HomeMy WebLinkAboutR91-019 partial return of collateral for Leto SubdivisionCommissioner (;it all, moved adoption
of the following Resolution:
BOARD OF COUNTY COMMISSIONERS
ifs COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 91 - -1I
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AUTHORIZING THE PARTIAL RETURN OF COLLATERAL
FOR LETO SUBDIVISION
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W'S WHEREAS, on or about January 9, 1991, The Board of County
ED Commissioners of the County of Eagle, State of Colorado (herein-
after "the Board "), entered into a Subdivision and Off -Site
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Improvements Agreement ( "the Agreement ") with James R. Leto, Sr.
U ( "Subdivider "), relative to Leto Minor Subdivision; and
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o WHEREAS, on December 10, 1990, by Resolution No. 90 -124, the
o Board authorized the drawing on the Letter of Credit submitted by
CL Subdivider as collateral to guarantee performance under the
Agreement, for the reasons set forth in said resolution; and
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r WHEREAS, said collateral was drawn in full in the amount of
U' $27,184.00, and was deposited into the Eagle County Treasury; and
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Z WHEREAS, Subdivider has represented that the improvements have
m o now been satisfactorily completed, and Subdivider requests that the
T) U collateral be partially returned to him at this time; and
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0 WHEREAS, staff of the County Engineering Department are
III satisfied that the improvements have been completed according to
the agreement and in compliance with the recommendations of the
structural engineer, and recommend that the collateral be returned
C I to Subdivider, except for ten percent to be retained for the
required two -year warranty period; and
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i' ` WHEREAS, based upon the written recommendation of the County
z Engineering Department, the Board finds that a reduction in
collateral is appropriate.
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a: NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
y COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO:
THAT, the sum of $24,465.60 be returned to Subdivider.
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THAT, the Eagle County Treasurer be directed to return this
sum to Subdivider, James R. Leto, Sr.
THAT, the sum of $2,718.40 be retained by the Eagle County
Treasurer for the two -year warranty period required under the
agreement.
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 March, 1991.
County Commissioners
COUNTY OF
EAGLE,
STATE OF
COLORADO,
By and
Throuah Its
BOARD OF
COUNTY
COMMISSIONERS
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By:
George ,"A.
Gates,
Chairman
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OWN
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Richard L. Gustafson,
Commissioner
Commissioner �r ,q -7 5 seconded adoption of the
foregoing resolution. The roll having been called, the vote was
as follows:
Commissioner Donald H. Welch
Commissioner George A. Gates�� w
Commissioner Richard L. Gustafson 4bie ,y 9'
This Resolution passed by vote of the Board of
County Commissioners of the County of Eagle, State of Colorado.
90 -05
444717 8 -548 P -776 03/05/91 07:O7 PG 2 OF
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