HomeMy WebLinkAboutR13-064 release of collateral for Eagle Valley Religious FoundationCommissioner i & Aftl,41moved adoption
of the following Resolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 2013-X/--(--,,/
FINAL RELEASE OF COLLATERAL
AND
TERMINATION OF THE WARRANTY PERIOD
FOR
EAGLE VALLEY RELIGIOUS FOUNDATION
FILE NO. PDF -00102
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 June 24, 2008 ( "Agreement ") with Eagle Valley Religious
Foundation ( "Subdivider ") as a condition of approval of the final plat approval for Eagle Valley
Religious Foundation; and
WHEREAS, pursuant to the Agreement, the Subdivider provided the County with
collateral for the public improvements required under the Agreement in the form of Community
Banks of Colorado Letter of Credit NW.. 3065101 in the amount of $87,087.00 for the estimated
cost of the subdivision improvements for Eagle Valley Religious Foundation; and
WHEREAS, pursuant to Consent No. 2010 -09, Subdivider was granted a first partial
release of its collateral for the public improvements in the amount of $78,379.00 thereby
reducing the amount of collateral being held by the County for the public improvements to
$8,708.00 said collateral to be in the form of cash; and
WHEREAS, by Consent No. 2010 -09, the two year warranty period was commenced
beginning November 1, 2010 and terminating on November 1, 2012; and
WHEREAS, the Engineering Department states the improvements are complete, have
survived the 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 amount of $8,708.00 in the form
of cash held by Eagle County, and the termination of the Subdivision and Off -site
Improvements Agreement, see Exhibit "A ", attached hereto and incorporated herein by this
reference.
NOW, THEREFORE, BE IT AUTHORIZED BY 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 and authorizes the final release of the $8,708.00 being held as collateral.
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 Eagle Valley Religious
Foundation 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 -��3 day of July, 2013.
ATTEST:
Clerk to the Board of
County Commissioners
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
BOARD OF COUNTY COMMISSIONERS
By:
Sara J. Fisher
Chairman
J 1111Q11 Il . ><y Q11
Commissioner
Commissioner seconded adoption of the foregoing resolution. The
roll having been called, the vote was as follows:
Commissioner Fisher
Commissioner Ryan
Commissioner Chandler -Henry
This Resolution passed by
of the County of Eagle, State of Colorado.
nrw \resolutions \release \eaglevalleyreligious
C�
vote of the Board of County Commissioners
"1111 j,W
EAGLE COUNTY ENGINEERING
TO: Nancy Wright
Eagle County Attorney's Office
FROM: Ben Gerdes
Engineering Department
DATE: July 9, 2013
RE: Public Improvements Agreement, Eagle Valley Religious Foundation, Eagle County
File No. PDF -00102
Release of Collateral and the Termination of the Warranty Period and Subdivision
Improvements Agreement
A partial collateral release was completed on November 29, 2010 for all public improvements
holding only 10% of the collateral for the warranty period. The warranty period of two years
began on November 1, 2010.
A final Inspection was conducted by me on July 8, 2013. All collateralized 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 Subdivision Improvements Agreement, termination of the
warranty period, and the release of the remaining collateral for the improvements as follows:
The public improvements for the Eagle Valley Religious Foundation as collateralized by
letter of credit in the amount of $8,708.00. This amount represents 10% of the collateral for
the public. improvements retained successful completion or the warranty period.
These improvements entail the construction a water main with fire hydrant, bike path, and
detention pond.
cc: Eva Wilson, County Engineer — e mail
EXHIBIT
