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R89-089 partial release of collateral for Blue Lake DevelopmentCommissioner moved adoption of the following Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 89 - Zjql I BLUE LAKE DEVELOPMENT COMPANY PARTIAL RELEASE OF COLLATERAL WHEREAS, pursuant to Section 30 -28 -137 C.R.S. 1973, as U G, amended, the Board of County Commissioners of the County of Eagle, y� State of Colorado ( "Board ") did, on or about April 25, 1984, enter i into a Subdivision Improvements Agreement.( "Agreement ") with Blue Lake Development Company ( "Subdivider "); and U a WHEREAS, in order to guarantee the faithful completion of tu�s� certain public improvements required under the Agreement, the Board �6� took as collateral, the Letter of Credit, dated July 25, 1989, in i the amount of 569,384.00, issued by Alpine Federal Savings and Loan Association of Steamboat Springs, Colorado, for the benefit of the m Board of County Commissioners, County of Eagle, State of Colorado; and o WHEREAS, the Subdivider has represented to the Board, and i members of the County staff have corroborated the Subdivider's CD representations, that a portion of the public improvements required under the Agreement have been satisfactorily completed; and Y� W; WHEREAS, Eagle County is authorized to release all but -J' $3,062.00 and ten percent or $6,938.00 of the original collateral " for completion of the public improvements required under the F' Agreement; and z C3 o, WHEREAS, pursuant to Section 6 of the Agreement, the M Subdivider has applied for partial release of its collateral in the W amount of $59,384.00. s c4 W NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY M COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO; mw! It Q THAT, based upon the :written recommendations of the Department Q.-J of Engineering, the Board finds that the Subdivider's obligations 0 under the Agreement have been satisfied and a reduction in the una collateral held by the Board is warranted. I w r-w ED z " _ �0 1 "7 C U c THAT, the Board hereby authorizes the partial release of collateral issued by Alpine Federal Savings and Loan Association of Steamboat Springs in the amount of $59,384.00 for performing obligations under the Agreement. THAT, the remainder of the money for the amount of $10,000 will be retained by the County as warranty for the work done for a period of one year from the date hereof, and until the remainder of revegetation work required in the original agreement is completed. 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, S ate of Colorado, at its regular meeting held the "' day of / _ 1989. COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOARD OF COUNTY rti Co tj ti 0� George A. Gates, Commissioner 411667 B -515 G -493 10/13/89 16:51 PG 2 OF 3 - Donald H. Welch, Commissioner Commissioner a0K T/ 4 /` seconded adoption of the foregoing resolution. The roll having been called, the vote was as follows: 411667 Commissioner Richard L. Gustafson Commissioner Donald H. Welch fig, Commissioner George A. Gates y This Resolution passed by A vote of the Board of County Commissioners of the County o Eag e, state of Colorado. B -515 P -493 10/13/89 16:51 PG 3 OF 3 V Lb CI