HomeMy WebLinkAboutR93-147 partial release of collateral for sopris view apartments� a
C ,
Commissione moved adoption
of the followi g Resol ion:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 93- jL7-
AUTHORIZING PARTIAL RELEASE
OF COLLATERAL FOR
SOPRIS VIEW APARTMENTS
PHASE I AND PHASE II
(SUMMIT VISTA LOT 1)
WHEREAS, on or about July 14, 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 Basalt Trade. Associates
( "Subdivider ") as a condition of final plat approval of Summit
Vista, Lot 1, Sopris View Apartments, Phase I and II; and
WHEREAS, in order to guarantee the faithful completion of
certain public improvements required under the Agreement, the Board
accepted as collateral Letter of Credit No. 81 in the amount of
$40,000.00; and
WHEREAS, on March 10, 1993, Letter of Credit No. 81 was
replaced by Letter of Credit No. 85 in the amount of $55,000.00 to
cover the public improvements required under Phase I and Phase II;
and
Phase I
WHEREAS, the Subdivider has represented to the Board, and
members of the County staff have corroborated, Subdivider's request
for a partial release of its collateral in the amount of $28,175.00
thereby reducing the collateral to $11,555.00, which represents the
amount retained for the balance of the public improvements.
(Exhibit A attached hereto and incorporated herein).
Phase II
WHEREAS, the Subdivider has represented to the Board, and
members of the County staff have corroborated, the public
improvements on Phase II have been satisfactorily completed.
Subdivider requests a partial release of its collateral in the
amount of $15,750 thereby reducing the collateral to $1,750, or ten
percent (10%) of the original collateral. This amount is to be
held for the two -year warranty period. (Exhibit A)
BASED UPON the oral and written recommendations of the Eagle
County Department of Engineering, the Board finds that the public
improvements in Phase I have been partially completed and a
reduction in collateral to $11,555 is appropriate. Also, the
improvements in Phase II have been successfully completed and
collateral in the amount of $1,750 will be held for the two -year
warranty period.
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 $28,175.00, thereby reducing the
collateral to $11,555, which represents the balance of the public
improvements to be completed in Phase I.
THAT, the Board hereby authorizes a partial release of
collateral to the amount of $1,750 to be held for the two -year
warranty period in Phase II.
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 ommissioners
of the County of Eagle, State of Colorado, this � day of
December, 1993.
� COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
ATTEST: BOARD OF COUNTY COMMISSIONERS.
r By:
Clerk to the gbard of George . Ga es, Chairman
County Commissioners
.���I, ice/ t'. � �.a✓
Johnn. Phillips Coftimissione
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Commissioner seconded adoption of the
foregoing resol tion. The roll 6ving been called, the vote was as
follows:
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.
r \sopris.par
84 -152
-3-
MEMORANDUM
D a � t�
EAGLE COUNTY ENGINEERING
`�i`; Y 1 7 1993
'v
EAGLE COUNTY ATTORNEY
TO: Nancy Lewis, Attorney's Office
FROM: John Althoff, Engineering
DATE: November 12, 1993
RE: Sopris View Apartments (Summit Vista Lot 1)
The Engineering Department has reviewed the Sopris View
Apartments, Phases I
WORK
PHASE I EXHIBIT A COMPLETED
1.
Parking Area & Roads
$16,080
$16,080
2.
Utilities
-0-
-0-
3.
Common /Recreation Elements
$ 8,000
$ 5
(Children's play area complete)
4.
Landscaping
$ 3,500
$ 3,000
(all complete except signs)
5.
Fencing
-0-
-0-
6.
Bicycle Path (315' complete)
$10,890
$ 2,835
7.
Walkways
1,260
$ 1,260
TOTAL
$39,730
$28,175
Reduce collateral to $11,555 (over
10% of $39,730
= $3,973)
PHASE II
1.
Parking Area & Roads
$14,080
$14,080
2.
Landscaping /Berming
$ 2,500
$ 2,500
3.
Walkways
$ 840
$ 840
4..
5.
Step signs
Detention
$ 80
$ -0-
$ 80
$ -0
TOTAL
$17,500
$17,500
All of Phase II is completed. Reduce to 10% for 2 year warranty
period (Collateral = $17,500 x 10% = $1,750).
CC: Larry Metternick
File
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