HomeMy WebLinkAboutR88-113 Blue Lake PUD Partial Release of CollateralCommissioner moved adoption
of the following Resolution:
BOARD OF COUNTY COMMISSIONERS
(71�
COUNTY OF EAGLE, STATE OF COLORADO 1300K ........ -
11AGE
RESOLUTION NO. 88- 11 N kijr T T16, P H I LU P
L L 0 TY iil E ""t, AM R
BLUE LAKE PUD
PARTIAL RELEASE OF COLLATERAL OCT Z6 53 FM '88
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 April 215, 1984, enter into a Subdivision
Improvements Agreement ("Agreement") with Blue Lake Development
Company ( "Subdivider "); and
WHEREAS, in order to guarantee the faithful completion of
cer-ain public improvements required under the Agreement, the Board
took as collateral, the Letter of Crecit, dated April 25, 1987, in
the amount of $250,000, issued by Alpine Federal Savings and Loan
Association of Steamboat Springs, for the benefit of the Board of
CUurity Commissioners, County of Eagle, State of Colorado; and
WHEREAS, the Subdivider has represented to the Board, and
members of --he County staff have corroborated the Subdivider's
representations, that a portion of the public improvements required
under the Agreement have been satisfactorily completed, as
ind-,-cated oi,l Exhibit A; and
WHEREAS, pursuant to Section 5 of the Agreement, the
Subdi%rlder has applied for release of its collateral in the amount
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMI.SSLONERS 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.
L�.
THAT, the Board -riereby authorizes the partial release of
collateral issued by Alpine Federal savings and Loan Association
of Steamboat Springs in the amount of 5180,616 for performing
certain obligaticns under the Agreement. The remaining $69,384
will be retained by Eagle County. until default under the
,-,ubd- %v sitn Improvements agreement or until the work is completed
an(f, the warranty peg iod has expired.
44W
4dW
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 tie 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 regular meeting
held the SS6A day of -n 1 1988.
COUNTY OF EAGLE, STATE OF COLORADO,
By and Through Its BOARD OF COUNTY
COMMISSIONERS
�-
George V. Gates, Chairman
Donald Welch, Commissioner
Donald Welch, Commissioner
Ric r L. Ct�i a�fpn,j
commissioner
commissioner seconded adoption of the V14
toregoing resolution. Tile roii having been called, the vote was
a follows :
Commissioner
George A.
Gates
Commissioner
Donald H.
Welch
Canmissioner
Richard L.
Gustafson
Tics Resolution passed b., vote of the Board of County
Commissioners of the county of EagI7e—, state of Colorado.
411
BLUE LAKE SUBDIVISION IMPROVEMENTS
EXHIBIT A
Items of Work Remaining that Need to be Collateralized:
1 . Recreational Area as shown on Sheet 5 of the
improvement drawings . $ 10, 000
2 . J.W. Drive extension to El Jebel Road:
*Topsoil 6 , 500 C.Y. @ $3 . 00 ( including
vegetation) $ 19, 500
*Overlay, Curve Reconstruction, Pavement
Edge Corrections, Shouldering Corrections $ 16 , 000
*Pedestrian/Bike Path $ 8, 500
l'Street Light, El Jebel Hill Road and J.W.
Drive intersection $ 100
TOTAL: $ 54 , 100
Items of Work Completed:
( 10% Value of Work to be Held During Warranty Period. )
1 . J.W. Drive Extension ( $15 , 284 completed +
$35 , 000 Right-of-Way Acquisition) . $ 15 , 284
TOTAL: $ 15 , 284
TOTAL : $ 69 ,384
-3-
• • •
Ell DEPT.
=w r.i1lFliffaM
Return Orig.To
feSo l u+hot,- Oco K-
