HomeMy Public PortalAboutRES-CC-2008-07Resolution #07-2008
A RESOLUTION ACCEPTING THE PUBLIC IMPROVEMENTS CONSTRUCTED IN
ASSOCIATION WITH THE SUBDIVISION KNOWN AS THE COTTONWOODS AT
WILLIAMS WAY — ADDITION #1, AND AUTHORIZING THE RELEASE OF THE
PERFORMANCE GUARANTY ASSOCIATED WITH SAID IMPROVEMENTS.
WHEREAS, the City of Moab (the "City") and Williams Way, LLC ("Owner") entered into a
Subdivision Improvements Agreement dated March 7, 2007 (the "Agreement") covering the public
improvements associated with the above named subdivision; and
WHEREAS, Owner posted collateral in the form of an Irrevocable Standby Letter of Credit (Wells
Fargo Bank N.A. Letter of Credit No. NZS597645) for the benefit of the City to guarantee the
improvements required by the Agreement; and
WHEREAS, the City has determined that Owner has completed the improvements in accordance with
the terms of the Agreement; and
WHEREAS, pursuant to the terms of the Agreement, Owner warrants that all improvements shall be
free of defects in materials and workmanship for a period of one (1) year from the date of this
acceptance; and
WHEREAS, pursuant to the terms of the Agreement, Owner is entitled to a full release of the
performance guaranty at this time.
NOW THEREFORE, we, the Governing Body of the City of Moab do hereby resolve to accept the
public improvements covered by the Agreement referenced herein, specifically street and City utility
improvements located in the 100 north block of Shields Lane and do hereby authorize the full release
of Owner's collateral (Wells Fargo Bank N.A. Letter of Credit No, NZS597645).
Passed and adopted by action of the Governing Body of the City of Moab in open session this
11 ffi day of March, 2008.
David L. Sakrison, Mayor
Rachel Ellison, Recorder
Resolution #07-2008 page I of 1