HomeMy WebLinkAboutR10-073 Two Rivers Estates Final Release of CollateralEAGLE COUNTY. CO 2g 101 ~ 19
TEAK J SIMONTON
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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
TWO RIVERS ESTATES
FILE NO. PDF-00064
WHEREAS, on or about April 23, 2002, the Board of County Commissioners of the
County of Eagle, State of Colorado ("Board") entered into a Subdivision Improvements
Agreement with William and Annalies Stephens ("Subdivider") as a condition of final plat
approval for Two Rivers Estates; and
WHEREAS, the Subdivider provided collateral in the form of Alpine Bank Letter of
Credit No. 0350594533 in the amount of $17,624.02; 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 Improvement 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 Improvements Agreement for Two Rivers Estates.
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 Two Rivers Estates 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 June, 2010.
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
ATTEST: BOARD OF COUNTY COMMISSIONERS
Clerk to the Board of
County Commissioners
Peter F. Runyon
Commissioner
Commissioner seconded adoption of the foregoing resolution. The roll
having been called, the vote wa s follows:
Commissioner Fisher
Commissioner Stavney
Commissioner Runyon
This Resolution passed by ~/ d vote of the Board of County Commissioners of
the County of Eagle, State of Colorado.
nrwlresolutions\twori versestates
MEMORANDUM
EAGLE COUNTY ENGINEERING
TO: Nancy Wright, Attorney's Office
JUN ~ I :?''~s
FROM: Mike Gruber, Engineering ~f ~
~; ~ ;
~AGL~ ~t:1i<,, t ~ N, ~ ~ E~ziv~Y
DATE: June 18, 2010
RE: File No. PDF-00064, Subdivision Improvements Agreement, Two Rivers Estates,
Release of Collateral and Termination of the Warranty Period and Subdivision
Improvements Agreement
Mr. Quint Nichol, Sopris Engineering, LLC, has made a request in a letter to the Engineering
Department dated June 16, 2010, on behalf of the owner for inspection of the constructed
improvements under the warranty period as established by Consent No. 2008-18. Inspection
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 Warranty period, termination of the Subdivision
Improvements Agreement and release of the remaining collateral in the amount of $17,624.02,
Alpine Bank Letter of Credit No. 0350594533. This amount is equivalent to 10% of the
improvements cost retained until successful completion of the warranty period and fulfillment of
the terms and conditions of the Subdivision Improvements Agreement.
These improvements entail the construction of utility infrastructure and private roadways.
County maintenance is not required for these roads.
# # #
cc: Eva Wilson, County Engineer
Quint Nichol, Sopris Engineering, LLC
Terrill Knight, Knight Planning Services