HomeMy WebLinkAboutR94-010 first partial release for Cordillera Filing 5 - Golf CourseCommissione moved adoption
of the followi g Resol ion:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
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RESOLUTION NO. 94 - _,ZL) �
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FIRST PARTIAL RELEASE OF COLLATERAL
Filing 5
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CORDILLERA SUBDIVISION
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Golf Course
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WHEREAS, the Board of County Commissioners of the County of
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Eagle, State of Colorado ( "Board ") entered into a Reclamation
Agreement dated December 9, 1991 ( "Agreement ") with Kensington Land
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Investment Partners, ( "Permittee"), as a condition of approval of
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County Resolution No. 91 -62 - "Special Use Permit for Site
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Preparation and Grading of an 18 -Hole golf Course Upon the Former
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Fenno Ranch, Squaw Creek Drainage, Eagle County, Colorado" and for
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reclamation of golf course work.
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WHEREAS, the Subdivider provided collateral in the form of
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Letter of Credit No. 58102159 in the amount of $252,000.00 with an
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expiration date of August 31, 1994; and
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WHEREAS, Subdivider has represented to the Board, and members
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of the County staff have corroborated the Subdivider's
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representations, that reclamation required under the Agreement has
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been partially completed in a satisfactory manner (Exhibit A);
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WHEREAS, the Subdivider has requested a reduction in the
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amount of $226,800.00, leaving a balance of $25,200 (10% of the
original amoung) to be collateralized under a new Letter of Credit
acceptable to the Board (Exhibit B).
Based upon the oral and written recommendations of the County
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staff, THE BOARD FINDS that the Subdivider's obligations under the
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Agreement have been partially satisfied.
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NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
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COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO:
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THAT, a reduction in the collateral in the amount of
$226,800.00 for a balance of $25,200 is granted.
THAT, all other provisions of the Agreement shall remain in
full force and effect.
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MOVED, READ AND ADOPTED by the Board of County Commissioners
of the County of Eagle, State of Colorado, this /D day of
January, 1994. �
ATTEST:
Commissioner
foregoing res
follows:
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
BOARD OF COUNTY COMMISSIONERS
By: d i/ 7
4zg' - rz
orge A. G�tt / Chairman p
Jobbnette Phillips, Commissioner
Commissioner George A. Gates
Commissioner Johnnette Phillips
Commissioner James E. Johnson, Jr.
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This Resolution passed by '3-C) vote of the Board of
County Commissioners of the County of Eagle, State of Colorado.
r \filing5.par
525802
B - 629 P -742 01/11/94 03:08P PG 2
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County Commissioners