2006-232COPY
2006-232
Resolution Accepting a Performance Agreement Secured by a Letter of Credit for the
Woods Edge 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
November 13th, 2006.
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
Robert L. Valdati
Joseph P. Paoloni
Maureen McCarthy
Vincent F. Bettina
The following Resolution was introduced by Councilwoman McCarthy and seconded by
Councilman Valdati.
WHEREAS, The Town of Wappinger Planning Board received an application from
Michael D. Cornell for a subdivision of lands more particularly described in Subdivision Map
entitled "Woods Edge Subdivision" prepared by Povall Engineering dated December 20th, 2004,
and last revised March 23rd, 2006; and
WHEREAS, the Town of Wappinger Planning Board granted final conditional
subdivision approval, by Resolution dated July 18th, 2005 subject to and conditioned upon
completion of the conditions and construction of the improvements set forth in the
aforementioned Resolution, and subject to certain improvements being made and constructed as
set forth in the aforesaid Resolution and noted on the 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
WHEREAS, JBR Construction Corp. is a contract vendee for the purchase of the lots in
the Woods Edge Subdivision; and
WHEREAS, JBR Construction Corp. has executed a new Performance Agreement to
guarantee the construction of the aforementioned improvements for the Woods Edge Subdivision
and has obtained a Letter of Credit to secure the guaranty set forth in the Performance
Agreement; and
WHEREAS, Joseph E. Paggi, Jr., engineer to the Town, has determined the estimated
costs of the proposed improvements to be the sum of $165,000.00, as enumerated in his report to
the Town Board dated May 18th, 2006; and
WHEREAS, Town Law §277 requires that before any building permits may be issued in
a newly created subdivision that the construction, installation and dedication of the
improvements required by the Resolution of Subdivision Approval be completed, or, in the
alternative, that a Performance Agreement guaranteed by sufficient security be posted with the
Town to guaranty the completion of the aforementioned improvements; and
WHEREAS, JBR Construction Corp. has tendered to the Town of Wappinger a
Performance Agreement duly executed by JBR Construction Corp., personally guaranteed by
Jeff Hunt, a principal of JBR Construction Corp. and secured by an irrevocable Letter of Credit
issued by M&T Bank bearing number SB -909685-2000 in the principal amount of $165,000.00
in favor of the Town of Wappinger; and
WHEREAS, Albert P. Roberts, attorney to the Town, has approved the form of the
aforementioned Performance Agreement and Letter of Credit
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 Performance Agreement executed on October 31 st, 2006 by JBR Construction
Corp. by its President, Jeff Hunt, and guaranteed by Jeff Hunt, Individually, with an address of
1061 Route 376, Wappingers Falls, New York 12590, as Obligor, in favor of the Town of
Wappinger, as Obligee, is accepted as the guaranty of completion of the construction,
installation, and dedication of the improvements required by the above referenced Resolution of
Subdivision Approval pursuant to Town Law §277.
3. The Irrevocable Letter of Credit issued by M&T Bank bearing number SB -
909685 -2000 and issued in favor of the Town of Wappinger dated October 30th, 2006 in the sum
of $165,000.00, securing the obligations set forth in the Performance Agreement, is hereby
accepted as security for the Performance Agreement.
4. The original Performance Agreement executed on October 31St, 2006 and the
original Letter of Credit dated October 30th, 2006 is directed to be placed on file with the Town
Clerk.
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: ABSENT
JOSEPH P. PAOLONI, COUNCILMAN Voting: AYE
MAUREEN McCARTHY, COUNCILWOMAN Voting: AYE
Dated: Wappingers Falls, New York
11/13/2006
The Resolution is hereby duly declared adopted.
HN C. ASTERSON, TOWN CLERK