R.48. A Resolution of the Board of Trustees for the Town of Palisade, Colorado, Accepting a Letter of Credit in the Amount of $14,018.95 from Alpine Bank to begin the 18-Month Warranty Period for the Public Improvements Stipulated in the Palisade Basecamp RV Resort Final Plat.

Palisade Board of Trustees
Date of Vote: Tue, Nov 14th 2017
Polls (closed):
Yay (0)    Nay (0)


                    In order to satisfy the requirements of Palisade’s “Development Improvements Escrow and Disbursement Agreement”, as outlined in in section 7.2, and as the Town has provided final acceptance, Alpine Bank needs a resolution from the Board of Trustees that:

1) Verifies the acceptance of all improvements; 2) States that Alpine Bank is released from its duties as the escrow agent for the disbursement of construction funds; 3) Will accept a Letter of Credit in the amount of $14,018.95 from Alpine Bank, addressed to the Town of Palisade, for benefit of Palisade Basecamp RV Resort, LLC for the 18-month warranty period (starting on the date addressed in the Letter of Credit).

The Alpine Bank loan department will provide the Letter of Credit documents upon receipt of this resolution.

Recommended Action: A motion, second and approval of Resolution 2017-48 accepting a letter of credit from Alpine Bank for the Palisade Basecamp RV Resort public improvements.

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