Loading...
2014-238 2014-238 Resolution Accepting Performance Agreement Secured By Letter Of Credit In Connection With Nature Preserve 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 September 22, 2014. The meeting was called to order by Barbara Gutzler, Supervisor, and upon roll being called, the following was recorded: Vote Record - Resolution RES-2014-238  Yes/AyeNo/NayAbstainAbsent Adopted     Barbara GutzlerVoter Adopted as Amended William H. BealeMover  Defeated Vincent BettinaSeconder Tabled Ismay CzarnieckiVoter Withdrawn Michael KuzmiczVoter The following Resolution was introduced by Councilman Beale and seconded by Councilman Bettina. WHEREAS , Nature Preserve, LLC has made application to the Town of Wappinger Planning Board to approve a subdivision of lands more particularly described in a Subdivision Plat entitled “Nature Preserve” prepared by M. A. Day Engineering, P.C., dated December 20, 2004, last revised April 17, 2014; and WHEREAS , the Town of Wappinger Planning Board granted Final Conditional Subdivision Approval to Nature Preserve, LLC pursuant to Resolution dated September 17, 2007, subject to improvements being made and constructed within said subdivision as set forth in the construction documents prepared and submitted in connection therewith, and subject to completion of and/or the compliance with the requirements set forth in the Town of Wappinger Subdivision Regulations, Highway Specifications, Zoning Law (including compliance with escrow deposits) and Municipal Stormwater Management Law; and WHEREAS, Town Law §277 requires that a developer of a proposed subdivision guarantee the construction and installation of the required improvements required by the Resolution of Approval, prior to the issuance of any Certificates of Occupancy; and WHEREAS, the Town of Wappinger is requiring Nature Preserve, LLC to secure the cost of the remaining work as outlined by Mark A. Day, P.E. in a letter dated August 25, 2014, a copy of which is attached hereto and made a part hereof; and WHEREAS , to secure the obligation to guarantee the construction and installation of the required improvements and obligations, and compliance with required escrow deposits, Carl J. Kuehner, as a Member of Nature Preserve, LLC, and individually as guarantor, has executed a Performance Agreement dated September 15, 2014 secured by a Letter of Credit issued by First Niagara Bank, bearing number 430212 and issued in favor of the Town of Wappinger in the sum of One Hundred Twenty Two Thousand Two Hundred Forty-Four Dollars ($122,244.00) posted with the Town of Wappinger, securing the obligations set forth in the Performance Agreement; and WHEREAS, Nature Preserve, LLC covenants and warrants to the Town of Wappinger that in the event Nature Preserve, LLC fails to fully perform and complete all the requirements of the Resolution of Approval, then, upon the demand of the Town of Wappinger, the Town of Wappinger shall have the right to draw upon the Letter of Credit in an amount equal to the cost necessary to complete the required improvements; and WHEREAS, it is understood that the Town of Wappinger shall have the right to use said security toward the completion of any required improvements required by the Resolution of Approval upon the default of Nature Preserve, LLC to remedy the same after the first given written notice to Nature Preserve, LLC to do so within thirty (30) days of receipt of said notice from the Town of Wappinger; and WHEREAS, the Performance Agreement executed by Nature Preserve, LLC, and Carl J. Kuehner individually as guarantor, further binds their heirs, executors, administrators, successors or assigns for the faithful performance of its obligations hereunder. 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 by Carl J. Kuehner, as a Member of Nature Preserve, LLC, and Carl J. Kuehner, individually, in favor of the Town of Wappinger is hereby accepted as security to guarantee the completion of the construction and installation of the improvements required by the Resolution of Approval pursuant to Town Law §277. 3. The Letter of Credit bearing number 430212, issued in favor of the Town of Wappinger, dated September 17, 2014 is hereby accepted as security for the obligations set forth in the Performance Agreement and both the original Letter of Credit and the original Performance Agreement in the amount of One Hundred Twenty Two Thousand Two Hundred Forty-Four Dollars ($122,244.00) is to be filed with the Town Clerk. The foregoing was put to a vote which resulted as follows: RESULT: ADOPTED \[UNANIMOUS\] MOVER: William H. Beale, Councilman SECONDER: Vincent Bettina, Councilman AYES: Gutzler, Beale, Bettina, Czarniecki, Kuzmicz Dated: Wappingers Falls, New York 9/22/2014 The Resolution is hereby duly declared adopted. ___________________________________________ JOSEPH P. PAOLONI, TOWN CLERK