2007-216E
2007-216
rrr Resolution Accepting Second Reduction in the Security Posted with the Performance
Agreement Secured by a Surety Bond for the Shamrock 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 October
9th, 2007.
The meeting was called to order by Joseph Ruggiero, Supervisor, and upon roll being
called, the following were present:
PRESENT: Supervisor - Joseph Ruggiero
Councilmembers - William H. Beale
Vincent F. Bettina
Joseph P. Paoloni
Maureen McCarthy
ABSENT:
The following Resolution was introduced by Councilwoman McCarthy and seconded by
Councilman Bettina.
WHEREAS, Toll Land VI, Limited Partnership had made application to the Town of
Wappinger Planning Board to approve the subdivision of lands more particularly described in
Subdivision Plat entitled "Shamrock Hills Subdivision", prepared by Povall Engineering dated
September 12th, 2003, last revised March 28th, 2006; and
WHEREAS, the Town of Wappinger Planning Board granted Final Conditional
Subdivision Approval by Resolution dated November 7th, 2005, amended by Resolution adopted
August 7th, 2006, subject to certain public improvements being made and constructed within said
subdivision and subject to completion of the requirements set forth in the Town 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 July 12th, 2006, together with the Schedule of Bond Values; and
WHEREAS, Town Law §277 requires that the developer of a proposed subdivision
guarantee the construction, installation, and dedication of the required public improvements by
the Resolution of Subdivision Approval, prior to issuance of any building permits; and
WHEREAS, Toll Land VI, Limited Partnership executed and posted a Performance
Agreement Secured by a Surety Bond (No. 39BSBDT0495) issued by Hartford Fire Insurance
Company on August 22"d, 2006, in favor of the Town of Wappinger in the original amount of
Six Million, Five Hundred Ninety -Four Thousand Dollars ($6,594,000.00) , which was
subsequently authorized to be reduced to the amount of Three Million, Five Hundred Eighty -
Eight Thousand, Nine Hundred Dollars ($3,588,900.00) by the Town Board Resolution 2007-
136 adopted on July 91h, 2007; and
WHEREAS, Toll Land VI, Limited Partnership has completed more of the required
improvements; and
,,,, WHEREAS, by letter dated September 19th, 2007, a copy of which is affixed hereto,
Engineers to the Town, Paggi, Martin & Del Bene, LLP, determined that the construction value
of the work remaining to be completed was Seven Hundred Seventy -One Thousand, Five
Hundred Dollars ($771,500.00), inclusive of administrative costs; 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 Surety Bond in the sum
of Seven Hundred Seventy -One Thousand, Five Hundred Dollars ($771,500.00) as security to
guarantee 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 Surety Bond in the amount of Seven
Hundred Seventy -One Thousand, Five Hundred Dollars ($771,500.00), as the
security posted with the Performance Agreement to insure that the improvements
required for the Shamrock Hills Subdivision will be properly completed as required
by the Planning Board Resolution of Approval dated November 7t , 2005, amended
by Resolution adopted August 7th, 2006.
3. The Surety Bond previously posted in the amount of Three Million, Five Hundred
Eighty -Eight Thousand, Nine Hundred Dollars ($3,588,900.00) is hereby authorized
to be released by the Town Clerk upon delivery to him of the above referenced Surety
Bond in form acceptable to the Attorney of the Town.
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:
AYE
JOSEPH P. PAOLONI, COUNCILMAN
Voting:
AYE
MAUREEN McCARTHY, COUNCILWOMAN
Voting:
AYE
Dated: Wappingers Falls, New York
10/9/2007
The Resolution is hereby duly declared adopted.
Q, 0, C zd�
fVIN C. NTAVERSON, TOWN CLERK