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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.