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Home My WebLink AboutR04-099 Cordillera Filing 37, Phase I Final Release Y • Commissioner •�i — /y moved adoption of the following ''solution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 2004- 6 /7 FINAL RELEASE OF COLLATERAL AND TERMINATION OF THE WARRANTY PERIOD FOR CORDILLERA FILING 37, PHASE 1, A RESUBDIVISION OF LOTS 1 & 2 AND TRACTS A, M, N, & P CORDILLERA FILING NO. 37 WHEREAS, on May 22, 2000, Squaw Creek Realty Corporation, a Colorado Corporation ( "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 Cordillera Filing 37, Phase 1, A Resubdivision of Lots 1 & 2 and Tracts A, M, N, & P, Cordillera Filing No. 37; and WHEREAS, Squaw Creek Realty Corporation assigned its right, title and interest in the Subdivision Improvements Agreement to Centex Homes on May 24, 2000 by Assignment and Assumption of Subdivision Improvements Agreement recorded at Reception No. 732542; and WHEREAS, by Eagle County Consent No. 2002 -14, the County commenced the warranty period for Cordillera Filing 37, Phase 1, a Resubdivision of Lots 1 & 2 and Tracts A, M, N, & P, Cordillera Filing No. 37, said warranty period to expire August 30, 2004; and WHEREAS, Subdivider provided Letter of Credit No. SLT327881 in the amount of $79,190.26 which represented the ten percent (10 %) of the estimated cost of the subdivision improvements to be held throughout the warranty period; 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 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. II II mill 111 mi 890377 Page. 1 of 4 l 09/08/2004 04:10P Teak J Simonton Eagle. CO 3;0 R 0.00 D 0.00 • • 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 Cordillera Filing 37, Phase 1, A Resubdivision of Lots 1 & 2 and Tracts A, M, N, & P, Cordillera Filing No. 37. 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 37, Phase 1, A Resubdivision of Lots 1 & 2 and Tracts A, M, N, & P, Cordillera Filing No. 37 has been successfully completed and that the Subdivider's obligations under the Agreement are complete. THAT, Eagle County does not assume responsibility for maintenance or upkeep of the roads in Cordillera Filing 37, Phase 1, A Resubdivision of Lots 1 & 2 and Tracts A, M, N, and P, Cordillera Subdivision Filing No. 37. THAT, the Letter of Credit No. SLT327881 issued by Bank One, N.A. be returned. MOVED, READ AND ADOPTED by the Board of County Commissioners of the County of Eagle, State of Colorado, at its regular meeting held the . tlay of August, 2004. COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its ATTEST: " , BOARD OF COUNTY COMMISSIONERS ` y i • . i 1 • By:CAY-e • Teak J. Simonton, Jerk to the B , o ° Tom C. St's Chairman , d . , of County Commissioners , 0 By: 0 0 / / Mich. C. Gallagher / Co ' sner IL By: A!), • y! enconi Commissioner Commissioner seconded adoption of the foregoing resolution. The roll having been called, the vote was as follows: Commissioner Tom C. Stone 0 Commissioner Michael C. Gallagher e ', Commissioner Arn M. Menconi 1 i II II ll 1111. 111 89 Pa 2 of HI i i 08/0 4 8/2004 04:10P Teak J Simonton Eagle, CO 370 R 0.00 D 0.00 • • • This Resolution passed by ` vote of the Board of County Commissioners of the County of Eagle, State of Colorado. G:UKS\ resolutions \Cordillera37A,M,N,P. DOC File No. 87 -84 111111 111111 II 1 8 90377 Page: 3 of 4 04/08/2004 04:10P Teak J Simonton Eagle. CO 370 R 0.00 D 0.00 . • MEMORANDUM EAGLE COUNTY ENGINEERING TO: Janice Scofield, Attorney's Office FROM: Mike Gruber, Engineering 14 DATE: August 16, 2004 RE: Cordillera, Filing 37, Phase 1, Release of Collateral and Termination of the Warranty Period and Subdivision Improvements Agreement, File No. PDF -00045 Mr. Jason Longo, Controller, Centex Destination Properties, has made a request for inspection of work for Cordillera, Filing 37, Phase 1 under the warranty period as established by Consent Resolution No. 2002 -14. Water and sewer witness drawings were received on August 13, 2004. Subdivision improvements as -built drawings were also received on August 13, 2004. Inspection was conducted by me on August 6, 2004. The improvements are complete, have survived the two -year warranty and are acceptable per the terms andconditions of the Subdivision Improvements Agreement. I recommend termination of the Agreement and release of the remaining collateral in the amount of $79,190.26. 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. # # # 890377 Page: 420 of 4 09!08%04 04:10P T eak J Simonton Eagle CO 370 R 0.00 D 0.00 Pc: Helen Migchelbrink, County Engineer Peter Sulmeisters, Project Manager Jason Longo, Controller, Centex Destination Properties Chrono/File EXHIBIT "lY i/