HomeMy WebLinkAboutR93-089 release of SIA and collateral for Arrowhead at VailCommissione ���
moved adoption
of the follow' g Resolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 93
In Re TENTH AMENDED SUBDIVISION IMPROVEMENTS AGREEMENT,
ARROWHEAD AT VAIL: Finding That Improvements are
Satisfactorily Completed, and Authorizing Release "of
Collateral
WHEREAS, on or about June 1, 1988, Arrowhead at Vail, a
Joint Venture ( "Subdivider ") entered into a Subdivision Improve-
ments Agreement with the Board of County Commissioners of Eagle
County, Colorado ( "Board ") entitled "Tenth Amended Subdivision
Improvements Agreement" ( "Tenth SIA ") . Said agreement was made
pursuant to Section 30 -28 -137, C.R.S., as a condition of final plat
approval for Filing 13, Arrowhead at Vail, and is recorded in
Book 488 at Page 693 in the records of the Eagle County Clerk and
Recorder; and
WHEREAS, in order to guarantee the faithful completion of
certain public improvements required under the Tenth SIA, the Board
accepted from Subdivider a Sixth Amended. Promissory Note in the
amount of $598,560.00, secured by a Sixth Amended Deed of Trust.
Said Deed of Trust is recorded in Book 488 at Page 697 in the
records of the Eagle County Clerk and Recorder; and
WHEREAS, Subdivider represents that the work summarized
in the Exhibit "A" to the Tenth SIA (attached hereto) is substan-
tially complete, and requests that the Sixth Amended Deed of Trust
be released, alleging as support for said request the following:
1. Subdivider requests that Terrel Creek Road, which
runs alongside Lot 9 in Filing 13 of the Subdivision, be removed
from its paving obligations, since said road accesses only the
Arrowhead Ski Mountain maintenance building and Lot 9 is the
parking lot which is accessed by another fully -paved road.
2. Subdivider represents that the remaining improve-
ments have been completed - and with the exception of Windemere
Cul -de -sac, all have survived all required warranty periods.
C C'_
3. Subdivider submits that Windemere Cul -de -sac will be
deeded to Arrowhead Metropolitan District; and that B & B Excavat-
ing, which did the work on Windemere Cul -de -sac, will warranty the
work; and that Subdivider will hold harmless Eagle County for any
failure to the work.
and
WHEREAS, staff of the County Engineering Department have
inspected the subject improvements, and have found them to be
satisfactorily completed and have observed no workmanship or
materials failures, and specifically find it to be appropriate that
Terrel Creek Road remain unpaved, and that the Board waive the
collateral for the warranty period for Windemere Cul -de -sac.
WHEREFORE, BASED UPON the oral and written recommen-
dations of the Department of Engineering, the Board finds that the
requirements of the Tenth SIA have been substantially satisfied,
and a release of the 6th Amended Deed of Trust is warranted.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO:
THAT, the requirements of the 10th SIA be amended as
follows:
1. Subdivider shall not be required to pave Terrel Creek
Road.
2. Collateral for the warranty period for Windemere Cul -de-
sac is hereby,waived, said guaranty being an obligation of B & B
Excavating and Arrowhead Metropolitan District.
THAT, the remainder of the improvements required by the
10th SIA are found to be complete.
THAT, the Board authorize the release of the 6th Amended
Deed of Trust referenced hereinabove, directing the Chairman to
sign the form required to' process said release.
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MOVED, READ AND ADOPTED by the Board of County Commis
sioners of the County of Eagle, State of Colorado, at its regular
meeting held the _ day of , l4U n_ L 1993.
By: _
Georg A. Gates, Chairman
Commissioner seconded adoption of the fore-
going resoluti n. TheV roll having been called, the vote was as
follows:
This Resolution passed by - Q vote of the Board of
County Commissioners of the County of Eagle, State of Colorado.
Commissioner Gates -- - - -�..
Commissioner Phillips _
Commissioner Johnson
PD- 139- 88 -F13
82- 236 -10th SIA
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COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
BOARD OF COUNTY COMMISSIONERS
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County Commissioners
r
J nnette Philli
C issioner