HomeMy WebLinkAboutR91-090 Fourth partial release of collateral for River Ranch?a
Commissioner 1c/ ul" moved adoption
of the following Resolution:
BOARD OF COUNTY
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 91- /d
AUTHORIZING THE FOURTH PARTIAL RELEASE OF COLLATERAL
RIVER RANCH SUBDIVISION
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
condition of final plat approval of River Ranch Subdivision; and
WHEREAS, in order to guarantee the faithful completion
of certain public improvements required under the Agreement, the
Board accepted as collateral the following Irrevocable Letters of
Credit dated November 17, 1989, issued by Pitkin County Bank &
Trust:
Letter of Credit No. 1162 $382,614.00
Letter of Credit No. 1163 144,375.00
and
WHEREAS, by Resolution No. 90 -31, the Board authorized
a reduction in collateral in the amount of $144,375.00, and
released Letter of Credit No. 1163; and
WHEREAS, by Resolution No. 90 -54, the Board authorized
an additional reduction of collateral in the amount of $160,757.00;
and
WHEREAS, by Resolution No. 91 -21, the Board authorized
an additional reduction of collateral in the amount of $116,371.00;
and
WHEREAS, the Subdivider has represented to the Board,
and members of the County staff have corroborated the Subdivider's
representations, that $8,000.00 should be retained for the shoulder
graveling plus retainage for the correction period should be 10%
of the road work costs or $10,049.00; and
WHEREAS, based upon the written recommendations of the
Eagle County Department of Engineering, the correction period be
extended to three years; and
WHEREAS, the Subdivider has applied for a further
reduction in collateral in the amount of $87,437.00.
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 $87,437.00, thereby reducing the
collateral to $18,049.00.
THAT, the partial release of collateral granted hereby
shall not in any way abrogate the rights of the Board in enforcing
the Subdivider's performance of its 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 November, 1991.
ty Commissioners
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COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
BOARD OF COUNTY COMMISSIONERS
_o g_ .
Donald R. Welch, Commissioner
Richard L. Gustafson,
Commissioner
Commissioner LA seconded adoption of the
foregoing resoluti n. The roll having been called, the vote was
as follows:
Commissioner Donald H. Welch
Commissioner George A. Gates
Commissioner Richard L. Gustafson ! ��
This Resolution passed by ';�-b vote of the Board of
County Commissioners of the County of Eagle, State of Colorado.
#89 -115
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