HomeMy WebLinkAboutR96-086 final release of collateral Arrowhead at Vail Filing 16, phase 2~'~,.. Commissioner moved adoption
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of the following Resolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
...., RESOLUTION NO. 96- ~~'
AUTHORIZING FINAL RELEASE OF COLLATERAL
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a TERMINATION OF THE WARRANTY PERIOD
o Arrowhead at Vail
Filing 16
x ~ Phase 2
WHEREAS, pursuant to C.R.S. 30-28-137, the Board of County
Commissioners of the County of Eagle, State of Colorado ("Board")
~ entered into a Subdivision Improvements Agreement dated July 6,
~~
~'d 1993, ("Agreement") with Arrowhead at Vail, a Colorado Joint
a Venture ("Subdivider"), as a condition of final plat approval for
~ ~ Filing 16, Phase 2, Arrowhead at Vail; and
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~ x WHEREAS, pursuant to the terms of said Agreement, Subdivider
~ ~+ provided collateral to the Board to guarantee faithful completion
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••~-+ of certain public improvements within Arrowhead at Vail, Filing 16,
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~~ Phase 2; and
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'~ ~ WHEREAS, by Eagle County Resolution No. 94-115, the warranty
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~~ ~ period was commenced, which expired on June 29, 1996; and
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~ WHEREAS, Subdivider provided the County with Letter of Credit
~ ~ No. 5622 in the amount of $15,027.19, which collateral was held as
~~ security for the duration of the two year warranty period; and
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~ ~ WHEREAS, the Subdivider represents that the work required
~ under the Agreement is complete and acceptable and the Engineering
~ ~ Department recommends full release of the collateral and the
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~ termination of the warranty period, see Exhibit "A", attached
hereto and incorporated herein by this reference.
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~ ~ WHEREAS, the Board is not accepting any of the improvements
~ ~ nor any of the maintenance responsibility associated with the
improvements required under the Agreement and installed by the
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Subdivider, as these public improvements will be privately
maintained.
BASED UPON the oral and written recommendations of the Eagle
County Department of Engineering, the Board finds that the warranty
period has been successfully completed and the full release of the
collateral is appropriate, as is the termination of the warranty
period.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO:
THAT, the Board hereby authorizes the full and final release
of collateral and the termination of the warranty period.
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THAT, the Board will not be accepting any of the improvements
installed pursuant to the Agreement.
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 ~~~,
1996.
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ATTEST : ~ `~~
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
BOARD OF COUNTY COMMISSIONERS
rev ~~' By : ~ _
Clerk to the Board of George Gates, Chairman _ ~.'
County Commissioners
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,~Johnnette Phillips, Commissioner
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Commissioner seconded adoption of the
foregoing resolut n. 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 ~~ ~~,~~~„ao~~ vote of the Board of
County Commissioners of the County of Eagle, State of Colorado.
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~' 82-236
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MEMORANDUM
EAGLE COUNTY ENGINEERING
TO: Maureen Amundson, Attorney's Office
FROM: John Althoff, Engineering~~~
DATE: June 5, 1996
RE: Arrowhead at Vail, Filing 16, Phase 2
Went up to Arrowhead on Tuesday, June 4, 1996 to review the site.
Appears that all of the work has held up fine during the two year
warranty period. Would suggest releasing all of the collateral
.d, held. The roads in phase 2 of Arrowhead at Vail, Filing 16 will be
privately maintained.
'~ xc: George Roussos
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EXHIBIT
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