HomeMy WebLinkAboutR91-080 partial release of collateral for Cordillera Filing IIICommissioner a4L(f -PE O A� moved adoption
of the following Resolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 91- 90
AUTHORIZING THE PARTIAL RELEASE OF COLLATERAL
CORDILLERA FILING III
WHEREAS, on or about August 27, 1991, 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 Subdivision
Improvements Agreement ( "Agreement ") with Kensington Land Invest-
ment Partners ( "Subdivider ") as a condition of final plat approval
of Cordillera Filing III; and
WHEREAS, in order to guarantee the faithful completion
of certain public improvements required under the Agreement, the
Board accepted as collateral a cash deposit in the amount of
$883,992.00, which is being held by the Eagle County Treasurer; and
WHEREAS, Subdivider has represented to the Board that
certain of the improvements are complete, and has applied for a
partial release of the collateral; and
WHEREAS, members of the County staff have corroborated
the Subdivider's representations that certain of the improvements
are complete, and recommend that a partial release of collateral
be authorized.
Based upon the oral and written recommendations of the
Department of Engineering, THE BOARD FINDS that the Subdivider's
obligations under the Agreement have been partially satisfied, and
a 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 the partial release of
collateral in the amount of $599,959.67, thereby reducing the
collateral to $284,032.33.
3
THAT, the Eagle County Treasurer is hereby requested and
directed to issue a warrant in the amount of $599,959.67 to the
Subdivider.
THAT, the partial release of collateral granted hereby shall
not in any way abrogate the rights of the Board in enforcing the
Subdivider's performance of his outstanding obligations under the
Agreement.
MOVED, READ AND ADOPTED by the Board of County Commis-
sioners of the County of Eagle, State of Colorado, this
day of October, 1991. T
County Commissioners
Commission
foregoing
as follows:
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
BOARD OF COUNTY COMMISSIONERS
By: r2_, �
George . Gates, Chairman
Commissioner
Donald H.
Welch
Commissioner
George A.
Gates
G, .P_
Commissioner
Richard L.
Gustafson%
This Resolution passed by G{,{���/.'��q/��c vote of the Board of
County Commissioners of the County of Eagle, State of Colorado.
#87 -84
-2-