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HomeMy WebLinkAboutR88-037 Chambers Ranch Parcels II Partial Release0 9 Commissioner N moved adoption of the following Resolution. BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 88- 37 CHAMBERS RANCH PARCELS II PARTIAL REALEASE 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 15, 1987, enter into a Subdivision Improvements Agreement ( "Agree- ment") with Loren G. Chambers ( "Subdivider ") for Chambers Ranch Parcels II Subdivision; 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 $15,110.00, deposited in an Escrow Account, on June 15, 1987, held by Stewart Title Company assigned to the Board of County Commissioners of Eagle, State of Colorado; and WHEREAS, a partial amount of $5,735.00 from the total of $15,110.00 held as collateral was previously released on September 8, 1987; and 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 Section 4.4 of the Agreement, the Subdivider has applied for partial release of its collateral in the amount of $9,375.00. 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 Board hereby authorizes the partial release of collateral held by Stewart Title Company in the amount of $4,700.00 for partially performing certain obligations under the Agreement, thereby reducing the Escrow Account to $3,175.00. 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 DKQ day of May, 1988. County Commissioners COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOARD OF COUNTY COMMISSIONERS George A ates, Chairman Commissioner tJd'j -- seconded ac resolution. The roll having been called, the vote was as follows: Commissioner Donald H. Welch a Commissioner George A. Gates CZ Commissioner Richard L. Gustafson 64k-, of the foregoing This Resolution passed by _ vote of the Board of County Commissioners of the County of Eagle, "State of Colorado. -2-