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HomeMy WebLinkAboutC81-076 Town of VailAGREEMENT BETWEEN THE TOWN OF VAIL, COLORADO AND THE COUNTY OF EAGLE, COLORADO HIGHLAND MEADOWS SUBDIVISION, FILING NO. 1, COUNTY OF EAGLE, COLORADO - COMPLETION OF REQUIRED PUBLIC IMPROVEMENTS THIS AGREEMENT is made and entered into this '-16� day of September, 1981, by and between the Town of Vail, Colorado, and the County of Eagle, Colorado. WHEREAS, on May 23, 1978, High County Corporation, hereinafter referred to as the "Subdivider", as a condition of approval of the final plat of Highland Meadows Subdivision, Filing No. 1, County of Eagle, Colorado, entered into a certain Subdivision Improvements Agreement with the Board of County Commissioners of the County of Eagle, Colorado, hereinafter referred to as the "County"; and WHEREAS, the aforesaid agreement required the Subdivider to provide collateral in the form of a plat restriction to guarantee the construction of certain required public improve- ments as set forth in said agreement; and WHEREAS, the aforesaid collateral was subsequently substituted by a Letter of Credit in the amount of $ 63,000.00; 'ft� and WHEREAS, on June 30, 1980, the County presented the subject Letter of Credit to the First Bank of Vail for payment due to the fact that those certain required public improvements had not been completed per the above -referenced Subdivision Improvements Agreement; said funds were placed and are presently being held in the County's Suspense Fund; and WHEREAS, the County has given the Subdivider every opportunity to complete those certain public improvements `.r' required of it, but the same has been to no avail; and ``r' WHEREAS, the County is of the opinion that it would be in the best interests of the public health, safety and welfare to find the Subdivider in default of its legal obligations referred to hereinabove and, by reason thereof, for the County to utilize such funds for the purpose of completing those certain public improvements required by the Subdivider in the subject Subdivision; and WHEREAS, since the Town of Vail, Colorado, hereinafter referred to as the "Town", has annexed the subject subdivision into its territorial jurisdiction, the County desires to disburse such funds to the Town for the construction of such public improvements. NOW, THEREFORE, in consideration of the following mutual covenants, conditions, and promises, the parties hereto agree hereby as follows: 1. Disbursement of Funds. Upon the execution of this agreement by the respective parties hereto, the Board of County Commissioners shall cause and hereby requests and directs the Eagle County Treasurer, Hubert N. Peterson, to prepare the necessary documentation and remit to the Town the sum of sixty-three \%00' thousand dollars ($ 63,000.00) from the County's Suspense Fund. 2. Use of Funds. The Town hereby agrees to expend the aforesaid sum remitted by the County for the purpose of guaranteeing the construction and completion of those certain public improvements required of the Subdivider as a condition of final plat approval of the Highland Meadows Subdivision, Filing No. 1, County of Eagle, Colorado, and pursuant to that certain Subdivision Improvements Agreement entered into between the County and -2- the Subdivider dated May 23, 1978, and that certain 14.01, Supplemental Agreement thereto dated September 24, 1980. 3. Additional Funds. In the event that the cost of completing the subject public improvements exceed the sum of $ 63,000.00, the County, upon adequate written proof of such additional cost, shall remit to the Town additional funds for the completion of such public improvements in an amount not to exceed the interest which the County has received relative to its retention of the $ 63,000.00 referred to herein; such amount of interest to be determined by the Eagle County �•W/ Treasurer. 4. Liability. The Town hereby agrees to indemnify and hold harm- less the County and any of its officers, agents and employees against any losses, claims, damages or liabilities to which the County or any such of its officers, agents or employees may become subject to, insofar as any such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any performance by the Town hereunder; and the Town shall reimburse the County for any and all legal `...� or other expenses incurred by the County in connection with investigating or defending any such loss, claim, damage liability, or action. This indemnity provision shall be in addition to any other liability which the Town may otherwise have. -3- IN WITNESS WHEREOF, the parties hereto have executed this Agreement the day and year first written above. ATTEST: By: I By: Clerk to Town Council, Town of Vail, Colorado ATTEST: `.4w/ -r / I % Gn-erk of the oard df ounty Commissioners �� w J TOWN OF VAIL, COLORADO By and through its TOWN COUNCIL COUNTY OF EAGLE, STATE OF COLORADO By and through its BOARD OF COUNTY COMMISSIONERS B: 700 (a Dale F. Grant, Chairman -4-