HomeMy WebLinkAboutR95-093 partial release of collateral for Kuntz Ranch SubdivisionCommissioner moved adoption
of the ollow nq Resolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 95-
AUTHORIZING PARTIAL RELEASE OF COLLATERAL
AND
COMMENCEMENT OF THE WARRANTY PERIOD
FOR
RUNTZ RANCH SUBDIVISION
WHEREAS, pursuant to C.R.S. 30-28-37, the Board of County
Commissioners of the County of Eagle, State of Colorado ("County")
entered into a Subdivision Improvements Agreement dated June 14,
1995 ("Agreement") with William E. Kuntz ("Subdivider") as a
condition of final plat approval for Kuntz Ranch; and
WHEREAS, pursuant to the Agreement the Subdivider provided the
County with collateral for those public improvements required under
the Agreement in the form of an Assignment of a Certificate of
Deposit; and
WHEREAS, pursuant to the Agreement, the Subdivider may apply
to the County for a release of collateral based on its progress in
constructing the public improvements required by the Agreement; and
WHEREAS, Subdivider has represented to the County, that the
public improvements required under the Agreement have been
completed; therefore Subdivider has applied for a release of
collateral and requests that the warranty period be commenced; and
WHEREAS, the Subdivider requests a partial release of its
collateral reducing the amount currently held by the County from
$10,780.00 to $1,078.00; and
WHEREAS, based upon the oral and written recommendations of
the County Engineer, THE BOARD FINDS that the public improvements
associated with Kuntz Ranch appear to have been completed in a
satisfactory manner and that therefore the commencement of the
warranty period would be appropriate; and
THEREFORE, BE IT RESOLVED BY THE BOARD OF COIINTY COMMISSIONERS
OF THE COUNTY OF EAGLE, STATE OF COLORADO:
THAT, based upon the recommendations of the County Engineer
the Board hereby authorizes the partial release of collateral in
the amount of $9,702.00, thereby reducing the collateral to
$1,078.00, which amount represents ten percent of the original cost
estimate.
THAT, based upon the recommendations of the County Engineer,
the commencement of the warranty period would be appropriate, the
two year warranty period will expire on July 18, 1997.
THAT, the Board hereby authorizes The First Bank of Eagle to
reduce the security represented by the Assignment of the
Certificate of Deposit Number 16058 to the amount of $1,078.00, all
other terms of the Certificate of Deposit are to remain in full
force and effect.
THAT, the partial release of collateral granted hereby shall
not in any way abrogate the rights of the County in enforcing the
Subdivider's performance of his outstanding obligations under the
Agreement.
MOVED, READ AND ADOPTED by the Board of County Commissioners
of the County of Eagle, State of Colorado, this day of
August, 1995.
ATTEST:
~--
By:
Cler to the Board of
County Commissioners
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
BOARD OF COUNTY COMMISSIONERS
James E. Johnson, Jr., Chairman
George Gates, Jr.,
Commi sioner
ohnnette Phi ips, Comm sioner
Commissioner ~~~ seconded adoption of the fore-
going resolution. The roll having been called, the vote was as
follows:
Commissioner Johnson .r--~--
Commissioner Gates ~,~~,
Commissioner Phillips
This Resolution passed by ~ --O vote of the Board of
County Commissioners of the County of Eagle, State of Colorado.
mta\rel\kuntz.war
94-50
MEMORANDUM
EAGLE COUNTY ENGINEERING
TO: Maureen Amundson, Attorney's Office D ~
FROM: Mike Gruber, Engineering G~%~C~~ JUL 1 g 1995
DATE : July 18, 1995 F",r~ ~ C~~.1~!T( ATTOP+~~E~
RE: Kuntz Ranch Subdivision
Partial Release of Collateral
Beck and Associates, Inc. has requested a partial release of the
collateral that Eagle County is holding for this Subdivision
Improvements Agreement. A collateral release summary is attached.
The Engineering Department agrees with the representations by Beck
and Associates, and recommends the collateral be reduced from
$10,780.00 to $1,078.00. This amount represents the 10% retainage
required for the 2 year warranty period.
The 2 year warranty period may be started at the time of
Resolution. Please note that the improvements are for private use
and the road will not be maintained by the county.
If you have any questions, please call me.
xc: George Roussos
Chrono/File
EXHIBIT
COLLATERAL RELEASE SUNIlKARY
SIA: Kuntz Ranch Subdivision
DATE: July 18, 1995
Prepare subgrade
Prepare subbase
Class 6 base course
Furnish & install culvert & stop sign
Furnish & install water line
Total Improvements
IMPROVEMENTS COMPLETED: $10,780.00
10% RETAINAGE $ 1,078.00
FIRST RELEASE $ 9,702.00
ORIGINAL SIA: $10,780.00
FIRST RELEASE: $ 9,702.00
REVISED SIA: $ 1,078.00
ORIGINAL
AMOUNT
COLLATERALIZED
$ 720.00
$ 1,500.00
$ 1,400.00
$ 2,160.00
$ 5,000.00
$10,780.00
AMOUNT OF
IMPROVEMENTS
COMPLETED
$ 720.00
$ 1,500.00
$ 1,400.00
$ 2,160.00
$ 5,000.00
$10,780.00