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HomeMy WebLinkAboutR10-093 Willow Creek PUD Final Release Commissioner moved adoption /7 of the following Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 2010- /_ FINAL RELEASE OF COLLATERAL AND TERMINATION OF THE SUBDIVISION IMPROVEMENTS AGREEMENT AND TERMINATION OF THE WARRANTY PERIOD FOR WILLOW CREEK PUD FILE NO. PDF -00027 WHEREAS, on or about November 6, 2002, the Board of County Commissioners of the County of Eagle, State of Colorado ( "Board ") entered into a Subdivision Improvements Agreement with Richard A. Eddy relative to Willow Creek PUD assumed by Kirk Weiss, John Egan and Virgil Meadows effective May 11, 2004 ( "Subdivider "); and WHEREAS, the Initial Subdivider assigned his right, title and interest in the Subdivision and Off -Site Improvements Agreement to Kirk Weiss, John Egan and Virgil Meadows (hereinafter "Subdivider ") on May 11, 2004 by Consent to Assignment and Assumption of Subdivision Improvements Agreement recorded at Reception No. 879395; and WHEREAS, pursuant to the Agreement the Subdivider provided the County with collateral for those public improvements required under the Agreement in the form of a letter of credit No. 637, issued by Colorado National Bank in the amount of $38,306.40; and WHEREAS, by Consent No. 2006 -03 Subdivider was granted a first partial release of its collateral reducing the amount of collateral being held by the County to $22,419.69; and WHEREAS, by Consent No. 2006 -16 Subdivider was granted a second partial release of its collateral reducing the amount of collateral being held by the County to $8,206.26; and WHEREAS, by Consent No. 2008 -14 Subdivider was granted a third partial release of its collateral reducing the amount of collateral being held by the County to $3,830.64; and WHEREAS, by Consent No. 2009 -01 Subdivider was granted a fourth consent for commencement of the two -year warranty period. 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 and the warranty period, 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 and Warranty period for Willow Creek PUD. THAT, these improvements entail the construction of utility infrastructure and private driveways. County maintenance is not required for these driveways. 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 Willow Creek PUD has been successfully completed and that the Subdivider's obligations under the Agreement are complete. MOVED, READ AND ADOPTED by the Board of Cou y Commissioners of the County of Eagle, State of Colorado, at its regular meeting held the day of August, 2010. COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its ATTEST: CO - : •ARD OF COUNTY COMMISSIONERS V 10\-) CDre,-Ase "4".11. 0 / ` e Clerk to the Board of o t ' Sara J. Fiche County Commissioners Chairman Stavney o mmi : o r Peter F. Runyon Commissioner Commissioner seconded adoption of the foregoing resolution. The roll having been called, the vote as as follows: Commissioner Fisher Commissioner Stavney otAdo Commissioner Runyon f. This Resolution passed by /(6 vote of the Board of County Commissioners of the County of Eagle, State of Colorado. nrw\resolutions \wi l lowcreek MEMORANDUM EAGLE COUNTY ENGINEERING TO: Nancy Wright, Eagle County Attorney's Office FROM Mike Gruber, Engineering Department / DATE: August 9, 2010 RE: Subdivision Improvements Agreement, Willow Creek PUD, Eagle County File No. PDF -00027 Release of Collateral and Termination of the Warranty Period and Subdivision Improvements Agreement A phone request for the termination of the two year warranty under this agreement was received from Virgil Meadows, co- owner, on July 6, 2010. My inspection on July 16, 2010, indicates some construction materials need to be removed. A follow up inspection on August 9, 2010, indicate the site clean up is satisfactory and 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 Warranty period, termination of the Subdivision Improvements Agreement and release of the remaining collateral in the amount of $3.830.64 as established by Consent No. 2008 -14. This amount is equivalent to 10% of the improvements cost 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 driveways. County maintenance is not required for these driveways. # # # cc: Eva Wilson, County Engineer (email) Virgil Meadows, (fax 719- 471 -7998) Chrono /File EXHIBIT