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R85-53 deletion of plat restriction for the Terrace` , Commissioner moved adoption �a of the follawing Resolution BOARD OF COUNTY COMMISSIONERS LE i;''i. �'�i_CORDF;i COUNTY OF EAGLE, STATE OF COLORADO 2. 37 Q ° RESOLUTION NO. 85- 4� 3 DELETION OF PLAT RESTRICTION AS THE SAME RELATES TO THE TERRACE, FILING NO. I, COUNTY OF EAGLE, STATE OF COLORADO WHEREAS, Eighty Eight Acres, Ltd., a Colorado limited partnership, hereinafter referred to as the "Subdivider ", on or about February 26, 1985, entered into a Subdivision Improvements Agreement with the Board of County Commissioners of the County of Eagle, State of Colorado hereinafter referred to as the "Board "; and WHEREAS, pursuant to the aforementioned Agreement, the Subdivider provided collateral by means of a plat restriction on the final plat of The Terrace, Filing No. I recorded in Book 414 at Page 471 of the real property records of the County of Eagle, State of Colorado, to guarantee faithful performance and completion of certain public improvements identified within the subject Subidivision Improvements Agreement; and follows: WHEREAS, the above - described plat restriction provided as "THIS PLAT AND THE LOTS DESCRIBED HEREIN IS SUBJECT TO THE FOLLOWING RESTRICTION: (a) SUBDIVISION IMPROVEMENTS AGREEMENT. There shall be no sales, leases, or any other form of conveyance of the real property described on this plat without permission of The Board of County Commissioners, nor shall building permits be issued for the above described real property until such time as this restriction shall be deleted by The Board of County Commissioners. "; and WHEREAS, Section 3 of the subject Subdivision Improvements Agreement provides the Subdivider may at any time, substitute the collateral originally deposited with the Board for another form of collateral acceptable to the Board to guarantee the faithful completion of the required public improvements and the performance of the terms of the subject Subdivision Improvements Agreement; and WHEREAS, the Subdivider has annexed the above described real property to the Town of Eagle, and the Board has agreed to assign the Subdivision Improvements Agreement to the Town of Eagle, and any substitute collateral shall be given to the Town of Eagle, except for the letter of credit in the amount of Ten Thousand One Hundred Twenty -Nine Dollars and no cents ($10,129.00), which shall still be given to the County of Eagle, to secure off -site road improvements; and WHEREAS, the Subdivider has requested the Board to delete the aforementioned plat restriction as it relates to The Terrace, Filing No. I; and WHEREAS, the Subdivider has substantially completed a number of the public improvements required within The Terrace, Filing No. I and is requesting a reduction in the collateral amount to reflect the same from the Town of Eagle. For those public improvements remaining to be completed within Filing No. I, the Subdivider will give the Town of Eagle an `n� irrevocable letter of credit in the amount of �' no cents fort one - ihoy�nSL m'19 WHEREAS, in conjunction with The Terrace, Filing No. I, the purpose of the aforementioned plat restriction has been satisfied and CO E adequate security has been given to guarantee and secure the completion of all remaining public improvements required under the subject Subdivision Improvements Agreement. NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: THAT, the plat restriction appearing on the final plat of The Terrace, Filing No. I recorded in Book 414 at Page 471 of the real property records of the County of Eagle, State of Colorado, hereinabove more fully set forth, be, and the same hereby is deleted. THAT, the deletion of the plat restriction set forth herein shall not, in anyway, be construed as releasing Eighty Eight Acres, Ltd. from the obligations and agreements within that certain Subdivision Improvements Agreement dated February 26, 1985, between Eighty Eight Acres, Ltd. and the Board relative to The Terrace, Filing No. I. THAT, the Board hereby finds, determines and declares that this Resolution is necessary for the public health, welfare, and safety of the citizenry 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 opj. C.� , 1985. ATTEST, By,,:' Ja - o the o Couni�y'Commissioners .. o COUNTY OF EAGLE, STATE OF COLORADO By and Through its BOARD OF C TY COMMISSIONERS By: Davi7d E. Mott, Chairman Richard L. Gustafson, Commissioner Donal H: Welcb, o issioner