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HomeMy WebLinkAboutR96-162 final release of collateral for Sopris View Apartments Parcels IV and VCommissioner moved adoption of the following Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION N0. 96-16 AUTHORIZING THE FINAL RELEASE OF COLLATERAL AND TERMINATION OF THE WARRANTY PERIOD FOR SOPRIS VIEW APARTMENTS -- PARCELS IV AND V WHEREAS, on September 28, 1993, the County entered into a Subdivision Improvements Agreement ("SIA"), recorded at Book 620 at Page 652 in the records of the Eagle County Clerk and Recorder, (hereinafter "Agreement"), with Basalt Trade Associates (hereinafter "Subdivider"), as a condition of the County's final plat approval for Summit Vista Lot 1, Resubdivided as Sopris View Apartments; and WHEREAS, in order to guarantee the faithful completion of certain public improvements required under the Agreement, the Board acG,epted collateral sufficient in the judgment of the County Attorney to guarantee the completion of public improvements associated with Parcels IV and V; and WHEREAS, by Eagle County Resolution No. 94-201 the Board commenced the two year warranty period for Parcels IV and V and set the expiration date to December 6, 1996; the Board further retained $1,742.00 or ten percent of the original cost estimate for each Parcel, which amount was held for the duration of the warranty period; and WHEREAS, Subdivider has represented that the subdivision improvements for Parcels IV and V have satisfactorily survived the warranty period; and WHEREAS, the Engineering Department states that the work is complete and acceptable and recommends full release of the collateral and the termination of the warranty period, see Exhibit "A", attached hereto and incorporated herein by this reference. 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 in the amount of $1,7420.00 and the termination of the warranty period for Phase IV of Sopris View Apartments. THAT, the Board hereby authorizes the full and final release of collateral in the amount of $1,7420.00 and the termination of the warranty period for Phase V of Sopris View Apartments. THAT, this document shall be recorded in the Records of the Eagle County Clerk and Recorder, which shall be evidence that the warranty period for Parcels IV and V of Sopris View Apartment has been successfully completed and that the Subdivider's obligations under the Agreement are complete, in regards to Parcels IV and V only. MOVED, READ AND ADOPTED by the Board of County Commissioners of the County of Eagle, State of Colorado, at its regular meeting held the ~jQ~, day of December, 1996. :~.~ ~~~, ATTEST : ~~`'°`~" ' `' ~' ~~ ~;tH' F'~ ;z''`it" ~ ~~ '~~. ,~_~~~ , ~isr -:,~ ., . ::;~ ~` '~ r Clerk to the hoard of County Commissioners COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOARD OF COUNTY COMMISSIONERS By: , George Gates, Chairman ohnnet~e Phil 'ps, Comm's~r Commissioner ~~Llp~ seconded adoption of the foregoing resolution. T~tie roll having been called, the vote was as follows: Commissioner Gates a,~,j,L Commissioner Phillips ~~,,,`, Commissioner Johnson This Resolution passed by _~~ ~~ vote of the Board of County Commissioners of the County of Eagle, State of Colorado. mta\r\soprisIV.ter #84-152 MEMORANDUM EAGLE COUNTY ENGINEERING TO: Maureen Amundson, Attorney's Office FROM: John Althoff, Engineering ~1 DATE: December 26, 1996 RE: Sopris View Apartments, Phases IV and V The public improvements for phases IV and V have successfully completed the warranty period. Would suggest closing out the Subdivision Improvements Agreement. The County will not be maintaining any public improvements associated with phases IV and V of this project. xc: George Roussos Chrono/file EXHIBIT