HomeMy WebLinkAboutR91-081 partial release of collateral for aspen mountain view/Summit/Oakridge IIICommissioner lcJQi moved adoption
of the following Resolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 91 -- F1
AUTHORIZING THE PARTIAL RELEASE OF COLLATERAL
ASPEN MOUNTAIN VIEW, THE SUMMIT AND
OAKRIDGE III
WHEREAS, on or about October 1, 1990, 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 Summit View, Inc. ( "S-
ubdivider") as a condition of final plat approval of Aspen Mountain
View, The Summit and Oakridge III; 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. 1176
issued by Pitkin County Bank & Trust Company, in the amount of
$293,138.92; and
WHEREAS, the subdivider agreed to complete the project
by October 31, 1991, pursuant to Section 1.1 of the Subdivision and
Off -Site Improvements Agreement with Summit View, Inc. dated
October 1, 1990; and
WHEREAS, the Subdivider has represented to the Board,
and members of the County staff have corroborated the Subdivider's
representations, that a portion of the public improvements required
under the Agreement have been satisfactorily completed; and
WHEREAS, the Subdivider has applied for partial release
of his collateral in the amount of $173,135.06.
Based upon the oral and written recommendations of the
Department of Community Development, THE BOARD FINDS that the
Subdivider's obligations under the Agreement have been partially
satisfied, and that a project deadline extension and reduction in
the collateral held by the Board is warranted.
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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 $173,135.06, thereby reducing the
collateral to $38,284.86 for On Site subdivision improvements, and
$81,719.00 for Off Site (Upper Cattle Creek Road) improvements.
THAT, the Aspen Mountain View, The Summit and Oakridge
III deadline of October 31, 1991, be extended to October 31, 1992.
THAT, the partial release of collateral and deadline
extension 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.
County Commissioners
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
BOARD OF COUNTY COMMISSIONERS
By: Z9 & r �, tea, i
Geoge Ga es, Chairman
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Commissioner 0 seconded adoption of the
foregoing resolution. The roll having been called, the vote was
as follows:
Commissioner Donald H. WelchC�
Commissioner George A. Gates ,+-
Commissioner Richard L. Gustafson y
This Resolution passed by vote of the Board of
County Commissioners of the County of Eagle, State of Colorado.
#82 -237
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