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HomeMy WebLinkAboutR90-063 partial release of collateral for Blue Lake #3Commissioner 64 7-e--5 moved adoption of the following Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 90- 63 IN RE BLUE LAKE P.U.D, FILING NO. 3: FINDING THAT IMPROVEMENTS ARE COMPLETE, AND AUTHORIZING PARTIAL RELEASE OF COLLATERAL UG O S C7 = WHEREAS, on or about September 26, 1989, as a condition of final plat approval for Filing No. 3 of the Blue Lake Planned Unit Development, Blue Lake Development Company ( "Subdivider ") v �s 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 LL C1 WHEREAS, in order to guarantee the faithful completion 0 CE of certain public improvements required under the Agreement, the Board accepted as collateral Irrevocable Letter of Credit No. 63 ED O issued by Alpine Bank, Basalt, in the amount of $100,400.00; and CL t_7 1` w WHEREAS, the Subdivider has represented to the Board, and members of the County staff have corroborated the Subdivider's } representations, that improvements required under the Agreement F have been satisfactorily completed; and z 0)0 mo I0 S W WHEREAS, the Subdivider has requested and County staff I have recommended that Subdivider's collateral be released except & w for the sum of $1,480.00, which represents ten percent of the cost of asphalt paving and landscaping, to collateralize the two -year m[n warranty period pursuant to Section 2.4 of the Agreement. D ;i I F aJ J G,". BASED UPON the oral and written recommendations of the r13_ 0 C Department of Engineering, the Board finds that the Subdivider's MW obligations under the Agreement have been substantially satisfied, F_ and a reduction in the collateral held by the Board is warranted. 0 ti L7 Z I) z vl S 01 O It h 4 C°3 w �w 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 collateral in the amount of $98,920.00, thereby reducing the collateral to $1,480.00. 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 AND ADOPTED by the Board of County Commis- sioners of the County of Eagle, State of Colorado, this �= day of June, 1990. wu,,Ly commissioners Commissioner foregoing reso as follows: COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOARD OF COUNTY COMMISSIONERS By: , A Donald H. Welch, Chairman Georg A. Gates, Commissioner Commissioner Donald H. Welch Commissioner George A. Gates 4 iA Commissioner Richard L. Gustafson This Resolution passed by L(nJ}dJ rytpl/5 vote of the Board of County Commissioners of the County of Eagle, State of Colorado. 426756 B -530 P -597 06/04/90 15:56 PG c OF -2- 0 C,