2006-115^0
2006-115 Py
Resolution Accepting First Reduction in the Letter of Credit Posted for Blackwatch Farms
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 the
4/10/2006.
The meeting was called to order by Joseph Ruggiero, Supervisor, and upon roll being
called, the following were present:
PRESENT: Supervisor - Joseph Ruggiero
Councilmembers - Robert L. Valdati
Vincent F. Bettina
ABSENT: Joseph P. Paoloni
Maureen McCarthy
The following Resolution was introduced by Councilman Valdati and seconded by
Councilman Bettina.
WHEREAS, Blackwatch Development LLC. had made application to the Town of
Wappinger Planning Board to approve the subdivision of lands more particularly described in
Subdivision Plat entitled `Blackwatch Farms", prepared by Oswald and Gillespie, P.C. dated
June 1, 1999, and subsequently revised from time to time; and
WHEREAS, Robert V. Oswald, Jr. has transferred all of his right, title and interest into
the aforementioned subdivision known as the Blackwatch Farms Subdivision to Blackwatch
Development, LLC.; and
WHEREAS, the Town of Wappinger Planning Board granted final conditional
subdivision approval by Resolution dated May 3, 2004, subject to and conditioned upon
completion of the conditions set forth in the aforementioned Resolution, and subject to certain
improvements being made and constructed as set forth in the aforesaid Subdivision Map and
related Contract drawings, all in accordance with the Town of Wappinger 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 March 31, 2004, together with the Schedule of Bond Values; and
WHEREAS, Town Law §277 requires a developer of a proposed subdivision to
guarantee the construction, installation, and dedication of the improvements required by the
Resolution of Subdivision Approval, prior to issuance of any building permits; and
WHEREAS, Blackwatch Development, LLC., substituted the Performance Agreement
and Security posted by Robert V. Oswald, Jr. with a new Performance Agreement executed by
Blackwatch Development, LLC., and personally guaranteed by John O'Donnell, individually and
James Chirico, individually, which was Secured by a Letter of Credit issued by M&T Bank
bearing Letter of Credit No. SB -907772-2000, which Performance Agreement and Letter of
Credit was adopted by the Town Board by Resolution 2005-082 at the Town Board meeting held
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on the 13th day of June, 2005; and
WHEREAS, Blackwatch Development, LLC. has completed some of the required
improvements; and
WHEREAS, by letter dated December 15, 2005, a copy of which is affixed hereto as
Exhibit "A", Engineer to the Town, Joseph E. Paggi, Jr. recommended a reduced bond amount
to complete the construction of the remaining roadways and improvements, which said reduced
bond amount totals the sum of $243,600.00; and
WHEREAS, the difference between the Letter of Credit securing the Performance
Agreement and the reduced bond amount is $462,085.00
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 authorizes the Town Board to accept a reduced bond
calculation prepared by Engineer to the Town, Joseph E. Paggi, Jr., and further accepts the
reduced Letter of Credit in the amount of $243,600.00, which Letter of Credit is drawn on M&T
Bank in favor of the Town of Wappinger.
The foregoing was put to a vote which resulted as follows:
JOSEPH RUGGIERO, SUPERVISOR
Voting:
AYE
ROBERT L. VALDATI, COUNCILMAN
Voting:
AYE
VINCENT F. BETTINA, COUNCILMAN
Voting:
AYE
JOSEPH P. PAOLONI, COUNCILMAN
Voting:
ABSENT
MAUREEN McCARTHY, COUNCILWOMAN
Voting:
ABSENT
Dated: Wappingers Falls, New York
4/10/2006
The Resolution is hereby duly declared adopted.
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