HomeMy WebLinkAboutR93-088 extension of reduction of collateral for Creamery Gulch RanchCommissioner moved adoption
of the follows. Resolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 93 - M
AUTHORIZING EXTENSION OF SUBDIVISION AND OFF -SITE IMPROVEMENTS
AGREEMENTS, AND THE SECOND REDUCTION OF-COLLATERAL
for
"FINAL PLAT of A RESUBDIVISION OF LOT 3"
and
"FINAL PLAT of A RESUBDIVISION OF TRACTS C and X"
CREAMERY GULCH RANCH
WHEREAS, on June 23, 1992, Frank J. Lynch, (hereinafter
"Developer "), entered into a Subdivision Improvements Agreement
with the County of Eagle, State of Colorado, by and through its
Board of County Commissioners ( "the "Board "), as a condition of
the Board's approval of the Final Plat of A Resubdivision of
Lot 3, Creamery Gulch Ranch (said Agreement and plat are recorded
in the records of the Eagle County Clerk and Recorder at Book
583, Page 275, and at Book 583, Page 585, respectively); and
WHEREAS, on September 15, 1992, Developer entered into a
second Subdivision Improvements Agreement (recorded in Book 589
at Page 701, and in Book 590 at Page 224) as a condition of the
Board's approval of the Final Plat of A Resubdivision of Tracts C
and X, Creamery Gulch Ranch (File No. PD- 231- 92 -F2); and
WHEREAS, the respective Subdivision Improvements Agreements
( "Agreements ") are also known as Phase I and Phase II of the work
collateralized by said respective Agreements, and said Agreements
required that the work set forth therein be completed on or
before July 31, 1993; and
WHEREAS, pursuant to the Agreements, Developer provided
security and collateral to guarantee the completion of the
required improvements in the form of a plat note on the Final
Plat for Phase I and on the Final Plat for Phase II, prohibiting
the sale or conveyance of any tract or lot within the respective
Resubdivisions until the improvements are complete; and
WHEREAS, by Resolution 92 -101, the Board accepted certain
letters -of credit as substitute collateral, found that certain
improvements had been completed, and authorized the release of
the plat restriction and a reduction in collateral, all as
provided in said resolution; and
r
WHEREAS, Developer represents, and County Staff have corrob-
orated Developer's representations, that additional improvements
have been completed in Phase I and Phase II, reducing the value
of the remaining work to the following figures:
Phase I Original Amount
Phase I work completed
Work Remaining
Phase II Original Amount
Phase II work completed
Work Remaining
REMAINING COLL
$439,191.97
- 367,161.97
$ 72,030.00
$176,255.72
- 71,385.72
$ 104,870.00
ATERAL REQUIRED $ 176,900.00
and
WHEREAS, Developer seeks a second release of collateral in
the amount of $118,975.69, thereby reducing his collateral to
$176,900.00; and
WHEREAS, Developer also requests an extension to the Phase I
and Phase II Agreements to July 31, 1994. .
WHEREFORE, the Board finds as follows:
1. THAT, additional improvements within Phase.I and
Phase II have been completed as represented, and an additional
release of collateral is warranted.
2. THAT, Developer has provided a new letter of credit in
the amount of $108,180.00, and has extended Letter of Credit
#874 - 1050 -E in the amount of $100,000.00 to August 9, 1993.
(Letters of Credit 874 - 1050 -C and 874 - 1050 -D have expired.)
3. THAT, the requested extension of the respective
Agreements is appropriate.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF THE COUNTY OF EAGLE, 'STATE OF COLORADO:
THAT, the Chairman be authorized and directed to sign an
extension to the respective Agreements.
THAT, upon receipt of said extension which has been executed
by Developer, and upon receipt by the County Attorney of a letter
of credit (or other form of collateral acceptable to the County
Attorney) for the full amount of $176,900.00, Letter of Credit
#874- 1050 -E shall be released.
Im
THAT, said extension and release shall not in any way
abrogate the rights of the Board in enforcing Developer's satis-
factory performance of his outstanding obligations under the
Agreements.
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 August, 1993.
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through its
BOARD OF COUNTY COMMISSIONERS
By:
George . Gates, Chairman
ohnnette Phillips,
n..,.,,n 4 e. o 4 ^ n o r
Commissioner seconded adoption of the fore-
going resolute The 11 having been called, the vote was as
follows:
Commissioner Gates X11
Commissioner Phillips
Commis sioner Johnson -..,,
This Resolution passed by
County;Commisskoners.of the County of Eagle,
vote of the Board of
State of Colorado.
c- dev \cremsub2.rel
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