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2018-1772018-177 Resolution Accepting First Reduction In The Security Posted With The Performance Agreement Secured By A Surety Bond In Connection With Hilltop Village At Wappinger (The Regency At Wappinger) - (Roberti/Thurston) 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 July 23, 2018. The meeting was called to order by Richard Thurston, Town Supervisor, and upon roll being called, the following was recorded: ✓ Vote Record - Resolution RES -2018-177 Yes/Aye No/Nay Abstain Absent Q Adopted ❑ Adopted as Amended Richard Thurston Mover Q ❑ ❑ ❑ ❑ Defeated William H. Beale Voter Q ❑ ❑ ❑ ❑ Tabled Angela Bettina Voter Q ❑ ❑ ❑ ❑ Withdrawn Robert Johnston Seconder Q ❑ ❑ ❑ Michael Kuzmicz Voter Q ❑ ❑ ❑ The following Resolution was introduced by Supervisor Thurston and seconded by Councilman Johnston. WHEREAS, by Resolution 2015-145, the Town Board accepted a Performance Agreement executed by Toll Land V, Limited Partnership and personally guaranteed by James Fitzpatrick, as Division President, secured by a Surety Bond issued by Arch Insurance Company in the principal sum of Three Hundred Seventy -Seven Thousand Eight Hundred 00/100 Dollars ($377,800.00) in favor of the Town of Wappinger as the guarantee of completion of the construction, installation and dedication of improvements required for the Hilltop Village at Wappinger (The Regency at Wappinger); and WHEREAS, Toll Land V, Limited Partnership has completed most of the required improvements for said subdivision; and WHEREAS, by email dated July 17, 2018, Robert J. Gray, P.E. of Morris Associates Engineering & Surveying Consultants, PLLC, has recommended a reduction in the security posted to the sum of One Hundred Fifty -Five Thousand Eight Hundred 00/100 Dollars ($155,800.00); 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 reduced Surety Bond in the sum of One Hundred Fifty -Five Thousand Eight Hundred 00/100 Dollars ($155,800.00) as security to guarantee the 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 reduced Surety Bond in the amount of One Hundred Fifty -Five Thousand Eight Hundred 00/100 Dollars ($155,800.00), as the security posted with the Performance Agreement so as to ensure that the improvements required for Hilltop Village at Wappinger (The Regency at Wappinger) will be properly completed and maintained as required by the Planning Board Resolution of Approval dated March 18, 2013. The Surety Bond previously posted in the sum of Three Hundred Seventy -Seven Thousand Eight Hundred 00/100 Dollars ($377,800.00) is hereby authorized to be released by the Town Clerk to Toll Land V, Limited Partnership upon delivery of a reduced Surety Bond in the sum of One Hundred Fifty -Five Thousand Eight Hundred 00/100 Dollars ($155,800.00) in form acceptable to the Attorney to the Town. The foregoing was put to a vote which resulted as follows: RESULT: ADOPTED [UNANIMOUS] MOVER: Richard Thurston, Supervisor SECONDER: Robert Johnston, Councilman AYES: Thurston, Beale, Bettina, Johnston, Kuzmicz Dated: Wappingers Falls, New York 7/23/2018 The Resolution is hereby duly declared Adopted. P. PAOLONI, TOWN CLERK