Resolution No. 86-07 t
' CITY OF TIGARD, OREGON
RESOLUTION NO. 86-�
RESOLUTION TO AUTHORIZE_ RELEASE OF COMMITMENT FUNDS FOR SHADOW HILLS II
SUBDIVISION.
WHEREAS, the City of Tigard, Oregon, has executed a Compliance Agreement for
development of a subdivision known as Shadow Hills II Subdivision and has
accepted a Performance Bond in the form of a Letter of Commitment, (copy
attached hereto as Exhibit "A"), to assure completion of installation of
certain public improvements therein; and,
WHEREAS, said documents provide for the City Council to authorize partial or
full release of commitment monies upon satisfactory completion of
installation, of said improvements; and
WHEREAS, the Council deems that a partial release of said monies is warranted
at this time in accord with the attached "Summary" denoted Exhibit "B".
NNW, THEREFORE, BE IT RESOLVED by the Tigard City Council that:
The City Council authorizes the Mayor and City Recorder to execute a letter
Providing for partial release of Commitment Monies, previously s--'t aside for
Shadow Hills II Subdivision, in the sum of $5,520.00.
PASSED: This Tn da of,
y %z. 1886.
yo - City of Tigard
ATTEST:
r-
�DePuly
\�' f J
l �Cfty Recorder -- City of Tigard
DRS:bs13
RESOLUTION NO.
Page 1
9
CXHIf;1T A
LETTER OF COMMITMENT
(Performance Bond)
We have received from C_c+lumhia FoA!3 al Ca �__,_ (lending institution)
a loan commitment in the amount of $ 630,000_00 4 , to finance the improvements
of a subdivision located in the City of Tigard, said subdivision being commonly
known as Shadow Hills II This loan commitment is specifically for con-
struction purposes for: or $ ,181 431i- nn of the aforsaid total
commitment has been allocated for construction purposes for; (strike preceeding
inapplicable part) ? public streets, including driveways, aprons, sidewalks,
lighting and curbs 2) sanitary and storm sewers 3) domestic water 4) under-
ground telephone and power 4) gas 5)X)QXK a')PXMgC. All such improvements are
to be completed in conformity with City approved construction plans and the sub-
division compliance agreement thereinregard.
We have agreed that disbursements of the $181,435WPbe made in accord with the
following schedule upon completion of each, or all, item(s); but not including the
hold-back described below.
ITEM. AMOUNT
Site Preparation/Grading _ 20,275.00
Concrete Curb _ 9,680_00
Street: (base rock, leveling rock, base A.C.) 24,360.00
Sanitary Sewer 5 appurtances 41,596.00
Storm Sewer & appurtances 25,065.00
Water Line d appurtances 19,919.00
Gas Line 6 appurtances _ No Charge
Underground Telephone 6 Electrical 3,000.00
Concrete Sidewalk & Driveway Aprons _ 22,000.00
Asphalt (street overlay) 8.640 00
Street Lighting 6,900_00
Miscellaneous (pathways, landscaping,
mailbox clusters, etc.) None
We have entered into a "Subdivision Compliance Agreement" whereby we have
agreed to install all improvements in accordance with 'the requirements of the
City of Tigard and we are hereby authorizing you to hold the above-stated funds
to pay them to us only when the following has been adhered to:
That the City of Tigard has provided certification
acknowledging completion of any or all work pursuant
to the above itemized schedule of improvements.
Pursuant to the above schedule, 20$ of the commitment funds U.e., $36,287.00)
will be held back through the normal one year guarantee period or unil final
City Acceptance of*the project takes place or until the City is provided with
a separate maintenance bond, effective for said one year period from the date
of Council tentative acceptance of the work, to assure continued freedom from
defects, and maintenance, during the guarantee period.
ease s
Letter of Commitment T
r
Concurrent with the final release of these funds, establishment proceedings will
i be instituted.
It is understood and approved by all parties of concern to this letter of commitment
I that the City of Tigard shall have first claim and priority to the sum of $18143S.00
less 9isbursements approved by the City of Tigard, in the event of any defect(a /or
failure(s)'to correct such in the construction of the required improvements.
t.
It is further understood and agreed that the aforsaid priority of claim is
paramount to all parties including the lending institution making the loan and
i that the lending institution has covenantal and agreed that the sum of $181,435.00
i less disbursements approved by the City of Tigard shall be held available to
t� satisfy any aformentioned..zi4x'.m by.the,,Cit_,r"'ogtwithatanding...default on loan:,by
3 borrowing party or termination of loan b3 lenAing institution.
l
DATE: Since ly yours, /
D ris L. Derby
Approved and Accepted:
COLUMS
(Lending I� ut n)
BY: (Attach notary information and
P T' lesignatures) authority)
is./a. ILANKO VICE PRESIDENT
` �ACKNOWLBO6ME�lT—cowro wwT�o r,.TwTuio--
®) STATE OF WAS11INGTON
County of Chelan
On this 19 day of f 3Oly ,19-15 before me personally appeared
5i artko Vice .Fresidentand --------- IMM.NFofthe
Columbia Federal Savings Bank
the corporation that executed the within and foregoing instnimenL,and acknowledged the said instrument to be
the free and voluntary acts and deed of said corporation, for the uses and purposes therein mentioned,and on
oath stated that they were authorized to exocute::aid instrument,and that the seal affixed is the corporat`seal
of said corporation:
IN WITNESS WHEREOF,I have hereunto set my hand ar,4 affixed my official seal
the day and year first above writ
Notary Public in
d fo&Ke State of Washington,residing
at Wennt .he- m said County.
My Gommi=on expires ....._...................
EXHIBIT' "B"
SUMMARY
RE: Shadow Hills II Subdivision; Performance Bond Reduction Request #3,
LETTER OF CREDIT (BOND) REQUIRED HOLDBACK RELEASABLE
ITEM AMOUNT MAINTENANCE INCOMPLET-E tTEM COMPLETE ITEM
Site Prep/Grading $20,275 $ 4,055 $ $
Conc. Curb $ 9,680 $ 1,936 $ $
Street $24,360 $ 4,872 $ $
San, Sewer $47.,596 $ 8,319 $ $
Storm Sewer $25,O65 $ 5,013 $ $
Mater Line $19,919 $ 3,984 $ $
Gas Line $N C $ $ $
U.G,Tel/Elect. $ 3,000 $ 600 $ $
Walks/Aprons $22,000 $ 4,400 $17,600 $
A.C. Overlay $ 8,640 $ 1,728 $ 6,912 $
Lighting $ 6,900 $ 1,380 $ $5,520
Misc. $N A $ $ $
TOTALS $181,435 $36,287 $Z-i,512 $5,520
-Required whitholding for one year guarantee period asurance.
JH:bs7
j