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HomeMy WebLinkAboutR09-105 Term of Warranty Period Red Sky Ranch Tract AACommissioner ~T~~--t ~-`'t moved adoption of the following Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION N0.2009- ~ U rJ FINAL RELEASE OF COLLATERAL AND TERMINATION OF THE WARRANTY PERIOD FOR RED SKY RANCH -TRACT AA FILE NO. PDF 00090 WHEREAS, pursuant to C.R.S. §30-28-137, the Board of County Commissioners of the County of Eagle, State of Colorado ("County") entered into a Subdivision and Off-Site Improvements Agreement dated August 30, 2005 ("Agreement") with The Vail Corporation, a Colorado Corporation ("Subdivider") as a condition of approval of the Final Plat of Red Sky Ranch Tract AA Subdivision; and WHEREAS, pursuant to the Agreement, the Subdivider provided collateral in the form of Bank of America Letter of Credit No. 3076895 in the amount of $3,781,316.17 to guarantee the faithful completion of the public improvements; and WHEREAS, by Eagle County Consent No. 2007-04 Subdivider was granted a first partial release of collateral, reducing the amount of collateral held by the County to $880,180.42; and WHEREAS, by Eagle County Consent No. 2007-12 Subdivider was granted a second partial release of collateral, reducing the amount of collateral held by the County to $378,131.62, said amount representing the 10°10 retained until successful completion of the two year warranty period to expire on October 30, 2009; and WHEREAS, the Engineering Department states the improvements are complete, have survived the two-year warranty period and are acceptable per the terms and conditions of the Subdivision Improvements Agreement; 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, as secured by the Letter of Credit, and the termination of the Subdivision Improvements Agreement, see Exhibit "A", attached hereto and incorporated herein by this reference. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: THAT, based upon the oral and written recommendations of the County Engineer and County Attorney, THE BOARD FINDS that the Subdivider's obligations under the Agreement have been satisfied. THAT, the Board hereby authorizes the full and final release of the Letter of Credit and the termination of the Subdivision and Off-Site Improvements Agreement for Red Sky Ranch - Tract AA. 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 Red Sky Ranch -Tract AA has been successfully completed and that the Subdivider's obligations under the Agreement are complete. THAT, Eagle County does not assume responsibility for maintenance of the private roadways in Red Sky Ranch -Tract AA. MOVED, READ AND ADOPTED by the Board of County Commissioners of the County of Eagle, State of Colorado, at its regular meeting held the Z~ day of October, 2009. ATTEST: Clerk to the B(6ard of ``~*'' County Commissioners 4 '. ~ ~ , ~-LXl v j ~ COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOARD OF COUNTY COMMISSIONERS By: Sara J. Fisher Chairman -~ ~-'"~j Commissioner Yl~~--+`1 U~1~-- seconded adoption of the foregoing resolution. The roll having been called, the vote was as follows: Commissioner Fisher Commissioner Runyon Commissioner Stavney 2/ o ~~r~i ~H ~~ the County of Eagle, State of Colorado. This Resolution passed by nrw\resolutions~-edskyranch~ractAA vote of the Board of County Commissioners of MEMORANDUM EAGLE COUNTY ENGINEERING TO: Nancy Wright, Attorney's Office FROM: Mike Gruber, Engineering ' ~~1~~ DATE: October 20, 2009 RE: Red Sky Ranch -Tract AA, PDF-00090, Release of Collateral and Termination of the Warranty Period Formal request for inspection for this project was submitted by Bill Kennedy/ Director of Land Development, Vail Resorts Development Company in an email to me dated October 13, 2009. My inspection, October 16, 2009, indicates successful performance of construction items per the plans and terms of the Subdivision and Off-Site Improvements Agreement. I recommend termination of the Subdivision Improvements Agreement, termination of the warranty period, and the release of the remaining collateral for the improvements. The amount of this release would be $378,131.62 as established by Consent Number 2007-12. This amount represents the 10% retained until successful completion of the two year warranty period. These improvements entail construction of private roads and infrastructure. No County maintenance is required. # # # cc: Eva Wilson, County Engineer (e-mail) Bill Kennedy, Vail Resorts Development Company (e-mail) EXHIBIT iv D D