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HomeMy WebLinkAboutR88-109 Partial release of collateral Cliffside Villagey� A Commissioner '40a 10-1 moved adoption of the following Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 88- 1019 CLIFFSIDE VILLAGE CONDOMINIUMS 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 (hereinafter the "Board ") did, on or about July 20, 1987, entered into a Subdivision Improvements Agreement (hereinafter "Agreement ") with Western Savings and Loan Association (hereinafter "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 1120,000.00, 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, on April 26, 1988, the Board released a partial amount of collateral in the amount of 510,500.00 for partially performing certain obligations under the Agreement, thereby reducing the Prime Money Fund Account to $109,500.00; and WHEREAS, on August 22, 1968, the Board released a partial amount of collateral in the amount of 560,000.00 for partially performing certain obligations under the Agreement, thereby reducing the Prime Money Fund Account to 549,500.00; and WHEREAS, the Subdivider has represented to the Board, and members of the County staff have corroborated the Subdivider's representations that the public improvements required under the Agreement have been satisfactorily completed; and WHEREAS, pursuant to Paragraph 13 of the Subdivision Improvements Agreement entered into between Eagle County and Western Savings and Loan Association, the County is authorized to release all but ten percent of the original collateral for completion of the public improvements required under the Agreement; and WHEREAS, pursuant to paragraph 8 of the Agreement, the Subdivider has applied for partial release of its collateral in the amount of $37,500.00 for completion of public improvements to Cliffside Village Condominiums. HOW, 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 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 Silve-rado Banking in the amount of $37,500.00 for performing certain obligations under the Agreement, thereby reducing the Prime money fund Account to 512,000.00. THAT, the remainder of the money in the Prime money Fund Account for the amount of $22,000.00 will be retained by the County as warranty for the work done for a period of year. THAT, the release of the 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, at its meeting held the day of COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOARD OF COUNTY COMMISSIONERS B p : George/" Gates Chairman Dons H. -Welch \ Commissioner r y-517— lca57C) i) seconded adoption of the foregoing resolution. The roil haviEu been called,. the vote was as follows: Commissioner George A. Gates Commissioner Donald H. Welch Commissioner Richard L. GUStafson This Resolution passed by vote of the Board of County Commissioners of tne'County of Eagle, State of Colorado,