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HomeMy WebLinkAboutR10-122 Final Release of Collateral Village Walk LLC Commissioner moved adoption of the following Resolution: 1 BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 2010- f �� FINAL RELEASE OF COLLATERAL AND TERMINATION OF THE WARRANTY PERIOD AND TERMINATION OF THE SUBDIVISION IMPROVEMENTS AGREEMENT FOR VILLAGE WALK, LLC 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 August 23, 2005 ( "Agreement ") with Village Walk, LLC ( "Subdivider ") as a condition of approval for Village Walk Project and Associated Building Permits; and WHEREAS, pursuant to the Agreement, the Subdivider provided collateral in the form of 1st Bank of Vail Letter of Credit No. 879 -5231 in the amount of $9,619.80 to guarantee the faithful completion of the public improvements; 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 that the repairs and evaluation requested by Eagle River Water and Sanitation District were found to be constructed and completed in a satisfactory manner; 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 Warranty Period for Village Walk, LLC. 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 Village Walk, LLC has been successfully completed and that the Subdivider's obligations under the Agreement are complete. MOVED, READ AND ADOPTED by the Board of Count ommissioners of the County of Eagle, State of Colorado, at its regular meeting held the day of October, 2010. COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its ATTEST: BOARD OF COUNTY COMMISSIONERS 11 Clerk to the Board of Sara J. Fis -� County Commissioners Chairman Jo Stavney Co ' sio e d r‘ e ,r Peter F. Runyon Commissioner Commissioner _ seconded adoption of the foregoing resolution. The roll ___,_ having been called, the vote w as follows: Commissioner Fisher I____ Commissioner Stavney / !, Commissioner Runyon This Resolution passed by v -Z) vote of the Board of County Commissioners of the County of Eagle, State of Colorado. nrw\resolutions \vi l lagewalk MEMORANDUM EAGLE COUNTY ENGINEERING TO: Nancy Wright, Eagle County Attorney's Office FROM: Mike Gruber, Engineering Department /// DATE: September 24, 2010 RE: Public Improvements Agreement, Village Walk, Beaver Creek, Colorado Authorization of the Fifth Collateral Release, Termination of Extended Warranty Period and the Public Improvements Agreement entered into August 23,2005 A request for the completion of the extended warranty period for the public improvements as established under Consent 2009 -12 was received from Alpine Engineering Inc. The Sanitary Sewer line had been requested to have the warranty extended to evaluate concerns and possible remedy expressed by Eagle River Water and Sanitation District before the District will accept the line. A letter from Eagle River Water and Sanitation District was received on September 23, 2010 stating the repairs and evaluation requested for reduction were found to be constructed and completed in a satisfactory manner. Pursuant with Consent 2009 -12, the warranty may be terminated upon such acceptance. 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 Village Walk Project as collateralized and as established p g Project Consent No. 2009 -12, in an amount of $9,619.80. This amount represents the only remaining collateral to be retained until the successful completion of the extended warranty period for the Sewer Line. These improvements entail the construction of utility infrastructure and a private roadway. County maintenance is not required for the road. # # # cc: Eva Wilson, County Engineer (e -mail) Glenn Palmer, Alpine Engineers (e -mail)