HomeMy WebLinkAboutR88-076 Partial Release of Collateral for Cliffside Village CondosCommissioner ("-U e6,1 moved adoption
of the following Resolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 88- -749
CLIFFSIDE VILLAGE CONDOMINIUMS
FILE NO. 82 -301
PARTIAL RELEASE OF COLLATERAL
WHEREAS, pursuant to Section 30 -28 -237, C.R.S., the Board of
County Commissioners of the County of Eagle, State of Colorado
(hereinafter the "Board ") did, on or about July 20, 1987, entered
into a Subdivision Improvements Agreement (hereinafter "Agreement ")
with Western Savings and Loan Association (hereinafter
"Subdivider ") for Cliffside Village Condominiums; and
WHEREAS, in order to guarantee the faithful completion of
certain public improvements required under the Agreement, the Board
took as collateral, money, in the amount of 8120,000.00, deposited
in a Prime Money Fund Account, No. 007- 8604891, on August 24, 1987,
held by Silverado Banking, ::assigned to the Board of County
Commissioners of Eagle, State of Colorado; and
WHEREAS, on April 26, 1988 the Board released a partial amount
of collateral in the amount of $10,500.00 for partially performing
certain obligations under the Agreement, thereby reducing the Prime
Money Fund Account to $109,500.00; and
WHEREAS, the Subdivider has represented to the Board, and
members of the County staff have corroborated the Subdivider's
representations, that a portion of the public improvements required
under the Agreement have been satisfactorily completed; and
WHEREAS, pursuant to Paragraph 8 of the Agreement, the
Subdivider has applied for partial release of its collateral in the
amount of $60,000.00 for completion of the Cliffside Village
Clubhouse.
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 the
Subdivider's obligations under the Agreement have been partially
satisfied and a reduction in the collateral held by the Board is
warranted.
r
THAT, the Board hereby authorizes the partial release of
collateral held by Silverado Banking in the amount of 560,000.00
for partially performing certain obligations under the Agreement,
thereby reducing the Prime Money Fund Account to $49,500.00.
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, this day of
JIE
U,�e �AdP®
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
BOARD OF COUNTY COMMISSIONERS
By:
Geor A. Gates
Chairman
-Q�L D na H. Weld
Commissioner
Commissioner t4jz& j seconded adoption
of the foregoing resolution. The roll having been called, the vote
was as follows:
Commissioner
George A.
GatescP�
Commissioner
Donald H.
Welch��
Commissioner
Richard L.
Gustafson
This Resolution passed by vote of the Board of
County Commissioners of the county�le, State of Colorado.