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HomeMy WebLinkAboutR90-054 second partial release of collateral for River RanchCommissioner TES moved adoption of the following Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO a RESOLUTION NO. 90 -_0L U O U6 We U_ CM o¢ n: �o J 00 CL U i w ,It _j h) U z Ln0 Cn O � t? u� .� w �J u� c� 9 W u1 LDro 01 u i i i1 -P L7 u t- n1 � T ac AUTHORIZING THE SECOND PARTIAL RELEASE OF COLLATERAL 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 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 of certain public improvements required under the Agreement, the Board accepted as collateral the following Irrevocable Letters of Credit dated November 17, 1989, issued by Pitkin County Bank & Trust: Letter of Credit No. 1162 $382,614.00 Letter of Credit No. 1163 144,375.00 and WHEREAS, by Resolution No. 90 -31, the Board authorized C; a reduction in collateral in the amount of $144,375.00, and released Letter of Credit No. 1163; and WHEREAS, the Subdivider 'has represented to the Board, and members of the County staff have corroborated the Subdivider's representations, that the remainder of the water and sewer line improvements required under the Agreement have been satisfactorily completed; and WHEREAS, the Subdivider has applied for a further reduction in collateral in the amount of $160,757.00. Based upon the written recommendations of the Eagle County Department of Community Development, THE BOARD FINDS that the Subdivider's obligations under the Agreement have been partially satisfied, and a further reduction in the 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: THAT, the Board hereby authorize an additional release of collateral in the amount of $160,757.00, thereby reducing the collateral to $221,857.00. 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 the County of Eagle, State of Colorado, this day of May, 1990. ATTEST: COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOARD OF COUNTY COMMISSIONERS By kClk t�the .ad df Donald H. Welch, Chai man County Commissioners I 67 nj _2- v N V Cd C Georgq�"A. Gates, Commissioner ;y rU QL0 Richard L. Gustafson, Commissioner It n) Commissioner %,J p jlL seconded adoption of the u7 foregoing resolution. The roll having been called, the vote was r as follows: n � 07 Commissioner Donald H. Welch ¢ JL Commissioner George A. Gates Commissioner Richard L. Gustafson d_- CU t This Resolution passed by vote of the Board of CL County Commissioners of the County of Eagle, State of Colorado. S u� #89 -115 of i 67 nj _2- v N V Cd C