HomeMy WebLinkAboutR82-090 partial release The Reserve on the Eagle Riverr
RESOLUTION
OF
THE BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 82- 9V
PARTIAL RELEASE OF COLLATERAL - THE RESERVE ON THE EAGLE
RIVER - COUNTY OF EAGLE, STATE OF COLORADO
WHEREAS, Heritage Financial Corporation, hereinafter
referred to as "Subdivider," did on or about February 8,
1982, enter into a Subdivision Improvements Agreement with
the Board of County Commissioners, County of Eagle, State of
Colorado, hereinafter referred to as the "Board." Pursuant
to said agreement, the Subdivider provided collateral by
means of a certain Letter of Commitment dated February 5,
1982, issued by Brighton Federal Savings on behalf of the
Board in the amount of $182,000 for the purpose of
guaranteeing the faithful performance and completion of
certain public improvements, i.e. construction and
improvement of landscaping, pedestrian bridge, asphalt and
survey pins as shown on the final plat of the subject
subdivision; and
WHEREAS, the Subdivider has requested by letter
dated September 20, 1982, to Tom Boni, Assistant Director
Community Development, the partial release of the aforesaid
Letter of Commitment in the amount of $61,700.00 by reason
that 72% of the required landscaping has been completed; and
WHEREAS, based upon the evidence submitted to the
Board at its regular meeting on September 29, 1982, including
that certain letter dated September 28, 1982, from Tom Boni,
Assistant Director Community Development, to Richard
K
Langston, the Board determines and finds that the
Subdivider's request should be approved subject to the terms
and conditions set forth hereinbelow.
NOW, THEREFORE, be it resolved by the Board of
County Commissioners, County of Eagle, State of Colorado:
THAT, the Board hereby reduces that certain Letter
of Commitment dated February 5, 1982, of Brighton Federal
Savings by the amount of $61,700.00 leaving a remaining
balance on the aforesaid Letter of Commitment in the amount
of $120,300.00.
THAT, the partial reduction of said Letter of
Commitment does not in any way release the Subdivider from
the obligations and covenants contained within that certain
Subdivision Improvements Agreement dated on or about
February 8, 1982, between the Subdivider and the County of
Eagle, Colorado; said obligations being the completion of
certain public improvements as shown on the final plat of the
Reserve on the Eagle River Subdivision recorded with the
Clerk and Recorder's Office, County of Eagle, State of
Colorado;
THAT, the Board hereby determines that the partial
reduction of said Letter of Commitment will not abrogate the
rights of the County in enforcing the satisfactory completion
of those public improvements remaining to be completed, by
reason that the Board will still retain the remaining balance
of the subject Letter of Commitment in the amount of
$120,300.00 which is sufficient to guarantee completion of
the same.
THAT, the Board hereby finds, determines and
declares that this Resolution is necessary for the public
health, welfare, and safety in the County of Eagle, State of
Colorado.
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MOVED, READ, AND UNANIMOUSLY ADOPTED by the Board of
County Commissioners, County of Eagle, Colorado, at its
regular meeting held the day of October, 1982, non
pro tunc September 29, 1982.
ATTEST:
By:
!ZL U
lerk to th oard of
County Commissioners
3
COUNTY OF EAGLE, STATE OF COLORADO
By and through its
BOARD OF COUNTY COMMISSIONERS
BY : &. ', "„y
Dale F. Grant, Chairman
oxe1, Commissioner
ams, Commissioner