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TC Res. No. 2002-40TOWN OF AVON RESOLUTION NO. 0240 Series of 2002 A RESOLUTION ACCEPTING PUBLIC IMPROVEMENTS AND RELEASING SECURITIES HELD DURING THE 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, Chapel Square LLC has provided security to the Town of Avon in the form of a deed of trust for Unit BR403, 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; and WHEREAS, The subdivision improvements were found to be in satisfactory condition at the end of the warranty period ending August 22, 2002. NOW, THEREFORE BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF AVON, that: The Town of Avon hereby: 1. Accepts and approves the public improvements as satisfactorily complete at the end of the one year warranty period ending August 22, 2002 in conformance with the SUBDIVISION IMPROVEMENTS AGREEMENT; and 2. Authorizes release of the Deed of Trust in the amount of $82,500 for Condominium Unit BR-403, Final. Plat and Condominium Map of Chapel Square "Building B", Lot 22, Chapel Square Subdivision, Town of Avon, Eagle County; Colorado held by the Town of Avon as security deposit to provide for warranty work in conformance with the SUBDIVISION IMPROVEMENTS AGREEMENT. ADOPTED THIS 4`7*= DAY OF `t , 2002. U _a ATTEST: P",Z Patty ~ 4c Town L9 i P OF •©F~ AI C TOWN COUNCIL TOWN OF AVON, COLORADO J Yoder u= ~ Memo. To; Honorable Mayor and Town Council Thru: Bill Efting, Town Manager From: Norm Wood, Town Engineerly' Date: ' August 22, 2002 Re. Chapel Square Subdivision Improvements Agreement, Resolution No. 0240, Series of 2002, Releasing Securities Held During Warranty Period Slle7 mam Chapel Square has satisfactorily completed the public improvements identified in-the Subdivision Improvements Agreement. These Improvements were complete as of August 22, 2001 and the stipulated one-year warranty period extended through August 22, 2002. The Town currently holds a deed of trust 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. A field review indicates that the public improvements are in acceptable condition at the end of the one-year warranty period ending August 22, 2002. The attached Resolution No. 02-40, accepts and approves the public improvements as satisfactorily complete at the end of the. one-year warranty period ending August 22, 2002 and authorizes release of the Deed of Trust on Chapel Square Condominium Unit BR-403 in the amount :of $82,500 held as security to assure completion of any warranty work required during this period. Approval of attached Resolution No. 02-40, A Resolution Accepting Public Improvements and Releasing Securities Held During the Warranty Period in Accordance with the Subdivision Improvements Agreement for the Amended Plat of Chapel Square Subdivision, Town of Avon, Eagle County, Colorado is recommended. I:\EngineeringxSubdivision\Bcnchmark At BC\Chapel Square\imprv Accept Res 02-40 Memo.Doc ~j Recommendationse 'Approve Resolution No. 02-40, Series of 2002, A Resolution Accepting Public Improvements and Releasing Securities Held During, the 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:\Engineeringl.Subdivision\Bcnchmark At BC\Chapel SquareUmprv Accept Res 02-40 Mcmo.Doc 2 TOWN OF AVON RESOLUTION NO. 02=40 Series of 2002 A RESOLUTION ACCEPTING PUBLIC IMPROVEMENTS AND RELEASING SECURITIES HELD DURING THE 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 unprovements 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, Chapel Square LLC has provided security to the Town of Avon in the form of a deed of trust 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; and WHEREAS, The subdivision improvements were found to be in satisfactory condition at the end of the warranty period ending August 22, 2002. I:TEngineering\Subdivision\Bmchmark At Bc\chapel squareUmprv Accept Res 02-40.Doc NOW, THEREFORE BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF AVON, that: The Town of Avon hereby: 1. Accepts and approves the public improvements as satisfactorily complete at the end of the one year warranty- period ending August 22, 2002 in. conformance with the-SUBDIVISION IMPROVEMENTS AGREEMENT; and 2. Authorizes release of the Deed of Trust in the amount of $82,500 for Condominium Unit BR-403, Final Plat and Condominium Map of Chapel Square "Building B", Lot 22, Chapel Square Subdivision, Town of Avon, Eagle County, Colorado held by the Town of Avon as security deposit to provide for warranty work.in conformance with the SUBDIVISION . IMPROVEMENTS AGREEMENT. ADOPTED THIS, ATTEST: DAY OF Patty McKenny, Town Clerk 2002. TOWN COUNCIL TOWN OF AVON, COLORADO Judy Yoder, Mayor. I: Engineering\Subdivisicn\Benchrnark At BC\Chapel SquartUrnprv Accept Res 02-40.Doc 2