Resolution No. 86-05 CITY OF TIGARD, OREGON
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RESOLUTION NO.
RESOLUTION TO AUThIORIZE RELEASE OF COMMITMENT FUNDS FOR MILLMONT SUBDIVISION.
WHEREAS, the City of Tigard, Oregon, has executed a Compliance Agreement for
development of a subdivision known as Millmont S'ubdivis'ion and has accepted
both a Surety Performance Bond and a Letter of Commitment, (latter item
attached hereto as Exhibit "A"), to assure completion of installation of
certain public improvements therein; and,
WHEREAS, the latter document provides for the City Council to disperse partial
or, full release of commitment monies upon satisfactory completion of
instatIlation of improvements; and,
WHEREAS, the Council deems that a full release of said Letter Commitment
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 release of Commitment Monies previously set
aside for Millmont Subdivision in the sum of $57,494.25.
PASSED: this _ Th day of ti� 1986.
yor — City of Tigard
ATTEST
6/ Deputy City Recorder — City of Tigard
RESOLUTION NO. 86— bS
EXN/B/r Q
LETTER OF COMMITMENT
(Peformance Bond)
We have received from Columbia Federal Savings & Loan (lending institution)
a loan commitment in the amount of $ 57,494.25 , to finance the improvements
of a subdivision located in the City of Tigard, said subdivision being commonly
knows as Millmont Park This loan commitment is specifically for con-
struction purposes for: or 57,494.25 of the aforsaid total
commitment has been allocated for construction purposes for: (strike preceeding
inapplicable part) 1) public streets, including driveways, aprons, sidewalks,
lighting and curbs 2) sanitary and storm sewers 3) domestic water 4) under-
ground telephone and power 5) gas 6) landscaping. All such improvements are
to be completed in conformity with City approved construction plans and the sub-
division compliance agreement therinregard.
We have agreed that disbursements of the $57,494.25 will be made in accord with the
following schedule upon completion of each, or all, item(s); but not including the
hold-back described below.
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ITEM AMOUNT
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i Gas Line & appurtances $ 2,500.00
Underground Telephone & Electrical 24,261.46
t Concrete Sidewalk & Driveway Aprons 7,350.00
Street Lighting 10,082.79
I general Telephone Electric 12,000.00
Miscellaneous (pathways, landscaping,
's 4i,ailbox clusters, etc.) 1,300.00
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 )igard 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., $11,499.00)
i 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 C^uncil tentative acceptance of the work, to assure continued freedom from
defects, and maintenance, during the guarantee period. Concurrent with the
final release of these funds, establishment proceedings will be installed.
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 $57 494.25
less disbursements approved by the City of Tigard, in the event of any defect s for
failure(s) to correct such in the constitution of the required improvements.
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Page 2
f Letter of Commitment
' It is further understood and agree-:: that the aforsaid 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 $11,499.00
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 loan by lending institution.
DATE:October 11, 1985 Sincerely yours,
Approved and Accepted:
COLUMBIA E ERT+.L SAVINGS BANK
L ne ding I Sti
BY:
Tx e (Attach notary information and
PVr signature(s) authority)
J. BILANKO VICE PRESIDENT
STATE OF ORBMN )
ss
County of Clackamas )
The foregoing instnanent eras acknowledged before m_> this llth. day of October
1985
by P.J. BIIAN{O a VICE-PRFvIDERr of ODUMIA FEDERAL, SAVINGS BANK, a corporation
on behalf of the corporation.
Notary Publf for Oregon
My C rmiission expires: 3-6-89
1,
R
EXhIIBIT "B"
Summp.e-Y SHEET
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RE: hlilimont Subdivision; Performance Bond Reduction Request 91.
LETTER OF CREDIT (BOND)
ITEM AMOUNT RELEASABLE
Gas Line $ 2,500.00 $ 2,500.00
UG Tel/Elect. $24,261.46 $24,261.46
Walks/Aprons $ 7,350.00 $ 7,3 50.00
Gen. Tel/Elect $12.000.00 12,000.00
Lighting $10,062.79 $10,082.79
Misc. $ 1,300.00 $ 1,300.00
TUiALS $57,494.25 $57,494.25
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(JSN:bs/2253P)
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