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HomeMy WebLinkAboutR07-061 Red Sky Ranch Final Release v -, Commissioner :::f~Lt1 moved adoption of the following Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 2007.-D-& J FINAL RELEASE OF COLLATERAL AND TERMINATION OF THE WARRANTY PERIOD FOR RED SKY RANCH, LOT 69 AND LOT 70 PDF -00080 WHEREAS, on September 2,2003, The Vail Corporation ("Subdivider") and the Board of County Commissioners of Eagle County, Colorado (hereinafter "Board") entered into a Subdivision and Off-Site Improvements Agreement (hereinafter "Agreement") concerning the development of Red Sky Ranch Subdivision Lots 69 and 70; and WHEREAS, both the Subdivider and the Engineering Department state that the work required under the Agreement is complete and acceptable and the Engineering Department recommends full release of the collateral and the termination of the Subdivision and Off-Site Improvements Agreement, see Exhibit "A," attached hereto and incorporated herein by this reference. WHEREAS, the warranty period required by the Subdivision and Off-Site Improvements Agreement has ended. 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 County staff, the Board finds that the Subdivider's obligations under the Agreement have been satisfied. THAT, the Board hereby authorizes the full and final release of collateral and the termination of the Subdivision and Off-Site Improvements Agreement for Red Sky Ranch Subdivision, Lots 69 and 70. THAT, this document shall be recorded in the Records of the Eagle County Clerk and Recorder, which shall be evidence that the warranty period for Red Sky Ranch Subdivision, Lots 69 and 70 has been successfully completed and that the Subdivider's obligations under the Agreement are complete. THAT, the Letter of Credit No. SLCPDX02116 issued by US Bank National Association be returned. MOVED, READ AND ADOPTED by the Board of County C~IIJ.i.ssioners of the C(7YY'3 Eagle, State of Colorado, at its regular meeting held the " '-f day of a- ,2007. ATTEST: By: L:!l- Clerk to the Boar of County Commissioners By ~~ q Sara J. Fisher Commissioner - ~hu- By: Peter F. Runyon Commissioner Commissioner /)JG?~/.vC~'1...:'\ seconded adoption of the foregoing resolution. having been called, the vote was as follows: Commissioner Arn M. Menconi Cu p Commissioner Sara J. Fisher O~ Commissioner Peter F. Runyon a'-o/;:J~;Y0( This Resolution passed by CJ-! Cl vote of the Board of County Commissioners of the County of Eagle, S'tate of Colorado. The roll G:~ks\resolutions\vailcorp69 File no. 2003-33 ~ MEMORANDUM EAGLECOUNTYENGThffiEIDNG TO: Nancy Wright Attorney's Office FROM: Mike Gruber Engineering ... ;l,1t/c~ DATE: May 18,2007 RE: Subdivision Improvements Agreement, Red Sky Ranch, Lot 69 and Lot 70, PDF- 00080, Release of Collateral and Termination of the Warranty Period and Subdivision Improvements Agreement Mr. Bill Kennedy, Director of Land Development, Vail Resorts Development Company, has made a request for final inspection of the infrastructure for successful performance under the warranty period. Inspection with Bill Kennedy and James M. Horsley, Alpine Engineering, Inc., the engineer for the developer, was conducted on May 17,2007. The improvements are complete, have survived the two-year warranty period and are acceptable per the terms and conditions of the Subdivision Improvements Agree~ent. I recommend termination of the Subdivision Improvements Agreement, termination of the warranty period, and the release of the remaining collateral for the improvements as follows: The improvements for the resubdivision oflots 69, 70, and tract~L~C12 and OS8 of Red Sky Ranch as collateralized with Letter of Credit #SLCRPDX02116 liitl;1e amount of $22,573.34. This amount is equivalent to 10% of the improvements cost retained until successful completion of the warranty period. These improvements entail the construction of utility infrastructure and private roadways. County maintenance is not required for these roads. # # # Pc: Eva Wilson, County Engineer - e mail Bill Kennedy, Vail Resorts Development Company - e mail Jim Horsley, Alpine Engineering - e mail Chrono/File PDF-00080 (j I.~ ~