HomeMy WebLinkAboutR08-062 Beaver Creek Metro District Ops and Admin Facility Final Release of Collateral
Commissioner _~/~ 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
BEAVER CREEK METROPOLITAN
DISTRICT OPERATIONS AND
ADMINISTRATIVE FACILITY
FILE NO. AFP-00204
WHEREAS, on or about February 15, 2005, the Board of County Commissioners of the
County of Eagle, State of Colorado ("Board") entered into a Subdivision and Off-Site
Improvements Agreement with Beaver Creek Metropolitan District, aquasi-municipal
corporation organized and existing under the laws of the State of Colorado ("Subdivider") as a
condition of approval of the final plat for Eagle-Vail Commercial Service Center, a Re-
Subdivision of Lot 6, 7 and Block 1; and
WHEREAS, pursuant to the Agreement, the Subdivider provided collateral in the form
of a Corporate Bond in an amount sufficient to make good the Subdivider's obligations under the
Agreement in the amount of $90,125.75; and
WHEREAS, by Eagle County Consent No. 2006-04 Developer was granted a first partial
release of collateral, reducing the amount of collateral held by the County to $9,012.57; and
WHEREAS, the warranty period required by the Subdivision and Off-Site
Improvements Agreement expired on March 10, 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
Subdivision and Off-Site 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 Corporate Bond, and the termination
of the Subdivision and Off-Site 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 Subdivider's obligations under the Agreement
have been satisfied.
THAT, the Board hereby authorizes the full and final release of the Corporate Bond and
the termination of the Subdivision and Off-Site Improvements Agreement for Beaver Creek
Metropolitan District Operations and Administrative Facility File No. AFP-00204.
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 Metropolitan
District Operations and Administrative Facility has been successfully completed and that the
Subdivider'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 Cou~n-t~' Commissioners of the
County of Eagle, State of Colorado, at its regular meeting held theGZ~. day of May, 2008.
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
ATTEST: BOARD OF COUNTY COMMISSIONERS
~ ~.-,
G ,~ ` /
Clerk to the Board of * Peter F. Run on
County Commissioners c°tO~~~ Chairman y
Sara J. Fish r
Commissioner
Arn M. Menconi
Commissioner
Commissioner seconded adoption of the foregoing resolution. The roll
having been called, the vo 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.
nrw\resolutions\beaver creek metro
MEMORANDUM
EAGLE COUNTY ENGINEERING
TO: Nancy Wright, Attorney's Office
FROM: Mike Gruber, Engineering Department ~~~~'~~
DATE: May 15, 2008
RE: Subdivision Improvements Agreement, Beaver Creek Metro District, Operations and
Administrative Facility, File No. AFP-00204
Release of Collateral, Termination of the Warranty Period and Subdivision Improvements
Agreement
A letter was received from Mr. Clyde Hanks, General Manager, Beaver Creek Metropolitan District
on May 13, 2008, requesting final inspection of the infrastructure for the successful performance
under the warranty period and termination of said warranty.
My inspection on Apri122, 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 remaining collateral as established by Consent No. 2006-04 in the amount of $9,012.57.
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
Clyde Hanks, General Manager, Beaver Creek Metro District -fax 970-949-0475
Chrono/File
EXHIBIT