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HomeMy WebLinkAboutR90-122 second reduction in collateral for Elliott Ranch PUD435547 B--543 P -401 12/04/50 16:58 PG 1 OF SOHNNETTE PHILLIPS EAGLE COUNTY CLERK, COLORADO Commissioner of the following Resolution: REC DOC 0, 00 0.00 moved adoption BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 90 -_/,�R\ SECOND REDUCTION IN COLLATERAL ELLIOTT RANCH PUD WHEREAS, on or about October 10, 1 Commissioners of the County of Eagle, Board "), entered into a Subdivision ( "Agreement ") with David E. Edeen ( "Subdividers "), as a condition of final Ranch PUD; and 989, the Board of County State of Colorado ( "the Improvements Agreement and Jessie L. Edeen plat approval of Elliott WHEREAS, as collateral to guarantee the faithful completion of the improvements set forth in said Agreement, the Board accepted a series of Irrevocable Letters of Credit totaling $9,439.72; and WHEREAS, by Amendment to the Agreement dated October 10, 1990, said collateral was reduced to $8,580.00, which has been provided by Subdividers in the form of an Irrevocable Letter of Credit in the amount of $6,580.00, and by an Assignment and Pledge of Account at First Bank of Vail in the amount of $2,000.00; and WHEREAS, Subdividers have represented that a portion of the improvements required under the agreement have been completed - namely, partial completion of the parking lot and rock drainage apron - and have requested a reduction in collateral; and WHEREAS, the County Engineering Department has inspected these improvements, and corroborates Subdividers' representations, and recommends that the collateral be reduced by $2,000.00. BASED on the recommendation of County staff, the Board finds 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: THAT, the Board hereby authorizes the partial release of collateral in the amount of $2,000.00, thereby reducing the collateral to $6,580.00. That, the Assignment and Pledge of Account at First Bank of Vail in the amount of $2,000.00 be and is hereby released. The Assignment and Pledge of Account and a copy of this Resolution shall be forwarded forthwith to First Bank of Vail. THAT, the partial 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 ,�j-� day of December, 1990. County Commissioners Commissioner (2 foregoing resolution. as follows: Commissioner Donald H. Commissioner George A. Commissioner Richard L COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOARD OF COUNTY COMMISSIONERS By: Donald H. Welch, Can Georg A. Gates, Commissioner ,4 46-6- Ai-r Richard L. Gustafson, Commissioner _ej d, seconded adoption of the The roll having been called, the vote was Welch Gates Gustafson 0-,w This Resolution passed by m ,;6�- o vote of the Board of County Commissioners of the County of Eagle, State of Colorado. 83 -153 -2_ 439547 B -543 P -401 12/04/90 16:58 PG 2 OF 2