HomeMy WebLinkAboutR08-107 McCoy Springs at Arrowhead Final Release of CollateralCommissioner ~~Cb,,`,_.. ~
of the following Resolution:
moved adoption
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION N0.2008-~
FINAL RELEASE OF COLLATERAL
AND
TERMINATION OF THE WARRANTY PERIOD
FOR
McCOY SPRINGS AT ARROWHEAD
Fi[.E PDF-00084
WHEREAS, on or about August 19, 2004, the Board of County Commissioners of the
County of Eagle, State of Colorado ("Board") entered into a Subdivision Improvements
Agreement with Warner Developments, Inc., a Colorado corporation ("Subdivider") as a
condition of approval of the Final Plat of McCoy Springs at Arrowhead; and
WHEREAS, the Agreement required the Subdivider to provide collateral in the amount
of $2,057,774.32 as security for the performance of its obligations under the Agreement; and
WHEREAS, by Eagle County Consent No. 2004-17, Subdivider was granted a first
partial release of collateral, reducing the amount of collateral held by the County from
$2,057,774.32 to $1,630,164,72; and
WHEREAS, by Eagle County Consent No. 2005-09, the Subdivider was granted a
second partial release of its collateral reducing the amount of collateral held by the County from
$1,630,164.72 to $337,739.71; and
WHEREAS, by Eagle County Consent No. 2006-02, the Subdivider was granted a third
partial release of its collateral reducing the amount of collateral held by the County from
$337,739.71 to $212,908.68; and
WHEREAS, by Eagle County Consent No. 2006-17, the Subdivider was granted a fourth
partial release of its collateral reducing the amount of collateral held by the County from
$212,908.68 to $211,558.68 and Consent No. 2006-17 commenced the warranty period to expire
August 14, 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 Improvements Agreement; 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, as secured by the Letter of Credit, and the termination
of the Subdivision Improvements Agreement, see Exhibit "A", attached hereto and incorporated
herein by this reference.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
CONIlVIISSIONERS 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 Letter of Credit No.
4750177033 in the amount of $211,558.68 and the termination of the Subdivision Improvements
Agreement for McCoy Springs at Arrowhead.
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 McCoy Springs at Arrowhead has
been successfully completed and that the Subdivider's obligations under the Agreement are
complete.
THAT, these improvements entail the construction of utility infrastructure and private
roadways. County maintenance is not required for these roads.
MOVED, READ AND ADOPTED by the Board of Count Commissioners of the
County of Eagle, State of Colorado, at its regular meeting held the ~ day of September,
2008.
ATTEST: o~ ~~ c~
~•
Clerk to the B and of ~o~r.~.~°~
County Com Hers ~""'
K`1~.~ ~ DK-t+uT
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
BOARD OF COUNTY COMMISSIONERS
By~
Peter F. Runyon
Chairman
Commissioner
Commissioner ~~
having been called, the vote was as follows:
Commissioner Runyon
Commissioner Fisher
Commissioner Menconi
This Resolution passed by ~ 6 ~
the County of Eagle, State of Colorado.
~''~N y
4
y
seconded adoption of the foregoing resolution. The roll
vote of the Board of County Commissioners of
ru'w~'esolutions~NlcCoy Springs termination
MEMORANDUM
EAGLE COUNTY ENGINEERING
TO: Nancy Wright
Eagle County Attorney's Office
FROM: Mike Gruber J/~ jl ~-~
Engineering Department ~/~ l
DATE: August 27, 2008
RE: PDF-00084, McCoy Springs at Arrowhead Subdivision Improvements Agreement
Release of Collateral and Termination of the Warranty Period and Subdivision
Improvements Agreement
Formal request for final inspection for successful performance under the warranty period was
submitted by Long's Excavating, the general contractor on behalf of Warner Developments Inc. in a
transmittal to Eagle County Engineering.
Inspection was conducted with representatives of Long's Excavating, Warner Developments, and
Mike Gruber, representing Eagle County Engineering for completion of the work as requested.
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 the McCoy Springs at Arrowhead Subdivision as collateralized with
Alpine Bank, Avon Letter of Credit #4750177033 in the amount of $211,558.68. This
amount represents 10% of the collateral for the public improvements and 35% for the
landscaping improvements cost retained successful completion or the warranty period.
These improvements entail the construction of utility infrastructure and private roadways. County
maintenance is not required for these roads.
# # #
cc: Eva Wilson, County Engineer -email
Robert Warner, Jr., President, Warner Developments, Inc. -fax 949-4364
c alert