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Home My WebLink AboutR01-089 final release of collateral for Bachelor Gulch Village Filing 1Commissioner moved adoption of tP win Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 2001- FINAL RELEASE OF COLLATERAL AND TERMINATION OF THE WARRANTY PERIOD FOR BACHELOR GULCH VILLAGE, FILING NO.1 WHEREAS, on March 19, 1996, Vail/Arrowhead, Inc. ( "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 Bachelor Gulch Village, Filing No. 1; 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 Bachelor Gulch Filing No. 1. 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 No. 1 has been successfully completed and that the Subdivider's obligations under the Agreement are complete. THAT, the Letter of Credit No. 6087 issued by US Bank be returned. IINIVIhIIIV�VIIIIMNINIIII�IJIIIIINI�InN, = �a ,.o ,=, MOVED, READ AND ADOPTED by the Board of County Commissioners of the Co un Eagle, State of Colorado, at its regular meeting held the day of 2001. 0 ATTEST: LOW Clerk to the Board of County Commissioners COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its Ica.' A" OF COUNTY COMMISSIONERS L.* _ r Tom C Stone Chairman �� .ill► . Michael C. Gallagher Commissioner By: r4i�� Am M. Menconi Commissioner Commissioner seconded adoption of the foregoing resolution. The roll having been called, vote was as follows: Commissioner Tom C. Stone Commissioner Michael C. Gallagher Commissioner Am M. Menconi This Resolution passed by (3 vote of the Board of County Commis- sioners of the County of Eagle, State of Colorado. G:\nlr\r \final release bachelor gulch filing No. 1 file No. 83 -152 IMIYYIMIIIIIIFYIYIIII OIN ^Inllllllp�lll Pa . 83 ]B Sara i 763278 07 12:29P Sara J Fts!�ar Eagle. ro 97P R 0 00 0 0.00 MEMORANDUM EAGLE COUNTY ENGINEERING TO: Bruce Strasinger, Paralegal Eagle County Attorney's Office FROM: John M. Vengrin J Engineering Department DATE: June 22, 2001 In JUN 2 5 2001 GLE C ATTORNEY RE: Bachelor Gulch Village, Filing 1 Subdivision Improvements Agreement Dated March 19, 1996 at Reception No. 586453 Letter of Credit No. 6087; Planning File PD- 100 -95 -F On May 31, 2001 and June 21, 2001, I inspected the public improvements covered by the above referenced Subdivision Improvements Agreement (SIA). All of the improvements were satisfactorily completed when the Third Partial Release of Collateral at Consent No. 97 -33 was authorized by the Board of County. Commissioners on December 8, 1997. However, because additional work in the form of traffic sign installation on Filing No. 1 was actually collateralized under Filing No. 3, the Engineering Department recommended that the warranty period not begin until all work in Filing No. 1 had been completed. Subsequent to that decision it took over three years for the remaining work to be satisfactorily completed. Since the work collateralized under the Filing No. 1 SIA has been complete for over three years, and because the traffic signs for Filing No. l are collateralized in the SIA for Filing No. 3, I am therefore recommending that the Warranty Period as described in Section 2.3 of the Filing No. 1 SIA be retroactively started on December 8, 1997. Also, since the work which was complete on December 8, 1997 has successfully lasted in excess of two years, and because the attached letter from the Smith Creek Metropolitan District dated June 15, 2001 indicates that they are willing to accept maintenance of the Filing No. 1 improvements in their present condition, I recommend that the remaining Filing No. I collateral held by Eagle County, in the amount of $815,837.30 as shown on the Third Partial Release of Collateral, be released to the Subdivider and that the Bachelor Gulch Filing No. 1 SIA be terminated. Please call me if you have any questions. f June 22, 2001 Bachelor Gulch Village, Filing 1 Subdivision Improvements Agreement Page 2 Pc: Helen Migchelbrink, County Engineer Jamie Pappas, Vail Resorts Chrono File PD- 100 -95 -F (Bachelor Gulch, Filing 1 SIA) Attachments page: 4 of 5 07/30/2001 12:29P ro 763278 Page: 5 of 5 Se -a J cis'-ar Frgla, r4 VP P. 2 00 07/301020.0012:29P Smith Creek Metropolitan District June 15, 2001 John Vengrin Eagle County Engineering Dept P O Box 850 Eagle, CO 81631 RE: Bachelor Gulch Village, Filing 1 Subdivision Improvements Agreement dated March 19, 1996 Letter of Credit No. 6087; Planning File PD- 100 -95 -F Dear Mr. Vengrin, I am writing in response to your letter dated June 11, 2001 to Mr. Jamie Pappas of Vail Resorts Development Company regarding the May 31, 2001 inspection of the improvements. Smith Creek Metropolitan District has accepted responsibility for the roads. The District will accept the responsibility of the repairs associated with the maintenance of the roads including those items mentioned in your letter. We would appreciate your releasing the warranty period and the monies associated with it at this time. Please let me know if you need any further information to take care of this matter. Sincerely, Smith Creek Metro olitan District K eth J Marchetti, CPA District Administrator Cc: Richard MacCutcheon, Chairman, SCMD Board of Directors Administrative Management Provided By: �- Robertson & Marchetti, P. C. P.O. Box 600, Edwards, CO 81632 Phone (9 70) 926 -6060 — Fax (970) 926 -6040