2010-3842010-384
Resolution Calling Due the Letter of Credit Posted in Connection with Section 1, Parcel 1,
Meadowood 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 December
13, 2010.
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 (Arrived 7:02 PM)
Vincent F. Bettina
Ismay Czarniecki
Joseph P. Paoloni
The following Resolution was introduced by Councilwoman Czarniecki and seconded by
Supervisor Colsey.
WHEREAS, O'Donnell Group, LLC, as successor in interest to Meadowood
Development Corp., has posted a Substitution Performance Agreement, secured by Letter of
Credit issued by M&T Bank, in the original sum of Nine Hundred Eight Thousand, Two
Hundred Dollars ($908,200.00), which Letter of Credit was posted as financial security to
guaranty the proper construction of roads and other public improvements in connection with
Section 1, Parcel 1 Meadowood Subdivision; and
WHEREAS, the Town Board of the Town of Wappinger, by Resolution No. 2005-139,
duly adopted on October 12, 2005, reduced the Letter of Credit to the principal sum of One
Hundred Seventy -Five Thousand, Two Hundred Dollars ($175,200.00); and
WHEREAS, the reduced Letter of Credit has an expiration date of October 5, 2011; and
WHEREAS, O'Donnell Group, LLC, as Developer of the aforementioned subdivision,
has not fulfilled the obligations of the Performance Agreement, the Town of Wappinger
Subdivision Regulations, nor has it completed the road and other public improvements in form
acceptable to the Town Board of the Town of Wappinger, the Town of Wappinger Highway
Superintendent, the Attorney to the Town or the Town of Wappinger Engineer; and
WHEREAS, to ensure the obligations of the Performance Agreement that will be
completed in a duly timely fashion, the Town Board hereby elects to call due a portion of the
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 Town Board hereby authorizes Supervisor Christopher J. Colsey to call due a
portion of the Letter of Credit issued by M&T Bank, bearing number SB -906391-
0001, in the principal sum of One Hundred Seventy -Five Thousand, Two
Hundred Dollars ($175,200.00) so as to ensure the due and proper completion of
the roads and other public improvements as well as other obligations due the
Town of Wappinger by O'Donnell Group, LLC, in connection with the Section 1,
Parcel 1, Meadowood Subdivision in the approximate amount of Ten Thousand
Dollars ($10,000.00).
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 call due 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
ISMAY CZARNIECKI, COUNCILWOMAN
Voting:
AYE
JOSEPH P. PAOLONI, COUNCILMAN
Voting:
AYE
Dated: Wappingers Falls, New York
12/13/2010
The Resolution is hereby duly declared adopted.
+HN�C. MASTERSON, TOWN CLERK