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