TC Res. No. 1996-46TOWN OF AVON
RESOLUTION NO. 96- 4 6
Series of 1996
A RESOLUTION APPROVING A REDUCED SECURITY DEPOSIT FOR
WARRANTY WORK COMPLETED ON IMPROVEMENTS INSTALLED AND
CONSTRUCTED IN ACCORDANCE WITH AMENDED AND RESTATED
SUBDIVISION IMPROVEMENTS AGREEMENT FOR MOUNTAIN STAR
SUBDIVISION
WHEREAS, the Town of Avon and Mountain Star Limited Liability Company entered
into an AMENDED AND RESTATED 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 and provide for warranty work in
accordance with the Agreement and the subsequent release of the security deposits upon
completion of the improvements and warranty work; and
WHEREAS, all required warranty work has been identified and the work completed as
of October 28, 1996, 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:
I . The identified warranty work related to public and private improvements required to
be constructed in conjunction with Mountain Star Subdivision was substantially complete
as of October 28, 1996, in accordance with the AMENDED AND RESTATED
SUBDIVISION IMPROVEMENTS AGREEMENT and the stipulated one year warranty
period for said warranty work shall extend to October 28, 1997.
2. Effective December 1, 1996, the security deposit may be reduced to $,25,000.00
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 and
Restated Subdivision Improvements Agreement.
ADOPTED THIS 12th DAY OF November ,1996.
TOWN COUNCIL
TOWN OF AVON, COLORADO
A
Patty Lambert, q1C
Town Clerk