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HomeMy WebLinkAboutR84-15 substitution and reduction of collateral Elliott RanchRESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 84- ICJ SUBSTITUTION AND REDUCTION OF-COLLATERAL - ELLIOTT RANCH SUBDIVISION, COUNTY OF EAGLE, STATE OF COLORADO WHEREAS, David E. Edeen, Jessie L. Edeen, Marvin R. Gray and Judi A. Gray (hereinafter referred to as the "Subdivider "), did on or about May 24, 1979, enter into a Subdivision Improvements Agreement (hereinafter referred to as the "Agreement ") with the County of Eagle, State of Colorado (hereinafter referred to as the "County "), as a condition of the County's final plat approval of the Elliott Ranch Subdivision; and WHEREAS, in accordance with the Agreement, the Subdivider provided collateral by means of a promissory note in the amount of Twenty -Four Thousand, Seven Hundred and Fifty and 00/100 Dollars ($24,750.00) secured by a first deed of trust to the County on Lot 5, Elliott Ranch Subdivision, County of Eagle, State of Colorado, to guarantee performance and completion of certain public improvements, i.e., excavation, embankments, central water system, drainage work, construction of bridge, and restoration of re- vegetation of terrain disturbed by said public improvements within the.Elliott Ranch Subdivision; and WHEREAS, as evidenced by that certain letter dated October 6, 1983, from Thomas Boni, Assistant Director of the Eagle County Department of Community Development, an administrative decision was made by the County as to the work remaining to be completed pursuant to the Agreement, the estimated cost of which was Seven Thousand, Five Hundred and 00 /100 Dollars ($7,500.00); and WHEREAS, the Subdivider desires the reduction of the original collateral presently being held by the County to an amount of Seven Thousand, Five Hundred and 00 /100 Dollars ($7,500.00) and the substitution of the present collateral for an irrevocable letter of credit. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of the County of Eagle, State of Colorado: THAT, in accordance with paragraph 3 of that certain Subdivision Improvements Agreement dated May 24, 1979, by and between the Subdivider and the County relative to the Elliott Ranch Subdivision, the County hereby reduces the collateral presently deposited with the County from the amount of Twenty -Four Thousand, Seven Hundred and Fifty and 00/100 Dollars ($24,750.00) to an amount of Seven Thousand, Five Hundred and 00 /100 Dollars ($7,500.00). THAT, the aforementioned collateral in the amount of Seven Thousand, Five Hundred and 00/100 Dollars ($7,500.00) shall be for the purpose of guaranteeing the Subdivider's performance and completion of those remaining public improvements identified in that certain letter dated October 6, 1983, addressed to Jessie Edeen from Thomas Boni, Assistant Director of the Eagle County Department of Community Development. THAT, the County hereby authorizes the release of that certain first deed of trust to the County on Lot 5, Elliott Ranch Subdivision, County of Eagle, State of Colorado, as the same is recorded in Book 297 at Page 305 of the real property records of the County of Eagle, State of Colorado. THAT, as a condition precedent to the aforementioned release of the first deed of trust, the Subdivider shall submit to the County an irrevocable letter of credit issued on behalf of the County of Eagle, State of Colorado, in the amount of Seven Thousand, Five Hundred and 00 /100 Dollars ($7,500.00). -2- tgz. THAT, the reduction and substitution of collateral does not in any way release the Subdivider from those remaining and unfulfilled obligations and covenants contained within that certain Subdivision Improvements Agreement dated May 24, 1979, between the Subdivider and the County of Eagle, Colorado. THAT, the Subdivider shall pay any and all.fees necessary to complete the subject release of the first deed of trust. THAT, the County hereby finds, determines and declares that this Resolution is necessary for the public health, welfare and safety in 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 regular meeting held the day of 1984. d ' COUNTY OF EAGLE, STATE OF COLORADO By and Through its ATTEST: BOARD OF COUNTY COMMISSIONERS By: ' By e4 rk of the Bo ar of U County Commissioners W. Keith Trdxei /Onairman- David E. Mott, Commissioner Dah'taill'iamS, Commissioner -3-