Resolution No. 86-62 CITY OF TIGARD, OREGON
RESOLUTION NO. 86-� 2-
RESOLUTION TO AUTHORIZE RELEASE OF COMMITMENT FUNDS FOR PENIS! LAWN ESTATES
NO. 2 SUBDIVISION.
WHEREAS, the City of Tigard, Oregon, has executed a Compliance Agreement for
development of a subdivison known as Penn Lawn Estates %a. 2 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; arid,
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 to accord with the attached "Summary" denoted Exhibit "B".
N0W, THEREFORE, BE IT RESOLVED by the Tigard City Council that:
The City of Tigard, Oregon, hereby auchor'izeshe Mlayor and City Recorder to
z execute a letter providing for partial release of Commitment Monies previously
set aside for Penn Lawn Estates No. 2 Subdivision in the sum of $43,871.04.
PASSED: This day of `- 1986.
Mayor - City of Tigard
AT-TEST:
Depu. City Recorder - City of Tigard
(2554P)
RESOLUTION NO. 86-
PAGE 01
5
Ur �Cr
LETTER OF COM14iT14ENT
(Performance Bond)
COLUMBIA FEDERAL SAVINGS BANK (lending•institution)
We have received from 71 , to finance the improvements
a loan commitment in the amount of $ 155,5. a dO said subdivision being commonly j
of a subdivision located in the City of Tig
known as Penn Lawn Estates 110.2 . This loan commitment is specifically fir con-
struction purposes for: (YhDG�C7�tCXXXX`:XXXXXXXXXXXXXXXXXXXXX"X 7 1
rr:[nv "}c�aah�,:7 '+S�Xa' =F%ii C7fXi.{i 'ayu•,tSb`,.f.!X iYi7'�X )XXX2�IE'!s, sidewalks,wa ks,
1) public streets, including, driveways, aprons,
lighting and curbs 2) sanitary and storm sewers 3)
domestic der-
411 such 4improvementsater 4) nare
gal6XXisz�X^s,..,.�.av �,
ground telephone and power Xyd
to be completed in conformity with City approved construction plans and the sub-
division compliance agreement thereinregard.
155,573.9q
We hay.> agreed that disbursements of the $ ui be male in accord with the
following schedule upon completion of each, or all, item(s); but not including, the
hold-back described below.
AMOUNT
ITEM
10 000 00
Site Preparation/Grading 7,060—.00
Concrete Curb
street (base rock, leveling rock, base A.C.) 29 12G 50
95 127-00
Sanitary Sewer & appurtances
Storm Sewer & appurtances 12
24 059.00
ff... Water Line S appurtances N.A.
Gas Linc 5 appurtances
7 663 00
Underground Telephone & Electrical p9 500 00
Concrete Sidewalk 6 Driveway Aprons 6SC
5 7
Asphalt (street overlay) t5.33 6.00_.
SLI-OQ-t Lighting
Miscellaneous (pathways, landscaping, PI_A__ _-
mailbox clusters, etc-)
entered into _ "R!bd i.v inion Coumlianc•e ^;;r eemc•n t„ whereby em have
.
agroad to install all improvements in accordance with filo 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 be,,,' adhered to:
That the City of 't'i.gard has provided vertil i.catiun
acknowledging comppetion of any or all work pursuant
to the above itcn!iz-1 srhe•clule of improvcll"llCs
-
pursuant to the above schedule, 20'7, of the c•ommit.nient funds ki.C., $31,114.76)
will be held back through the norma I one year },cza rant oe per l)di proull vided
i it 1
City Acceptance of the project takes place or d of the City is provided with
a separate maintenance bond, effective for said one• year period From tkzc date
of Council tentative acecptancs of tilt, work, to assure cunt inue•d freedom from
dc•fc•cts, and maintenance, during: the Xusrantec• period.
i
Page 2
t- Letter of Commitment
1
I
i
Concurrent with the final release of these funds, establishment proceedings will
be instituted.
It is understood and approved by all parties of concern to this letter of commitment
that the City of Tigard shall have first claim and priority to the sum of $ 155 573.80
less disbursements approved by the City of Tigard, in the event of any defects /or
failure(s) to correct such in the construction of the required improvements.
It is further understood and agreed that the aforsaid priority of claim is
paramount to all parties including the lending institution making the loan i
and
that the lending institution has covenanted and agreed that the sumof $ 155,573.80
less disbursements approved by the City of Tigard shall be held available to
satisfy any aformentioned claim by the City notwithstanding default on loan by
borrowing party or//termination of Joan by lending institution.
DATE:_ _-Z_ gp Sincerely yours,
L. A. Development C
i
Approved and Accepted: }'' L
r_
COLUMBIA FEDEYAb. SAVY BANK
(Lend ing Insitu io
I
• r
BY: (Attach notary information and j
tuik
P.J LANKO VICE PRESIDENT signa.ture(s) authority)
STATE OF OREGON )
County of Clackamas f 1
The foregoing instrument was acknowledged before me this 2nd. day of April, 1986
by P.J. Bilanko,
f
a Vice-President of Columbia Federal Savings Bank (�
a corporation, on behalf of the corporation. `
Notary Public for Oregon
My Commission expires: 3-6-89
{
EXHIBIT- "B"
SUMMARY
RE: Penn Lawn Estates No. 2 Subdivision; Performance Bond Reduction
Request ,yl.
LETTER OF CREDIT (BOND) REQUIRED HOLDBACK RELEASABLE
ITEM AMOUNT MAINTENANCE* INCOMPLETE ITEM COMPLETE ITEM
Site Prep/Grading $ 10,000.00 $2,000.00 $--- $ 8,000.00
Conc. Curb $ 7,060.00 $ 1,412.00 $— $ 5,468.00
Street $ 29,126.50 $-- $ 29,126.50 $--
San. Sewer $ 25,127.00 $ 5,025.40 $-- $20,101.60
Storm Sewer $ 12,651.80 $ 2,530.36
$--- $10,121.44
Water Lire $ 24,059.00 $-- $ 24,059.00 $—
Gas Line $ N.A. $— $— $—
U.G. Tel/Elect. $ 7,663.00 $— $ 7,663.00 $—
Walks/Aprons $ 19,500.00 $-- $ 19,500.00 $--
A.G. Overlay $ 15,376.50 $--- $ 15,376.50 $—
Lighting $ 5,010.00 $--- $ 5,010.00 $--
misc. $ N.A. $— $--- $—
TOTALS $155,573.80 $10,967.76 $100,753.00 $43,871.04
*Required withholding for one year guarantee period assurance.
(2554P)