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HomeMy WebLinkAboutR88-035 Cliffside Village Condominiums Partial ReleaseCommissioner C u 57-# ` .., P moved adoption of the following Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 88- 3' CLIFFSIDE VILLAGE CONDOMINIUMS FILE NO. 82 -301 PARTIAL RELEASE OF COLLATERAL WHEREAS, pursuant to Section 30 -28 -237, C.R.S., the Board of County Commissioners of the County of Eagle, State of Colorado ( "Board ") did, on or about July 20, 1987, entered into a Subdivision Improvements Agreement ( "Agree- ment") with Western Savings and Loan Association ( "Subdivider ") for Cliffside Village Condominiums; and WHEREAS, in order. to guarantee the faithful completion of certain public improvements required under the Agreement, the Board took as collateral, money, in the amount of $120,000.00, deposited in a Prime Money Fund Account, No. 007 - 8604891, on August 24, 1987, held by Silverado Banking, assigned to the Board of County Commissioners of Eagle, State of Colorado; and WHEREAS, a partial amount of $20,000.00 from the total of $120,000.00 held as collateral is designated for landscape improvements. WHEREAS, the Subdivider has represented to the Board, and members of the County staff have corroborated the Subdivider's representations, that a portion of the public improvements required under the Agreement have been satisfactorily completed; and WHEREAS, pursuant to Paragraph 8 of the Agreement, the Subdivider has applied for partial release of its collateral in the amount of $10,500.00 for landscape improvements. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: THAT, 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 partially satisfied and a reduction in the collateral held by the Board is warranted. THAT, the by Silverado Banking obligations under the to $109,500.00. 0 0 Board hereby authorizes the partial release of collateral held in the amount of $10,500.00 for partially performing certain Agreement, thereby reducing the Prime Money Fund Account THAT, the partial release of collateral granted hereby does not in any way abrogate the rights of the Board in enforcing the Subdivider's performance of its outstanding obligations under the Agreement. THAT, the Board finds, determines and declares that this Resolution is necessary for the public health, safety and welfare of the citizens of the County of Eagle, State of Colorado. MOVED, READ AND ADOPTED by the Board of County Commissioners of the County of Eagle, State of Colorado, this day of April, 1988. .li► COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its M BOARD OF COUNTY COMMISSIONERS lerk to the Board George A. Gates, Chairman County Commissioners Commissioner Q yf 7`-C-S seconded adoption of the foregoing resolution. The roll having been called, the vote was as follows: Commissioner Donald H. Welch 412s- e- -r � Commissioner George A. Gates �j, -Z Commissioner Richard L. Gustafson A, -C� This Resolution passed by 9 tl� d vote of the Board of County Commissioners of the County of Eagle, State of Colorado. -2-