HomeMy WebLinkAboutR13-110 Roundup River Ranch Final Release of Collateral Eagle County, CO 201323220
Teak J Simonton 11/20/2013
Pgs: 4 12:36:23 PM
REC: $0.00
DOC: $0.00
Commissioner N1 Lit.m..-i--1-1-4-412-‘4 moved adoption
of the following Resolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 2013- I I U
FINAL RELEASE OF COLLATERAL
AND
TERMINATION OF THE WARRANTY PERIOD
FOR
ROUNDUP RIVER RANCH
FINAL PLAT NO. SMA-2440
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 Public Improvements Agreement
dated November 24, 2009 ("Agreement") with Roundup River Ranch ("Subdivider") as a
condition of approval of the Roundup River Ranch, Final Plat No. SMA-2440; 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 Alpine Bank
Letter of Credit No. 4760262033 in the amount of$450,019.16; and
WHEREAS, pursuant to Consent No. 2010-08 Subdivider was granted a first partial
release of collateral reducing the amount of collateral held by the County from $450,019.16 to
$181,262.90; and
WHEREAS, pursuant to Consent No. 2011-04 Subdivider was granted a second partial
release of collateral reducing the amount of collateral held by the County from $181,262.90 to
$17,644.00; and
WHEREAS, by Consent No. 2011-04, the two year warranty period was commenced on
October 19, 2011 to terminate on October 10, 2013; 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 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 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 $17,644.00 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 Roundup River Ranch 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 ,"l day of November,
2013.
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
ATTEST: BOARD OF COUNTY COMMISSIONERS
le
o��
wv z � %
1 11
I y. -1S9Cin,a_ (2-•
Clerk to the Boart of °coax Sara J. Fisher
County Commissioners Chairman -
r
illian H. Ryan
Commissioner
L11„/ l. 01 //.x.
y handler-Henry •
.mmissioner
Commissioner N—'1 seconded adoption of the foregoing resolution. The
roll having been called, the vote was as follows:
Commissioner Fisher
Commissioner Ryan , —
Commissioner Chandler-Henry
3
`
This Resolution passed by vote of the Board of County Commissioners
of the County of Eagle, State of Colorado.
nrw\resolutions\release\roundup river
MEMORANDUM
EAGLE COUNTY ENGINEERING
TO: Nancy Wright, Eagle County Attorney's Office
FROM: Ben Gerdes, Engineering Department
DATE: November 6, 2013
RE: Public Improvements Agreement, Roundup River Ranch, Eagle County File No.
SMA-2440
Authorization of the Final Collateral Release and Termination of Warranty
A request for an inspection to release collateral and terminate the warranty period was received by
our office on October 15, 2013 from Roundup River Ranch. I performed an inspection confirming
the amount of work completed on November 5, 2013. All work identified in the Public
Improvements Agreement, recorded at reception number 200925750, have been completed. A
collateral reduction is appropriate.
I recommend termination of the Public Improvements Agreement, termination of the warranty
period, and release of the remaining collateral for the improvements as follows:
The improvements for Roundup River Ranch as collateralized and established by Consent No.
2011-04, for the amount of$17,644.00. This amount represents the 10% collateral required for
warranty by the Public Improvements Agreement.
All improvements will be maintained by Roundup River Ranch, Eagle County has no maintenance
responsibility for any improvements.
# # #
pc: Eva Wilson, County Engineer—Email
Paul St. Ruth, Roundup River Ranch- Email
EXHIBIT
