HomeMy WebLinkAboutR90-116 partial release of collateral for Castle View SubdivisionU S
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Commissioner ��, 0 �,j /?- A moved adoption
of the following Resolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 90-
IN RE CASTLE VIEW SUBDIVISION:
AUTHORIZING PARTIAL RELEASE OF COLLATERAL
WHEREAS, on or about August 28, 1990, as a condition of final
plat approval for Castle View Subdivision, the Board of County
Commissioners of the County of Eagle, State of Colorado ( "Board "),
pursuant to Section 30 -28 -137, C.R.S., entered into a Subdivision
Improvements Agreement ( "Agreement ") with Wayne Hyrup, Mark J.
Rockwood and'Andrew Lane ( "Subdividers "); and
WHEREAS in order to
guarantee the faithful completion of
,2
certain public improvements required under the Agreement, the Board e-4
accepted as collateral Irrevocable Letter of Credit No. 14917 "
issued by Central Bank Glenwood Springs, NA, in the amount of t
$27,733.00; and
WHEREAS, the improvements required under the Agreement are to
be completed by December 1, 1990, and the collateral above
mentioned expires on that date; and
WHEREAS, the staff of the County Engineering Department have
inspected the improvements, and have found them to be substantially
complete with the exception of the deficiencies listed on Exhibit
A attached hereto and incorporated herein by this reference; and
WHEREAS, the County Engineering Department recommends that the
collateral be reduced, and states that retaining ten percent of the
original cost of the improvements will adequately cover the cost
of rectifying the deficiencies listed on Exhibit A, and will
sufficiently collateralize the two -year warranty period required
under the Agreement.
x
WHEREFORE, the Board finds that the improvements are substan-
tially complete, that the deficiencies are nominal, and that a
reduction in collateral is warranted.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO:
1. THAT the Subdividers shall have until January 1, 1991,
to correct the deficiencies of the subdivision improvements as set
forth in Exhibit A.
2. That the two -year warranty period required by the
Agreement shall begin upon receipt by the Board of written
assurances by the Department of Engineering that the deficiencies
have been corrected.
3. That the collateral be and is hereby reduced to
$2,773.00, which represents ten percent (100) of the original cost
of the improvements.
THAT, the partial 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 Commissioners
of the County of Eagle, State of Colorado, this o"`-�05 day of
er, 1990.
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
BOARD OF COUNTY COMMISSIONERS
By : _, \z�
l rrk to the Board of Donald H. Welch, Chairman
County Commissioners
439115 B -542 P -968 11/27/90 15403
Geor Gates,
Rkchard G� to
Commissioner
-2-
PIG 2 OF 4
ssioner
e°i
Commissioner v O'T"e-S seconded adoption of the
foregoing resolution. The roll having been called, the vote was
as follows:
Commissioner
Donald H.
WelchG/c4i
Commissioner
George A.
GatesG/
Commissioner
Richard L.
Gustafson
-'g�
This Resolution passed by Qh/ /"PS vote of the Board of
County Commissioners of the County of Eagle, State of Colorado.
439115 8 -042 F -968 11/27/90 15 :03 PG 3 OF 4
590 -71
-3-
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Castle View Subdivision
Deficiencies
November 16, 1990
1. Cross slope on the roads and ditches vary from design
Xgrades. Roads should be regraded to provide proper
drainage.
2. Gravel on road has become contaminated. Additional
gravel should be added to provide a suitable surface.
3. Hazard marker should be installed on the power pole
located immediately adjacent to the road at Sta. 7 +50.
439115 8 -548 P -9E8 11/27/90 15:23 PG 4 OF 4
MM %i
