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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
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