HomeMy WebLinkAboutR1979-42 Release of Collateral - Basalt Industrial Park Subdivision • •
RESOLUTION
OF
THE BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RELEASE OF COLLATERAL- BASALT INDUSTRIAL PARK SUBDIVISION - COUNTY OF EAGLE,
STATE OF COLORADO
WHEREAS, Clay Crossland, Paul G. Adams, Rene Duroux, and Albena
M. Benroe, hereinafter referred to as "Subdivider ", did on May 24, 1978,
enter into a Subdivision Improvements Agreement with the Board of
County Commissioners, County of Eagle, State of Colorado, hereinafter
referred to as the "Board ". The Subdivider pursuant to said agreement provided
collateral by means of certain plat restrictions on the final plat of Basalt
Industrial Park Subdivision, and by subsequently replacing said plat
restrictions with an irrevocable letter of credit in the amount of forty
thousand dollars ($40,000.00) issued on the Bank of Basalt, Colorado,
to guarantee faithful performance and completion of certain public
improvements as set forth within said Subdivision Improvements Agreement;
and
WHEREAS, the Subdivider has fulfilled the terms of said Subdivison
Improvements Agreement and desires the Board to release said letter of
credit; and
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners,
County of Eagle, State of Colorado:
THAT, the Board hereby releases a certain letter of credit in the
amount of forty thousand dollars ($40,000.00) issued on the Bank of
Basalt with respect to the Basalt Industrial Park Subdivision;
THAT, the release of said letter of credit is pursuant to the
satisfactory completion of certain public improvements as set forth
in that certain Subdivision Improvements Agreement dated May 24, 1978;
THAT, the release of said letter of credit is conditioned upon
the Subdivider providing the County sufficient collateral in the amount
of four thousand dollars ($4,000.00) to be held by the County for one
year after the date of this Resolution to guarantee and warrant said
public improvements;
THAT, The Board hereby finds, determines, and declares that this
Resolution is necessary for the public health, safety and welfare in the
County of Eagle, State of Colorado. -
• •
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MOVED, READ AND UNANIMOUSLY ADOPTED at a regular meeting of the
Board of County Commissioners, County of Eagle, State of Colorado, held
this day of c -, ,) , 1979.
ATTEST: COUNTY OF EAGLE, STATE OF COLORADO
by and through its
BOARD COUNTY O
by and throu i=e-ty,70 e;ca
lerk of the '..rd ChaiYman,'Dan Williams
et /I
Dale Grant
Keith Troxel