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HomeMy WebLinkAboutR90-079 Third partial release of collateral for Blue Lake Filing 2429779 B -533 P-623 3 07/ 1 t; /90 01:36 PG 1 OF 3 - -REC DOC JOHVNETTE PHILLIPS EAGLE COUNTY CLERK COLORADO 0 00 v \� n �j 1� s 0. �Zi0 Commissioner%j, moved adoption of the following Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 90 --'71 BLUE LAKE P.U.D, FILING NO. 2 THIRD PARTIAL RELEASE OF COLLATERAL 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 Subdivision Improvements Agreement ( "Agreement ") with Vantex Enterprises, Inc., dba Blue Lake Development Company ( "Subdivider ") as a condition of final plat approval of Filing No. 2 of the Blue Lake Planned Unit Development; and WHEREAS, in order to guarantee the faithful completion of certain public improvements required under the Agreement, the Board accepted as collateral Irrevocable Letter of Credit No. 8329388004- 1577808 issued by Bank One, Texas, in the amount of $778,400.00; and 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, by Resolution No. 90 -71, the Board found that the Subdivider had completed further improvements, and authorized an additional reduction in collateral to $52,825.00; and WHEREAS, the Subdivider has represented to the Board, and members of the County staff have corroborated the Subdivider's representations, that the landscaping improvements required under the Agreement have been satisfactorily completed; and WHEREAS, the Subdivider has applied for a full release of its collateral except for the ten percent retainage recommended by County staff for the warranty periods required by the Agreement. BASED UPON the oral and written recommendations of the Eagle County Department of Engineering, the Board finds that the improvements required by the Agreement are complete, and a release of the collateral, except for a retainage to collateralize the warranty period, is warranted. 459779 L1 -533 P -623 07/16/90 01:36 PG 2 OF 3 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 $31,150.00, thereby reducing the collateral to $22,675.00, which represents the following: Ten percent retainage for four -year warranty for street improvements $ 19,325.00 Ten percent retainage for two -year warranty for landscaping /revegetation 3,350.00 Total remaining collateral $ 22,675.00 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 issioners of the County of Eagle, State of Colorado, this / day of July, 1990. 64q% r ATTEST: f�;.5;.;s COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOARD OF COUNTY COMMISSIONERS rt By: \ Cle k to the B ao of —%— Donald . Welch, Chairman County Commissioners Georg A. Gates, Commissioner -2- W E 3 I Commissioner seconded adoption of the foregoing resolution. Thb roll having been called, the vote was as follows: Commissioner Donald H. Welch Commissioner George A. Gates Commissioner Richard L. Gustafson This Resolution passed by vote of the Board of County Commissioners of the County of Eagle, State of Colorado. 429779 B -533 P -623 07/16/90 01:36 PG 3 OF 3 -3- �a