HomeMy Public PortalAboutResolution 2009-03-05 Approving a Reduction in the Surety Requirements Pursuant to the Subdivision Improvement Agreement for the Village at Grand Park Filing 2A
TOWN OF FRASER
RESOLUTION NO. 2009-03,05
A RESOLUTION APPROVING A REDUCTION IN THE SURETY REQUIREMENTS
PURSUANT TO THE SUBDIVISION IMPROVEMENT AGREEMENT FOR THE VILLAGE AT
GRAND PARK FILING 2A
WHEREAS, Grand Park Development and the Town of Fraser have entered into a
Subdivision Improvement Agreement (SIA) which provides for reductions in surety
requirements, and
WHEREAS, the Grand Park has requested a reduction in surety and the Fraser Board of
Trustees has reviewed the request and determined it to be in conformance with the provisions
of said agreement.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF TRUSTEES OF THE TOWN OF
FRASER, COLORADO THAT:
1. That the Town Board of Fraser, Colorado hereby authorizes a reduction in the surety
required under the terms of the SIA to 20% of the original amount ($15,586).
2. Upon provision of a Letter of Credit in a form acceptable to the Town, the cash funds will
be released to Grand Park Development.
3. All existing or alleged defaults under the terms of this SIA have been cured.
READ, PASSED ON ROLL CALL VOTE, AND ADOPTED BY THE BOARD OF TRUSTEES
THIS 4th DAY OF MARCH, 2009.
Votes in favor: 7
Votes opposed: ..&
Absent: ~
Abstained: A
BOARD TRUSTEES OF THE
TOWN OF FRASER, COLORADO
BY: ~ C\S\ M
Mayor
(S E A L)
ATTEST:
~C:..f^
Town Clerk (5
ýÿ