HomeMy WebLinkAboutR93-135 substitution of collateral for Arrowhead at Vail filing 13
Commissioner moved adoption
of the following Resolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 93- /,-
SUBSTITUTION of COLLATERAL
"Phase I" of Filing 16 -
ARROWHEAD AT VAIL
'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 July 6,
1993, ( "Agreement ") with Arrowhead at Vail, a Colorado Joint
Venture ( "Subdivider "), as a condition of final plat approval for
Filing 16, Arrowhead at Vail; 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 1 of the project; and
WHEREAS, Subdivider has represented that the subdivision
improvements for Phase 1 have been satisfactorily completed; and
WHEREAS, Paragraph 2.4 of the Agreement allows the Subdivider
to provide Substitute Collateral in a form acceptable to the
County, all as described therein; and
WHEREAS, pursuant to paragraph 1.7 of the Agreement, the
estimated cost of the subdivision improvements for Phase 1 was
$497,794.00; and
WHEREAS, Subdivider requests a release of the plat restriction
for Phase 1 and a reduction in collateral to $49,779.40 or 100 of
the estimated cost of the improvements; and
WHEREAS, Subdivider has presented for acceptance by the Board
Irrevocable Letter of Credit No. 901 -4780 issued by 1st Bank of
Avon in favor of Arrowhead at Vail in the amount of $49,779.40; and
BASED upon the written recommendations of the Department of
Engineering (Exhibit A) the Board finds that the work required
under the Agreement is complete, and ghat a reduction of collateral
is warranted.
521069 B -625 P -5 11/16/93 10:50A PG 1 OF 2 REC DOC
Sara J. Fisher Eagle County Clerk & Recorder 0.00
3
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 the two -year warranty period for
Filing 16, Phase 1, Arrowhead at Vail and hereby releases the plat
restriction for Phase 1.
THAT, all other provisions of the Agreement shall remain in
full force and effect.
THAT, this resolution shall
Eagle County Clerk and Recorder,
plat note for Filing 16, Phase 1,
be recorded in the Records of the
which shall be evidence that the
Arrowhead at Vail, is released.
MOVED, READ AND ADOPTED by the Board of County Cgirpissioners
of the County of Eagle, State of Colorado, this day of
November, 1993.
ATT
xs O Q1i By
Clerk to the Board of
County Commissioners
o %
r d�" i �
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
BOARD OF COUNTY COMMISSIONERS
G ' 0 _ rge ' ,� A. Gates, Chairman
11L
ohnnette Phillips, Commissioner
es E. J , J
ommissione
Commissioner seconded adoption of the
foregoing resolution. The roll having been called, the vote was as
follows:
Commissioner George A. Gates
Commissioner Johnnette Phillips
Commissioner James E. Johnson, Jr.
This Resolution passed by /q n 2 n � vote of the Board of
County Commissioners of the County of Eagle State of Colorado.
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