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HomeMy WebLinkAboutR90-105 partial release of collateral for Aspen Junction,; 438287 B -542 P -140 11/14/90 16126 PG i Or 3 REC DOC JOHNNETTE PHILLIPS EAGLE COUNTY CLERK, COLORADO 0.00 0,00 n� Commissioner Gates moved adoption of the following Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 90- 105 SECOND PARTIAL RELEASE OF COLLATERAL ASPEN JUNCTION SUBDIVISION WHEREAS, on or about May 4, 1989, pursuant to C.R.S. 30 -28- 137, the Board of County Commissioners of the County of Eagle, State of Colorado ( "Board "), entered into a Subdivision Improve- ments Agreement ( "Agreement ") with Dieter Sander and Carina Sander ( "Subdividers "); and WHEREAS, in order to guarantee the faithful completion of `Z certain public improvements required under the Agreement, the Board took as collateral a Letter of Credit in the amount of $801,000.00, issued by the Colorado National Bank for the benefit of Eagle _ County; and WHEREAS, pursuant to Section 2.1 of the Agreement, Subdividers OD previously applied to the Board for a partial reduction in collateral, and the Board approved a reduction to $186,000.00; and WHEREAS, Subdividers have represented to the Board, and members of the County staff have corroborated Subdividers' representations, that the work is now substantially complete, and that the collateral should be further reduced. BASED upon the written recommendations of the Department of Engineering, the Board finds that the work required under the Agreement is substantially complete, and that release of collateral is warranted. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: 1. THAT a further reduction in collateral be authorized in the amount of $163,200.00, to $22,800.00, which represents ten percent of certain improvements costs allocated as follows: Roadworks $ 12,600 Asphalt Paving 7,100 Landscaping and Seeding 3,100 Total 10% retainage $ 22,800 2. THAT the Board shall retain said $22,800.00 collateral through the two -year warranty period required by Section 2.4 of the Agreement. 3. THAT the additional release of collateral granted hereby shall 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 Commissioners of the County of Eagle, State of Colorado, at its regular meeting held the 51-h day of November, 1990. T: rk to the Board of ) County Commissioners COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOARD OF COUNTY COMMISSIONERS 2� By • Donald A. Welch, Chairman Ge�A. Gates, Commissioner Absent Richard L. Gustafson, Commissioner 438287 B -542 P -140 11/14/90 16:26 PG 2 OF 3 Commissioner Welch seconded adoption of the foregoing resolution. The roll having been called, the vote was as follows: Commissioner Donald H. Welch Aye Commissioner George A. Gates Aye Commissioner Richard L. Gustafson Absent This Resolution passed by 1:51, d vote of the Board of County Commissioners of the County of Eagle, State of Colorado. 438287 B -542 P -140 11/14/90 16:26 PG 3 OF 3 89 -39 -3-