TC Res. No. 2001-22TOWN OF AVON
RESOLUTION NO. 01-22
Series of 2001
A RESOLUTION ACCEPTING PUBLIC IMPROVEMENTS AND ESTABLISHING A
WARRANTY PERIOD IN ACCORDANCE WITH THE SUBDIVISION IMPROVEMENTS
AGREEMENT FOR THE AMENDED PLAT OF CHAPEL SQUARE SUBDIVISION,.
TOWN OF AVON, EAGLE COUNTY, COLORADO
WHEREAS, the Town of Avon and Chapel Square, LLC, a Colorado Limited Liability Company
entered into a SUBDIVISION IMPROVEMENTS AGREEMENT in connection with the approval
of the Amended Plat of Chapel Square 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 satisfactory completion of the
improvements in conformance with all standards, drawings and specifications as submitted to and
previously approved by the Town; and
WHEREAS, the required work has been satisfactorily completed in accordance with the approved
plans and specifications; and
WHEREAS, a'payment of $50,000 by the Town of Avon to Chapel Square LLC is due upon
satisfactory completion of said improvements; and
WHEREAS, Chapel Square LLC has provided security to the Town of Avon in the form of a deed
of trust or other legally binding document for Unit BR-403, Final Plat and Condominium Map of
Chapel Square "Building B", Lot 22, Chapel Square Subdivision, Town of Avon, Eagle County,
Colorado guaranteeing rights to the Town with a value of at least $82,500.00 as established by the
difference between appraised value and the total of all outstanding mortgages,, liens and other
encumbrances as a security deposit to provide for warranty work in accordance with the
Agreement.
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NOW, THEREFORE BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF
AVON, that:
The Town of Avon. hereby accepts and approves:
1. The public improvements as satisfactorily complete with an effective completion date of
August 22, 2001 and with a one year warranty period extending through August 22, 2002 in
conformance with the SUBDIVISION IMPROVEMENTS. AGREEMENT; and
2. A deed of trust or other legally binding document for Unit BR-403, Final Plat and
Condominium Map of Chapel Square "Building B", Lot 22, Chapel Square Subdivision,
Town of Avon, Eagle County, Colorado guaranteeing rights to the Town with a value of at
least $82,500.00 as established by the difference between appraised value and the total of all
outstanding mortgages, liens and other encumbrances as security deposit to provide for
warranty work in conformance with the SUBDIVISION IMPROVEMENTS
AGREEMENT; and
3. Payment of $ 50,000.00 to Chapel Square LLC as the final payment committed by the
Town in response to the Chapel Square LLC request related to the dedication of Chapel
Place right-of-way.
ADOPTED THIS 28 DAY OF August , 2001.
TOWN COUNCIL
TOWN OF AVON, COLORADO
J 9Y Yode M r
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Town Clerk
Memo
TO: Honorable Mayor and Town Council
Them Bill Efting, Town Manager
FrOI'f'1: Norm Wood, Town Engineer
Date: August 22, 2001
Re: Chapel Square Subdivision Improvements Agreement
Resolution No. 01-22, Series of 2001, Accepting Public Improvements and
Establishing Warranty Period
SL1mmal'y: Chapel Square has satisfactorily completed the public
improvements identified in the Subdivision Improvements Agreement. The satisfactory
completion of these improvements has been adequately documented by field inspections,
the submittal of As-Built Plans and Certifications by registered professional engineers as
stipulated in the Subdivision Improvements Agreement. These Improvements were
complete as of August 22, 2001 and the stipulated one-year warranty period should extend
through August 22, 2002. The Town currently holds a deed of trust or other legally
binding document for an unencumbered interest of at least $82,500 in Chapel Square
Condominium Unit BR-403 to provide sufficient surety for the one-year warranty period
obligation of $40,268.
In addition the Town is obligated upon completion and acceptance of the work to make
the final $50,000 payment to Chapel Square LLC per a previous agreement related to the
dedication of the Chapel Place right-of-way to the Town of Avon. The Village (at Avon)
will reimburse the Town of Avon $25,000 of this amount per the Annexation and
Development Agreement.
The attached Resolution No. 01-22, accepts the improvements as complete and establishes
the one-year warranty period as being August 22, 2001 through August 22, 2002 and
accepts the current Deed of Trust on Chapel Square Condominium Unit BR-403 in the
amount of $82,500 as being adequate security for the completion of warranty work during
this period. The Resolution also stipulates approval of the final $50,000 payment related
to the dedication of the Chapel Place right-of-way to the Town of Avon.
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Approval of attached Resolution No. 01-22, A Resolution Accepting Public Improvements
and Establishing a Warranty Period in Accordance with the-Subdivision Improvements
Agreement for the Amended Plat of Chapel Square Subdivision is recommended.
Recommendations: Approve Resolution No. 01-22, Series of 2001, A
Resolution Accepting Public Improvements and Establishing a Warranty Period in
Accordance, with the Subdivision Improvements Agreement for the Amended Plat of
Chapel Square Subdivision; Town of Avon, Eagle County, Colorado.
Town Manager Comments:
i IK
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