HomeMy WebLinkAboutR93-109 substitution of collateral for Phase I, filing 7, CodilleraCommissioner moved adoption
of the follow1hg Resolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 93-
SUBSTITUTION of COLLATERAL
"Phase I" of Filinct 7 -_
CORDILLERA SUBDIVISION
WHEREAS, pursuant to C.R.S. 30 -28 -137, the Board of County
Commissioners of the County of Eagle, State of Colorado ( "Board ")
entered into a Subdivision Improvements Agreement dated April 27,
1993 ( "Agreement ") with Stag Gulch Partners, a Colorado General
Partnership ( "Subdivider "), as a condition of final plat approval
for Filing 7, Cordillera Subdivision; and
WHEREAS, the Subdivider provided collateral in the form of a
plat restriction to guarantee the faithful completion of the public
improvements remaining in "Phase I" of the project; and
WHEREAS, Paragraph 2.4 of the Agreement allows the Subdivider
to provide Substitute Collateral in the form of a certain letter of
credit, together with an Enforceability Opinion, all as described
therein; and
WHEREAS, Subdivider has presented Irrevocable Letter of Credit
No. S9166359 issued by the New York Branch of Berliner Handels- and
Frankfurter Bank ( "BHF- Bank ") in favor of JLP Realty Corp.. in the
amount of $271,183.27 together with an Enforceability Opinion from
the Bank's counsel; and
WHEREAS, JLP Realty Corp. has approved the use of said Letter
of Credit by Subdivider as collateral for the project; and
WHEREAS, Subdivider requests a release of the plat restriction
for Phase 1, upon acceptance by the Board of said Letter of Credit.
THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS
OF THE COUNTY OF EAGLE, STATE OF COLORADO:
THAT, the Board accepts the above - described letter of credit
as substitute collateral for Filing 7, Phase 1, Cordillera
Subdivision and hereby releases the plat restriction for Phase 1.
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Sara J. Fisher Eagle County Clerk & Recorder 0.00
IN
THAT, all other provisions of the Agreement shall remain in
full force and effect.
THAT, this resolution shall be recorded in the Records of the
Eagle County Clerk and Recorder, which shall be evidence that the
plat note for Filing 7, Phase 1, Cordillera Subdivision, is
released.
MOVED, READ AND ADOPTED by the Board of County Commissioners
of the County of Eagle, State of Colorado, this day of
September, 1993.
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
BOARD OF COUNTY COMMISSIONERS
By; 1
George;' A. Gates, Chairman
hnnette Phillips, Commistioner
James E. Johnson, Jr.
Commissioner
commissioner r,_ _ seconded adoption of the
foregoing resoluti . The roll having been called, the vote was as
follows:
Commissioner George A. Gates T�
Commissioner Johnnette Phillips _
Commissioner James E. Johnson, Jr.
This Resolution passed by c —� vote of the Board of
County Commissioners of the County of Eagle, State of Colorado.
cord ? -l.sub
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County Commissioners