitkin County Bank & a `' Trust: Letter of Credit No. 1162 $382,614.00 el r j Letter of Credit No. 1163 144,375.00 and WHEREAS, the Subdivider has represented to the Board, cri and members of the County staff have corroborated the Subdivider's 1.1.1 representations, - that a portion of the public improvements required 0.1 under the Agreement have been satisfactorily completed (specific- ;, Cr ally, the off -site water line) ; and w 0.1 WHEREAS, the Subdivider has applied for the full release Pa of Irrevocable Letter of Credit No. 1163 in the amount of $144,375.00. 115 CL Based upon the oral and written recommendations of the :',; Department of Community Development, THE BOARD FINDS that the Subdivider's obligations under co z the Agreement have been partially satisfied, and a reduction in the aio collateral held by the Board is warranted. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: 411 411 THAT, the Board hereby authorize the release of said Irrevocable Letter of Credit No. 1163 in the amount of $144,375.00, thereby reducing the collateral to $382,614.00. 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 its outstanding obligations under the Agreement. MOVED, READ AND ADOPTED by the Board of County Commis- sioners of County of Eagle, State of Colorado, this - day of March, 1990. COUNTY OF EAGLE, STATE OF L COLORADO, By and Through Its ATTEST: w �4 BOARD OF COUNTY COMMISSIONERS • * aota�►� !` / , / A By: Cl!-rk to the r�d of Donald H. Welch, Chairman County Commissioners LL rl u r Georg A. Gates, Commissioner c Richard L. Gustafson, Commissioner Commissioner IGObt— seconded adoption of the foregoing ; resolution. The roll having been called, the vote was as follows ru Commissioner Donald H. Welch Gi a Commissioner, George A. Gates Cc' z� Commissioner Richard L. Gustafson -This Resolution passed by vote of the Board of County Commissioners of the County of Eagle, State of Colorado. #89 -115 a'f -2-