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HomeMy WebLinkAboutR01-039 final release of collateral for Cordillera Valley Club Phase 2Commissioner - moved adoption of the follow' Resolution: BOARD OF COUNTY COMIVIISSIONERS COUNTY OF EAGLE, STATE OF COLORADO UTION NO. 2001- AL RELEASE OF COLLATERAL AND TION OF THE WARRANTY PERIOD rom CORDILLERA VALLEY, CLUB, PHASE 2 WHEREAS, on March 23, 1998, Cordillera Valley Club Investors 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 Cordillera Valley Club, Phase 2; and WHEREAS, by Eagle County Consent No. 99 -03, the County commenced the warranty period for Cordillera Valley Club, Phase 2, said warranty period to expire February 1, 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 Cordillera Valley Club, Phase 2. 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 Cordillera Valley Club, Phase 2 has been successfully completed and that the Subdivider's obligations under the Agreement are complete. IIf�III111111N111II NI1111uIII111PIIIWIIIIIIIII 75 2607 Fisher Easle MY, CO 370 R 0.00 D a C THAT, the Letter of Credit No. 9370315 LC #9 issued by Pt Bank be returned. MOVED, READ AND ADOPTED by the Board of County Commissioners of the County of Eagle, State of Colorado, at its regular meeting held the _� day of ,j t 12001. COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its ATTEST: BOARD OF COUNTY COMMISSIONERS . ' 1 C ounty By: A A Z� y: Clerkc7to the Boafd �f Tom C. Stone • • By:' t Michael C. Gallgher Commissioner By: ' Am M. Menconi Commissioner Commissioner seconded adoption of the foregoing resolution. The roll having been called, th vote was as follows: Commissioner Tom C. Stone Q•Lt�_ Commissioner Michael C. Gallagher Commissioner Am M. Menconi This Resolution passed by ( - O vote of the Board of County Commis- sioners of the County of Eagle, State of Colorado. MEMORANDUM EAGLE COUNTY ENGINEERING TO: Jackie Crawford / Attorney's Office FROM: Mike Gruber / Engineering M/ ff DATE: February 16, 2001 RE: Cordillera Valley Club, Filing 2, Phase 2, 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 -03 was submitted by the developer. Inspection was conducted by me on February 15, 2001. These improvements entail the construction of a water tank only. 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 $30,000.00 which represents the loo being retained until successful completion of the warranty period. CC: Helen Migchelbrink, County Engineer Chrono /File EXHIBIT