2006-1852006-185
Resolution Accepting a Maintenance Agreement Secured by an Irrevocable Letter of
Credit, Roads, Easements, Utilities and Other Improvements in Connection with the
Keenan Acres 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 August
281h, 2006.
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
Robert L. Valdati
Vincent F. Bettina
Joseph P. Paoloni
Maureen McCarthy
The following Resolution was introduced by Councilwoman McCarthy and seconded by
Councilman Bettina.
WHEREAS, MIDA Development Corp. has previously made application to the Town of
Wappinger Planning Board to approve a subdivision of lands more particularly described in a
subdivision map entitled "Keenan Acres Subdivision" prepared by Civil Technologies &
Engineering, P.C. dated June 29, 1999, and subsequently revised from time to time thereafter;
and
WHEREAS, the Town of Wappinger Planning Board granted Final Conditional
Subdivision Approval, by Resolution dated August 5, 2003 subject to, and conditioned upon,
fulfillment 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
WHEREAS, Mid -Hudson Holdings, LLC now owns the property and has completed
development of the subdivision, including all of the improvements as required by the Resolution
of Final Conditional Subdivision Approval dated August 5, 2003; and
WHEREAS, the Town Board has determined it is in the best interests of the residents of
the Town of Wappinger, particularly the residents of the Keenan Acres Subdivision, to accept the
roads, easements, utilities and other improvements that have been constructed to date; and
WHEREAS, pursuant to Subdivision Regulations of the Town of Wappinger, Mid -
Hudson Holdings, LLC is required to guarantee that the quality and workmanship of the
improvements accepted by the Town will be free from defects in materials and workmanship for
a period of one year from the date of acceptance by the Town; and
WHEREAS, to secure the obligations to guarantee the quality and workmanship of the
improvements, Mid -Hudson Holdings, LLC has executed a Maintenance Agreement secured by
an Irrevocable Letter of Credit (No.20608291) issued by Rhinebeck Savings Bank in the sum of
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Two Hundred and Eleven Thousand, Five Hundred and Sixty -Two Dollars ($211,562.00) in
favor of the Town of Wappinger; and
WHEREAS, as additional security to secure the obligation that the improvements will be
free from defects in materials and workmanship, John Goetz, an officer of Mid- Hudson
Holdings, LLC, has further agreed to personally guarantee the obligations of Mid- Hudson
Holdings, LLC.
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 determines that it is in the best interests of the residents
of the Town of Wappinger, particularly the residents of the Keenan Acres Subdivision, to accept
the roads, easements, utilities and other related improvements made and constructed in
connection with said Subdivision and hereby accepts same upon delivery of the original
Maintenance Agreement and Letter of Credit hereinafter mentioned.
3. The Town Supervisor, Joseph Ruggiero, the Engineer to the Town, Joseph E.
Paggi, Jr., and the Attorney to the Town, Albert P. Roberts, are authorized and directed to take
whatever steps are necessary to have the deeds and easements, and any related bills of sale,
recorded and/or filed in the Office of the Dutchess County Clerk and to execute any and all
documents necessary for such recording and/or filing.
4. The Maintenance Agreement executed on August 23, 2006, by Mid -Hudson
Holdings, LLC. with an address of P.O. Box 636, Town of Fishkill, Dutchess County, New
York, as Obligor, in favor of the Town of Wappinger, as Obligee, is accepted as the guaranty
that the quality and workmanship of the improvements will be free from defect in materials and
workmanship for a period of one year from the date of acceptance by the Town as required by
the Subdivision Regulations of the Town of Wappinger.
5. The Irrevocable Letter of Credit issued by Rhinebeck Savings Bank, bearing
number 20608291 and issued in favor of the Town of Wappinger in the sum of Two Hundred
and Eleven Thousand, Five Hundred and Sixty -Two Dollars ($211,562.00) securing the
obligations set forth in the Maintenance Agreement, is hereby accepted as security for the
Maintenance Agreement.
6. The personal guarantee issued by John Goetz, incorporated into the Maintenance
Agreement, in favor of the Town of Wappinger, securing the obligations set forth in the
Maintenance Agreement, is hereby accepted as additional security for the Maintenance
Agreement.
7. The Town Board hereby acknowledges that the developer, Mid -Hudson Holdings,
LLC, has completed all of the work required by the Planning Board's Resolution of Final
Conditional Subdivision Approval dated August 5, 2003 and that the Performance Agreement
originally executed by Mid -Hudson Holdings, LLC has been fully honored and the Town Board
hereby authorizes the Town Clerk to release the Letter of Credit posted as security for the
Performance Agreement upon the Town Clerk's receipt of the above referenced Irrevocable
Letter of Credit in the form acceptable to the Attorney of the Town.
The foregoing was put to a vote which resulted as follows:
JOSEPH RUGGIERO, SUPERVISOR
Voting:
AYE
ROBERT L. VALDATI, 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
8/28/2006
The Resolution is hereby duly declared adopted.
%/ITOWN CLERK