HomeMy WebLinkAboutR11-081 Pointe at Edwards final releaseCommissioner moved adoption
of the following Resolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 2011-5j
FINAL RELEASE OF COLLATERAL
AND
TERMINATION OF THE WARRANTY PERIOD
FOR
THE POINTE AT EDWARDS
FILE NO. SMA -00025
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 27, 2006 ( "Agreement ") with The Pointe at Edwards LLC, Sanford M.
Treat III, President, Treat Development, Inc., Managing Member of The Pointe at Edwards LLC
( "Subdivider ") as a condition of final plat approval for The Pointe at Edwards; and
WHEREAS, pursuant to the Agreement, the Subdivider provided collateral in the form
of Colorado Business Bank Letter of Credit No. 1544 in the amount of $172,106.40; 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 The Pointe at Edwards.
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 The Pointe at Edwards 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 July, 2011.
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
ATTEST: BOARD OF COUNTY COMMISSIONERS
County Commissioners
Peter F. Runyon
Sara J. Fisher
Commissioner
Commissioner seconded adoption of the foregoing resolution. The roll
having been called, the vote As as follows:
Commissioner Stavney
Commissioner Runyon
Commissioner Fisher
This Resolution passed by _ � b vote of the Board of County Commissioners of
the County of Eagle, State of Colorado.
nrw\rreso lu ti on s \poi n seated wards
MEMORANDUM
EAGLE COUNTY ENGINEERING
TO: Nancy Wright, Eagle County Attorney's Office
FROM: Mike Gruber, Engineering Department
DATE: July 14, 2011
RE: Subdivision Improvements Agreement, The Pointe at Edwards, Eagle County File
No. SMA -00025
Release of Collateral and the Termination of the Warranty Period and Subdivision
Improvements Agreement
A request for an inspection to terminate the warranty period for this project was received by our
office on December 17, 2009, from Sandy Treat, President, Summit Habitats, Inc. Inspection was
postponed until June to allow the snow to melt from the project site. Inspections were performed
by me on May 27, 2010 confirming the improvements have successfully survived the warranty
period. The warranty cannot be terminated until receipt of complete and approved documents of
record. The documentation for as -built record drawings and the testing and acceptance of the water
main by Eagle River Water and Sanitation District required under the Agreement was received June
27, 2011.
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 Point at Edwards as collateralized and as established
by Consent No. 2010 -03, for the amount of $172,106.40. This amount represents
the 10% of the collateral for the subdivision improvements being retained
throughout the two year warranty period.
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
Sandy Treat, Summit Habitats
