TC Res. No. 1980-10I
RESOLUTION NO.1CO.'q-`-"c ~ `J u1.~ / t! C~
SERIES OF 1980
WHEREAS, the Town of Avon has executed a Subdivision Improvements
Agreement dated July 10, 1979, with Wildridge Development Company which
agreement provides for the Town of Avon to hold certain unsold parcels of land
as collateral pending the completion of the installation of certain utilities
and roads; and
WHEREAS, Wildridge Development Company has previously given to the Town of
Avon a deed of trust on all of Block 4 in the Wildridge Subdivision; and
WHEREAS, Wildridge Development Company, pursuant to Paragraph 2(d) of said
Subdivision Improvements Agreement, has provided to the Town of Avon an
up-to-date accounting of the costs of the required improvements, the costs of
construction already completed and the estimated remaining costs of said
improvements, as well as an up-to-date calculation of the amount of collateral
required and needed by the Town of Avon, all as set forth on Exhibit A attached
hereto and incorporated herein; and
WHEREAS, Wildridge Development Company proposes to give the Town of Avon a
deed of trust on all of Block 5, Wildridge Subdivision; and
WHEREAS, Wildridge Development Company is presently marketing certain of
the lots in Block 4; and
WHEREAS, Wildridge Development Company has requested the Town of Avon to
release up to ten (10) of said lots in Block 4 as said lots are sold; and
WHEREAS, the Town Council has satisfied itself that the value of the
proposed collateral in Blocks 4 and 5, Wildridge Subdivision, after ten (10)
lots in Block 4 are released by the Town of Avon, is sufficient to satisfy the
purposes for which said collateral is being held,
NOW, THEREFORE, be it hereby resolved by the Town Council of the Town of
Avon, Colorado:
The Subdivision Improvements Agreement referred to above shall be amended
to show as collateral Blocks 4 and 5, Wildridge Subdivision, less ten (10) lots
in Block 4 which will be released by the Town of Avon as sales of said lots are
~ade...by Wildridge Development Company, or such other collateral as the Town and
.~.Wildtidde,Development Company may mutually agree upon from time to time.
EXECUTED thisc2cay of May, 1980.
ATTEST:
Town Clerk 1
Mayor "CC "