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2010-3842010-384 Resolution Calling Due the Letter of Credit Posted in Connection with Section 1, Parcel 1, Meadowood 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 December 13, 2010. The meeting was called to order by Christopher Colsey, Supervisor, and upon roll being called, the following were present: PRESENT: Supervisor Councilmembers ABSENT: Christopher J. Colsey William H. Beale (Arrived 7:02 PM) Vincent F. Bettina Ismay Czarniecki Joseph P. Paoloni The following Resolution was introduced by Councilwoman Czarniecki and seconded by Supervisor Colsey. WHEREAS, O'Donnell Group, LLC, as successor in interest to Meadowood Development Corp., has posted a Substitution Performance Agreement, secured by Letter of Credit issued by M&T Bank, in the original sum of Nine Hundred Eight Thousand, Two Hundred Dollars ($908,200.00), which Letter of Credit was posted as financial security to guaranty the proper construction of roads and other public improvements in connection with Section 1, Parcel 1 Meadowood Subdivision; and WHEREAS, the Town Board of the Town of Wappinger, by Resolution No. 2005-139, duly adopted on October 12, 2005, reduced the Letter of Credit to the principal sum of One Hundred Seventy -Five Thousand, Two Hundred Dollars ($175,200.00); and WHEREAS, the reduced Letter of Credit has an expiration date of October 5, 2011; and WHEREAS, O'Donnell Group, LLC, as Developer of the aforementioned subdivision, has not fulfilled the obligations of the Performance Agreement, the Town of Wappinger Subdivision Regulations, nor has it completed the road and other public improvements in form acceptable to the Town Board of the Town of Wappinger, the Town of Wappinger Highway Superintendent, the Attorney to the Town or the Town of Wappinger Engineer; and WHEREAS, to ensure the obligations of the Performance Agreement that will be completed in a duly timely fashion, the Town Board hereby elects to call due a portion of the Letter of Credit. 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 authorizes Supervisor Christopher J. Colsey to call due a portion of the Letter of Credit issued by M&T Bank, bearing number SB -906391- 0001, in the principal sum of One Hundred Seventy -Five Thousand, Two Hundred Dollars ($175,200.00) so as to ensure the due and proper completion of the roads and other public improvements as well as other obligations due the Town of Wappinger by O'Donnell Group, LLC, in connection with the Section 1, Parcel 1, Meadowood Subdivision in the approximate amount of Ten Thousand Dollars ($10,000.00). 3. Supervisor Christopher J. Colsey and Attorney to the Town, Albert P. Roberts, are hereby authorized to undertake any work and to execute any documents necessary to call due the aforementioned Letter of Credit in accordance with the provisions of the Letter of Credit and in accordance with the provisions of this Resolution. The foregoing was put to a vote which resulted as follows: CHRISTOPHER COLSEY, SUPERVISOR Voting: AYE WILLIAM H. BEALE, COUNCILMAN Voting: AYE VINCENT F. BETTINA, COUNCILMAN Voting: AYE ISMAY CZARNIECKI, COUNCILWOMAN Voting: AYE JOSEPH P. PAOLONI, COUNCILMAN Voting: AYE Dated: Wappingers Falls, New York 12/13/2010 The Resolution is hereby duly declared adopted. +HN�C. MASTERSON, TOWN CLERK