No preview available
HomeMy WebLinkAboutR10-005 Final Release Riverstone Subdivision: Logan Park PUDCommissioner U lV~'~ ue-`'t of the following Resolution: moved adoption BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 2010-~~ FINAL RELEASE OF COLLATERAL AND TERMINATION OF THE WARRANTY PERIOD FOR RIVERSTONE SUBDIVISION: AN AMENDMENT AND CORRECTION TO LOGAN PARK PUD FILE NO. AFP-00192 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 Improvements Agreement dated June 15, 2004 ("Agreement") with Riverstone Developers LLC ("Subdivider") as an Amendment and Correction to Logan Park PUD; and WHEREAS, pursuant to the Agreement, the Subdivider provided collateral in the form of American National Bank Letter of Credit No. 68 in the amount of $380,538.66 to guarantee the faithful completion of the public improvements; and WHEREAS, by Eagle County Consent No. 2005-11 Subdivider was granted a first partial release of collateral, reducing the amount of collateral held by the County from $380,538.66 to $105,424.78; and WHEREAS, by Eagle County Consent No. 2006-15 Subdivider was granted a second partial release of collateral, reducing the amount of collateral held by the County fi-om $105,424.78 to $59,705.45; and WHEREAS, by Eagle County Consent No. 2008-14 Subdivider was granted a third partial release of collateral, reducing the amount of collateral held by the County from $59,705.45 to $38,053.86; and WHEREAS, Eagle County Consent No. 2008-14 retroactively commenced the warranty period to expire January 24, 2010; 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 Improvements Agreement for Riverstone Subdivision: An Amendment and Correction to Logan Park PUD File No. AFP-00192. 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 Riverstone Subdivision: An Amendment and Correction to Logan Park PUD has been successfully completed and that the Subdivider's obligations under the Agreement are complete. THAT, these improvements entail the construction of utility infrastructure and a private roadway. County maintenance is not required for the road. 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 January, 2010. COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its ATTEST: BOARD OF COUNTY COMMISSIONERS Clerk to the Bcli~ard of ootoRAOO County Commissi By: Sara J. Fisher Chairman Peter F. R tavney nissioner Commissioner ~ ~ seconded adoption of the foregoing resolution. The roll having been called, the vote was as follows: Commissioner Fisher Commissioner Runyon 5 i Commissioner Stavney ~-~,,, M This Resolution passed by ~ ~ vote of the Board of County Commissioners of the County of Eagle, State of Colorado. nrw~•esolutions~-iverstone MEMORANDUM EAGLE COUNTY ENGINEERING TO: Nancy Wright, Eagle County Attorney's Office FROM: Mike Gruber, Engineering Deparrinent ~: f~! ~! DATE: January 11, 2010 RE: Subdivision Improvements Agreement, Riverstone Subdivision (Logan Park PUD), Eagle County File No. AFP-00192 Release of Collateral and the Termination of the Warranty Period and Subdivision Improvements Agreement A request for final inspection for successful performance under the warranty period was submitted and received by our office December 9, 2009 from Riverstone Developers, LLC/Hermes Resort Properties. A site visit during mid October 2009 indicates the improvements are complete, have survived the two-year warranty period and are acceptable per the terms and conditions of the Subdivision 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 as follows: The improvements for the Riverstone Subdivision as collateralized and as established by Consent No. 2008-17, to $38,053.86. This amount represents the 10% of the collateral for the subdivision improvements to be retained throughout the two year warranty period. These improvements entail the construction of utility infrastnicture and a private roadway. County maintenance is not required for the road. # # # cc: Eva Wilson, County Engineer (email) Kim Alackness, Hermes Resort Properties [kalackness@hermesresortproperties.com] EXHIBIT b a a 9