HomeMy WebLinkAboutR91-084 second partial release of collateral Cordillera #III463967 B -567 P-S45 11,/2,6,/91 10:56 PG 1 OF 2 REC DOC
JOHNNETTE PHILLIPS EAGLE COUNTY CLERK, COLORADO 0.00 0.00
U.
t Commissioner moved adoption
of the following Resolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 91 - P4
AUTHORIZING THE SECOND PARTIAL RELEASE OF COLLATERAL
CORDILLERA FILLING III, SQUAW CREEK ROAD
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
Investment Partners ( "Subdivider ") as a condition of final plat
approval of Cordillera Filling III, Squaw Creek Road; 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 $639,232.20,
which was held by the Eagle County Treasurer; and
WHEREAS, on or about October 8, 1991, Subdivider applied for
a partial release, and the Board complied by releasing $419,036.20,
for Squaw Creek Road, with resolution number 91 -80; and
WHEREAS, Subdivider had represented to the Board that certain
of the improvements are complete, and has applied for a second
partial release of collateral; and
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 $136,273.00, thereby reducing the
collateral to $83,923.00.
THAT, the Eagle County Treasurer is hereby requested and
directed to issue a warrant in the amount of $136,273.00 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 Commissioners
of the County of Eagle, State of Colorado, this day of
November 1991.
ATTEST:
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
BOARD OF COUNTY COMMISSIONERS
C,yerk to the Board of George A/ Gates,-Chairman
County Commissione s
S�
Donald H. "Welch, Commissioner
Richard L. Gustafson,
Commissioner
Commissioner seconded adoption of the
foregoing resolution. The roll have been called, the vote was as
follows:
Commissioner George A. Gates
Commissioner Donald H. Welch
Commissioner Richard L. Gustafson �,(��Q/
This Resolution passed by 4/y�,yr o d�oZ vote of the Board of
County Commissioners of the County of agle, State of Colorado.
87 -84
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