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HomeMy WebLinkAboutR01-038 final release of collateral for Northstar CenterCommissioner moved adoption of the folio g Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 2001 E FINAL RELEASE OF COLLATERAL AND TERMINATION OF THE WARRANTY PERIOD FOR NORTHSTAR CENTER' WHEREAS, on February 20, 1996, Edwards Interchange Limited Partnership, a Colorado Limited Partnership ( "Subdivider") and the Board of County Commissioners of Eagle County, Colorado (hereinafter "Board ") entered into a Subdivisions Improvements Agreement (hereinafter "Agreement ") concerning the development of Northstar Center; and WHEREAS, by Eagle County Consent No. 99 -06, the County commenced the warranty period for Northstar Center, said warranty period to expire February 22, 2001; 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 Improvements Agreement, see Exhibit "A ", attached hereto and incorporated herein by this reference. 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. 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 Northstar Center. 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 Northstar Center has been successfully completed and that the Subdivider's obligations under the Agreement are complete. THAT, the Letter of Credit No. S407485 issued by Norwest Bank be returned. IIIIII^IIII�IIIRIf�I11Mlllllll 7 52606 Pa ge: 1..o Sara Fisher Eagle Cty. CO 370 R 0. 00 D 0. 00 MOVED, READ AND ADOPTED by the Board of County Commissioners of the Coun f Eagle, State of Colorado, at its regular meeting held the � day of 2001. COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOARD OF COUNTY COMMISSIONERS C hairman 4n Tom C."gtone LEE C. Gallgher Commissioner seconded adoption of the foregoing resolution. The roll having been called, e vote was as follows: Commissioner Commissioner Commissioner Tom C. Stone Michael C. Gallagher Am M. Mencom This Resolution passed by - O vote of the Board of County Commis- sioners of the County of Eagle, State of Colorado. G:Uackie \Consent\Final CollateralWorthstar Center.wpd Commissioner � r MEMORANDUM EAGLE COUNTY ENGINEERING TO: Jackie Crawford / Attorney's Office FROM: Mike Gruber / Engineering DATE: February 16, 2001 RE: Northstar Center, Release of Collateral and Termination of The Warranty Period Formal request for inspection of work under the warranty period as established by Consent Resolution No. 99 -06 was submitted by the developer. Inspection was conducted by me on February 15, 2001. The improvements are complete, having survived the two year warranty and are acceptable per the terms and conditions of the Subdivision Improvements Agreement. I recommend termination of the Agreement and final release of the collateral in the amount of $18,957.17 which represents the 10o being retained until successful completion of the warranty period. cc: Helen'Migchelbrink, County Engineer Chrono /File EXHIBIT