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Home My WebLink AboutR02-012 final release of collateral for Arrowhead at Vail Filing 13BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 2002- f- A FINAL RELEASE OF COLLATERAL AND TERMINATION OF THE WARRANTY PERIOD FOR ARROWHEAD AT VAIL, FILING 13, SIXTH AMENDMENT PD- 139- 95 -AFI WHEREAS, on October 17, 1995, Vail/Arrowhead, Inc. ( "Subdivider ") and the Board of County Commissioners of Eagle County, Colorado (hereinafter "Board ") entered into a Subdivisions Improvements Agreement (hereinafter "Agreement ") concerning the development of Arrowhead at Vail, Filing 13, Sixth Amendment; and WHEREAS, both the Subdivider and the Engineering Department state that the work required under the Agreement is complete and acceptable and the Engineering Department recommends full release of the collateral and the termination of the Subdivision Improvements Agreement, see Exhibit "A," attached hereto and incorporated herein by this reference. WHEREAS, the warranty period required by the Subdivision Improvements Agreement has ended. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: THAT, Based upon the oral and written recommendations of the County staff, the Board finds that the Subdivider's obligations under the Agreement have been satisfied. THAT, the Board hereby authorizes the full and final release of collateral and the termination of the Subdivision Improvements Agreement for Arrowhead, Filing 13, Sixth Amendment. THAT, this document shall be recorded in the Records of the Eagle County Clerk and Recorder, which shall be evidence that the warranty period for Arrowhead, Filing 13, Sixth Amendment has been successfully completed and that the Subdivider's obligations under the Agreement are complete. THAT, the Letter of Credit No. SLCO06086DDEN issued by US Bank be returned. 3 X04606 01931/2002 01:48P Sara J Fisher Eagle, CO 370 R 0.00 D 0.00 A 0 MOVED, READ AND ADOPTED by the Board of County Commissioners of the County of Eagle, State of Colorado, at its regular meeting held the �z—�/ day of January, 2002. By: Tom C. Stone C Toner By: Arn . Menconi Commissioner Commissioner seconded adoption of the foregoing resolution. The roll having been called, the vot as as follows: Commissioner Michael L. Gallagher J Commissioner Tom C. Stone Commissioner Am M. Menconi G� This Resolution passed by 2ZU"611� vote of the Board of County Commis- sioners of the County of Eagle, State of Colorado. GAjks\resolutions\arrowhead filing 13 illlll IIIII Illlill II 111111 IIII!!II!II'' III Il il!�I'� 11'� - 84606 Page: 2 of 4 01/31/2002 01:48P Sara J Fisher Eagle, CO 370 R 0. 00 D 0.00 784 Page : f 4 01/31/2002 01:48P Sara J Fisher Eagle, CO 370 R 0.00 D 0.00 MEMORANDUM EAGLE COUNTY ENGINEERING TO: Janice Schofield, Paralegal Eagle County 'Attorney's Office FROM: John M. Vengrin ►` Engineering Department DATE: January 2, 2002 I� E C � _� ti� E r ID ► N EAGLE COUNTY ATTORNEY RE: "Subdivision and Off -Site Improvements Agreement, Arrowhead at Vail, Filing 13, Sixth Amendment, PD- 139- 95 -AF1 ", Dated October 17, 1995, Reception No. 574473 On November 20, 2001, I conducted an inspection of remaining improvements for the above referenced subdivision. I found everything to have been installed in accordance with the approved plans. This work completes the public improvements which have been collateralized by the above referenced Subdivision Improvements Agreement (SIA). Because all of the other public improvements were complete and inspected on July 3, 1997, and have successfully completed two years of service, I am therefore recommending that the Warranty Period as described in Section 2.3 of the SIA be retroactively started on July 3, 1997. Also, because the attached letter from the Director of Arrowhead Village Operations dated December 27, 2001 concurs with the recommendation to start the warranty period retroactively, I recommend that the remaining collateral held by Eagle County, in the amount of $237,119.63 as shown on the Second Partial Release of Collateral in Consent No. 97 -9, be released to the Subdivider and that the above referenced SIA be terminated. Please call me if you have any questions. Pc: Helen Migchelbrink, County Engineer Jamie Pappas, Vail Resorts Jennifer Babcock, Alpine Engineering Chrono File PD- 139- 95 -AF1 (Arrowhead, Filing 13, 6 Amendment) Attachment EXHIBIT t M 9 APR0*\+.NFEAD, December 27, 2001 John Vengrin, Project Engineer Engineering Department Eagle County Building PO Box 850, 500 Broadway Eagle, CO 81531 -0850 Re: Arrowhead Filing 13, Letter of Credit Dear Mr. Vengrin: I am writing in response to your request to Mr. Jamie Pappas of Vail Resorts Development Company regarding commencement of the Warranty period for Lower Cresta Road. Since the road base and asphalt have been in place for over two years, it is agreed that the warranty period be retroactively commenced to a date two years ago. Thank you, for your consideration and taking the time to inspect the road improvements. Please give me a call during the day at (970) 477 -6907, with any further questions. Sincerely, Bill Simm s Director of Village Operations Cc: Jamie Pappas 784606 Rage: 4 of 4 I) I 01. 311200-2 01:48P Sara J Fisher Eagle, CO 370 R 0.00 D 0.00 P.O. Box 100 • Edwards, Colorado 81632 a Telephone (970) 477 -6905 • Fax (970) 477 -6906