HomeMy WebLinkAboutR93-059 partial release of collateral for The ReserveCommissioner moved adoption
of the £ollowi g Resol tion:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 93--,6q
ACCEPTING CERTAIN IMPROVEMENTS AS COMPLETE in re
THE RESERVE ON THE EAGLE RIVER SUBDIVISION,
and AUTHORIZING PARTIAL RELEASE OF COLLATERAL
WHEREAS, on or about June 26, 1988, the Board of County
Commissioners of the County of Eagle, State of Colorado
(hereinafter "the Board "), entered into an Amendment Of And
Assignment Of Subdivision Improvements Agreement ( "Agreement ")
concerning The Reserve on the Eagle River Subdivision
( "Subdivision ") with M & H Development Company, Inc.
( "Subdivider "), among other parties; and
WHEREAS, pursuant to the terms of said Agreement, Subdivider
provided collateral to the Board to guarantee faithful completion
of certain public improvements within the Subdivision, said
collateral in the form of a Letter of Credit in the amount of
$136,100.00; and
WHEREAS, the amount of collateral was amended by Resolution
91 -48, accepting certain Subdivision improvements as complete, and
authorizing partial release of collateral to $111,100.00; and
WHEREAS, by the provisions of Resolution No. 92 -59, the Board
authorized a further release of collateral in the amount of
$1,300.00, and authorized the County Attorney to approve an
additional release, thereby reducing said collateral to
$100,000.00; and
WHEREAS, the Subdivision Improvements Agreement will not
expire until December 31, 1993; however, Letter of Credit #8422745
issued by 1st Bank of Avon in the present amount of $100,000.00,
expires June 14, 1993; and
WHEREAS, Subdivider wishes to substitute $25,000.00 of
collateral ear - marked for "Bike Path Funding" by depositing said
amount in the County's collateral fund; and
WHEREAS, Subdivider represents that additional Subdivision
improvements have been completed, and has applied for another
partial release of its collateral, and desires to provide an
extension to the Letter of Credit named above in a reduced amount
which reflects the completed improvements, and the substitution of
collateral.
s
BASED upon the written recommendations of the Department of
Engineering (Exhibit "A "), the Board finds that the work required
under the Agreement is partially complete, and that a reduction of
collateral is warranted.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO:
THAT, based upon the written recommendations of the Department
of Engineering, 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.
THAT, the Board hereby authorizes the partial release of
collateral in the amount of $57,315.00, to the following amount:
Bike Path Funding (cash substitution of collateral) $ 25,000.00
Landscaping remaining to be done (Letter of Credit) 5,455.00
Paving overlay north of bridge (Letter of Credit) 5,500.00
10% retainage for warranty period for completed
items (Letter of Credit) $ 6,730.00
TOTAL REDUCED COLLATERAL $42,685.00
THAT, the release of collateral is contingent upon the
delivery to the Eagle County Attorney's Office by Friday, June 4,
1993, of a letter of credit (or extension to the above - described
Letter of Credit) in the amount of $17,685.00, plus a cash deposit
in the amount of $25,000.
THAT, if said collateral is not provided in a timely manner,
then the Board shall draw on the current Letter of Credit in the
amount of $42,685.00, prior to its expiration on June 14, 1993.
THAT, the Chairman of the Board of County Commissioners is
authorized to execute an appropriate Power of Attorney granting the
County Attorney or his designee(s) the authority to draw on said
Letter of Credit, should it become necessary.
THAT, the partial release of collateral granted hereby shall
not in any way abrogate the rights of the Board in enforcing the
Subdivider's performance of its outstanding obligations under the
Agreement.
THAT, this Resolution is necessary for the health, safety and
welfare of the County of Eagle, State of Colorado.
-2-
MOVED, READ AND ADOPTED by the Board of County Commissioners
of the County of Eagle, State of Colorado, this day of
June, 1993.
County Commissioners
Commis
going
follows:
us
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
BOARD OF COUNTY COMMISSIONERS
George A. Gates, Chairman
I
(/Johnnette
Commissioner Gates
Commissioner Phillips
Commissioner Johnson
This Resolution passed by vote of the Board of
County Commissioners of the County of Eagle, State of Colorado.
r \m &h.col 82 -331
-3-
MEMORANDUM
EAGLE COUNTY ENGINEERING
TO: Jim Fritze, County Attorney
FROM: Phill Scott, Engineering
DATE: May 19, 1993
RE: Reserve on the Eagle River
Your File No. 82 -331
3
Y
On Wednesday morning, May 19, 1993, I, along with John Althoff
from our office, met with Rob Haney of M &H Development Co., Inc.
on -site at the above - referenced subdivision to review work
completed since the last site inspection performed on June 10,
1992 by John and myself.
We found work completed as follows:
10%, Exhibit A 6 -10 -92
io
Item Amount Amount
Landscaping
38,300
Bus Shelter
300
3,000
Entry sign
Soo
5,000
Fencing
6 70
6,700
Pave unpaved area
31
31,400
Pave turnaround
(.'2_0
6,200
Pave 20' overlay
15-00
15,000
Pave overlay N. of
bridge
5,500
Bike Path funding
s _
25,000
6'730
T367100
Mr. Haney will supply a new
letter
$10,955.00:
12,000
3,000
5,000
0
31,400
3,100
15,000
5,500
25,000
100,000
of credit in th
e
Collaferal �o be provides( se�ara4ely,
cc: Larry Metternick � a
Rob Haney
F
TA
ile
5 -19 -93
Amount
5,455
0
0
0
0
0
0
5,500
0*
10,955 pluS IO�o 0-F
Comple+ed
amount of ' =
$ 17, logs