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RESOLUTION APPROVING PERFORMANCE BOND REDUCTION FOR TRADITION AT RED HOOK SECTION 6

↑Meetings/Resolutions/16-2023
One-time (complete)formal_resolutionone_timeThe Town Board approves reduction of performance bonds for Section 6 of the Tradition at Red Hook subdivision project based on completion of improvements, reducing the main bond from $431,807 to $310,747 and the DCWWA bonds from $464,067 to $92,813.20.
First seen
2023-03-22
Latest event
2023-03-22
adopted
Expires
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Resolution text

RESOLVED

  1. Based on the report of the Town Engineer of the completed improvements for the Project, the required bond amount for Section 6 may be reduced to $310,747.
  2. Based on the correspondence from DCWWA, the required bond amount for the Section 6 DCWWA Performance Bond may be reduced to $92,813.20, of which $54,090.40 is for water and $38,772.80 is for sewer.
  3. The Project remains subject to all other applicable requirements of Resolution #14 of 2022 as to Section 6.
  4. The Supervisor, Town Clerk, Town Engineer, and Attorney for the Town may take all steps reasonable and necessary in consultation with the Attorney for the Town to implement the intent of this resolution.
Show preamble — 4 WHEREAS clauses
  • WHEREAS, as a condition of Resolution #14 of 2022 adopted March 23, 2022, the developer of the Tradition at Red Hook, a 102 lot subdivision project to be developed in sections (formerly known as Hoffman TND project) (the "Project") delivered to the Town Clerk a performance bond No. 790187584 in the amount of $431,807 regarding Section 6 of the Project
  • WHEREAS, as a condition of Resolution #14 of 2022 adopted March 23, 2022, the developer of the Project delivered to the Town Clerk a counterpart of a dual oblige bond No. 7901087585 in the amount of 464,067.00, representing $193,614 securing completion of sewer improvements and $270,452 securing completion of water improvements pursuant to a Memorandum of Understanding with DCWWA (collectively the "Section 6 DCWWA Performance Bonds" in connection with Section 6 of the Project)
  • WHEREAS, by correspondence dated March 22, 2023, the Town Engineer has notified the Town Board that a portion of the improvements contemplated under Section 6 of the Project have been satisfactorily completed, that a reasonable estimate of the uncompleted improvements in Section 6 of is $310,747 and that it is recommended that the bond amount required for Section 6 be reduced accordingly
  • WHEREAS, by correspondence dated February 27, 2023 the County Department of Health has confirmed the authorization to operate Water System Section 6 (Lot 40 Beekman Rd. to Lot 54 on Benson Loop), and by correspondence dated March 3, 2023 the DCWWA has confirmed that a portion of the Sewer and Water improvements secured by the Section 6 DCWWA Performance Bond has been completed and that the estimate of uncompleted work is $54,090.40 for water and $38,772.80 for sewer, and the DCWWA has executed a decrease rider to that effect

Lifecycle (1 event)

2023-03-22adoptedvote: 3-0
Approve performance bond reduction for Tradition at Red Hook Section 6.
moved by McKeon · seconded by Kane
Show text snapshot for this event
Resolved
  1. Based on the report of the Town Engineer of the completed improvements for the Project, the required bond amount for Section 6 may be reduced to $310,747.
  2. Based on the correspondence from DCWWA, the required bond amount for the Section 6 DCWWA Performance Bond may be reduced to $92,813.20, of which $54,090.40 is for water and $38,772.80 is for sewer.
  3. The Project remains subject to all other applicable requirements of Resolution #14 of 2022 as to Section 6.
  4. The Supervisor, Town Clerk, Town Engineer, and Attorney for the Town may take all steps reasonable and necessary in consultation with the Attorney for the Town to implement the intent of this resolution.
Whereas
  • WHEREAS, as a condition of Resolution #14 of 2022 adopted March 23, 2022, the developer of the Tradition at Red Hook, a 102 lot subdivision project to be developed in sections (formerly known as Hoffman TND project) (the "Project") delivered to the Town Clerk a performance bond No. 790187584 in the amount of $431,807 regarding Section 6 of the Project
  • WHEREAS, as a condition of Resolution #14 of 2022 adopted March 23, 2022, the developer of the Project delivered to the Town Clerk a counterpart of a dual oblige bond No. 7901087585 in the amount of 464,067.00, representing $193,614 securing completion of sewer improvements and $270,452 securing completion of water improvements pursuant to a Memorandum of Understanding with DCWWA (collectively the "Section 6 DCWWA Performance Bonds" in connection with Section 6 of the Project)
  • WHEREAS, by correspondence dated March 22, 2023, the Town Engineer has notified the Town Board that a portion of the improvements contemplated under Section 6 of the Project have been satisfactorily completed, that a reasonable estimate of the uncompleted improvements in Section 6 of is $310,747 and that it is recommended that the bond amount required for Section 6 be reduced accordingly
  • WHEREAS, by correspondence dated February 27, 2023 the County Department of Health has confirmed the authorization to operate Water System Section 6 (Lot 40 Beekman Rd. to Lot 54 on Benson Loop), and by correspondence dated March 3, 2023 the DCWWA has confirmed that a portion of the Sewer and Water improvements secured by the Section 6 DCWWA Performance Bond has been completed and that the estimate of uncompleted work is $54,090.40 for water and $38,772.80 for sewer, and the DCWWA has executed a decrease rider to that effect

Supersedes

14-2022
Subject key: tradition_red_hook_section_6_bonds