HomeMy WebLinkAboutR93-146 second partial release of collateral for Moonridge Phase 2r
Commissione moved adoption
Resolution:
of the follows,
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 93 1 7 c
SECOND PARTIAL RELEASE OF COLLATERAL
AND ACCEPTANCE OF ROADS FOR MAINTENANCE
for
MOONRIDGE, PHASE 2
A RESUBDIVISION OF LOT 3
MOONRIDGE
EAGLE II DEVELOPERS
WHEREAS, on August 25, 1992, Eagle II Developers, by William
L. Williams, as President, (hereinafter "Subdivider ") , entered into
a Subdivision Improvements Agreement with the County of Eagle,
State of Colorado, by and through its Board of County Commissioners
( "the Board "), as a condition of the Board's approval of the Final
Plat of Moonridge, Phase 2, a Resubdivision of Lot 3, Moonridge,
said Agreement being recorded in the records of the Eagle County
Clerk and Recorder at Book 587, Page 789; and
WHEREAS, the cost estimated to be sufficient to complete the
improvements required bythe Agreement was $235,826.15; and
WHEREAS, pursuant to the Agreement, Subdivider provided
security and collateral to guarantee the completion of the required
improvements in the form of a plat note prohibiting the sale or
conveyance of any tractor lot, or issuance of any building permit
within the respective subdivision until the improvements are
complete; and
WHEREAS, pursuant to Resolution No. 92 -215 the plat restric-
tion on the Final Plat of Moonridge, Phase 2, was released and a
partial reduction in collateral in the amount of $167,537.40 was
approved. Letter of Credit No. 154 from the First Bank of Eagle
County in the amount of $68,288.75 was held as collateral for the
remainder of the work to be completed was accepted.
WHEREAS, Subdivider represents, and County Staff have corrob-
orated Subdivider's representations, that with the exception of a
small portion of the drainage work, the remainder of the work
appears to be in compliance with the terms and conditions of the
Subdivision Improvements Agreement (Exhibit A attached hereto and
incorporated herein). County staff recommends that the customary
ten percent (10 %) of the original amount ($235,826.15) collateral-
ized under the Subdivision Improvements Agreement be held by the
County for the two year warranty period commencing on the date of
this Resolution.
WHEREAS, the Subdivider has represented to the Board, and
members of the County staff have corroborated the Subdivider's
representations, that Moonridge Drive, beginning at Beard Creek
Road (County Road ED #) and terminating at the cul -de -sac be taken
over for maintenance by the County and that the two -year warranty
period on said Drive be commenced.
Based upon the oral and written recommendations of the County
staff, THE BOARD FINDS that the Subdivider's obligations under the
Agreement for the on -site improvements have been satisfied, with
the exception of the drainage work, and the County will accept
maintenance of Moonridge Drive as mentioned above.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO:
THAT, a second partial reduction of collateral to the amount
of $23,582.62, for a reduction of $44,706.13, is approved. Said
$23,582.62 shall be held for the two -year warranty period and for
the completion of the drainage work remaining to be done.
THAT, the reduction
construed as releasing
agreements set forth in
abrogate the rights of
satisfactory performance
Agreements.
of collateral shall not in any way be
Subdivider from the obligations and
the Agreement, nor shall this action
the Board in enforcing Subdivider's
of its outstanding obligations under the
THAT the County will accept maintenance of,Moonridge Drive
beginning at Beard Creek Road (County Road ED3) and terminating at
the cul -de -sac.
AND ADOPTED by the Board
Eagle, State of Colorado,
day of Nevember, 1993.
of County Commissioners
at its regular meeting
COUNTY OF EAGLE, STATE OF
rV �n*e COLORADO, By and Through Its
BOARD OF COUNTY COMMISSIONERS
CT to thV Board of
County Commissioners
By:/ r
George Gates, Chairman
MOVED, READ
of the County of
held the
r
J nnette Phillips, Comnfissioner
ssioner
Commissione seconded adoption of the
foregoing reso tion. TIP rol ha ving been called, the vote was as
follows:
Commissioner George A. Gates
Commissioner Johnnette Phillips
Commissioner James E. Johnson, Jr.
This Resolution passed by c,3 `"(--) vote of the Board of
County Commissioners of the County of Eagle, State of Colorado.
91 -41 mo=3 . re1
3
r
EAGLE COUNTY ENGINEERING
TO: Mary Jo Berenato, Attorney'sOffice
FROM: Phill Scott, Engineering U
DATE: November 9, 1993
RE: Moonridge, Phase 2, A Resubdivision
Subdivision Improvements Agreement
Second Partial Release of Collateral
Acceptance of Roads for Maintenance
1993
1 SgC Cou�jTY TT QRNI Y
of Lot 3, Moonridge
On Monday, November 8, 1993, the Engineering Department conducted
a site visit to inspect the status of the public improvements
constructed and collateralized as part of the above referenced
development. This inspection was a follow -up visit to earlier
inspections made by this department.
We found that with the exception of a small portion of the
drainage work, the remainder of the work, as outlined in Exhibit
A of the SIA, appears to be in compliance with the terms and
conditions of the SIA. For this reason we recommend that the
collateral the County is holding ($68,288.75) be reduced to the
customary lot of the original amount collateralized under the SIA
($235,826.15) which will be held by the county for the two year
warranty period. We are also recommending that Moonridge Drive,
beginning at Beard Creek Road (County Road ED3) and terminating
at the cul -de -.sac be taken over for maintenance by the County and
that the,.two year warranty period be commenced. The length of
Moonridge Drive is approximately 1,230
As I mentioned earlier, some drainage work remains to be
completed, Since the time the public improvement plans were
approved and the SIA executed, a discrepancy was found in the
field that,will necessitate re- engineering a portion of the
drainage improvements. This effort is currently under way. As
the total drainage improvements that were originally
collateralized amounted to $8,145.00 and the bulk of the work is
complete, we are confident that the 10% recommended to be
retained above will cover the work that remains to be completed.
Please schedule this matter for the next available Commissioners
meeting. Thank you.
cc: Larry Metternick
File `