Loading...
HomeMy WebLinkAboutR96-121 reduction of collateral for Sorpis View Apartments Phases I, VI, VII and VIIICoamnissioner moved adoption of the followin Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 96 - ~_ RESOLUTION AUTHORIZING REDUCTION OF COLLATERAL SOPRIS VIEW APARTMENTS AS TO PHASES I, VI, VII AND VIII WHEREAS, on the 28th day of September, 1993, Clay Crossland and Paul Adams, doing business as Basalt Trade Associates (hereinafter "Subdivider") and the Board of County Commissioners of Eagle County, Colorado (hereinafter "Board") entered into a Subdivision Improvements Agreement (hereinafter "Agreement") concerning the development of Summit Vista, Lot 1, also known as Sopris View Apartments (hereinafter referred to as "Project"); and WHEREAS, pursuant to the Agreement the Subdivider provided the Board with collateral for those public improvements required under the Agreement in the form of Letters of Credit; and WHEREAS, the Project, which consists of approximately eight multi-family dwelling units, has been constructed in phases, each phase is referred to as a Parcel; and WHEREAS, all of the public improvements associated with the Project have been completed and several parcels have survived the warranty period and four parcels are currently under warranty (Parcels I, VI, VII, and VIII); and WHEREAS, certain of the improvements associated with the Parcels currently under warranty are not public improvements, but rather improvements for the benefit of the Project only; and WHEREAS, the Board desires to reduce the collateral associated with the improvements for Parcels I, VI, VII, and VIII, so that the Board will only hold collateral for those improvements deemed public for the duration of the warranty periods; and WHEREAS, the Subdivider requests a partial release of its collateral reducing the amount currently held by the County from $9,345.00 to $1,648.50; and WHEREAS, based upon recommendations of the County Attorney and the County Engineer, see Exhibit "A", attached hereto and incorporated herein by this reference, the Board authorizes the reduction of the collateral to $1,648.50 for those items set forth on Exhibit "A" for the duration of the warranty periods associated with Parcels I, VI, VII, and VIII. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY CO1~Il~lISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: THAT, based upon the recommendations of the County Engineer and the County Attorney, the Board hereby authorizes the release of collateral in the amount of $7,696.50, thereby reducing the collateral to $1,648.50 which amount represents ten percent (10%) of the public improvements items as set forth on Exhibit "A", which amount is to held for the duration of the warranty periods for Parcels I, VI, VII, and VIII. THAT, the warranty period for Parcel VIII expires on June 7, 1998, the warranty period for Parcel I, VI and VII expires on June 14, 1998, all as set forth in the Consent documents which commenced the warranty periods for these Parcels. MOVED, READ AND ADOPTED by the Board of County Commissioners of the County of Eagle, State of Colorado, at its regular meeting held the ~(~_ day of September, 1996. ATTEST : ~~' `"~ '~~ e ~" ~ ~ ~~!+ ~ 4d! ~'- ~ ~'nILO~~ Clerk to the Board of County Commissioners COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOARD OF COUNTY COMMISSIONERS By: George A. Gates, Chairman /1 A ___~~~ .i ~Johnnette Philli Commi ~~ E . Jolt ssioner Commissioner seconded adoption of the foregoing resolution. The roll having been called, the vote was as follows: Commissioner Gates Commissioner Phillips Commissioner Johnson This Resolution passed by p~ "~ vote of the Board of County Commissioners of the County of Eagle, State of Colorado. 84-152 mta/r/sopris.red MEMORANDUM EAGLE COUNTY ENGINEERING TO: Maureen Amundson, Attorney's Office FROM: John Althoff, Engineering DATE: August 27, 1996 RE: Sopris View Apartments Subdivision Improvements Agreement _____________________________________________ I have reviewed the Sopris View Apartments cost estimate for the eight phases of this project. Would suggest that the collateral for the warranty period be reduced to $1,648.50. Most of the items covered in the estimate are covered by a building permit and should not be covered by a Subdivision Improvements Agreement. Parking Lot 5% $ 804.00 Volleyball Court $ 100.00 Basketball Court $ 200.00 Bike Path S 544.50 $1,648.50 Half of the bike path and parking area have completed a two year warranty period so we are only holding 5% for these two items. xc: George Roussos Chrono/file IXHIBIT