HomeMy WebLinkAboutR91-021 Third partial release of collateral for River Ranchy
Commissioner C� 9�se,) moved adoption
of the following Resolution:
BOARD OF COUNTY
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 91 --
AUTHORIZING THE THIRD PARTIAL RELEASE OF COLLATERAL
RIVER RANCH SUBDIVISION
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q WHEREAS, on or about November 20, 1989, pursuant to
Section 30 -28 -137, C.R.S., the Board of County Commissioners of the
County of Eagle, State of Colorado ( "Board ") entered into a Sub-
division Improvements Agreement ( "Agreement ") with River Ranch
Partners (Steven J. Conger, General Partner) ( "Subdivider ") as a
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WHEREAS, in order to guarantee the faithful completion
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of certain public improvements required under the Agreement, the
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Board accepted as collateral the following Irrevocable Letters of
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dated November 17, 1989, issued by Pitkin County Bank &
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Credit
the electric, natural gas and telephone
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completed; and
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Letter of Credit No. 1162 $382,614.00
Letter of Credit No. 1163 144,375.00
WHEREAS, the
Subdivider has applied for a further
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and
reduction in collateral
in the amount of $116,371.00; and
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WHEREAS, by Resolution No. 90 -31, the Board authorized
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a reduction in collateral in the amount of $144,375.00, and
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released Letter of Credit No. 1163; and
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WHEREAS, by Resolution No. 90 -54, the Board authorized
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an additional reduction of collateral in the amount of $160,757.00;
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and
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WHEREAS, the
Subdivider has represented to the Board,
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and members of the County staff have corroborated the Subdivider's
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representations, that
the electric, natural gas and telephone
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improvements required under the Agreement have been satisfactorily
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completed; and
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WHEREAS, the
Subdivider has applied for a further
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reduction in collateral
in the amount of $116,371.00; and
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WHEREAS, based upon the written recommendations of the
Eagle County Department of Community Development,
THE BOARD FINDS that the Subdivider's obligations under
the Agreement have been partially satisfied, and a further
reduction in the collateral held by the Board is warranted.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO:
THAT, the Board hereby authorize an additional release
of collateral in the amount of $116,371.00, thereby reducing the
collateral to $105,486.00.
THAT, the partial release of collateral granted hereby
shall not in any way abrogate the rights of the Board in enforcing
the Subdivider's perf
the Agreement.
MOVED, READ
sioners of the County
day of March, 1991.
445025
)rmance of its outstanding obligations under,
AND ADOPTED by the Board of County Commis-
of Eagle, State of Colorado, this
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
BOARD OF COUNTY COMMISSIONERS
By:
rk to the Board of G rg A. Gates, Chairman
County Commissioners
B -548 P -884
03/07/91 11.41
-2-
PG c OF 3
Commissioner seconded adoption of the
foregoing resolution. The roll having been called, the vote was
as follows:
Commissioner
Donald H.
Welch
Commissioner
George A.
Gates
Lf /
Commissioner
Richard L.
Gustafson
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This Resolution passed by vote of the Board of
County Commissioners of the County of Eagle, State of Colorado.
#89 -115 of
445825 8 -548 G -884 03/07/91 11:41
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FAG 3 OF 3
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