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HomeMy WebLinkAboutR07-104 Fox Hollow Letter of CreditCommissioner t~1 moved adoption of the following Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION N0.2007-~ RESOLUTION CONFERRING POWER OF ATTORNEY UPON BRYAN R. TREU, COUNTY ATTORNEY, ROBERT L. MORRIS, DEPUTY COUNTY ATTORNEY, CHRISTINA C. HOOPER, ASSISTANT COUNTY ATTORNEY AND ALEX POTENTE, ASSISTANT COUNTY ATTORNEY TO ACT AS ATTORNEY IN FACT FOR THE COUNTY OF EAGLE, STATE OF COLORADO, WITH RESPECT TO LETTER OF CREDIT N0.4450240034 IN THE AMOUNT OF $32,822.27 FOR THE ACCOUNT OF Fox HOLLOW ,LLC WHEREAS, on or about September 6, 2005 the Board of County Commissioners of the County of Eagle, State of Colorado ("Board") entered into a Subdivision Improvements Agreement ("Agreement") with Fox Hollow LLC relative to the public improvements and grading permit # MI-12026 ("Subdivider"); and WHEREAS, the Subdivider provided collateral in the form of Letter of Credit No. 4450240034 in the amount of $32,822.27 to guarantee the faithful completion of the public improvements; and WHEREAS, said Letter of Credit expires November 2, 2007 and Subdivider has not provided extended collateral as requested; and WHEREAS, the Board finds, determines and declares that there has been a default under the Agreement and a sum certain in the amount of $32,822.27 for Letter of Credit No. 4450240034 is required to remedy the default. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: THAT, Bryan R. Treu, County Attorney; Robert L. Morris, Deputy County Attorney; Christina C. Hooper, Assistant County Attorney; and Alex Potente, Assistant County Attorney are authorized to execute any and all documents necessary to draw upon said Letter of Credit. THAT, Bryan R. Treu, County Attorney; Robert L. Morris, Deputy County Attorney; Christina C. Hooper, Assistant County Attorney; and Alex Potente, Assistant County Attorney are hereby granted power of attorney to act as attorney in fact for the County of Eagle, State of Colorado, and its Board of County Commissioners, with regard to any and all actions that may be necessary to draw upon said Letter of Credit. THAT, the Chairman of the Board is authorized to execute a Power of Attorney for the purposes contemplated herein in the form attached to this Resolution as Exhibit "A" and made a part hereof by this reference. MOVED, READ AND ADOPTED by the Board of County Commissioners of the County of Eagle, State of Colorado, at its regular meeting held the 30th day of October, 2007. COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its ATTEST: BOARD QF`~~OUNTY COMMISSIONERS ®~~~~~~ r ,y .~ ~ ,~ By: Clerk to the Board of ~U®a~~'"~`" rn .Menconi, County Commissioners Chairman ~~ Sara J. Fisher, s loner Peter .Runyon, Commissioner Commissioner seconded adoption of the foregoing resolution. The roll having been called, the vot as as follows: Commissioner Menconi Commissioner Fisher Commissioner Runyon This Resolution passed by the County of Eagle, State of Colorado. vote of the Board of County Commissioners of EXHIBIT "A" POWER OF ATTORNEY KNOW ALL MEN BY THESE PRESENTS: That the County of Eagle, State of Colorado, a body politic and corporate, reposing special trust and confidence in Bryan R. Treu, County Attorney; Robert L. Morris, Deputy County Attorney; Christina C. Hooper, Assistant County Attorney; and Alex Potente, Assistant County Attorney of the County of Eagle, State of Colorado, has made, constituted and appointed, and by these presents does make, constitute and appoint the said Bryan R. Treu, Robert L. Morris, Christina C. Hooper and Alex Potente and each of them, the true and lawful attorney for the County of Eagle; and in its name, place and stead, for its sole use and benefit, to draw upon Letter of Credit No. 4450240034 in the amount of $32,822.27 issued by Alpine Bank and to execute, make, endorse, and accept any documents necessary to accomplish the foregoing purpose. Hereby giving and granting unto Bryan R. Treu and/or Robert L. Morris and/or Christina C. Hooper and/or Alex Potente said attorneys, full power and authority to do and perform all and every act and thing whatsoever requisite and necessary to be done in and about the premises, as fully to all intents and purposes as it might or could do if personally present, with full power of substitution and revocation, hereby ratifying and confirming all that its said attorney or his substitutes shall lawfully do or cause to be done by virtue hereof. IN WITNESS WHEREOF, the County of Eagle has caused its name to be signed by its Chairman of the Board of County Commissioners, and its seal to be affixed and attested by its Clerk, all being done in the Town of Eagle, and State of Colorado, on this 30th day of October, 2007. COUNTY OF EAGLE, STATE OF COLOR , By and Through Its ATTEST: ~~,ctF~° BOA O LINTY COMMISSIONERS ~s ., ~e B y: * y. Clerk of the Board of ~'o~oapd° Arn e coni, County Commissioners Chairman STATE OF COLORADO ) ss: County of Eagle ) I, ,Notary Public in and for said Eagle County, in the State aforesaid, do hereby certify that Arn M. Menconi, Chairman of the Board of County Commissioners of the County of Eagle, State of Colorado, and Teak J. Simonton, County Clerk and Clerk to the Board of County Commissioners, County of Eagle, State of Colorado, personally known to me to be the persons whose names are subscribed to the within Power of Attorney, appeared before me this day in person and acknowledged that they signed, sealed and delivered the said instrument of writing as their free and voluntary act and deed, for the uses and purposes therein set forth. Given under my hand and notary seal, this day of , 2007. My commission expires Notary Public Nrw/resolutions/fox hollow ,,~~ Alpin¢ Bank Vail 12 Vail Road, Suite 200 Vail, Colorado 81657 970-476-8700 Fax 970-476-2366 January 19, 2007 To: Board of County Commissioners of Eagle County, Colorado Re: Letter of Credit # 4450240034, Fox Hollow PUD Purpose: Public improvements and Grading Permit No. MI-12026 To Whom It May Concern: Alpine Bank hereby acknowledges the reduction of Letter of Credit # 4450240034 on behalf of the Fox Hollow PUD for the purposes of public improvements and the grading permit # MI-12026 that was signed and approved by the County of Eagle on January 19, 2007 on consent form # 2007-03. This reduction certificate releases the existing letter of credit by a total of $90,783.17. The outstanding amount of the aforementioned letter of credit will now be $32,822.27. Beneficiary shall promptly notify Bank when a default or event of default of said agreement occurs. Your notification shall include any notice or order required to be sent to Applicant pursuant to the agreement. Notice shall be by telephone and in writing to: ALPINE BANK VAIL ATTENTION: THOMAS KRABACHER 141 E. MEADOW DRIVE, SUITE B178 VAIL, COLORADO 81657 970-476-8700 This serves as notice of the new outstanding available balance of Letter of Credit # 4450240034. ~~ Thomas Krabac er www,alpinebank,com ~~..~.~Rc.. .i ellcl~ Banking Officer ~ ~ Alpin¢ Bank Vail 141 East Meadow Drive, Suite 8178 Vail, Colorado 81657 970-476-8700 Fax 970-476-2366 IRREVOCABLE STANDBY LETTER OF CREDIT Date of Issue: APRIL 10, 2006 Amount: $123,605.65 Number: 4450240034 Expiration Date: NOVEMBER 2, 2007 APPLICANT: FOX HOLLOW, LLC BENEFICIARY: BOARD OF COUNTY COMMISSIONERS OF EAGLE COUNTY, COLORADO PURPOSE: IMPROVEMENTS AND GRADING PERMIT To Whom It May Concern: VJe hereby establish in Beneficiary's favor, at the request and for the benefit of Applicant, our Irrevocable Standby Letter of Credit in an amount not to exceed One Hundred Twenty Three Thousand Six Hundred Five and 65/100 Dollars ($123,605.65). The purpose of this letter is to secure the performance of and the compliance with the Guidelines as set forth in the SUBDIVISION AND OFF-SITE LMPROVEMENTS AGREEMENT dated April _, 2006. Beneficiary shall promptly notify Bank when a default or event of default of said agreement occurs. Your notification shall include any notice or order required to be sent to Applicant pursuant to the agreement. Notice shall be by telephone and in writing to: Alpine Bank Vail Attention: Michael Glass 141 E. Meadow Drive; Suite B178 Vail, Colorado 81657 (970) 476-8700 We hereby agree to honor drafts drawn under and in compliance with the ternls of this Letter of Credit if duly presented to a loan officer at 141 E. Meadow Drive, Suite B178, Vail, Colorado, during normal business hours on or before the expiration date. Partial drawings are pernutted. This Letter of Credit is not transferable. The conditions for payment of any draft drawn against this Letter of Credit are as follows: 1. Receipt by Bank of Beneficiary's manually signed statement by an authorized signatory certifying that Applicant has failed to perform with, or comply in accordance with, the provisions of said agreement b} and bet~~•een Applicant and Beneficiary, and stating the dollar amount of the default. www.alpinebank,com