HomeMy Public PortalAboutResolution 2023-07-08 Partial Reduction in Surety Pursuant to CGA for Koselig on MainTOWN OF FRASER
RESOLUTION NO. 2023-07-08
A RESOLUTION APPROVING A PARTIAL REDUCTION IN THE SURETY PURSUANT TO
THE CONSTRUCTION GUARENTEE AGREEMENT (CGA) FOR KOSELIG ON MAIN
WHEREAS, 406 Zerex, LLC and the Town of Fraser entered into a CGA, Reception
#2022008495, to ensure completion of certain infrastructure and which CGA provides for
reductions in surety requirements; and
WHEREAS, substantial completion of the water and sewer infrastructure has been
achieved, a surety reduction to $203,506.25 is appropriate in accordance with the attached
amended CGA.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF TRUSTEES OF THE TOWN OF
FRASER, COLORADO THAT:
1. The Town Board of Fraser, Colorado hereby authorizes a partial reduction in the surety
required under the terms of Koselig on Main amended CGA from $489,512.50 to
$203,506.25.
READ, PASSED ON ROLL CALL VOTE, AND ADOPTED BY THE BOARD OF TRUSTEES
THIS (q DAY OF L\y 2023.
Votes in favor: (V 1 BOARD OF TRUSTEES OF THE
Votes opposed: Q TOWN OF FRASER, COLORA
Abstained: ft
BY: \ it , <1'.1
Mayor
ATTEST:
Town Clerk