HomeMy WebLinkAboutR93-137 partial release of collateral for The HomesteadCommissions ,, moved adoption
of the followi Resol ion:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 9 - / c3 - 7
PARTIAL RELEASE OF COLLATERAL
THE HOMESTEAD, FILING NO.
COUNTY OF EAGLE
STATE OF COLORADO
WHEREAS, on or about August 4, 1981, 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 Homestead Ranch Development
Corp. (hereinafter "Subdivider ") as a condition of final plat
approval of The Homestead, Filing No. 1, Subdivision; and
WHEREAS, in order to guarantee the faithful completion of
certain public improvements required under the Agreement, the Board
accepted as collateral a First Deed of Trust in favor of Eagle
County in the amount or $ #2,615,800.00 covering Lots 27, 28, 29 and
30, Block 1, and Lots 1 -45, Block 11, the Homestead, Filing No. 1,
Eagle County, colorado; and
WHEREAS, by Resolution No. 84 -6, the Board released Lots 27
and 30, Block 1, and Lots 1 -28, Block 11, the Homestead, Filing No.
1.
WHEREAS, the Subdivider has represented to the Board, and
members of the County staff have corroborated the Subdivider's
representations, work that remains to be done and collateralized is
as outlined on Exhibit A attached hereto and incorporated herein by
reference. Said work remaining to be done is in the amount of
$20,000.00.
WHEREAS, the Subdivider has represented to the Board, and
members of the County staff have corroborated the Subdivider's
representations, the warranty period for work remaining to be done
in Filing 1, Block 11 would be collateralized in the amount of
$47,500, for a total amount to be retained of $67,500; and
5
3
WHEREAS, the Subdivider requests that all lots, excluding Lots
44 and 45, be released on the First Deed of Trust. Lots 44 and 45
have a retail value in excess of $100,000 and this should easily
cover the $67,500 worth of work needing to be collateralized.
WHEREAS, the members of the County staff have recommended that
the County retain the amount of $67,500 as collateral for the work
remaining to be done and 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 partially completed, and a partial
release of the collateral is appropriate.
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 by releasing all lots in Filing 1, Block 11, except Lots
44 and 45. The two lots retained as collateral have a value in
excess of $100,000.
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 Commissioners
of the County of Eagle, State of Colorado, this /551-� day of
November, 1993.
ATTEST:
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
BOARD OF COUNTY COMMISSIONERS
By: G�q�4
Geor A. Gates, Chairman
County Commissioners
ohnnette Phillips, CommjYssioner
Commissione mm ®n // ��D��. seconded adoption of the
foregoing res ution. 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 --D vote of the Board of
County Commissioners of the County of Eagle, State of Colorado.
homestead.par #82 -263
10 EAOLC ROAD P.O. 60A 95B AVON, COLORADO 81620 OC31 9+9.4360 DENVER (30 ?) 539.469S
November 1.1, 1393
Larry Metternick, Chief Engineer
EAGLE COUNTY PUBLIC WORKS DEPT,
P.O. Box 850
Eagle, CO 81631
Re: Block 11, Homestead - Filing 1
Edwards, Colorado
Dear Larry:
The items that I believe are still outstanding as it relates to
Homestead - Filing 1, Block 11, and that need to be collateralized,
are as follows:
1. $1,000 - signage
2. $5,000 - revegetation
3. $2,000 - final grade
4. $2,000 - rockworkfdrainage
5. $5,000 - misc.
6. $2,000 - misc. patch
7. $3,000 - witness corners
AZ o o00
In addition to these amounts, I believe the County would like a 106
collateral through the warranty period. The work that was done in
Block 11 costs approximately $475,000; 10% of that would be
$47,500.
At the present time all paving has been done with the exception of
some minor patching. The sidewalk is currently being installed,
however, we are not collateralizing for that since the original
plan did not call for sidewalks. This was added at our own
expense.
The total of the above items, including the loo collateral and the
miscellaneous work, is $20,000. In our proposal to you we
suggested leaving Lots 44 and 45 as collateral and we requested
that you release all the other lots. Lots 44 and 45 have a retail
value in excess of $100,000 and this should easily cover the
$67,500 worth of work needing to be collateralized.
CONSTRUCTION a DEVELOPMENT e 1NV2STMENT
Larry Metternick
November '11, 1993
Page Two
If you have any questions in this regard, please get in touch with
me. Thank you for your cooperation in this matter.
Sincerely,
WARNER DEVELOPMENTS, INC.
/ rt J"4 artier, Jr.
President
t
cc: Jack Lewis, county Manager