HomeMy WebLinkAboutR08-047 Vail Resorts Eagle-Vail Distribution Facility Final Release of Collateral~'
P
Commissioner . ~?iy1 moved adoption
of the following Resolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION N0.2008- ~~
FINAL RELEASE OF COLLATERAL
AND
TERMINATION OF THE WARRANTY PERIOD
FOR
NAIL RESORTS
EAGLE-NAIL DISTRIBUTION FACILITY
FILE NO. ZS-00120
WHEREAS, on February 15, 2005, the Board of County Commissioners of Eagle
County, Colorado ("Board") entered into a Subdivision Improvements Agreement
("Agreement") with The Vail Corporation, d/b/a Vail Associates, Inc. ("Subdivider") for Vail
Resorts Eagle-Vail Distribution Facility ("Distribution Facility"); and
WHEREAS, by Eagle County Consent No. 2006-05, the County reduced the collateral to
$8,017.62 and commenced the warranty period; 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 and termination of the warranty period, see Exhibit "A," attached hereto and
incorporated herein by this reference. Based upon the written recommendations of the County
staff, THE BOARD FINDS that the Subdivider's obligations under the Agreement have been
satisfied; and
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, the Board hereby authorizes the full and final release of collateral and the
termination of the Subdivision Improvements Agreement for Vail Resorts Eagle-Vail
Distribution Facility.
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 Vail Resorts Eagle-Vail
Distribution Facility has been successfully completed and that the Subdivider's obligations under
the Agreement are complete.
THAT, Letter of Credit No. 3073304 in the amount of $8,017.62 be released.
THAT, Eagle County does not assume responsibility for maintenance or upkeep of the
utility infrastructure, storm drainage features and private driveways,
MOVED, READ AND ADOPTED by the Board of County Commissioners of the
County of Eagle, State of Colorado, at its regular meeting held theday of April, 2008.
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
ATTEST: ~ ARD OF COUNTY COMMISSIONERS
By:
Clerk to the Board of Peter F. Runyon
County Commissioners Chairman
By:
By:
Commissioner ~(~~~~ seconded adoption of the foregoing resolution. The roll
having been called, the vote was as follows:
Commissioner Runyon
Commissioner Fisher
Commissioner Menconi ,.~
This Resolution passed by ~~ ~ vote of the Board of County
Commissioners of the County of Eagle, State of Colorado.
G:\ntw\resolutions\ftnal releases\vail resorts Eagle-Vail Distribution.DOC
MEMORANDUM
EAGLE COUNTY ENGINEERING
TO: Nancy Wright, Attorney's Office
FROM: Mike Gruber, Engineering ~ ~ ~ 1..--~''
DATE: Apri122, 2008
RE: Subdivision Improvements Agreement, Vail Resorts, Eagle-Vail Distribution
Facility, File No. ZS-00120 °
Release of Collateral, Termination of the Warranty Period and Subdivision
Improvements Agreement
Mr. Bill Kennedy, Director of Land Development, Vail Resorts Development Company, has
submitted a written request on February 25, 2008, for fmal inspection of the infrastructure for
successful performance under the warranty period and termination or said warranty.
My inspection on April 22, 2008, indicates the improvements are complete, have survived the
two-year warranty period and are acceptable per the terms and conditions of the Subdivision
Improvements Agreement.
I recommend termination of the Subdivision Improvements Agreement, termination of the
warranty period, and the release of the remaining collateral for the improvements as follows:
The improvements for Vail Resorts, Eagle-Vail Distribution Facility, File No. ZS-00120, as
collateralized with amended Letter of Credit #3073304, Bank of America in the amount of
$8,017.62. This amount is equivalent to the 10% of the improvements cost retained until
successful completion of the warranty period.
These improvements entail the construction of utility infrastructure, storm drainage Features and
private driveways. County maintenance is not required for these items.
###
cc: Eva Wilson, County Engineer -email
Bill Kennedy, Vail Resorts Development Company -email
Chrono/File
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