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HomeMy WebLinkAboutR07-062 Red Sky Ranch Final Release ., , Commissioner .~;4-:)1~1 moved adoption of the following Resolution: BOARD OF COUNTY COM1\tfISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 2007- c; (C ~?- FINAL RELEASE OF COLLATERAL AND TERMINATION OF THE WARRANTY PERIOD FOR RED SKY RANCH "V AIL SLIDE" AND RED SKY RANCH "V AIL-PLATH SHARED" IMPROVEMENTS PDF -00068 WHEREAS, on July 31,2001, 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 "Vail Slide" and "Vail-Plath Shared"; 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. 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 "Vail Slide" and "Vail-Plath Shared" has been successfully completed and that the Subdivider's obligations under the Agreement are complete. THAT, the Letter of Credit No. 3042451 for "Vail Slide" and Letter of Credit No. SLCPPDX01766 for "Vail-Plath Shared" issued by US Bank National Association be returned. MOVED, READ AND ADOPTED by the Board of County C<].t11mjssioners of the County of Eagle, State of Colorado, at its regular meeting held the :,,~cl day of ,fVltbr 2007. ATTEST: ... By: Clerk to the Boar of County Commissioners By: kl~ Q ;;11.", . Sara J. Fisher Commissioner By: Peter F. Runyon Commissioner Commissioner (11t~1-Gth~ seconded adoption of the foregoing resolution. The roll having been called, the vote was as follows: Commissioner Arn M. Menconi Commissioner Sara J. Fisher Commissioner Peter F. Runyon tf,q- This Resolution passed by d-,/O vote of the Board of County Commissioners of the County of Eagle, State of Colorado. G: ~ ks \reso lutions \ vai !corps I ide File no. 2000-068 MEMORANDUM EAGLE COUNTY ENGINEERING TO: Nancy Wright Attorney's Office FROM: Mike Gruber Engineering ." J I .---- ;i/I / Ie b:' DATE: May 18, 2007 RE: Red Sky Ranch - "Vail Side" and "Vail and Plath Shared", PDF-00068, 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 Agreement. I recommend termination of the Subdivision Improvements Agreement, termination of the warranty period, and the release of the remaining collateral for the two sets of improvements as follows: The Red Sky Ranch "Vail Side" as collateralized with Letter of cr~e amount of$I,091,151.94. This amount is equivalent to 10% of the improvements cost retained until successful completion of the warranty period. The Red Sky Ranch "Vail and Plath Shared" as collateralized with Letter of Credit #SLCPPDX01766 in the amount of $453,525.93. This amount is equivalent to 10% of the improvements cost retained until successful completion of the warranty period. These improvements entail the construction of utility infrastructure and private roadways. County maintenance is not required for these roads. # # # Pc: Eva Wilson, County Engineer - e mail Bill Kennedy, Vail Resorts Development Company - e mail Jim Horsley, Alpine Engineering - e mail Chrono/File PDF-00068 ~ .L6 p, MEMORANDUM EAGLE COUNTY ENGINEERING TO: Nancy Wright Attorney's Office FROM: Mike Gruber Engineering .' J /) 1../.______- /~// lie b:' DATE: May 18,2007 RE: Red Sky Ranch - "Vail Side" and "Vail and Plath Shared", PDF-00068, Release of Collateral and Termination of the Warranty Period and Subdivision Improvements Agreement Mr. Bill Kennedy, Director of Land Development, Vail Resorts Development Company, has made a request for final inspection of the infrastructure for successful performance under the warranty period. Inspection with Bill Kennedy and James M. Horsley, Alpine Engineering, Inc., the engineer for the developer, was conducted on May 17,2007. The improvements are complete, have survived the two-year warranty period and are acceptable per the terms and conditions of the Subdivision Improvements Agreement. I recommend termination of the Subdivision Improvements Agreement, termination of the warranty period, and the release of the remaining collateral for the two sets of improvements as follows: The Red Sky Ranch "Vail Side" as collateralized with Letter of Credit #3042451 in the amount of$I,091,151.94. This amount is equivalent to 10% of the improvements cost retained until successful completion of the warranty period. The Red S~.l~aneh-:::Vail and Plath Shared" as collateralized with Letter of Credit #SLCPPl)X01766 in the~mount of $453,525.93. This amount is equivalent to 10% of the improvements cost retaihed 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-00068 t1/h~J A