HomeMy WebLinkAboutR91-053 third reduction in collateral for Elliott Ranch PUDCommissioner l�!(S%f�s �%! moved adoption
of the following Resolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 91-
THIRD REDUCTION IN COLLATERAL
ELLIOTT RANCH PUD
WHEREAS, on or about October 10, 1
Commissioners of the County of Eagle,
Board ") , entered into a Subdivision
( "Agreement ") with David E. Edeen
( "Subdividers "), as a condition of final
Ranch PUD; and
989, the Board of County
State of Colorado ( "the
Improvements Agreement
and Jessie L. Edeen
plat approval of Elliott
WHEREAS, as collateral to guarantee the faithful completion
of the improvements set forth in said Agreement, the Board accepted
a series of Irrevocable Letters of Credit totaling $9,439.72; and
WHEREAS, by Amendment to the Agreement ( "Amendment ") dated
October 10, 1990, said collateral was reduced to $8,580.00; and
WHEREAS, by Resolution No 90 -122, the Board authorized a
reduction in collateral to $6,580.00; and
WHEREAS, Subdividers have represented that the landscaping
improvements are complete, and there are no further improvements
remaining to be constructed; and
WHEREAS, the County Engineering Department has inspected these
improvements, and corroborates Subdividers' representations, and
recommends that the collateral be reduced to ten percent of the
collateral required by the Amendment for the two -year warranty
period.
BASED on the recommendation of County staff, the Board finds
that all improvements have been completed and that a reduction in
collateral is warranted.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO:
I
THAT, the Board hereby authorizes a further release of
collateral in the amount of $5,722.00, thereby reducing the
collateral to $858.00, for the two -year warranty period required
by the Agreement.
THAT, the partial release of collateral granted hereby shall
not in any way abrogate the rights of the Board in enforcing the
Subdividers' performance of their outstanding obligations 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 4�F day of July, 1991.
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
BOARD OF COUNTY COMMISSIONERS
By:
Clerk to the Board of George Gates Chairman
County Commissioners
Dona
Richard L. GyY tafson,
Commissioner A"w seconded adoption of the
foregoing resolution. The roll having been called, the vote was
as follows:
Commissioner
Donald H.
Welch
?�- p,
Commissioner
George A.
Gates
,e�_
Commissioner
Richard L.
Gustafson
,4:4
This Resolution passed by a&
ff gs vote of the Board of
County Commissioners of the County of Eagle, State of Colorado.
83 -153
-2-