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HomeMy WebLinkAboutR10-056 Siloan Springs Development Final Release Commissioner ~ moved adoption of the following Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION N0.2010- ' FINAL RELEASE OF COLLATERAL AND TERMINATION OF THE WARRANTY PERIOD FOR SILOAM SPRINGS DEVELOPMENT RICHARD L. MAYNE AND LUANNE MAYNE WHEREAS, on or about October 3, 2006, the Board of County Commissioners of the County of Eagle, State of Colorado ("Board"j entered into a Subdivision and Off-site Improvements Agreement with Richard L. Mayne and Luanne Mayne ("Subdivider") as a condition of final plat approval for Siloam Springs Development; and WHEREAS, pursuant to the Agreement, the Subdivider provided collateral in the form of Alpine Bank Letter of Credit No. 0360214133 in the amount of $21,087.38; 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 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 and Off-Site Improvements Agreement for Siloam Springs Development. 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 Siloam Springs Development has been successfully completed and that the Subdivider's obligations under the Agreement are complete. MOVED, READ AND ADOPTED by the Board of Count~ommissioners of the County of Eagle, State of Colorado, at its regular meeting held the ~7 day of May, 2010. COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its ATTEST: BOARD OF COUNTY COMMISSIONERS County Commissioners Commissioner Commissioner seconded adoption of the foregoing resolution. The roll having been called, the vote was ollows: Commissioner Fisher Commissioner Stavney Commissioner Runyon This Resolution passed by /~ the County of Eagle, State of Colorado. y: ~- Sara J. Fis er /I , vote of the Board of County Commissioners of nrw\resolutions\siloam springs MEMORANDUM TO: Nancy Wright, Attorney's Office FROM: Greg Schroeder, Engineering Department ~~ DATE: Wednesday, May 12, 2010 FILE #: PDF-00096 RE: Siloam Springs -Final Collateral Release and Termination of Warranty Nancy, On Tuesday, May 11, 2010, I performed a site visit with the applicant. Based on my observations of the site, all of the improvements appear to be in conformance with the SIA. Please release the letter of credit in the amount of $21,087.38; also terminate the warranty. Please contact me if you have any additional questions. # # # cc: Eva Wilson, County Engineer G1DedelcpmentiCcllateral-SIA!Sllcam Spnng=!20100512 _MEMORANDUM1idoc EXHIBIT a s