HomeMy WebLinkAboutR03-128 Final Release of Collateral Cordillera Filing 36• s
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Commissioner ~' , ~;~ ,~~~,. ~ moved adoption
of I~ie following Resolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION N0.2003-~~
FINAL RELEASE OF COLLATERAL
AND
TERMINATION OF THE WARRANTY PERIOD
FOR
CORDILLERA, FILING 36
WHEREAS, on January 31, 2000, Squaw Creek Realty Corp., a Colorado corporation
(hereinafter "Subdivider") and the Board of County Commissioners of Eagle County, Colorado
(hereinafter "Board") entered into a Subdivision and Off-Site Improvements Agreement
(hereinafter "Agreement") concerning the development of Cordillera, Filing 36; 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 and Off-site
Improvements Agreement, see Exhibit "A" attached hereto and incorporated herein by this
reference. Based upon recommendations of the County staff, TIC BOARD FIlVDS that the
Subdivider's obligations under the Agreement have been satisfied.
WHEREAS, the warranty period required by the Subdivision and Off-Site
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 and Off-Site Improvements Agreement for Cordillera, Filing 36.
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, Filing 36 has been
successfully completed and that the Subdivider's obligations under the Agreement are complete.
THAT, the Letter of Credit No.NVS372998 in the amount of $118,809.65 issued by
Wells Fargo Bank be released.
THAT, Eagle County does not assume responsibility for maintenance or upkeep of the
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roads in Cordillera, Filing 36.
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 o ~ ~ j'.~, >,
2003.
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ATTEST: ~ ~
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Clerk to the Board of
County Commissioners
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
BOARD OF COUNTY COMNIISSIONERS
By:
'chael L. Gallagher
Chairman
By:
~~ Stone
omm .fsi e
By:
M. Menconi
Commissioner
Commissioner ~~ ~~ seconded adoption of the foregoing resolution. The roll
having been called, the vote was as follows:
Commissioner Michael L. Gallagher
Commissioner Tom C. Stone o~ ~
CommissionerArn M. Menconi ~~ov i
This Resolution passed by ~,~/,i' ~~(~ .o,~ vote of the Board of County Commis-
sioners of the County of Eagle, State of Colorado.
G:\jks\resolutions\\final release cordillera Filing 36
File No. 87-84
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MEMORANDUM
EAGLE COUNTY ENGINEERING
TO: Janice Scofield, Attorney's Office
FROM: Mike Gruber, Engineering ~,~`~
DATE: September 16, 2003
RE: Cordillera, Filing 36, 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 36 under the warranty period as established by Consent Resolution No. 2001-21.
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
$118,809.65. 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.
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Pc: Helen Migchelbrink, County Engineer
Justin Hildreth, Project Engineer
John Cahill, Director of Construction, Cordillera
Chrono/File
EXHIBIT
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