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HomeMy WebLinkAboutR90-084 partial release of collateral for Aspen/Mt. View/Oak Ridge I and II.. .._ U i r ✓a V r Commissioner %e S moved adoption of the following Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 90 --L Us. AUTHORIZING PARTIAL RELEASE OF COLLATERAL FOR ASPEN, Q MOUNTAIN VIEW SUBDIVISION, OAK RIDGE I and OAK RIDGE II WHEREAS, by Agreement dated July 31, 1989, Summit View, Inc. (hereinafter "Subdivider ") agreed to assume certain obligations for w on -site and off -site improvements within Aspen, Mountain View Subdivision; and WHEREAS, to guarantee the completion of the improvements set forth in said Agreement, Subdivider provided an Irrevocable Letter LL A of Credit No. 605 issued by Ocean National Bank in Toms River, New o a Jersey, in the amount of $160,000.00; and CD o WHEREAS, Summit View, Inc., has represented, and members of CL the Engineering Staff have verified, that certain improvements s within Oak Ridge I and Oak Ridge II have been completed; and w _j WHEREAS, Summit View, Inc., has requested a reduction in S collateral commensurate with the improvements which have been completed. z 5 � m U Based on the recommendations of the County Engineering Staff, M the Board finds as follows: e ,J 03 s ID 1. A section of Mountain View Road requires corrective Uj action. fly r ua m c 2. Water and sewer improvements as -built drawings need to u J be provided to the County. V r1l Lnri u� N 'r a 3. Certain of the other required improvements have been Q111 � satisfactorily completed, and a reduction in collateral is r warranted. mw 0i z Z NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY jp COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: It h That a reduction in collateral be authorized to $12,000.00, which represents the following: 1. Ten percent retainage for a two -year warranty period for road paving: 2. Patching and Crack Sealing for Mountain View Road: 3. Chip Sealing for Mountain View Road 4. Reserves against expenses incurred in traveling to New Jersey to draw on Letter of Credit (if necessary) $ 4,500.00 1,000.00 4,500.00 GO Gl 2,000.00 $12,000.00 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 Commissioners of the County of Eagle, State of Colorado, this a3 /at day of July, 1990. County Commissioners COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOARD OF COUNTY COMMISSIONERS <�Q�\,N Donald - 431128 B -534 P -973 08/03/90 12 :07 PG 2 OF 3 -2- Commissioner a jj 'j seconded adoption of the foregoing resolution. The roll having been called, the vote was as follows: Commissioner Donald H. Welch t�jj QJ Commissioner George A. Gates Commissioner Richard L. Gustafson This Resolution passed by ak#- A-m6a' S vote of the Board of County Commissioners of the County of Eagle, State of Colorado. 431128 B-534 P -973 82 -237 08/03/90 12 :07 PG 3 OF 3 -3-