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HomeMy WebLinkAboutR01-116 final release of collateral for Bachelor Gulch Filing 3o f/fhe following Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 2001 -Z FINAL RELEASE OF COLLATERAL AND TERMINATION OF THE WARRANTY PERIOD FOR BACHELOR GULCH VILLAGE, FILING NO.3 WHEREAS, on April 16, 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. 3; 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. 3. 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. 3 has been successfully completed and that the Subdivider's obligations under the Agreement are complete. THAT, the Letter of Credit No. 6289 issued by US Bank be returned. Sara J Fisher Eagle. Co 370 R IIICI! IIIN 1111111II I III�II II'il lipl1, IIIV Ilil IIII a a as' o n, ,.. o M MOVED, READ AND ADOPTED by the Board of County Commissioners of th County of Eagle, State of Colorado, at its regular meeting held the _� — day ° 2001. u o-013 ATTEST: r ol ,4zl-kd B Clerk to the Board of County Commissioners COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOARD OF COUNTY COMMISSIONERS By: 7�m- P!� Tom C. Stone Chairman Michael C. Gallagher Commissioner By: s— Arn M. Menconi Commissioner Commissioner y� seconded adoption of the foregoing resolution. The roll having been called, the vote was as follows: Commissioner Commissioner Commissioner Tom C. Stone Michael C. Gallagher Am M. Menconi This Resolution passed by . � &Z o em ote of the Board of County Commis- sioners of the County of Eagle, State of Colorado. G: \jks\resolutions\ \final release bachelor gulch filing No. 3 I' Jil Page: 2 of 4 I � 1 02/06/2002 03:24F Sara J Fisher Eagle, CO 370 R 0.00 D 0.00 M C MEMORANDUM C EAGLE COUNTY ENGINEERING TO: Janice Schofield, Paralegal Eagle County Attorney'.s Office FROM: John M. Vengrin zm✓ Engineering Department DATE: August 7, 2001 RE: Bachelor Gulch Village, Filing 3 Subdivision Improvements Agreement Dated April 16, 1996 Letter of Credit No. 6289; Planning Files PD- 139- 95- F2 /AFP -00036 On June 20, 2001, I conducted an inspection of the traffic signs, lane striping, and entrance monumentation in Bachelor Gulch, Filings No. 1 & No. 3. I found everything to have been installed in accordance with the approved plans. This work completes the public improvements which have been collateralized by the above referenced Subdivision Improvements Agreement (SIA). Because all of the other public improvements were complete and inspected on March 31, 1999, and have successfully completed two years of service, I am therefore recommending that the Warranty Period as described in Section 2.3 of the Filing No. 3 SIA be retroactively started on March 31, 1999. Also, because the attached letter from the Smith Creek Metropolitan District dated July 25, 2001 indicates that they are willing to accept maintenance of the Filing No. 3 improvements in their present condition, I recommend that the remaining Filing No. 3 collateral held by Eagle County, in the amount of $967,850.50 as shown on the Second Partial Release of Collateral, be released to the Subdivider and that the Bachelor Gulch Filing No. 3 SIA be terminated. Please call me if you have any questions. Pc: Helen Migchelbrink, County Engineer Jamie Pappas, Vail Resorts Chrono File PD- 139 -95 -2F (Bachelor Gulch, Filing 3 SIA) Attachments i I ! 785335 I ' Page: 3 of 4 I r I. III j 02108/2002 03:24F Sara J Fisher Eagle, CO 370 R 0.00 D 0.00 Smith Creek Metropolitan District July 25, 2001 John Vengrin Eagle County Engineering Dept P O Box 850 Eagle, CO 81631 RE: Bachelor Gulch Village, Filing 3 Subdivision Improvements Agreement dated April 16, 1996 Letter of Credit No. 6289; Planning File PD- 139- 95- F2 /AFP -00036 Dear Mr. Vengrin, I am writing in response to your letter dated June 25, 2001 to Mr. Jamie Pappas of Vail Resorts Development Company regarding the June 20, 2001 inspection of the traffic signs, lane striping, and entrance monumentation related to the above. Smith Creek Metropolitan District has accepted responsibility for the roads. The District will accept the responsibility of the repairs associated with the maintenance of those roads including the items mentioned in your letter. We would appreciate your releasing the warranty period retroactively to the Spring of 1999 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 Metropolitan District 1 K nneth J Marchetti, CPA District Administrator 78`335 l Page: 4 of 4 i) r 02/06/2002 03 :24F Sara J Fisher Eagle, CO 3 0 R 0.00 0 0.00 Cc: Richard MacCutcheon, Chairman, SCMD Board of Directors Administrative Management Provided By: Robertson & Marchetti, P. C. P.O. Box 600, Edwards, CO 81632 Phone (970) 926 -6060 — Fax (970) 926 -6040