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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