HomeMy WebLinkAboutR93-136 partial release of collateral for Harmony ViewCommissioner _ moved adoption
of the follow 39/Resolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 93-
PARTIAL RELEASE OF COLLATERAL
KIP KOSKI AND WENDY KOSKI
HARMONY VIEW SUBDIVISION
FILING NO. 2
WHEREAS, on or about November 10, 1992, 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 Improve-
ments Agreement ( "Agreement ") with Kip Koski and Wendy Koski
(hereinafter "Subdivider ") as a condition of final plat approval of
Harmony View Subdivision, Filing No. 2; and
WHEREAS, in order to guarantee the faithful completion of
certain public improvements required under the Agreement, the Board
accepted as collateral Irrevocable Letter of Credit No. 10082
issued by Bank of Aspen, Aspen, Colorado, in the amount of
$37,700.00; and
WHEREAS, the Subdivider has represented to the Board, and
members of the County staff have corroborated the Subdivider's
representations, the work to be performed under the Agreement has
been satisfactorily completed; and
WHEREAS, the Subdivider has applied for a full release of its
collateral in the amount of $37,700.00;
WHEREAS, the members of the County staff have recommended that
the County retain the amount of $3,370.00 as collateral for the
two -year correction period.
BASED UPON the oral and written recommendations of the Eagle
County Department of Engineering, the Board finds that the work
required by the Agreement is satisfactorily completed, and a
partial release of the collateral is appropriate.
I
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO:
THAT, the Board hereby authorizes the partial release of
collateral in the amount of $34,330, thereby reducing the
collateral to $3,370, which represents the retainage for the two
year warranty period.
THAT, the release of collateral granted hereby does not in any
way abrogate the rights of the Board in enforcing the Subdivider's
performance of its outstanding obligations under the Agreement.
MOVED, READ AND ADOPTED by the Board of County� , C� . o�mm��issioners
of the County of Eagle, State of Colorado, this day of
November, 1993.
ATTEST: ®�
VV' Cl By
Clerk to the Board of
County Commissioners
Commissior
foregoing
follows:
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
BOARD OF COUNTY COMMISSIONERS
- GeorgeA. Gates, Chairman
4 /Johnnette Phillips, C mmissioner
Commissioner George A. Gates
Commissioner Johnnette Phillips
Commissioner James E. Johnson, Jr. _
This Resolution passed by vote of the Board of
County Commissioners of the County of Eagle, State of Colorado.
Harmony2.fn1 #91.65
MEMORANDUM
EAGLE COUNTY ENGINEERING
TO: Nancy Lewis, Attorney's Office
FROM: Phill Scott, Engineering / a,�>
DATE: November 4, 1993
RE: Harmony View Subdivision, Filing 2
On Thursday, November 4, 1993, we conducted a site visit to
inspect the public improvements constructed and collateralized as
part of the above referenced development. We found that the work
appears to have been completed in compliance with the terms and
conditions of the Subdivision Improvements Agreement. We
recommend that the collateral the County is holding be reduced to
$3,370.00, which represents 10% of the amount originally
collateralized under the SIA. This amount will be held during
the two year correction period according to the terms of the SIA.
CC: Larry Metternick
File