HomeMy WebLinkAboutR90-100 partial release of collateral for Valley Business Centera 3 3
Commissioner moved adoption
of the following Resolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 90- is 6
AUTHORIZING THE PARTIAL RELEASE OF COLLATERAL
VALLEY BUSINESS CENTER
WHEREAS, on (
Section 30 -28 -137, C.R.1c
County of Eagle, State
division Improvements
Gillman, doing business
condition of final plat
)r about September 26, 1989, pursuant to
the Board of County Commissioners of the
of Colorado ( "Board ") entered into a Sub -
Agreement ( "Agreement ") with Robert P.
as Sunset Properties ( "Subdivider ") as a
approval of Valley Business Center; 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. 1155
issued by Pitkin County Bank & Trust, in the amount of $74,204.00;
and
WHEREAS, the Board previously granted a reduction in
collateral to $45,344.00; and
WHEREAS, Subdivider has represented to the Board that the
remainder of the improvements are complete, and has applied for the
release of the remaining collateral; and
WHEREAS, members of the County staff have corroborated
the Subdivider's representations that the improvements are
complete, and recommend that the collateral be released except for
ten percent (100) of the actual costs of the construction of Sunset
Drive to cover the two -year warranty period.
Based upon the oral and written recommendations of the
Department of Community Development, THE BOARD FINDS that the
Subdivider's obligations under the Agreement have been substan-
tially satisfied, and 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:
435632 B -539 F-482 10/03/90 17:11 PG 1 OF c REC DOC
JOHNN TTE PHILLIPS EAGLE COUNTY CLERK., COLORADO 0.1710 0.00
1. THAT, the Board hereby authorize the partial release of
collateral in the amount of $41,970.00, thereby reducing the
collateral to $3,374.00, which represents ten percent of the actual
costs involved in the construction of Sunset Drive.
2. THAT, this collateral shall be retained for the two -year
warranty period provided by Section 3.4 of the Agreement.
3. THAT, the partial release of collateral granted hereby
shall not in any way abrogate the rights of the Board in enforcing
the Subdivider's performance of his outstanding obligations under
the Agreement.
MOVED, READ AND ADOPTED by the Board of County Comm�s-
sioners of the County of Eagle, State of Colorado, this �-
day of October, 1990.
County Commissioners
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
BOARD OF COUNTY COMMISSIONERS
By: 6
Donald H. Welch, Chairman W
Commissioner
(? )(,'� %-e- S
seconded adoption of the
foregoing resolution.
The roll
having been called, the vote was
as follows:
Commissioner
Donald H.
Welch
�hST
Commissioner
George A.
Gates
Commissioner
Richard L.
Gustafson
This Resolution passed by A r - d vote of the Board of
County Commissioners of the County of Eagle, State of Colorado.
#89 -16 a£
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