10/17/1989 - Laserfiche WebLink

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ON MOTION by Commissioner Bowman, SECONDED by Commissioner Bird, the Board unanimously (4-0, Commissioner Scurlock being absent) approved the Developer's Agreement as set out in the above staff recommendation. DEVELOPER'S AGREEMENT IS ON FILE IN THE OFFICE OF THE CLERK TO THE BOARD HAWK'S NEST MANAGEMENT, INC. - DEVELOPER'S AGREEMENT The Board reviewed the following memo dated 10/11/89: TO: The Board of County Commissioners FROM:'—William G. Collins 11 - Assistant County Attorney DATE: October 11, 1989 SUBJECT: Hawk's Nest Management, Inc. - Developer's Agreement have received a request from Bruce Barkett representing Hawk's Nest Management, Inc., requesting that the developer be allowed to substitute a Letter of Credit in the amount of $81,837.45 In exchange for a Release and Satisfaction of Mortgage on the Hawk's Nest property in the same amount. The security is posted to guarantee the developer's construction of a 2 -lane, 24 -foot wide paved road within the Storm Grove Road right-of-way. The original 1985 agreement provided for security in the form of a Letter of Credit, but provided that "developer may, at any time, substitute guarantees subject to the approval as to form and amount by the County." The right to substitute guarantees, subject to approval by the County, was carried over into subsequent amendments to the Developer's Agreement. RECOMMENDATION I recommend that the Board of County Commissioners approve the substitution of a Letter of Credit for the present mortgage on the property. I further recommend that upon presentation of a properly executed Letter of Credit, the Chairman of the Board be authorized to sign the Satisfaction of Mortgage releasing the Hawk's Nest property from the $81,837.45 mortgage now running in favor of the County. 57 I tJT 1 eoar~ 78 FAH20C