Resolution No. 85-67 CITY OF TIGARD, OREGON
RESOLUTION NO. 85—_._L
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 P-rk 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 Subdivision in the sum of $100,260.86.
PASSED: This /T f day of t�Y 1985.
11,1i
«y, City of Tigard
r
ATTEST:
�
eputy City Recorder — City of Tigard
(1688P)
( RESOLUTION NO. 85—_Gg
EXHI.BI.T "A"
I_EFFER OF COMMITMENT
(Performance Bond)
We have received from Washington Federal Savings Bank (lending institution) a
loan commitment in the amount of495,000.00, to finance the improvements of a
subdivision located in the City of Tigard, said subdivision being commonly
known as Anton Park (Phase I). This load 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; 2) sanitary and
storm sewers; 3) domestic water; 4) underground telephone and power; 5) gas;
and 6) landscaping. All such improvements are to be completed in conform'i'ty
with City approved construction plans and the subdivision compliance agreement
thereinregard.
We have agreed that disbursements of the $372,30.6.00 will be made in accord
with the following schedule upon completion of each, or all, items (2); but
riot including the hold back described below:
ITEM AMOUNT
1. Clearing & Grubbing/Excavation $ 19,695.28
2. Concrete Curb 17,574.02
3. Street/Pathways (base rock, leveling
rock, base A.C.) 85,841.20
4. Sanitary Sewer & Appurtenances 68,078.55
5. Storm Sewer & appurtenances 29,653.16
6. Water Line & appurtenances 63,093.85
7. Gas Line & appurtenances N/A
S. Underground Telephone & Electrical 9,280.80
9. Concrete Sidewalk & Drive-way Aprons 28,768.75
10. Asphalt (street overlay) 34,400.00
11. Street Lighting 15,400.00
12, Miscellaneous (signing) 520.00
We have entered in 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 (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.
RESOLUTION NO. 85— (:�7
Parma
i
Page 2
Letter of Commitment
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 $372,306.00, 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 aforesaid priority of claim is
paramount to all parties including the lending institution making the loan and
that the lending institution has covenanted and agraed that the sum of
$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 part or termination of loan by lending institution.
DATE: _ Sincerely yours,
Approved and Accepted:
Washington Federal Savings Bank
(Lending Institution
6Y:
(Title) (Attached notary information
and signature(s) authority)
(pm/1688P)
RESOLUTI0,V nw. 85-1
EXHIBIT "B"
LE'L'TER Of-
COMMITMENT
fCOMMITMENT ITEM LESS 20% AMOUNT TO BE
ITEM NO. AMOUNT HOLD BACK RELEASED
3. $85,841.20 $17,168.24
$68,672.96
6• 29,683.85 5,936.77 23,747.08
0. 9,280.80 1,856.16 7,424.64
12• 520.00 104.00 41.6.00
$125,325.85 $25,065.17 $100,260.68
Note Items 1-2-4 and 5 have been released. We are still holding back the 20%
on these items. Items 9-10 and 11 of letter of commitment are not impactec'.
(Pm/1688p)