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R89-066 partial release of collateral for Fitzsimmons motor companyCommissioner Q moved adoption of the following Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 89- FITZSIMMONS MOTOR COMPANY BUILDING PERMIT NO. 3442 PARTIAL RELEASE OF COLLATERAL WHEREAS, on or about April 4, 1988, the Board of County Commissioners of the County of Eagle, State of Colorado (hereinafter the "Board ") did issue a Building Permit #' 3442 to Fitzsimmons Motor Company (hereinafter "Fitzsimmons "); and WHEREAS, in order to guarantee the faithful completion of the certain public improvements required under permit, the Board took as collateral, Letter of Credit #49 in the amount of $1,945.00 issued by Alpine Bank of Basalt, assigned to the Board of County Commissioners of Eagle, State of Colorado; and WHEREAS, Fitzsimmons has represented to the Board, and members of the County staff have corroborated Fitzsimmon's representations, that the public improvements required under the building permit have been satisfactorily completed; and WHEREAS, Fitzsimmons has applied for release of its collateral in the full amount for completion of the public improvements. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: THAT, based upon the oral and written recommendations of the Department of Community Development, the Board finds that Fitzsimmons obligations under Building Permit - have been satisfied and a reduction in collateral held by the Board is warranted. THAT, the Board hereby authorizes a partial release of collateral held by Alpine Bank in the amount of 51,750.50 for performing certain obligations under Buildina Permit 1 4 1 1 442., thereby reducing the Letter of Credit to 5194.50. THAT, the remaining collateral in the amount of S194.50 shall be kept by the Board for a one year warranty period to guarantee the work that has been completed. J THAT, the Board finds, determines and declares that this Resolution is necessary for the public health, safety and welfare of the citizens of the County of Eagle, State of Colorado. of MOVED, READ AND ADOPTED by the Board of County Commissioners the County of Eagle, Sta" of Colorado, at its regular meeting t.2i , 1939. COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOARD OF COUNTY COMMISSIONERS By: Chairman on ` o� W el U Donal H. Welc Commissioner "v X/01 GeorgA A. Gates Commissioner Commissioner / P-X seconded adoption of the foregoing resolution. The roll having been called, the vote was as follows: Commissioner Richard L. Gustafson Q/jsp�j Commissioner Donald H. welch Commissioner George A. Gates This Resolution passed by A O vote of the Board of Count,: Commissioners of the County of Eagle, State of Colorado.