Loading...
2005-008RESOLUTION NO. 2005-008 RESOLUTION ACCEPTING FOURTH REDUCTION IN THE BOND AMOUNT SECURED BY A CASH DEPOSIT FOR 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 the 24"' day of January, 2005, at 7:30 P.M. The meeting was called to order by Joseph Ruggiero, Supervisor, and upon roll being called, the following were present: PRESENT: ABSENT: Supervisor Council Members Joseph Ruggiero Robert L. Valdati Vincent F. Bettina Joseph P. Paoloni Maureen McCarthy The following Resolution was introduced by ms. McCarthy and seconded by WHEREAS, MIDA Development Corp. has made application to the Town of Wappinger Planning Board to approve a subdivision of lands more particularly described in a Subdivision Plat entitled "Keenan Acres" prepared by Civil Technologies & Engineering, P.C. dated June 29, 1999, and subsequently revised from time to time; and WHEREAS, the Town of Wappinger Planning Board granted Final Conditional Subdivision Approval, by Resolution dated August 5, 2003 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 C:\Documents and Settings\Gina.WAPPINGER\Local Settings\Temporary Internet ReMOLMA\Keenan Acres 4th Bond Reductbon.doc 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 intends to complete development of the subdivision as required by the Resolution of Final Conditional Subdivision Approval dated August 1, 2003; and WHEREAS, Town Law §277 requires that 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, Mid -Hudson Holdings, LLC has previously posted a Performance Agreement together with a bank or certified check made payable to the Town of Wappinger to guarantee the construction of the required improvements; and WHEREAS, the Performance Agreement executed on September 18, 2003 by Mid - Hudson Holdings, LLC with an address at P.O. Box 636, Fishkill, New York 12524, as Obligor, which Performance Agreement was personally guaranteed by John Goetz, and secured by a cash deposit in the sum of Three Hundred and Ninety Thousand, Two Hundred and Thirty Three Dollars ($390,233.00), by bank or certified check made payable to the Town of Wappinger, securing the obligations set forth in the Performance Agreement, was accepted by the Town Board pursuant to Resolution 2003-218 at a regular meeting held on September 22, 2003 as security for the obligations set forth in the Performance Agreement; and WHEREAS, pursuant to a resolution duly adopted at a regular Board meeting held on January 26, 2004, and upon recommendation of the Engineer to the Town, Joseph E. Paggi, Jr., the Town Board authorized a reduction in the security to be posted to the sum of Two Hundred Eighty -Six Thousand One Hundred Fifty Dollars ($268,150) and authorized a reimbursement to C:\Documents and Settings\Gina.WAPPINGER\Local Settings\Temporary Internet Files\OLK1A\Keenan Acres 4th Bond Reduction.doc PP 7 Mid -Hudson Holdings, LLC in the amount of One Hundred and Twenty -Two Thousand, Eighty Three Dollars ($122,083); and WHEREAS, Mid -Hudson Holdings, LLC has completed more of the required improvements, and WHEREAS, Joseph E. Paggi, Jr., P.E., Engineer to the Town, has recommended a further reduction in the security to be posted to complete the construction of the remaining roadways and improvements to the sum of One Thousand and Fifty Eight Thousand, Five Hundred and Six Dollars ($158,506), pursuant to letter dated January 5, 2005, a copy of which is affixed hereto as Exhibit "A"; and WHEREAS, by adoption of this Resolution, the Town Board hereby authorizes a release of One Hundred Nine Thousand, Six Hundred and Forty -Four Dollars ($109,644) to Mid Hudson Holdings, LLC from the cash deposit previously posted. NOW, THEREFORE, BE IT RESOLVED, as follows: The recitations above set forth are incorporated in this Resolution as if fully set forth and adopted herein. 2. The Town Board hereby accepts the reduced bond calculation prepared by Engineer to the Town, Joseph E. Paggi, Jr., and further directs Supervisor, Joseph Ruggiero and Town Comptroller, Jerry Terwilliger, to reimburse Mid -Hudson Holdings, LLC the sum of One Hundred Nine Thousand, Six Hundred and Forty -Four Dollars ($109,644) from the cash deposit previously posted with the Town resulting in a revised cash bond in the sum of One Thousand and Fifty Eight Thousand, Five Hundred and Six Dollars ($158,506). C:\Documents and Settings\GIna.WAPPINGER\Local SettingsWemporary Internet Files\OLK1A\Keenan Acres 4th Bond Reduction.doc 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 _Absent JOSEPH P. PAOLONI, Councilman Voting Aye MAUREEN MCCARTHY, Councilwoman Voting Aye Dated: Wappingers Falls, New York January 24, 2005 The Resolu ion is hereb)j duly declared adopted. //// 0 //(-,&// . , C:\Documents and Settings\Gina.WAPPINGER\Local Settings\Temporary Internet F11es\0LK1A\Keenan Acres 4th Bond Reduction.doc T