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HomeMy WebLinkAboutR90-058 partial release of collateral for Basalt Industrial Park #2Commissioner moved adoption of the following Resolution: BOARD OF COUNTY COMMISSIONERS V COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 90- IN RE BASALT INDUSTRIAL PARK, FILING NO. 2: FINDING THAT IMPROVEMENTS ARE SATISFACTORILY COMPLETED, AND AUTHORIZING PARTIAL RELEASE OF COLLATERAL U 5 o WHEREAS, on or about March 8, 1988, as a condition of q final plat approval for Basalt Industrial Park, Filing No. 2, the Basalt Trade Associates ( "Subdivider ") pursuant to Section 30-28 - 137, C.R.S., entered into a Subdivision Improvements Agreement ( "Agreement ") with the Board of County Commissioners of the County 5 of Eagle, State of Colorado ( "Board ")_; and o! � a�9 WHEREAS, in order to guarantee the faithful completion of certain public improvements required under the Agreement, the LL M Board has retained as collateral Irrevocable Letter of Credit 0 ¢ No. 60 -A issued by Alpine Bank, Basalt, in the amount of $6,000.00; X - 0 and cs o `r U WHEREAS, the Agreement, subsequently amended by the Board Y on October 16, 1989, and February 19., 1990, provides that the w improvements shall be completed by June 15, 1990; and En _J u� U WHEREAS, staff of the County Engineering Department have o D inspected the subject improvements, and have found them to be o satisfactorily completed; and. Mw � J wWHEREAS, County staff have recommended that Subdivider's collateral be released except for the sum of $3,325.00, which NCO represents ten percent of the original cost of paving Park Lane and M i CL H Valley Circle, to collateralize the two -year warranty period J pursuant to Section 3.9 of the Agreement. H u� L� MUM THEREFORE, BASED UPON the oral and written recommen- - dations of the Department of Engineering, the Board finds that the W Z Subdivider's obligations under the Agreement have been substan- tially satisfic.d, and a reduction in the collateral held by the i NO Board is warranted. It ti a�9 42E476 B -530 P -317 0 ';30!90 11:59 PG 2 OF 2 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: THAT, the Board hereby authorizes the partial release of the present --ollateral in the amount of $2,675.00, thereby reducing the collateral to 3,325.00. THAT, the partial release of collateral, granted hereby does 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 sioners of the County 1990. AND ADOPTED by the Board of County Co of Eagle, State of Colorado, this COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOARD OF COUNTY COMMISSIONERS �iiZL Lf L �L� By: V Jerk to the Board of Donald H Welch, airman County Commissioners Georg A. 'Gates, Commissioner of Commiss on, Commissioner �Al seconded adoption'V of the foregoing resolut_on. The roll having been called, the vote was as follows: Commissioner Donald H. Welch ytEG� Commissioner George A. Gates es Commissioner Richard L. Gustafson ¢� This Resolution passed by �¢�/ /f vote of the Board of County Commissioners of the County of Eagle, State of Colorado. 88 -34 -2- 0 Lc''