HomeMy WebLinkAboutR03-127 Final Release of Collateral Cordillera Subdivision, Filing 27• • 3~,~e_
Commissioner ~ ~ ^ - ; ~ moved adoption
' of a following Resolution:
BOARD OF COUNTY COMNIISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION N0.2003-~~
FINAL RELEASE OF COLLATERAL
AND
TERNIINATION OF THE WARRANTY PERIOD .
FOR
CORDILLERA SUBDIVISION, FILING 27
WHEREAS, on June 3, 1997, Stag Gulch Partners, a Colorado General Partnership
(hereinafter "Subdivider") and the Board of County Commissioners of Eagle County, Colorado
(hereinafter `Board's entered into a Subdivision Improvements Agreement (hereinafter
"Agreement") concerning the development of Cordillera Subdivision, Filing 27; 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 recommendations of the County staff, TIC BOARD FIl~TDS 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
COMNIISSIONERS 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 Subdivision, Filing 27.
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 Subdivision, Filing 27
has been successfully completed and that the Subdivider's obligations under the Agreement are
complete.
THAT, the Letter of Credit No.NVS372706 in the amount of $147,844.64 issued by
Wells Fargo Bank be released.
II~VIIII~ IIIIIglu I~ ~ ~~I~IIIII I III II 8%3565 .
THAT, Eagle County does not assume responsibility for maintenance or upkeep of the
roads in Cordillera Subdivision, Filing 27.
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 ~~
2003.
oe ~~e ~o COUNTY OF EAGLE, STATE OF
d ~ COLORADO, By and Through Its
ATTEST: ~ ~ e OARD OF COUNTY CONIlVIISSIONERS
_o ~ _ i
~ ve®~aP"
Clerk to the Board of
(-
County Commissioners
By:
Chairm '"
By:
To C. Stone
'ssioner
By:
. Menconi
Michael L. Gallagher
Commissioner
Commissioner ~ C~~%%~) seconded adoption of the foregoing resolution. The roll
having been called, the vote was as follows:
CommissionerMichael L. Gallagher -~„s~~,~
Commissioner Tom C. Stone ~~
Commissioner Arn M. Menconi ~ ~~_~_ ~
This Resolution passed by )~~~ ~-~'//.?~r~~~ote of the Board of County Commis-
sioners of the County of Eagle, State of Colorado.
G:\jks\resolutions\\final release cordillera Filing 27
File No. 87-84
Page: 2 of 3
Teak J Simonton Eagle: CO 370 R 0.00 10J14~20e0011:47A
MEMORANDUM
EAGLE COUNTY ENGINEERING ,
~~F,,r7 r
/ ~~ n
_ L ~~~ri
TO: Janice Scofield, Attorney's Office / ~` ~ ., __
i ~ ~
FROM: Mike Gruber, Engineering ~,~~:~~~ ~ ,~`
~ ~~ _ i
DATE: September 16, 2003
RE: Cordillera, Filing 27, Release of Collateral and Termination of the Warranty Period
Mr. John Cahill, Director of Construction for Cordillera, has made a request for inspection of work
for filing 27 under the warranty period as established by Consent Resolution No. 2001-18.
Inspection was conducted by me on September 8, 2003. The improvements are complete, have
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 release of the remaining collateral in the amount of
$147,844.64. This amount is equivalent to the 10% of the improvements cost being retained until
successful completion of the warranty period and fulfillment of the terms and conditions of the
Subdivision Improvements Agreement.
These improvements entail the construction of utility infrastructure and private roadways. County
maintenance is not required for these roads.
# # #
83565
Teak J Simonton Eagle. CO 87~ /0814/2003 11:47A
R 0.00 D 0.00
Pc: Helen Migchelbrink, County Engineer
Justin Hildreth, Project Engineer
John Cahill, Director of Construction, Cordillera
Chrono/File
EXHIBIT
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