HomeMy WebLinkAboutR93-148 fourth partial release of collateral Summit Vista Phase IICommissio er moved adoption
of the follo ing R olution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 93- &Y
FOURTH PARTIAL RELEASE OF COLLATERAL
SUMMIT VISTA, PHASE II SUBDIVISION
AND
ACCEPTANCE FOR MAINTENANCE BY COUNTY OF SUMMIT DRIVE
WHEREAS, on or about August 22, 1984, 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 ( "Agreement ") with Meldor Partnership
( "Subdivider "); and
WHEREAS, in order to guarantee the faithful completion of
certain public improvements required under the Agreement, the Board
took as collateral a Letter of Credit in the amount of $104,089.00,
issued by the Alpine Bank of Basalt, Colorado, for the benefit of
Eagle County; and
WHEREAS, Irrevocable Letter of Credit No. 65 was amended by
Resolution 91 -101 dated December 10, 1991 to the amount of $62,700.
through a partial release of collateral; and
- WHEREAS, Irrevocable Letter of Credit No. 65 was amended by
Resolution 92 -61 dated June 1, 1992 to the amount of $30,800.00;
and
WHEREAS, Irrevocable Letter of Credit No. 65 was amended by
Resolution 92 -190 dated December 7, 1992 to the amount of $16,500
being held to ensure the completion of work.
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WHEREAS, the Subdivider has represented to the Board, and
members of the County staff have corroborated the Subdivider's
representations, the work is complete and in substantial compliance
with the terms and conditions of the Subdivision Improvements
Agreement; and
WHEREAS, Subdivider has represented to the Board, and members
of the -County staff have corroborated (Exhibit A) the Subdivider's
representations, the warranty periods shall run from September 2,
1993 for the improvements; and
WHEREAS, the members of the County staff have recommended that
the County retain the amount of $16,700.00, as evidenced by Letter
of Credit No. as collateral 'for the warranty period as
described above.
WHEREAS, the Subdivider has represented to the Board, and
members of the County staff have corroborated the Subdivider's
representations, that Summit Drive, from the east end of Lot 44 to
the intersection with Valley Road (approximately 1,289.57 feet or
0.24 miles) has been inspected by the County periodically over the
last two years. Said Summit Drive continues to be in acceptable
condition after two years of use. Therefore, the Subdivider
requests, and County staff agree, Summit Drive be accepted by the
County for maintenance.
BASED upon the written recommendations of the Department of
Engineering, the Board finds that the work required under the
Agreement is complete, and that a reduction of collateral is
warranted.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO:
THAT, based upon the written recommendations of the Department
of Engineering, the Board finds that the Subdivider's obligations
under the Agreement have been satisfied and the County retain the
amount of $16,700.00, as evidenced by Letter of Credit No. 105, — as
collateral for the warranty period as described above.
THAT the County will accept maintenance of Summit Drive, from
the east end of Lot 44 to the intersection with Valley Road
(approximately 1,289.57 feet or 0.24 miles).
E
MOVED, READ AND ADOPTED by the Board of County Commissioners
of the County of Eagle, State of Colorado, at its regular meeting
held the / 1, day of December, 1993
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
ATTEST: + BOARD OF COUNTY COMMISSIONERS
By: ,
Cl i e"i - k tot e Board of Georg A." Gates, Chairman
County Commissioners
Commissione seconded adoption of the
foregoing resol tion. The roll havi1 ng been called, the vote was as
follows:
Commissioner George A. Gates Qd1z__
Commissioner Johnnette Phillips _
Commissioner James E. Johnson, Jr.
This Resolution passed by 30 vote of the Board of
County Commissioners of the County of Eagle, State of Colorado.
r \summit5.rel 84 -152
3
MEMORANDUM
EAGLE COUNTY ENGINEERING
TO:
Nancy
Lewis,
Attorney's Office
,L
FROM:
Phill
Scott,
Engineering Department
DATE: December 10, 1993
RE: Summit Vista, Phase II
Fourth Partial Release of Collateral, Commencement of
Two Year Warranty Period, and Acceptance of Summit
Drive for Maintenance
Summit Vista Subdivision has been in the process of phased
development for approximately 9 years. As a result, we have made
numerous site visits and inspections.
On or about September 2, 1993 we conducted the latest site visit
to inspect the status of public improvements. At that time we
noted that a street light would need to be relocated in order not
to obstruct the view of a stop sign at the intersection of Summit
Drive and Valley Road. Once this was done, we determined that
the necessary improvements constructed and collateralized under
the Subdivision Improvements Agreement would be complete and in
substantial compliance with the terms and conditions of same.
The street light has been relocated.
As the result of the above findings, we recommend commencement of
the two year warranty period and collateral be retained during
the warranty period in the amount as follows:
Original Phase II Amount $202,000
Off -site Roads $ 35,000
$167,000
Ten Percent to be Retained $ 16,700
We are also recommending that the remainder of Summit Drive, from
the east end of Lot 44 to'the intersection with Valley Road
(approximately 1,289.57 or 0.24 miles) be accepted by the
County for maintenance.
This replaces my memo to you regarding this matter dated November
22, 1993.
xc: Larry Metternick
File
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