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R89-072 partial release of collateral for ColorowCommissioner C/� moved adoption ollow of the f ng Reso utI ion: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 89 --rlz COLOROW SUBDIVISION PARTIAL RELEASE OF COLLATERAL WHEREAS, pursuant to Section 30 -28 -237 C.P..S., the Board of County Commissioners of the County of Eagle, State of Colorado ( "Board ") did, on or about April 18, 1988, enter into a Subdivision Improvements Agreement ( "Agreement ") with Harlan A. Eckhardt; Howard E. Katzman and Shirley Katzman; Robert Barker and Karin Barker; Carl Berman and Ann Berman; Peter Schlessinger; Philip R. Conners; Leslie S. Shapiro and Maureen Shapiro; Marlan E. Gamber and Victoria A. Gamber; Steven Roosa; Vail National Bank; and Gerald Rea ( "Subdivider "); and WHEREAS, in order to guarantee the faithful completion of certain public improvements required under the Agreement, the Board took as collateral, several Letters of Credit and formed the C010rOW Off -Site Road Improvement Fund for the benefit of the Board of County Commissioners, County of Eagle, State of Colorado; and WHEREAS, the Subdivider has represented to the Board, and members of the County staff have corroborated the Subdivider's representations, that the portion of public improvements required tinder Exhibit A of the original Agreement have been satisfactorily completed; and WHEF'EAS: Eagle County is authorized to release the sum of One - Tf;0U5a.lid- Five -Hit ihdred Dcllars �S15 for completion of a portion L the pilbl i:- 1`ilprCveme. ^. ,.s re Q'.11red under the Agr eerie l:t: and NOW, T?EREFOP.E, FE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF .'OLORADC, THAT, based :y o n the written recommendations of the Department of Engineering, the Board finds that the portion of the Subdivider 's cbligations under the requirements of Exhibit A of the original Agreement have been satisfied and a reduction in the collateral held by the Board is warranted. -1- THAT, the Board hereby authorizes the partial release of collateral in the amount of $1500 for performing obligations under the Agreement. THAT, the partial release of collateral granted hereby does not in any way abrogate the rights of the Board in enforcing the Subdivider's performance of its outstanding obligations under the Agreement. 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. MOVED, READ'AND ADOPTED by the Board of County Commissioners of the County of Eagle, State of Colorado, at its regular meeting held the day of ,I, , 1989. ' 1 COUNTY OF EAGLE, STATE OF COLORADO, By and Thh] :�h Its BOARD OF COUNTY ATTEST: COMMIS OSY HERS\ , Lairman Donald H. Welch, Commissioner 4Z&-f s x- A Georg A. Gates, Commissioner Commissioner seconded adoption of the foregoing resolution. Tile fol having been called, the vote was as follows: Commissioner Richard L. Gustafson Commissioner Donald H. Welch (j( Commissioner George A. Gates This Resolution passed by f'/j4QI t4 vote of the Board of County Commissioners of the County Eag e, State of Colorado. -2-