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HomeMy WebLinkAboutR13-012 McCoy Creek Cabins PUD Phase 4 Final Release Commissioner moved adoption of the following Resolu ion: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 2013- / FINAL RELEASE OF COLLATERAL AND TERMINATION OF THE WARRANTY PERIOD FOR McCOY CREEK CABINS PUD PHASE 4 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 August 19, 2008 ( "Agreement ") with Lone Pine Ventures, LLC ( "Subdivider ") as a condition of final plat approval for McCoy Creek Cabins Unit Development; and WHEREAS, the Subdivider has provided collateral in the form of Iberia Bank Letter of Credit No. 2213 in the amount of $315,414.99 for the estimated cost of the subdivision improvements for Phase 4; and WHEREAS, by Consent No. 2011 -03 the Subdivider was granted a Third Partial Release of Collateral and Commencement of the Warranty Period for McCoy Creek Cabins and provided to the County an Amendment to Irrevocable Letter of Credit No. 2213 in the amount of $28,731.84 which represented the ten percent (10 %) collateral retained for the two -year warranty period; 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 McCoy Creek Cabins PUD, Phase 4. 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 4 has been successfully completed and that the Subdivider's obligations under the Agreement are complete. MOVED, READ AND ADOPTED by the Board of Count Commissioners of the County of Eagle, State of Colorado, at its regular meeting held the _ day of January, 2013. COUNTY OF EAGLE, STATE OF file . , ;`,, r4 ,74rN, COLORADO, By and Through Its ATTEST: BOARD OF COUNTY COMMISSIONERS lf 1 l to the Board of J • n Sta ney ' County Commissioners .• an Sara J. Fisher Commissioner' I Jillian H. Ryan Commissioner Commissioner seconded adoption of the foregoing resolution. The roll having been called, the vote was as follows: Commissioner Stavney Commissioner Fisher Commissioner Ryan This Resolution passed by 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 d a irk f% DATE: January 18, 2013 RE: PDF -1460, McCoy Creek Cabins PUD, Phase 4 Release of Collateral and Termination of the Warranty Period for Phase 4 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 October 21, 2012. 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 3 as collateralized with IBERIABANKfsb, Letter of Credit #2213 in the amount of $28,731.84. This amount represents the 10% collateral for the improvements cost retained throughout the warranty period. These improvements entail the construction of infrastructure and creek crossing to Lot 2 for this project. County maintenance is not required. # # # cc: Eva Wilson, County Engineer EXHIBIT 1