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HomeMy WebLinkAboutR11-122 Belle Terre Final Release of Collateral Commissioner (5 moved adoption of the following Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 2011- (Z v FINAL RELEASE OF COLLATERAL AND TERMINATION OF THE SUBDIVISION IMPROVEMENTS AGREEMENT FOR BELLE TERRE FILE NO. SMA -00027 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 April 3, 2007 ( "Agreement ") with Raining Sun Enterprises, Inc. ( "Subdivider ") as a condition of final plat approval for Belle Terre Subdivision; and WHEREAS, pursuant to the Agreement, the Subdivider provided the County with collateral for the subdivision improvements required under the Agreement in the form of cash in the amount of $171,262.48; and WHEREAS, a request for an inspection of the completion of the remaining improvements necessary to fulfill the requirements of the Subdivision Improvements Agreement was requested by Tabor Sweet, Asset Manager, Realty Management Group LLC, representing American National Bank, Receiver of the project Belle Terre; 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 and the termination of the Subdivision Improvements Agreement see Exhibit "A," attached hereto and incorporated herein by this reference. Based upon the written recommendations of the County Engineer and the County Attorney, THE BOARD FINDS that the Subdivider's obligations under the Agreement have been satisfied. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: THAT, the Board hereby authorizes the full and final release of collateral and the termination of the Subdivision Improvements Agreement for Belle Terre. THAT, this document shall be recorded in the Records of the Eagle County Clerk and Recorder, which shall be evidence that the improvements under the Agreement are complete. THAT, the Chairman of the Board of the Eagle County Commissioners hereby directs the Eagle County Treasurer to wire the funds to American National Bank, Account No. 1998001098 in the amount of $171,262.48. MOVED, READ AND ADOPTED by the Board of County Commissioners of the County of Eagle, State of Colorado, at its regular meeting held the fr -day of October, 2011. COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its ATTEST: BOARD OF COUNTY COMMISSIONERS �V' c — By AL , .w N *, Clef to the : o -fl df oRP O° Jon Stavney County Commissioners Chairman By: Y Peter F. Runyon Commissioner By: - - Xl2 4.0 ��� Sara J. Fisher Commissioner Commissioner I AA... * w- seconded adoption of the foregoing resolution. The roll C d p g g having been called, the vote was as follows: Commissioner Stavney 44 1 Commissioner Runyon h Commissioner Fisher ti4-1, • Z This Resolution passed by b vote of the Board of County Commissioners of the County of Eagle, State of Colorado. MEMORANDUM EAGLE COUNTY ENGINEERING TO: Nancy Wright, Eagle County Attorney's Office FROM Mike Gruber, Engineering Department a9 DATE: September 27, 2011 RE: Subdivision Improvements Agreement, Belle Terre, Eagle County File No. SMA- 00027 Release of Collateral and the Termination of the Subdivision Improvements Agreement The project, Belle Terre, under receivership to American National Bank. A request for an inspection of the completion of the remaining improvements necessary to fulfill the requirements of the Subdivision Improvements Agreement was submitted by Tabor Sweet, Asset Manager, Realty Management Group LLC, representing American National Bank. An inspection was performed with Tabor on September 8, 2011 confirming the improvements have been completed in an acceptable manner to satisfy the remaining requirements of the Agreement. The documentation for as -built record drawings required under the Agreement was received September 22, 2011. I recommend termination of the Subdivision Improvements Agreement and the release of the remaining collateral for the improvements as follows: The improvements for Belle Terre as collateralized with cash pursuant to Resolution 2010 -26 and as established by Consent No. 2010 -05, for the amount of $171,262.48. This amount represents the cost of those remaining improvements being retained until satisfactory completion under the terms and conditions of the subdivision improvements agreement. 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 Tabor Sweet, Realty Management Group LLC Taber Sweet <tsweet @realtygp.com> EXHIBIT