HomeMy WebLinkAboutR08-086 Crown Mountain Park Public Improvement Agreement Final Release of Collaterala
Commissioner ~ S~l~
of the following Resolution:
moved adoption
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
0
RESOLUTION N0.2008- ~ ~
FINAL RELEASE OF COLLATERAL
AND
TERMINATION OF THE WARRANTY PERIOD
FOR
CROWN MOUNTAIN PARK
PUBLIC IMPROVEMENTS AGREEMENT
WHEREAS, on or about March 15, 2005, the Board of County Commissioners of the
County of Eagle, State of Colorado ("Board") entered into a Public Improvements Agreement
with Crown Mountain Park and Recreation District ("Subdivider") for Crown Mountain Park; and
WHEREAS, pursuant to the Agreement, the Subdivider provided collateral in the form
of Assignment of Certificates of Deposit Nos. 21071, 21072, 21074 and 21075 issued by Alpine
Bank in the amount of $288,797.03; and
WHEREAS, by Resolution No. 2006-026, the County released Certificates of Deposit
Nos. 21071, 21072, 21074 and accepted Certificate of Deposit No. 23870, and reduced the
collateral required by the County to $44,098.57; and
WHEREAS, the Engineering Department recommends the warranty period be
commenced as of May 12, 2006; 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, the Engineering Department recommends termination of the warranty
period, termination of the Public Improvements Agreement and release of the remaining
collateral in the amount of $44,098.57 (Exhibit "A");
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 collateral evidenced
by Assignment of Certificates of Deposit Nos. 23870 and 21075 in the total amount of
$44,098.57 and the termination of the Public Improvements Agreement for Crown Mountain
Park and Recreation District.
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 Crown Mountain Park has been
successfully completed and that the Subdivider's obligations under the Agreement are complete.
THAT, these improvements entail the construction of infrastructure and public roadways.
Eagle County does not assume responsibility for maintenance of the roadways.
MOVED, READ AND ADOPTED by the Board of County Commissioners of the
County of Eagle, State of Colorado, at its regular meeting held the ~_ day of July, 2008.
ATTEST:
Clerk to the Bo![rd of _;,;,~
County Commissioner
~fj cl '. , Vt=
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
BOARD OF COUNTY COMMISSIONERS
B~~ ~~/
Peter F. Runyon
Chairman
~/
;z--" l . Fi er /~c.~-~
M. Menconi
Commissioner ~-~ Ce~A-- ~ 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.
nrw\resolutions\crown mountain
MEMORANDUM
EAGLE COUNTY ENGINEERING
TO: Nancy Wright, Attorney's Office
FROM: Mike Gruber, Engineering ~,-~~ ~{~
DATE: July 21, 2008
RE: Public Improvements Agreement, Crown Mountain Park, Eagle County File No.
PDA-00055 Release of Collateral and Termination of the Warranty Period and Public
Improvements Agreement
Sopris Engineering, LLC, has made a request for inspection and has been working with Eagle
County on behalf of the developer, Crown Mountain Park and Recreation District, for inspection
and completion of the improvements under the Public Improvements Agreement. Inspection was
conducted by me on May 12, 2006. The improvements were noted to be complete and
satisfactory at that time. Warranty could not be started at that time however, pending receipt and
acceptance of the required as-built drawings, an affidavit of monumentaion and certain easement
re-alignments. These matters have been satisfied and are solely clerical requirements not related
to the construction and completion of the physical improvements. Therefore, I recommend the
warranty period commenced on May 12, 2006.
Final documentation items have been received June 30, 2008, and are acceptable. My inspection
May 7, 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 Warranty period, termination of the Public Improvements
Agreement and the release of the remaining collateral in the amount of $44,098.57 as established
by Consent No. 2006-026. This is the amount of the improvements cost retained until successful
completion of the warranty period and fulfillment of the terms and conditions of the Public
Improvements Agreement. Said collateral is secured by Alpine Bank Assignment of Certificates
of Deposit No. 23870, $18,000.00 and No. 21075, $26,250.00. I recommend the Eagle County
Board of County Commissioners to authorize the release of the security represented by this
assignment.
These improvements entail the construction of infrastructure and public roadways. County
maintenance is not required for these roads.
# # #
cc: Eva Wilson, County Engineer
Quint Nichol, Sopris Engineering, LLC (970) 704-0313 fx
Ross Stepp, Executive Director, Crown Mountain Park District EXHIBIT
(970) 963-6032 fx