HomeMy WebLinkAboutR08-060 Beaver Creek Landing Roundabout Final Release of CollateralCommissioner moved adoption
of the following Resolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION N0.2008-~0
FINAL RELEASE OF COLLATERAL
AND
TERMINATION OF THE WARRANTY PERIOD
FOR
BEAVER CREEK LANDING ROUNDABOUT
GRADING PERMIT
NO. MI-11973
WHEREAS, on or about November 9, 2004, the Board of County Commissioners of the
County of Eagle, State of Colorado ("Board") entered into a Public Improvements Agreement
with Vail Resorts Development Company ("Developer"); and
WHEREAS, pursuant to the Agreement, the Developer provided collateral in the form of
Letter of Credit No. 3066156 in the amount of $790,490.00 to guarantee the faithful completion
of the public improvements; and
WHEREAS, by Eagle County Consent No. 2005-OS Developer was granted a first partial
release of collateral, reducing the amount of collateral held by the County by $377,828.00,
thereby reducing the amount of collateral held by the County to $342,365.60; and
WHEREAS, by Eagle County Consent No. 2006-13 Developer was granted a second
partial release of collateral reducing the amount held by the County to $104,011.00; and
WHEREAS, the warranty period required by the Public Improvements Agreement
expired on April 11, 2008; and
WHEREAS, the Engineering Department states the improvements are complete, have
survived the two-year warranty period and are acceptable per the terms and conditions of the
Public Improvements Agreement; and
WHEREAS, both the Developer 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, as secured by the Letter of Credit, and the termination
of the Public Improvements Agreement, see Exhibit "A", attached hereto and incorporated herein
by this reference.
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 Engineer and
County Attorney, THE BOARD FINDS that the Developer's obligations under the Agreement
have been satisfied.
THAT, the Board hereby authorizes the full and final release of the Letter of Credit No.
3066156 and the termination of the Public Improvements Agreement for Beaver Creek Landing
Roundabout Grading Permit File No. MI-11973.
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 Beaver Creek Landing
Roundabout has been successfully completed and that the Developer's obligations under the
Agreement are complete.
THAT, Eagle County does not assume responsibility for maintenance of the private
roadways.
MOVED, READ AND ADOPTED by the Board of County Commissioners of the
County of Eagle, State of Colorado, at its regular meeting held th da of
y ~~°~prrl, 2008.
COUNTY OF EAGLE, STATE OF ~'
ATTEST:
Clerk to the Board of
County Commissioners
COLORADO, By and Through Its
BOARD OF COUNTY COMMISSIONERS
~oAa'~'~ Peter F. Runyon
Commissioner
i
Commissioner -~~~/I 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 ~/(~
the County of Eagle, State of Colorado.
vote of the Board of County Commissioners of
nrw\c'esolutions\beaver creek landing
MEMORANDUM
EAGLE COUNTY ENGINEERING
TO: Nancy Wright, Attorney's Office
r ~
FROM: Mike Gruber, Engineering ~/~~C~
DATE: May 2, 2008 /
RE: Public Improvements Agreement, Beaver Creek Landing Roundabout Grading
Permit, File No. MI-11973, Release of Collateral, Termination of the Warranty
Period and Public Improvements Agreement
Mr. Bill Kennedy, Director of Land Development, Vail Resorts Development Company, has
made a request for final inspection of the infrastructure for successful performance under the
warranty period.
My inspection on May 1, 2008, indicates the improvements are complete, have survived the two-
year warranty period and are acceptable per the terms and conditions of the Public Improvements
Agreement.
I recommend termination of the Public Improvements Agreement, termination of the warranty
period, and the release of the remaining collateral for the improvements as follows:
The improvements for Beaver Creek Landing Roundabout Grading Permit, File No. MI-
11973, as collateralized with Bank of America amended Letter of Credit #3066156 in the
amount of $104,011.61. This amount is equivalent to the 10% of the improvements cost and
the additional 25% of the landscape improvements retained until successful completion of the
warranty period.
These improvements entail the construction of a roundabout and a bus drop off area and are
private roadways. County maintenance is not required for these roads.
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cc: Eva Wilson, County Engineer -email
Bill Kennedy, Vail Resorts Development Company -email
ChronofFile
EXHIBIT