TC Res. No. 1995-48TOWN OF AVON
RESOLUTION NO. 95-48
Series of 1995
A RESOLUTION APPROVING AND ACCEPTING THE IMPROVEMENTS
INSTALLED'AND CONSTRUCTED IN ACCORDANCE WITH AMENDED AND
RESTATED SUBDIVISION IMPROVEMENTS AGREEMENT FOR MOUNTAIN_
STAR SUBDIVISION AND ESTABLISHING WARRANTY PERIOD AND
RELATED SECURITY DEPOSIT FOR SAID IMPROVEMENTS
WHEREAS, the Town of Avon and Mountain Star Limited Liability Company entered
into an AMENDED AND RES'T'ATED SUBDIVISION IMPROVEMENTS
AGREEMENT in connection with the approval of the Final Plat for Mountain Star
Subdivision; and
WHEREAS; said Agreement established certain public and private improvements to be
constructed in conjunction with said subdivision; and
WHEREAS, said Agreement established requirements for the provision of security
deposits to assure completion of the improvements in accordance with the Agreement
and the subsequent release of the security deposits upon completion of the
improvements; and
WHEREAS, said public and private improvements were substantially complete as of
December 31, 1994; and
WHEREAS,, all required documentation for acceptance and approval of the
improvements has been submitted; and
WHEREAS, all required warranty work has been identified and the work completed, or
required security deposit to assure completion of the work has been submitted.
NOW, THEREFORE BE IT RESOLVED BY THE TOWN COUNCIL OF THE
TOWN OF AVON, that:
1. The public and private improvements required to be constructed in conjunction with
Mountain Star Subdivision were substantially complete as of December 31, 1994, in
accordance with the AMENDED AND RESTATED SUBDIVISION IMPROVEMENTS
AGREEMENT and the stipulated one year warranty period for said improvements shall
extend to December 31, 1995.
2. The public and private improvements are hereby approved and accepted by the Town
of Avon with the exception of items of warranty work which have been, or are identified
during said warranty period, which items shall have a warranty period which extends for
one year from the date of satisfactorycorrection of warranted item.
3. Effective January 1, 1996, the security deposit may be reduced to S 100,000.00 which
is equal to at least 110 percent of the cost of significant corrective work identified during
the one year warranty period which is in accordance with the Amended andRestated
Subdivision Improvements Agreement.
ADOPTED THIS `~4L\ DAY OF 1995.
TOWN COUNCIL '
TOWN OF AVON, COLORADO
Albert J. a olds, or