2007-2462007-246
Resolution Accepting a Performance Agreement Secured by Letter of Credit for the
Cranberry Hills 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 26th, 2007.
The meeting was called to order by Joseph Paoloni, Deputy Supervisor, and upon roll
being called, the following were present:
PRESENT: Councilmembers
William H. Beale
Vincent F. Bettina
Joseph P. Paoloni
Maureen McCarthy
ABSENT: Supervisor - Joseph Ruggiero
The following Resolution was introduced by Councilman Bettina and seconded by
Councilman Beale.
WHEREAS, the Town of Wappinger Planning Board received an application from
Cranberry Hills, LLC, for a subdivision of lands more particularly described in a Subdivision
Plat entitled, "Subdivision Plat of Cranberry Hills", prepared by Bunney Associates dated June
%aw 30th, 2006, last revised November 15th, 2007; and
WHEREAS, the Town of Wappinger Planning Board granted Final Conditional
Subdivision Approval by Resolution dated December 12th, 2006, subject to and conditioned upon
completion of the conditions set forth in the aforementioned Resolution, as well as the
completion of and implementation of the conditions set forth in Local Law #14 of 2002 adopted
by the Town Board of the Town of Wappinger on October 15th, 2002, which granted
Conservation Subdivision authorization to the Planning Board to permit a Conservation
Subdivision for the subject properties subject to certain conditions set forth therein; and
WHEREAS, the Planning Board Resolution of Approval allowed for filing of the
Subdivision Plat in sections subject to certain improvements being made and constructed as set
forth on the aforementioned Subdivision Plat and related contract drawings, all in accordance
with the Town of Wappinger Subdivision Regulations, Zoning Code, Highway Specifications,
Municipal Stormwater Management Law, Rules and Regulations of the Town of Wappinger and
further subject to the requirements and comments contained in the letter of Paggi, Martin & Del
Bene, LLP, Engineers to the Town, dated November 8th, 2006; and
WHEREAS, the Engineer to the Town, in the memo of Paggi, Martin & Del Bene, LLP,
dated October 26th, 2007, determined the amount necessary to be posted to secure the
Performance Agreement guaranteeing the improvements required to be completed and conditions
to be implemented in connection with the Resolution of Final Subdivision Plat Approval for
Phase 1 to be $4,320,000.00; and
WHEREAS, Town Law §277 requires that a developer of a subdivision guarantee the
�%r construction, installation and dedication of the improvements required by the Resolution of
Subdivision Plat Approval, prior to the issuance of any Building Permits; and
WHEREAS, Cranberry Hills, LLC has tendered to the Town of Wappinger a
r Performance Agreement duly executed by Cranberry Hills, LLC secured by an Irrevocable Letter
of Credit issued by Bank of New York bearing number S00055737 in the principal amount of
$4,320,000.00, in favor of the Town of Wappinger; and
WHEREAS, Albert P. Roberts, attorney to the Town, has reviewed, examined and
approved 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 November 10h, 2007 by Cranberry
Hills, LLC, by Glickenhaus Wappingers, LLC, by Seth Glickenhaus, Member, with an address
of 118 North Bedford Road, Mount Kisco, New York 10549, as Obligor, in favor of the Town
of Wappinger, is hereby accepted as the guaranty of the completion of the instruction,
installation, implementation and dedication of the improvements required by the Resolution of
Subdivision Plat Approval dated December 12th, 2006, pursuant to Town Law §277.
3. The Irrevocable Letter of Credit issued by Bank of New York bearing number
S00055737 and issued in favor of the Town of Wappinger, dated November 15th, 2007, in the
sum of $4,320,000.00, securing the obligations set forth in the Resolution of Subdivision Plat
Approval dated December 12th, 2006, is hereby accepted as security for the Performance
Agreement.
4. The original Performance Agreement executed on November 16th, 2007, and the
original Letter of Credit dated November 15th, 2007 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: ABSENT
WILLIAM H. BEALE, COUNCILMAN Voting: AYE
VINCENT F. BETTINA, COUNCILMAN Voting: AYE
JOSEPH P. PAOLONI, COUNCILMAN Voting: AYE
MAUREEN McCARTHY, COUNCILWOMAN Voting: AYE
Dated: Wappingers Falls, New York
11/26/2007
The Resolution is hereby duly declared adopted.
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C. ASTERSON, TOWN CLERK