HomeMy WebLinkAboutR07-117 Bachelor Gulch Filing 4 Final ReleaseCommissioner ~~~' ~- ~ ~kT ) moved adoption
of the following Resolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION N0.2007- ~~
FINAL RELEASE OF COLLATERAL
AND
TERMINATION OF THE WARRANTY PERIOD
FOR
BACHELOR GULCH FILING 4
A RECONFIGURATION AND COMBINATION OF
LOTS 107 AND 108
FILE No. AFP-00193
WHEREAS, the Board of County Commissioners of Eagle County, Colorado ("Board")
entered into a Subdivision Improvements Agreement ("Agreement") with The Vail Corporation
("Subdivider") for Bachelor Gulch Filing 4; and
WHEREAS, both the Subdivider and the Engineering Department state that the work
required under the Subdivision Improvements Agreement has satisfactorily passed the two-year
warranty period and the Engineering Department recommends full release of the collateral (see
"Exhibit A"). Based upon the written recommendations of the County staff, THE BOARD
FINDS that the Subdivider's obligations under the Agreement have been satisfied; and
WHEREAS, the warranty period required by the Subdivision Improvements Agreement
has ended.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO:
THAT, the Board hereby authorizes the full and final release of collateral and the
termination of the Subdivision Improvements Agreement for Bachelor Gulch Filing 4.
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 Bachelor Gulch Filing 4 has
been successfully completed and that the Subdivider's obligations under the Agreement are
complete.
THAT, Letter of Credit No. 3064294 in the amount of $74,928.26 held by the County be
released.
THAT, these improvements entail the construction of utility infrastructure and private
roadways. County maintenance is not required for these roads.
MOVED, READ AND ADOPTED by the Board of County Commissioners of the
County of Eagle, State of Colorado, at its regular meeting held the ~7day of November, 2007.
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
ATTEST: BOARD COUNTY COMMISSIONERS
cP~~`~= ,
Clerk to the Boa d of toao-, • A enconi
County Commissioners Chairman
B y:
Sara J. Fisher -
Peter Runyon
Commissioner
Commissioner ~ -'~~'/ ~ ~ seconded adoption of the foregoing resolution. The roll
having been called, t e vote was as follows:
CommissionerMenconi _~Q~ ~~
Commissioner Fisher ~~c--
Commissioner Runyon ~'
1 7 +,
This Resolution passed by _ ~- ~( vote of the Board of County
Commissioners of the County of Eagle, State of Colorado.
G:UKS\resolutions\Red Canyon final release.DOC
MEMORANDUM
EAGLE COUNTY ENGINEERING
TO: Nancy Wright, Attorney's Office
FROM: Mike Gruber, Engineering ~i~ ~ ~ ~%
DATE: November 6, 2007
IZE: Bachelor Gulch, Filing 4, A Reconfiguration and Combination of Lots 107 and
108, Eagle County File No. AFP-00193, Release of Collateral, 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.
My inspection on October 30, 2007, indicates 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 improvements as follows:
The improvements for the resubdivision of lots 107 and 108 of Bachelor Gulch, Filing 4, as
collateralized with amended Letter of Credit #3064294 in the amount of $74,928.26. This
amount is equivalent to the 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.
# # #
cc: Eva Wilson, County Engineer -email
Bill Kennedy, Vail Resorts Development Company -email
Chrono/File
EXHIBIT
