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HomeMy WebLinkAboutR90-071 second partial release of collateral for Blue Lake #2Commissioner moved adoption of the following Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO rim RESOLUTION NO. 90-_7/ BLUE LAKE P.U.D, FILING NO. 2 SECOND PARTIAL RELEASE OF COLLATERAL U S D S C] WHEREAS, pursuant to Section 30 -28 -137, C.R.S., on or about August 9, 1989, the Board of County Commissioners of the County of Eagle, State of Colorado ( "Board "), entered into a Sub- division Improvements Agreement ( "Agreement ") with Vantex Enter- prises, Inc., dba Blue Lake Development Company ( "Subdivider ") as M r� a condition of final plat approval of Filing No. 2 of the Blue Lake Planned Unit Development; and ' "o WHEREAS, in order to guarantee the faithful completion W Q of certain public improvements required under the Agreement, the 0¢ W Board accepted as collateral Irrevocable Letter of Credit No. 0 8329388004 - 1577808 issued by Bank One, Texas, in the amount of r Q_ 0 $778,400.00; and W �0 U I7 Y t- Z n 0 n 0j W v0 r W r na CL J J CIJ P? 2 D u. i u W F v° W LD G 03 1 N 0 <' "1 WHEREAS, by Resolution No. 90 -11, the Board found that certain of the public improvements required by said Agreement were complete, and authorized a reduction in collateral to $333,800.00; and WHEREAS, the Subdivider has represented to the Board, and members of the County staff have corroborated the Subdivider's representations, that additional public improvements required under the Agreement have been satisfactorily completed; and WHEREAS, pursuant to Paragraph No. 2.1 of the Agreement, the Subdivider has applied for an additional release of its collateral in the amount of $280,975.00. BASED UPON the oral and written recommendations of the Eagle County Department of Engineering, the Board finds as follows: j3 1. The landscaping and revegetation are not completed. 2. The asphalt densities of the roads within the subdivision known as Beaver Lane, Station 0 +00 to 5 +00; and Badger Road, Station 0 +00 to 5 +50; do not meet the County's test criteria, and the warranty period should be extended to four years. 3. The water and sewer improvements have been completed and accepted by Midvalley Metropolitan District. 4. A 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 authorizes the partial release of collateral in the amount of $280,975.00, thereby reducing the collateral to $52,825.00, which is allocated as follows: Ten percent retainage for four -year warranty for street improvements $ 19,325.00 Cost of landscaping and revegetation 33,500.00 Tot Total remaining collateral $ 52,825.00 THAT, the warranty period for the road improvements within the subdivision is hereby extended to four years. 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 ADOPTED by the Board of County Commis- sioners of the County of Eagle, State of Colorado, this day of June, 1990. 426674 B -532 P -517 06/27/90 15.04 PG 2 OF 3 —2— ATTEST: yyr ,w d� C erk to the Board of County Commissioners COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOARD OF COUNTY COMMISSIONERS By: Donald H. Welch, Chairman Geopcfg A \Gates, Commissioner Ri�hard L.L st fson, 10 Commission r U Commissioner �JA�yl�> seconded adoptia of the foregoing resolution. The roll having been called, e vote was as follows: Commissioner Donald H. Welch Commissioner George A. Gates Commissioner Richard L. Gustafson This Resolution passed by GG // vote of the Board of County Commissioners of the County of Eagle, State of Colorado. #84 -33 of 428674 B -532 P -517 OG /27/90 15:04 PG 3 OF 3 -3- 115 ow e�