HomeMy WebLinkAboutR88-131 Cordillera Subdivision Partial Release of CollateralCommissioner .e- /Ct-) moved adoption
of the following Resolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 88- 1,31
CORDILLERA SUBDIVISION
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 September 28, 1987,
entered into a Subdivision Improvements Agreement (hereinafter
"Agreement ") with Kensington Land Investment Partners (hereinafter
"Subdivider ") for Cordillera 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 $692,000.00, deposited
in a Escrow Account held by Thatcher Bank of Salida, assigned to
the Board of County Commissioners of Eagle, State of Colorado; and
WHEREAS, on July 18, 1988 the Board released a partial amount
of collateral in the amount of $199,120.00 for partially performing
certain obligations under the Agreement, thereby reducing the
Escrow Account to $492,880.00; and
WHEREAS, on July 18, 1988, the Board passed Resolution No. 88-
61 which authorized partial release of collateral in the amount of
$146,000.00. Resolution No. 88 -61 is hereby corrected to release
$199,120.00 of collateral as approved on the record by the Board.
WHEREAS, the Subdivider has represented to the Board, and
members of the County engineering staff have corroborated the
Subdivider's representations, that an additional portion of the
public improvements required under the Agreement have been
satisfactorily completed; and
WHEREAS, pursuant to Paragraph 5 of the Agreement, the
Subdivider has applied for partial release of its collateral in the
amount of $279,591.00.
WHEREAS, the County Engineer recommends collateralizing the
work required for year number 2 under the phasing plan for Squaw
Creek Road at $60,000.00.
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
Engineering Department, 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 Thatcher Bank of Salida in the amount of
$279,591.00 for partially performing certain obligations under the
Agreement, thereby reducing the Escrow Account to $213,289.00.
THAT, the Board shall retain $60,000.00 of the amount to be
released as collateral for the work required in the 2nd year of the
Squaw Creek Road phasing plan leaving a total of $273,289.00 to be
held as collateral.
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 --97-2—A day of
December, 1988.
County Commissioners
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
BOARD OF COUNTY COMMISSIONERS
By:
George Gates
Chairman
Dona H. We c
CommissioReT
Hicnara/L. sltatson
Commis ion
Commissioner -4C'F - ', seconded adoption
of the foregoing resolution. The roll having been called, the vote
was as follows:
Commissioner George A. Gates 1L.
Commissioner Donald H. Welch ,q&a,
Commissioner Richard L. Gustafson
This Resolution passed by vote of the Board of
County Commissioners of the County -o E le, State of Colorado.
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