HomeMy WebLinkAboutR90-072 partial release of collateral Grindlay/Soderberg Subdivisions�1�11
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Commissioner A 0�Tw db)j moved adoption
of the following Resolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 90 -_IA
AUTHORIZING PARTIAL RELEASE OF COLLATERAL
GRINDLAY SUBDIVISION AND SODERBERG SUBDIVISION
(also known as SODERBERG SUBDIVISION, FILING NO. 1)
WHEREAS, pursuant to Section 30 -28 -137, C.R.S., on or
about April 30, 1990, the Board of County Commissioners of the
County of Eagle, State of Colorado ( "Board ") , entered into a Sub-
division Improvements Agreement ( "Agreement ") with Ludwig Ritsch,
Dorle Ritsch, Edward J. Wagner, and Collette A. Wagner
( "Subdividers "); and
WHEREAS, in order to guarantee the faithful completion
of certain public improvements required under the Agreement, the
Board accepted as collateral Irrevocable Letters of Credit totaling
$25,001.04; and
WHEREAS, the Subdividers have represented to the Board,
and members of the County Staff have corroborated the Subdividers'
representations, that certain public improvements required under
the Agreement have been satisfactorily completed; and
WHEREAS, pursuant to Paragraph No. 2.3 of the Agreement,
the Subdividers have applied for a release of their collateral in
the amount of $22,585.44.
BASED UPON the oral and written recommendations of the
Eagle County Department of Engineering, the Board finds as follows:
1. The landscaping has not been completed.
2. The construction of roads and drainage within the
Subdivision is satisfactorily complete, and due to the nature of
the project and the fact that the roads shall remain private, no
collateral is necessary for the two -year warranty period required
by the Agreement.
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3. 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 $22,585.44, thereby reducing the
collateral to $2,415.60, which represents the cost of the land-
scaping improvements.
THAT, the release of collateral granted hereby does not
in any way abrogate the rights of the Board in enforcing the
Subdividers' performance of their 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 Julv, 1990.
County Commissioners
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
BOARD OF COUNTY COMMISSIONERS
I
By:
Donald H. Welch, Chairman
Gates, Commissioner
Richard L ustAfson
io e
Commissr //J,_ /
11-28970 B -53; P -813 07/0 3/1-30 15.52 PG 2 OF -
-2-
Commissioner a O --T-es seconded adoption of the
foregoing resolution. The roll having been called, the vote was
as follows:
Commissioner
Donald H.
Welch
"�5z,(J %
Commissioner
George A.
Gates
'e-'
Commissioner
Richard L.
Gustafson
Qj
This Resolution passed by A`� () vote of the Board of
County Commissioners of the County of Eagle, State of Colorado.
490 -02
428970 B -532 P -813 07/03/90 15.52
-3-
PG 3 OF 3
