HomeMy Public PortalAboutResolution 2017-01-04 GP Elk Creek Filing No. 1 surety reduction TOWN OF FRASER
RESOLUTION NO. 2017-01-04
A RESOLUTION APPROVING A PARTIAL REDUCTION IN THE SURETY PURSUANT TO
THE SUBDIVISION IMPROVEMENT AGREEMENT (SIA) FOR ELK CREEK AT GRAND PARK
FILING NO. 1.
WHEREAS, Grand Park and the Town of Fraser entered into a SIA, Reception #
2016001809, to ensure completion of certain infrastructure and which SIA provides for
reductions in surety requirements, and
WHEREAS, Grand Park has requested a partial reduction in surety (irrevocable letter of
credit SLCPPDX06831) because these improvements are substantially complete and the Town
Staff and Engineer have reviewed the request and have 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. The Town Board of Fraser, Colorado hereby authorizes;a reduction in the surety required
under the terms of the SIA from $321,106.00 to $129,052.00, releasing $192,054.00 to
Grand Park Development LLC.
READ, PASSED AND ADOPTED BY THE BOARD OF TRUSTEES THIS 18th DAY OF
JANUARY, 2017.
BOARD TRUSTEES OF THE
TOWN OF FRASER, COLORADO
BY(Th
Mayo
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� ATTEST:
(s E L SEAL
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Town Clerk
OOCORADO