HomeMy WebLinkAboutR96-084 final release of collateral Old Orchard Subdivision-+' ~
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~" Commissioner ~j~./~~ anwei aiortion
of the following Resolution:
BOARD OF COUNTY CONIl~iISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 96-~
a AUTHORIZING THE FINAL RELEASE OF COLLATERAL
AND
,~ TERMINATION OF THE WARRANTY PERIOD
:~°. OLD ORCHARD SUBDIVISION
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WHEREAS, on or about April 9, 1991, pursuant to Section 30-28-
137, C.R.S., the Board of County Commissioners of the County of
C'" Eagle, State of Colorado ("Board"). entered into a Subdivision
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,~ Improvements Agreement ("Agreement") with Mid-Valley Development
~ o Co. by H.L.M.S., Inc., a Colorado Corporation, (Morton A. Heller,
~ Vice President of H.L.M.S., a Colorado corporation, General Partner
,,_, ~ of Mid-Valley Development Company) ("Subdivider") as a condition of
~ "~ final plat approval of Old Orchard Plaza Subdivision; and
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in order to guarantee the faithful completion of
WHEREAS
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certain public improvements required under the Agreement, the Board
o ~ accepted as collateral Irrevocable Standby Letter of Credit #1181,
~ dated April 9, 1991, issued by Pitkin County Bank & Trust Company;
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and
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c ~ WHEREAS, by Resolution No. 92-40 dated April 6, 1992,
,~ =~ Subdivider applied for and was granted a partial release of Letter
~ of Credit No. 1181 in the amount of $15,000.00, reducing the
'~ collateral to $14,290.00; and
~'~°~ WHEREAS, by First Amendment to Subdivision Improvement
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'~.~ Agreement dated October 9, 1992, the completion date of said
~' Agreement was extended to October 31, 1992; and
~ ~ Resolution No. 92-155 dated November 9, 1992,
,'~,° ~ WHEREAS , by
~ Subdivider applied for and was granted an extension on the
"''~ Agreement and the Letter of Credit until December 31, 1992; and
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WHEREAS, by Resolution No. 93-211 dated December 21, 1993,
Subdivider applied for and was granted an extension on the
Agreement and the Letter of Credit until December 31, 1993; and
WHEREAS, by Resolution No. 93-158, dated December 21, 1993,
Subdivider applied for and was granted an extension on the
Agreement and Letter of Credit until June 31, 1994; and
WHEREAS, on June 21, 1994, based on the recommendations of the
County Engineer, the warranty period was commenced and is set to
expire on June 30, 1996;
WHEREAS, Subdivider provided collateral in the form of an
extension to Letter of Credit #1181, issued by Pitkin County Bank
and Trust, which will expire on June 30, 1996; and
~' WHEREAS, the Subdivider represents that the work required
~' under the Agreement is complete and acceptable and the Engineering
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Department recommends full release of the collateral and t e
,v termination of the warranty period, see Exhibit "A", attached
;~ hereto and incorporated herein by this reference.
v WHEREAS, the Board is not accepting any of the improvements
'~ nor any of the maintenance responsibility associated with the
o improvements required under the Agreement and installed by the
co Subdivider, as this property has been annexed into the Town of
~ Basalt; and
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BASED UPON the oral and written recommendations of the Eag e
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County Department of Engineering, the Board finds that the warran y
period has been successfully completed and the full release of the
'" collateral is appropriate, as is the termination of the warranty
'~ period .
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',.~~ NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF CO
~ COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO:
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,,, THAT, the Board hereby authorizes the full and final release
~ of collateral and the termination of the warranty period to be
effective June 30, 1996.
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THAT, the Board will not be accepting any of the improvements
installed pursuant to the Agreement.
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THAT, this document shall be recorded in the Records of the
Eagle County Clerk and Recorder, which shall be evidence that the
Agreement has been terminated.
MOVED, READ AND ADOPTED by the Board of County Commissioners
of the County of Eagle, State of Colorado, this ~ day of July,
1996.
ATTEST : fi. ,i f 1~~~'/1'=~.~ •t t
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.~ By
Clerk to the Boar of
County Commissioners
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
BOARD OF COUNTY COMMISSIONERS
George Gates, Chairman
Commissioner ~ seconded adoption of the
foregoing resolution. The roll having been called, the vote was as
follows:
,~ Commissioner George A. Gates
Commissioner Johnnette Phillips
~ Commissioner James E. Johnson,
Jr.
,,, This Resolution passed by ~i~ ~~%i~~/>7/~~ vote of the Board of
'~; County Commissioners of the County of Eagle, State of Colorado.
,~
'~ 91-21
mta\r\oldorch.ter
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Johnnette Phillips, Commis 'oner
MEMORANDUM
EAGLE COUNTY ENGINEERING
TO: Maureen Amundson / Attorney's Office
FROM: Mike Gruber / Engineering ~G~A,~ ~
~i~~ !~
DATE: June 3, 1996
RE: Final Release, Collateral
Old Orchard Plaza
erformed per notification by your office of
Inspection was p
upcoming expiration of Letter Of Credit 1181. The work is comp ete
and acceptable. We recommend release of collateral and termination
of warranty period.
594983 13-658 ~-95~ u7/U3/56 U4:ILY YG 4 ~r~ 4
cc: George Roussos, County Engineer
Chrono/File
EXHIBIT
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