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Home My WebLink AboutR01-115 final release of collateral for Bachelor Gulch Village Filing 2of the/following Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 2001- 115 FINAL RELEASE OF COLLATERAL AND TERMINATION OF THE WARRANTY PERIOD FOR BACHELOR GULCH VILLAGE, FILING NO.2 WHEREAS, on February 20, 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. 2; 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. 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 Bachelor Gulch Filing No. 2 has been successfully completed and that the Subdivider's obligations under the Agreement are complete. THAT, the Letter of Credit No. 6088 issued by US Bank be returned. (` I 785334 I I Rage: 1 of 4 �� 14 02106/2002 0d:24F Sara J Fisher Eagle, CO 370 R 0.00 D 0.00 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 , 2001. eo COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its ATTEST: < BOARD OF COUNTY COMMISSIONERS c to Aoo B j By: 9��'R Jerk to the Board of Tom t. Stone County Commissioners Chairman Michael C. Gallagher Commissioner By: Am M. Menconi Commissioner Commissioner seconded adoption of the foregoing resolution. The roll having been called, the vote was as follows: Commissioner Tom C. Stone Commissioner Michael C. Gallagher Commissioner Am M. Menconi This Resolution passed by ��.OL.D� vote of the Board of County Commis- sioners of the County of Eagle, State of Colorado. G: \jks\resolutions\ \final release bachelor gulch filing No. 2 Jill Ili !� 115334 Page: 2 of 4 02/05/2002 03:24F Sara J Fisher Eagle: 00 3 ?0 R 0.00 D 0.00 . 01 MEMORANDUM .,t EAGLE COUNTY ENGINEERING TO: Janice Schofield, Legal Secretary Eagle County Attorney's Office FROM: John M. Vengrin U 1l Engineering Department DATE: August 7, 2001 RE: Colorado National Bank Letters of CreditNos.A5950 &A5951, "Subdivision and Off -Site Improvements Agreement, Bachelor Gulch Village, Filing 2, File No. PD- 139- 95 -F ", Rec. No. 584420, Dated February 20, 1996 I previously sent a memo to Bruce Stasinger dated June 22, 2001 regarding this file. Since that time, a Fourth Partial Release of Collateral was done by Consent No. 2001 -14. Please disregard that memo of June 22, 2001. r� On June 29, 2001, I inspected the outstanding public improvements covered by the above referenced Subdivision Improvements Agreement (SIA). All of the improvements were satisfactorily completed. Since the work collateralized under the Filing No. 2 SIA has been complete for over two years, I am therefore recommending that the Warranty Period as described in Section 2.3 of the Filing No. 2 SIA be retroactively started on March 31, 1999. Also, since the work which was complete on March 31, 1999 has successfully lasted in excess of two years, I recommend that the remaining Filing No. 2 collateral held by Eagle County, in the amount of $1,075,132.95 as shown on the Fourth Partial Release of Collateral in Consent No. 2001 -14, be released to the Subdivider and that the Bachelor Gulch Filing No. 2 SIA be terminated. The amount of $1,075,132.95 is the sum of $946,272.75 for the Bachelor Gulch Filing 2 Onsite Improvements, plus $55,020.20 for the Bachelor Gulch Filing 2 Tract B Offsite Improvements, plus $73,840.00 for the Arrowhead Bicycle Pedestrian Path. 1 �i► j ; 785334 I 02/06/2002 03 Sara J Fisher Eagle, CO 370 R 0.00 D 0.00 EXHIBIT 24; itX j/ August 7, 2001 Bachelor Gulch Village, Filing 1 Subdivision Improvements Agreement Page 2 Please call me if you have any questions. Pc: Helen Migchelbrink, County Engineer Jamie Pappas, Vail Resorts Chrono File PD- 139 -95 -F (Bachelor Gulch, Filing 2 SIA) 785334 02/0 of 03:24 Sara J Fisher Eagle, CO 370 R 0.00 D 0.00