HomeMy WebLinkAboutR94-097 final release for BLue Lake Filing 2- 541817-
ATI _ , NEY' S OFFICE
PL Commissioner s moved adoption
of the followin Reol oon:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 94 -
BLUE LAKE P.U:D, FILING NO. 2
FINAL RELEASE OF COLLATERAL
WHEREAS, on or about August 9, 1989, 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 Improve-
ments Agreement ( "Agreement ") with Vantex Enterprises, Inc., dba
Blue Lake Development Company ( "Subdivider ") as a condition of
final plat approval of Filing No. 2 of the Blue Lake Planned Unit
Development; and
WHEREAS, in order to guarantee the faithful completion of
certain public improvements required under the Agreement, the Board
accepted as collateral Irrevocable Letter of Credit No. 8329388004-
1577808 issued by Bank One, Texas, in the amount of $778,400.00;
and
WHEREAS, by Resolutions No. 90 -11, No. 90 -71, 90 -79 and 92 -64,
the Board found that certain of the public improvements required by
said Agreement were complete, and authorized a reduction in
collateral to $19,325.00 for the remaining two year warranty period
on the improvements; and
WHEREAS, Subdivider has represented to the County and the
Eagle County Department of Engineering concurs (Exhibit A), the
improvements have been inspected and no workmanship or materials
failures have been observed.
BASED UPON the oral and written recommendations of the Eagle
County Department of Engineering, the Board finds that the
improvements required by the Agreement are complete and have
survived the warranty period and a full and final release of the
collateral is appropriate.
541818 B -645 P -774 07/20/94 04:18P PG 1 OF 3 REC DOC
Sara J. Fisher Eagle County Clerk & Recorder 0.00
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F' ¢
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, as evidenced by an Assignment of Certificate of
Deposit # 0108414756, in the amount of $19,325.00.
MOVED, READ AND ADOPTED by the Board of County / C ! o j mm�issioners
of the County of Eagle, State of Colorado, this day of
T..I — Illl A
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1 .
Commissioner seconded adoption of the
foregoing resolution. The roll having been called, the vote was as
follows:
Commissioner Johnnette Phillips 04e
Commissioner James E. Johnson, Jr. ,g
Commissioner George A. Gates _
This Resolution passed by 3 - 0 vote of the Board of
County Commissioners of the County of Eagle, State of Colorado.
Blulak2.red #84 -33 nl
541818 B - 645 P -774 07/20/94 0 PG 2 OF 3
�Is/t�.Pi • �W
George A. Gates, Commissioner
MEMORANDUM
EAGLE COUNTY
TO: Nancy Lewis, Attorney's Office
FROM: Phill Scott, Engineering ✓l�
DATE: June 28, 1994 I/
RE: Blue Lake Filing 2
On Thursday, June 2, 1994, I inspected the improvements constructed
and collateralized as part of the above - referenced development.
We observed no workmanship or materials failures. We recommend
remaining collateral of $22,675.00 we were holding for the four
year correction period be released.
541818 B -645 P -774 07/20/94 04:18P PG 3 OF 3
CC: Larry Metternick
File