HomeMy WebLinkAboutR10-006 Final Release Palmerosa Ranch PUDCommissioner ~T~JJL~1 ~`-` moved adoption
of the following Resolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION N0.2010-~W
FINAL RELEASE OF COLLATERAL
AND
TERMINATION OF THE WARRANTY PERIOD
FOR
PALMERO5A RANCH PUD
FILE NO. SMA-00028
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 May 30, 2006 ("Agreement") with Palmerosa Ranch LLC
("Subdivider") as a condition of approval of the Final Plat of Palmerosa Ranch PUD; and
WHEREAS, pursuant to the Agreement, the Subdivider provided collateral in the form
of Wells Fargo Bank Letter of Credit No. NZS575157 in the amount of $298,989.00 to guarantee
the faithful completion of the public improvements; and
WHEREAS, by Eagle County Consent No. 2008-04 Subdivider was granted a first
partial release of collateral, reducing the amount of collateral held by the County to $58,344.00
and commenced the warranty period to expire January 30, 2010; and
WHEREAS, by Eagle County Consent No. 2008-06 Subdivider was granted a second
partial release of collateral, reducing the amount of collateral held by the County to $9,205.00;
and
WHEREAS, on August 15, 2008, Eagle County accepted Wells Fargo Bank Letter of
Credit No. NZS622888 in the amount of $9,205.00 as collateral for the development; 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 Palmerosa Ranch
PUD.
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 Palmerosa Ranch PUD has been
successfully completed and that the Subdivider's obligations under the Agreement are complete.
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.
ATTEST:
Clerk to the Bc~ird of -•'~;;,~'~`~
County Commissioners
anti : ~ - - - r ~K~H v i ti
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
BOARD OF COUNTY COMMISSIONERS
By:
Sara J. Fisher
Chairman
Peter F.
7or~Stavney
Co missioner
Commissioner ~~~~ seconded adoption of the foregoing resolution. The roll
having been called, the vote was as follows:
Commissioner Fisher 1q-v,
Commissioner Runyon ~~~e., 1
Commissioner Stavney ~„
This Resolution passed by ~ ' ~
the County of Eagle, State of Colorado.
vote of the Board of County Commissioners of
nrw\resolutions\palmerosaranch
MEMORANDUM
TO: Nancy Wright, Attorney's Office
FROM: Greg Schroeder, Engineering Department ~~
DATE: Friday, January 15, 2010
FILE #: SMA-00028
RE: Palmerosa Ranch PUD, Release of Final Collateral and Completion of
Warranty
Nancy,
On Thursday, January 14, 2010, I met onsite with the developer's representative, George
Gregory, and observed that all of the improvements are in place, have survived the two-
year warranty period that expires on January 30, 2010, and is acceptable per the
Subdivisions 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 in
the amount of $9,205.00.
Please contact George Gregory at 970-471-4130 on behalf of the developer when the
collateral release is complete.
# # #
cc: Eva Wilson, County Engineer
George Gregory (via email tee., or~a~mo>`uitainmax.net)
G:IDevelopment120061SMA1SMA-00026 -Palmerosa Ranch120100115_NancyWrighl.doc
