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HomeMy WebLinkAboutR90-059 release of collateral for Ladybelle View SubdivisionCommissioner Qqt, �o yi moved adoption of the following Resolution: 1 BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO a RESOLUTION NO. 90- ; V� IN RE LADYBELLE VIEW SUBDIVISION: FINDING THAT IMPROVEMENTS ARE SATISFACTORILY COMPLETED, AND AUTHORIZING RELEASE OF COLLATERAL WHEREAS, on or about October 12, 1987, as a condition of o G, final plat approval for Ladybelle View Subdivision, James "Roy" s Mosher ( "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 of Eagle, State of Colorado ( "Board "); and U 5� u� m i W 3 -I Q7 > .ti F e0 mL) 1� U 5 h7 [A ,�J 0 ED S. ¢ W co M h7 it I H CL J J si H r9 0 a i MW ti t- W t- z 'ITz m_r cd o .41 �1 WHEREAS, in order to guarantee the faithful completion of certain public improvements required under the Agreement, the Board has retained as collateral Irrevocable Letter of Credit No. 29 issued by Alpine Bank, Eagle, in the amount of $7,900.00; and WHEREAS, the Agreement, subsequently amended on Febru- ary 14 and July 18, 1989, and on January 8, 1990, provides that the improvements shall be completed by June 1, 1990; and WHEREAS, staff of the County Engineering Department have inspected the :.abject improvements, and have found them to be satisfactorily completed; and WHEREAS, County staff have recommended that collater- alization of the two -year warranty period provided by the Agreement is not necessary, and that Subdivider's collateral should be released in its entirety. THEREFORE, BASED UPON the oral and written recommen- dations of the Department of Engineering, the Board finds that the improvements required by the Agreement have been satisfied, and a release of the collateral held by the Board is warranted. .d w� C° r 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 release of Irrevocable Letter of Credit No. 29, issued by Alpine Bank, Eagle. THAT, the 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 AND ALOPTED by the Board of County �Commis- sioners of the County of Eagle, State of Colorado, this - day of one, 1990. May ATTEST: COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOARD OF COUNTY COMMISSIONERS By: (/ Clerk to the Board oe Donald A. Welch, Chairman County Commissioners r It -2- e•� t� Commissioner seconded adoption of the foregoing resolution. The roll having been called, the vote was as follows: m Erg Commissioner Donald H. WelchG� Commissioner George A. Gates a m Commissioner Richard L. Gustafson JJ�p r•7 I This Resolution passed by vote of the Board of CL County Commissioners of the County of Eagle, State of Colorado. 0 r� ul I &7 -60 xd r It -2- e•� t�