Resolution No. 85-53 CITY OF TIGARD, OREGON
RESOLUTION NO. 85—
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RESOLUTION TO AUTHORIZE RELEASE OF COMMITMENT FUNDS FOR ANTON PARK SUBDIVISION.
WHEREAS, the City of Tigard, Oregon, has executed a Compliance Agreement for
development of a subdivision known as Anton Park 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",
NOW, THEREFORE, BE IT RESOLVED by the Tigard City Council that:
The City of Tigard, Oregon, hereby authorizes the Mayor and City Recorder to
execute a letter providing for partial release of Commitment Monies previously
set aside for Anton Park Subdivison in the sum of $108,000.81.
PASSED: This � day of � 1985.
Mayor — City of Tigard
ATTEST: \
n V ICY 1
Deputy City Recorder — City of Ti9 and
(1597P)
LETTER OF COMMITMENT
(Performance Bond)
We have received from Washington Federal Savings Bank (lending institution)
a loan commitment in the amount of $495,000.00 _ , to finance the
improvements of a subdivision located in the City of Tigard, said subdivision
being commonly known as Anl-on Park (Phase I) This loan
commitment is specifically for construction purposes for. (or) $ 372.306.00
of the aforesaid total commitment has been allocated for construction purposes
for: 1) public streets, including driveways, aprons, sidewalks, lighting and
curbs z) sanitary and storm sewers) 3) domestic water 4) underground telephone
and power 4) gas 5) landscaping. Al! such improvements are to be completed in
conformity with City approved construction plans and the subdivision
compliance agreement thereinregard.
We have agreed that disbursements of the $ 372 306.00 will be made in accord
with the following schedule upon completion of each, or all, items(2); but not
including the hold back described below:
ITEM AMOUNT
i. Clearing & Grubbing/Excavation $ 19,695.28
Z..Concrete Curb 17,574.02
3. Street/Pathways (base rock, leveling rock,
base A.C.) 85 .20
4. Sanitary Sewer & appurtenances 68,007878.55
-s. Storm Sewer & appurtenances 29.653.16
C. Water Line & appurtenances 63,093.85
�. Gas Line & appurtenances W/A8,280.80
S.Underground Telephone & Electrical
`r.Concrete Sidewalk & Driveway Aprons _28;768.75
iv.Asphalt (street overlay) 34;400.00
n.Street Lighting 15.400.00
iz.Miscellaneous (signing) 520.00
We have entered in a "Subdivision Compliance Agreement" whereby we have agreed
to install all improvements in =.cordance 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 (i.e.. $74,461.20
will be held back through the normal one year guarantee period or until 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.
page 2
Letter of Commitment
Concurrentwith 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 shalt/ have first claim and priority to the
sum of $ 372,306.00 1 less disbursements approved by the City of Tigard, in
the event of any defect(s)/or failure(s) to correct such in the construction
of the required improvements.
It is further understood and agreed that the aforesaid priority of claim is
paramount to all parties including the lending institution making the loan and
that the lending institution has convenanted and agreed that the sum of C
372,306.00 less disbursements approved by the City of Tigard shall be held
available to satisfy any aforementioned claim by the City notwithstanding
default on loan by borrow party or termination of lcAab by lending institution.
DATE: April 15, 1985 �JY Yours,
Approved and Accepted: (
Washington Federal Savings Bank
((endiregInsti/ltut iaS
By: `� <d' C- FM��— (Attach notary information
(Title) Assistant Vice-President and signature(s) authority)
Amo f
EXHIBIT "B"
SUMMAR I
LETTER OE ITEM LESS 20% AMOUNT TO BE
COMMITMENT AMOUNT HOLD BACK RELEASED
ITEM NO.
1 $ 19,695.28 $ 3,939.06 $ 15,756.22
2 17,574.02 3,514.80 14,059.22
^ 58,079,55 13,615.72 54,452.e4
5 29,653.16 5,930.63 23,722.53
TOTALS: $ 135,001.01 $ 27,000.20 $ 108,000.81
NOTE: Items 03 and M6 through 012 of the letter of commitment are not
impacted.