Resolution No. 86-19 CITY OF TDGARD, OREGON
RESOLUTION N0. 86-_
RESOLUTION TO AUTHORIZE RELEASE OF COMMITMENT FUNDS FOR WINDSOR PLACE
SUBDIVISION
WHEREAS, the City of Tigard, Oregon has executed a Compliance Agreement for
development of a subdivision known as Windsor Place Subdivision and has
accepted a Performance Bund in. the form of a Letter of Commitment, (copy
attached hereto as Exhibit "A"), to assure completion of installation of
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certain public improvements t_herpi.n: and,
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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 a partial release of Commitment Monies
previously set aside for Windsor Place Subdivision in the sum of $155,335.96.
PASSED: This 107/-6'6i day of����r �, 1986.
aybr- City of Tigard
AT-TEST:
�7�,, corder - Ci'ty of Tigard
(7H:bsi1943P)
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RESOLUTION NO. 86
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.fZ:x1-11eIr 19
LETTER OF COMMITHF.NT
(Performance Bond)
We have received from Continental - Oregon, Inc. (lending institution)
a loan commitment in the amount of $ to finance the improvements
of a subdivision located in the City of Tigard, said •subdivision being commonly
known as Windsor Place This loan commitment is specifically for con-
struction purposes £or: or $226.176.65 of the aforsaid total
commitment has been allocated for construction purposes for: (strike preceeding
inapplicable part) 1) public streets, including driveways, aprons, sidewalks,
3rghxixg and curbs 2) sanitary and storm sewers 3) domestic water 4) under-
ground telephone,and power and street lighting. 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 $ will be made in accord with the
following schedule upon completion of each, or alt, item(s); but not including the
hold-back described below.
ITEM AMOUNT
Streets $106,616.15
Sanitary Sewer A appurtances 53.193.00
Storm Sewer & appurtances 31.475.00
Water Line & appurtances ?i_.055.50
(lC1dC.> l�C.
Underground Telephone b Electrical h Lighting 13 837.00
S'.�tnc'�bt4CXlatlDF3k
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 funde
to pay them to ass only when the following has been adhered to:
That the City of Tigard has provided certification
acknavladging completion of any or all work pursuant
to the above itemized schedule of isaprovements.
pursuant to the above schedule. 20% of the comaitmeut funds (i.e., 845,235.33 )
will be held back through the normal one year guaraisateee period or unt I fan&+
City Acceptance oZ the project tapes place or until the City is provided with
a aeparatc, imaintannuett bonde effective for said one year period from the date
of Council tentative seeoptance of the work, to assure continued freedom from
defects. and maintananc +uring the guarantee pariad.
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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 cormi.:ment
that the City of Tigard shall have first claim and priority to the sum of $226,176.65
less disbursements approved by the City of Tigard, in the event of any defect 57—.r
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 and
that the lending institution has covenanted and agreed that the sum of S226,176..
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: September 19, 1985 Sincerely yours,
Howard-Kim, Inc.
Approved and Accepted: by
Continental - Oregon, Inc.
(Lending Institution) fin/
BY: 4—Vice
N 1 S, _d4 x, (Attach notary information and
TitPresident signature(s) authority)
FORM Na.186—f,CKNOWLEDGMENT,COROORATION 100.E 9].�OOf. _-
J STATE OF OREGON,
ss.
County of -. -. _.4Jashi.n-gton.....,....__..-. _ -September.,19 _ Is. 85_
Personally appeared ._.... _..Hel.en..Me--.Hcwar-d...._---......_------ ..
FORM Ne.708-.0CMnWLEDGMENT,CORPORATION(095 93.49DI.
STATE OF OREGON,
County of ss.
W.A.S.H...I.N..G.T.O..N . . --- October 17..... ..... 19.85
.._.. _..
'
Personally appeared ._.. .-..D.-3 Vi.d...G..1..l1 dA- -......._....
..who being duly sworn(or affirmed)did say that_ he is the
ASS iSt_Vi..ce._Pre.s.i.d.en.t........ ........._.
4P1.d..1 or.,h.,ofNwr er ofHccraf
of --- ... ..........CONTINENTAL-,_-Inc.,_.---.......
..--..
�xf-li8i r 6
SUMMARY
RE: Windsor Place Subdivision; Performance Bond Reduction
Request #1.
LETTER OF CREDIT (BOND) REQUIRED HOLDBACK RELEASABLE
ITEM AMOUNT MAINTENANCE* INCOMPLETE ITEM COMPLE'1-E ITEM
-----—
Bice Prep/Grading $11,356.25 � $2,271.25 —_.-... —$-9.085 00
Conc. Curb 8,824.00 1,764.80 ---- 7,059 20
Street $44,235.20 8,947.04 --- 35,388.16
San. Sever 53,193.00 10,638.60 42,554.40
Storm Sewer 31,475.00 6,295.00 --- 25,180.00
Water, Line 21,O55.50 4,211.10 ---- 16,844.40
Fence 1,419.00 283.80 --.-- 1,135.20
U.G. 'Tel/Elect, 13,837.00 2,767.40 --- 11,069.60
Walks/Aprons 13,537.50 ----- 13,537.50 --..--
A.C. Overlay 12,949.00 ------ 12,949.00 _.._._
Lighting 8,775.00 1.1755.00 --. 7,020.00
Misc.(Pa th;Seed) 5,520.20 5,520.20 ---
TOTALS $226,176.65 $38,833.99
$32,006.70 $155,335.96
*Required witholding for one year guarantee period asurance.
(JSH:bs/1943P)
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