2007-1362007-136
Resolution Accepting First Reduction in the Security Posted with the Performance
Agreement Secured by a Surety Bond for the Shamrock Hills Subdivision
At a regular meeting of the Town Board of the Town of Wappinger, Dutchess County,
New York, held at Town Hall, 20 Middlebush Road, Wappingers Falls, New York, on July 9th,
2007.
The meeting was called to order by Joseph Ruggiero, Supervisor, and upon roll being
called, the following were present:
PRESENT: Supervisor
Councilmembers
ABSENT: ' . :
Joseph Ruggiero
William H. Beale
Maureen McCarthy
Vincent F. Bettina
Joseph P. Paoloni
The following Resolution was introduced by Councilwoman McCarthy and seconded by
Councilman Beale.
WHEREAS, Toll Land VI, Limited Partnership had made application to the Town of Wappinger
Planning Board to approve the subdivision of lands more particularly described in Subdivision Plat
entitled "Shamrock Hills Subdivision", prepared by Povall Engineering dated September 12"', 2003, last
revised March 28`", 2006; and
WHEREAS, the Town of Wappinger Planning Board granted final conditional subdivision
approval by Resolution dated November 7`h, 2005, amended by Resolution adopted August 7t", 2006,
subject to certain public improvements being made and constructed within said subdivision and subject to
completion of the requirements set forth in the Town Subdivision Regulations, Zoning Code, Highway
Specifications, and Rules and Regulations of the Town, and further subject to the requirements set forth in
the letter of Paggi, Martin & Del Bene, LLP, Engineer to the Town, dated July 12'h, 2006, together with
the Schedule of Bond Values;.and
WHEREAS, Town Law §277 requires that the developer of a proposed subdivision guarantee the
construction, installation, and dedication of the required public improvements by the Resolution of
Subdivision Approval, prior to issuance of any building permits; and
WHEREAS, Toll Land VI, Limited Partnership executed and posted a Performance Agreement
Secured by a Surety Bond (No. 39BSBDT0495) issued by Hartford Fire Insurance Company on
August 22°a, 2006, in favor of the Town of Wappinger in the sum of Six Million Five Hundred Ninety
Four Thousand Dollars ($6,594,000.00) , which Performance Agreement and Surety Bond was accepted
by the Town Board by Resolution 2006-186 at the Town Board meeting held on August 28`h, 2006; and
WHEREAS, Toll Land VI, Limited Partnership has completed some of the required
improvements; and
WHEREAS, by letter dated June 11"', 2007, a copy of which is affixed hereto, Engineers to the
Town, Paggi, Martin & Del Bene, LLP, determined that the construction value of the work remaining to
be completed was Three Million Five Hundred Eighty Eight Thousand Nine Hundred Dollars
($3,588,900.00), inclusive of administrative costs; and
WHEREAS, the Town Board hereby agrees to and authorizes a reduction in the security posted
` with the Performance Agreement, and hereby agrees to accept a Surety Bond in the sum of Three Million
Five Hundred Eighty -Eight Thousand Nine Hundred Dollars ($3,588,900.00) as security to guarantee
completion of the remaining work.
�%w NOW, THEREFORE, BE IT RESOLVED, as follows:
1. The recitations above set forth are incorporated in this Resolution as if fully set forth and
adopted herein.
2. The Town Board hereby agrees to accept a Surety Bond in the amount of Three Million
Five Hundred Eighty Eight Thousand Nine Hundred Dollars ($3,588,900.00), as the security posted with
the Performance Agreement to insure that the improvements required for the Shamrock Hills Subdivision
will be properly completed as required by the Planning Board Resolution of Approval dated November
7th, 2005, amended by Resolution adopted August 7th, 2006.
3. The Surety Bond previously posted in the amount of Six Million Five Hundred Ninety
Four Thousand Dollars ($6,594,000.00) is hereby authorized to be released by the Town Clerk upon
delivery to him of the above referenced Surety Bond in form acceptable to the Attorney of the Town.
The foregoing was put to a vote which resulted as follows:
JOSEPH RUGGIERO, SUPERVISOR
Voting: AYE
WILLIAM H. BEALE, COUNCILMAN
Voting: AYE
VINCENT F. BETTINA, COUNCILMAN
Voting: ABSENT
JOSEPH P. PAOLONI, COUNCILMAN
Voting: ABSENT
MAUREEN McCARTHY, COUNCILWOMAN Voting: AYE
Dated: Wappingers Falls, New York
7/9/2007
The Resolution is hereby duly declared adopted.
144L,—
HN C. M TERSON, TOWN CLERK