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HomeMy WebLinkAboutR10-116 McCoy Creek Cabins PUD Phase I Release of Collateral Commissioner / . moved adoption of the following Resolution: , BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 2010- /1 FINAL RELEASE OF COLLATERAL AND TERMINATION OF THE WARRANTY PERIOD FOR MCCOY CREEK CABINS PUD PHASE I WHEREAS, on or about August 19, 2008, the Board of County Commissioners of the County of Eagle, State of Colorado ( "Board ") entered into a Subdivision and Off -site Improvements Agreement with Lone Pine Ventures, LLC ( "Subdivider ") as a condition of final plat approval for McCoy Creek Cabins PUD Phase I; and WHEREAS, pursuant to the Agreement, the Subdivider provided collateral in the form of IberiaBank Letter of Credit No. 2214 in the amount of $2,867.50; 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 McCoy Creek Cabins PUD Phase I. County maintenance of improvements is not required. 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 McCoy Creek Cabins PUD Phase I 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 �, day of September, 2010. COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its ATTEST: BOARD OF COUNTY COMMISSIONERS t Clerk to the Boa d of * * Sara J. Fisher County Commissioners %so° Chairman t) • Stavney • mmissioner Peter F. Runyon Commissioner Commissioner seconded adoption of the foregoing resolution. The roll having been called, the vote was as follows: Commissioner Fisher Commissioner Stavney Commissioner Runyon / %T�r This Resolution passed by � vote of the Board of County Commissioners of the County of Eagle, State of Colorado. nrw \resolutions\mccoycabinsphasel MEMORANDUM EAGLE COUNTY ENGINEERING TO: Nancy Wright, Eagle County Attorney's Office FROM: Mike Gruber, Engineering Department DATE: September 14, 2010 710( RE: PDF -1460, McCoy Creek Cabins PUD, Phase 1 Release of Collateral and Termination of the Warranty Period for Phase 1 A written request for reduction of the collateral and termination of warranty for the above referenced project was provided by Kronholm Civil Engineering, Inc. on September 7, 2010. I conducted a warranty inspection with Mr. Kronholm on September 13, 2010. Construction items were checked for completion as collateralized for this phase of construction. 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, and the release of the remaining collateral for the improvements as follows: The improvements for the McCoy Creek Cabins, Phase 1 as collateralized with IBERIABANKfsb, Letter of Credit #2214 in the amount of $2,867.50. This amount represents 10% of the collateral for the public improvements and 35% for the landscaping improvements cost retained throughout the warranty period. These improvements entail demolition, sight clean up, landscaping and the construction of an entry monument. County maintenance is not required. # # # cc: Eva Wilson, County Engineer 1T