2007-2282007-228
Resolution Accepting a Performance Agreement Secured by Letter of Credit, Deed and
Conservation Easement in Connection with BRH Realty 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 October
22nd, 2007.
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
William H. Beale
Joseph P. Paoloni
Maureen McCarthy
Vincent F. Bettina
The following Resolution was introduced by Councilwoman McCarthy and seconded by
Councilman Paoloni.
WHEREAS, Phantom Hollow Equities, Inc. has made application to the Town of
Wappinger Planning Board to approve a subdivision of lands more particularly described in a
Subdivision Plat entitled "Subdivision for BRH Realty" prepared by Richard G. Barger last
revised July 10th, 2007; and
WHEREAS, the Town of Wappinger Planning Board granted Final Subdivision Plat
Approval, by Resolution dated September 5th, 2007 subject to and conditioned upon completion
of the conditions set forth in the aforementioned Resolution, and subject to certain improvements
being made and constructed as set forth in the aforesaid 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 further subject to the
requirements set forth in the letter of Paggi, Martin & Del Bene, LLP, Engineer to the Town,
dated September 10th, 2007 together with the Schedule of Bond Values; and
WHEREAS, Town Law §277 requires a developer of a proposed subdivision to
guarantee the construction, installation, and dedication of the improvements required by the
Resolution of Subdivision Approval, prior to issuance of any building permits; and
WHEREAS, to secure the obligation to guarantee the construction, installation and
dedication of the required public improvements and obligations set forth in the above referenced
Resolution of Subdivision Approval, Richard G. Barger, President of Phantom Hollow Equities,
Inc., has executed a Performance Agreement dated October 10th, 2007 Secured by a Letter of
Credit issued by M&T Bank No. SB -910912-2000 in favor of the Town of Wappinger as
security for the performance of the obligations set forth in the Performance Agreement; and
WHEREAS, Richard G. Barger, BRH Realty and/or Phantom Hollow Realty Corp.
hereby agrees to make, construct and complete the improvements and agrees to perform all of the
obligations set forth in the Subdivision Regulations, Highway Specifications, and Zoning Law of
,,, the Town of Wappinger, including road maintenance and snow removal in accordance with the
standards maintained by the Town of Wappinger Highway Department and at the direction of the
Town of Wappinger Highway Superintendent, in accordance with the Resolution of Final
�w Subdivision Plat Approval adopted by the Planning Board on September 5th, 2007, and the letter
of Paggi, Martin & Del Bene, P.C., the Engineer of the Town, dated September 10th, 2007, and
further in accordance with the local laws, ordinances, rules and regulations of the Town of
Wappinger within two (2) years from the date hereof; and
WHEREAS, upon construction and completion of the required improvements and
obligations set forth above and upon request of the Town, the undersigned will dedicate same to
the Town of Wappinger, free and clear of any liens or obligations as set forth in the local laws,
ordinances, rules and regulations of the Town of Wappinger; and
WHEREAS, Richard G. Barger has agreed to secure the obligations as set forth herein
by executing a Performance Agreement Secured by the aforementioned Letter of Credit in the
sum of Ninety Four Thousand, Eight Hundred Dollars ($94,800.00) in favor of the Town of
Wappinger; and
WHEREAS, the Performance Agreement executed by Richard G. Barger further binds
his hiers, executors, administrators, successors or assigns for the faithful performance of his
obligations hereunder; and
WHEREAS, Richard G. Barger by execution of the Performance Agreement
acknowledges that if any default remains in the performance of the obligations created under the
terms and conditions of the Performance Agreement, the lots within the Subdivision will no
longer be eligible for Building Permits until such default is cured.
NOW, THEREFORE, BE IT RESOLVED, as follows:
1. The recitations above set forth are incorporated in this Resolution as if fully set
F forth and adopted herein.
�4w 2. The Town Board hereby determines that the Performance Agreement as
personally guaranteed by Richard G. Barger and secured by Standby Letter of Credit issued by
M&T Bank in the sum of Ninety Four Thousand, Eight Hundred Dollars ($94,800.00), securing
the obligations to guarantee the construction, installation and dedication of the required public
improvements is acceptable and sufficient to guarantee the work required by the Performance
Agreement.
3. The Town Board hereby accepts the Performance Agreement Secured by a
Standby Letter of Credit issued by M&T Bank No. SB -910912-2000 in the total sum of Ninety
Four Thousand, Eight Hundred Dollars ($94,800.00) in favor of the Town of Wappinger,
executed by Phantom Hollow Equities, Inc., and personally guaranteed by Richard G. Barger as
security for the faithful performance of the obligations secured by and set forth in the
Performance Agreement.
4. The Town Board hereby accepts title to the extensions for Ada Drive and Eck
Road and authorizes the Supervisor and Attorney to the Town to take any necessary steps to have
the deed recorded in the Dutchess County Clerk's Office simultaneously with the filing of the
Subdivision Map.
5. The Town Board further authorizes the recording of the Conservation Easement
simultaneously with the filing of the Subdivision Map and authorizes the Supervisor to sign
same.
The foregoing was put to a vote which resulted as follows:
JOSEPH RUGGIERO, SUPERVISOR Voting: AYE
WILLIAM H. BEALE, 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
10/22/2007
The Resolution is hereby duly declared adopted.
t?HN C. ASTERSON, TOWN CLERK