2009-1832009-183
Resolution Drawing on the Letter of Credit Posted in Connection with the 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 May 11,
2009.
The meeting was called to order by Christopher Colsey, Supervisor, and upon roll being
called, the following were present:
PRESENT: Supervisor
Councilmembers
ABSENT:
Christopher J. Colsey
William H. Beale
Vincent F. Bettina
Maureen McCarthy (arrived at 7:08 PM)
Joseph P. Paoloni
The following Resolution was introduced by Councilwoman McCarthy and seconded by
Councilman Beale.
WHEREAS, Blackwatch Development, LLC, as successor in interest to Robert B.
Oswald, has posted a Substitution Performance Agreement dated June 1, 2005, secured by Letter
of Credit issued by M&T Bank, in the original sum of Seven Hundred Five Thousand, Six
Hundred Eighty -Five Dollars ($705,685.00), which Letter of Credit has been reduced to the
principal sum of Two Hundred Forty -Three Thousand Dollars ($243,000.00), pursuant to
authorization duly adopted by the Town Board of the Town of Wappinger; and
WHEREAS, the aforementioned Letter of Credit issued by M&T Bank, bearing number
SB -907772-2000, has been duly extended to May 22, 2010; and
WHEREAS, New York State Town Law § 277, as well as the Town Code of the Town
of Wappinger requires that the developer of a subdivision guarantee all of the obligations set
forth in the Subdivision Regulations, Zoning Code and Highway Specifications; and
WHEREAS, the Substitution Performance Agreement secured by the M&T Bank Letter
of Credit executed by Blackwatch Development, LLC, and personally guaranteed by John
O'Donnell, individually, and James Chirico, individually, guaranteed all of the obligations set
forth in the Subdivision Regulations, Zoning Code and Highway Specifications of the Town of
Wappinger in connection with the Blackwatch Subdivision; and
WHEREAS, certain land was offered for dedication to the Town of Wappinger as a
condition of approval for the Blackwatch Subdivision; and
WHEREAS, the Town Board has been notified that the real estate taxes on said land has
not been paid and the subject land is about to be sold at tax sale by Dutchess County; and
WHEREAS, the land is identified by tax grid number 135689-6358-02-785898-0000,
Tax Foreclosure Index No. 2007/5320; and
WHEREAS, per advice from the Dutchess County Office of the Commissioner and
Finance, the unpaid real property taxes total Six Thousand, Nine Hundred Fifty Dollars and
41/100 ($6,950.41), and must be paid to the Dutchess County Commissioner of Finance no later
than May 29, 2009; and
WHEREAS, the Town Board wishes to pay these unpaid real estate taxes so as to
guarantee acquisition of the lands offered for dedication; and
WHEREAS, the Town Board desires to draw on the aforementioned Letter of Credit in
an amount sufficient to pay for the unpaid real estate taxes and any related expenses.
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 of the Town of Wappinger hereby authorizes Supervisor
Christopher J. Colsey to draw on the Letter of Credit issued by M&T Bank,
bearing number SB -907772-2000 in the amount of Seven Thousand, Two
Hundred Dollars ($7,200.00) to pay for all unpaid real estate taxes and any related
expenses due on the land offered for dedication in connection with the
Blackwatch Farms Subdivision, identified by tax grid number 135689-6358-02-
785898-0000, and upon receipt of said funds, to promptly pay said amount to the
Dutchess County Office of the Commissioner of Finance to forestall the tax sale
of said land.
3. Supervisor Christopher J. Colsey and Attorney to the Town, Albert P. Roberts; are
hereby authorized to undertake any work and to execute any documents necessary
to draw on the aforementioned Letter of Credit in accordance with the provisions
of the Letter of Credit and in accordance with the provisions of this Resolution.
The foregoing was put to a vote which resulted as follows:
CHRISTOPHER COLSEY, SUPERVISOR
Voting:
AYE
WILLIAM H. BEALE, COUNCILMAN
Voting:
AYE
VINCENT F. BETTINA, COUNCILMAN
Voting:
AYE
MAUREEN McCARTHY, COUNCILWOMAN
Voting:
AYE
JOSEPH P. PAOLONI, COUNCILMAN
Voting:
AYE
Dated: Wappingers Falls, New York
5/11/2009
The Resolution is hereby duly declared adopted.
JOHN C. MASTERSON, TOWN CLERK