HomeMy WebLinkAboutR10-013 Final Release of Collateral Vail Christian High SchoolCommissioner ~~ ~ _~ "" ~~ i•"!t moved adoption
of the following Resolution
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION N0.2010- t_. ( "~?
FINAL RELEASE OF COLLATERAL
AND
TERMINATION OF THE SUBDIVISION IMPROVEMENTS AGREEMENT
FOR
VAIL CHRISTIAN HIGH SCHOOL
FILE NO. PDF-00086
WHEREAS, on or about May 10, 2005, the Board of County Commissioners of the
County of Eagle, State of Colorado ("Board") entered into a Subdivision Improvements
Agreement with Vail Christian Schools ("Subdivider"); and
WHEREAS, the Subdivider provided collateral in the form of 1st Bank of Vail Letter of
Credit No. 876-7068 in the amount of $49,363.61; and
WHEREAS, the Engineering Department states the improvements were completed in
October 2006 and are acceptable per the terms and conditions of the Agreement. The
documentation for as-built record and acceptance of the water main required under the
Agreement was received January 27, 2010; 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
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 Letter of Credit and
the termination of the Subdivision Improvements Agreement for Vail Christian High School.
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 Christian High School has
been successfully completed and that the Subdivider's obligations under the Agreement are
complete.
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 February, 2010.
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
ATTEST: BOARD OF COUNTY COMMISSIONERS
a~ ~ _'
,~ y: ,
Clerk to the Board of ~ocoa~ Sara J. Fish r
County Commissioners ~ ~~Chairman ~j
Peter F. Runyon
Commissioner
J
Commissioner ~"l. ~~ ~ ~ `~ E seconded adoption of the foregoing resolution. The roll
having been called, the vote was as follows:
Commissioner Fisher
Commissioner Stavney
Commissioner Runyon
~L ~
~'i
~- -,
This Resolution passed by
the County of Eagle, State of Colorado.
vote of the Board of County Commissioners of
nrw\resolutions\vailchristian
MEMORANDUM
EAGLE COUNTY ENGINEERING
TO: Nancy Wright, Eagle County Attorney's Office
FROM: Mike Gruber, Engineering Department
DATE: February 4, 2010
RE: Subdivision Improvements Agreement, Reception No. 915520, Vail Christian High
School, Eagle County File No. PDF-00086, Release of Collateral, Termination of the
Subdivision Improvements Agreement
The improvements required under the Subdivision Improvements Agreement were completed
October 2006 and are acceptable per the terms and conditions of the Agreement. The
documentation for as-built record and acceptance of the water main required under the Agreement
was received January 27, 2010.
I recommend termination of the Subdivision Improvements Agreement, and the release of the
collateral in the amount of $49,363.61. This amount represents the amount being retained for the
completion of the improvements under the Subdivision Improvements Agreement.
The improvements under this agreement entail the construction of utility infrastructure, astorm
water management system, parking lots and private access improvements. County maintenance is
not required for the access road.
# # #
cc: Eva Wilson, County Engineer (e-mail)