2017-132 2017-132
Resolution Accepting First Reduction In The Security Posted With The Performance
Agreement Secured By A Letter Of Credit In Connection With The Ridges 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 June 26,
2017.
The meeting was called to order by Lori A. Jiava, Town Supervisor, and upon roll being
called, the following was recorded:
✓Vote Record-Resolution RES-2017-132
Q Adopted Yes/Aye No/Nay Abstain Absent
❑ Adopted as Amended Lori A.Jiava Voter Q ❑ ❑ ❑
❑ Defeated William H.Beale Seconder Q ❑ ❑ ❑
El Tabled
William Ciccarelli Mover Q ❑ ❑ ❑
❑ Withdrawn John J.Fenton Voter Q ❑ ❑ ❑
Michael Kuzmicz Voter Q ❑ ❑ ❑
The following Resolution was introduced by Councilman Ciccarelli and seconded by
Councilman Beale.
WHEREAS,by Resolution 2016-125, the Town Board accepted a Performance Agreement
executed by Mid-Hudson Holdings, LLC and personally guaranteed by John Goetz, a Managing Member
of Mid-Hudson Holdings, LLC., secured by an Irrevocable Letter of Credit issued by Rhinebeck Bank in
the principal sum of Four Hundred Three Thousand Five Hundred Sixty-Seven 20/100 Dollars
($403,567.20)in favor of the Town of Wappinger as the guarantee of completion of the construction,
installation and dedication of improvements required for The Ridges Subdivision; and
WHEREAS,Mid-Hudson Holdings, LLC has completed most of the required improvements for
said subdivision; and
WHEREAS,by letter dated June 21, 2017, a copy of which is affixed hereto, Robert J. Gray,
P.E. of Morris Associates Engineering & Surveying Consultants, PLLC, has recommended a reduction in
the security posted to the sum of One Hundred Four Thousand Four Hundred Sixty-Four 80/100 Dollars
($104,464.80); and
WHEREAS,the Town of Wappinger Highway Superintendent concurs in the reduction in the
Irrevocable Letter of Credit to sum of One Hundred Four Thousand Four Hundred Sixty-Four 80/100
($104,464.80); 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 reduced Irrevocable Letter of Credit in
the sum of One Hundred Four Thousand Four Hundred Sixty-Four 80/100 Dollars (S 104,464.80) as
security to guarantee the completion of the remaining work.
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 reduced Irrevocable Letter of Credit in the
amount of One Hundred Four Thousand Four Hundred Sixty-Four 80/100 Dollars (S 104,464.80), as the
security posted with the Performance Agreement so as to insure that the improvements required for The
Ridges Subdivision will be properly completed and maintained as required by the Planning Board
Resolution of Approval dated June 15, 2015.
The Letter of Credit previously posted in the sum of Four Hundred Three Thousand Five Hundred Sixty-
Seven 20/100 Dollars ($403,567.20)is hereby authorized to be released by the Town Clerk to Mid-
Hudson Holdings, LLC upon delivery of a reduced Irrevocable Letter of Credit in the sum of One
Hundred Four Thousand Four Hundred Sixty-Four 80/100 Dollars ($104,464.80)in form acceptable to
the Attorney to the Town.
The foregoing was put to a vote which resulted as follows:
RESULT: ADOPTED [UNANIMOUS]
MOVER: William Ciccarelli, Councilman
SECONDER: William H. Beale, Councilman
AYES: Jiava, Beale, Ciccarelli, Fenton, Kuzmicz
Dated: Wappingers Falls, New York
6/26/2017
The Resolution is hereby duly declared Adopted.
JOSS P P. PAOLONI, TOWN CLERK