Resolution No. 86-73 1
CITY OF TIGARD, OREGON
RESOLUTION NO. 86-••-!3_
RESOLUTION TO AUTHORIZE RELEASE OF COMMITMENT FUNDS FOR PENN 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 No. 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; and,
WHEREAS, said documents provide for the City Council to authorize partial or
full release of commitment monies upon sat:>factory 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
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 Penn Lawn Estates No. 2 Subdivision in the sum of $52,692.80
dollars.
PASSED: This / /7A day of6� } 1986.
v'
n
/ ayor City of Tigard
ATTEST: J
Deputy City Recorder — City of Tigard
(7H:cn/74)
FSO! TION No. 86
— 2
PAGE ##1
. ~
. .' .. '
mDcu^L SAVINGS BANK tu, .
—11"bivisioll 1--at"d ill ill, City (5 Igard,
.` . . ,,. /
xummuxwxsmx,o,xmam,,mxasu�,vum*um^�xxxa�`xxu*�sz�«vu»��axs. |
yxwyx11'Tu^.Kmnxaxum*10 ,"^/i, ".,,c'". /",/"v/"^ u,/..°,x". ,',`"". .../...'^._
''`^. �"`. and ,".^" '` "'"./.^,' ""^ ,.",� "^°,," `` .^.m= `. °'"',
. ..".... . /,,^.". .".. ,.."". snx,M',IMoxmxuaXiXmwxw.x ^/ ' =.,. '`"p`'.....,.. . ..
.' ^. ^-^ ;, .`,,.,"`.' ^/./. s,' '."p,``,`,/ .`"`,',". ^'" '/^", ""/ .^. ..
~" °"p """ i, ^''i "^`"'^.
/`s.nl��q in
^.`.u'^',k ^. ~' ;^.v ^. /.~.
" /^^'"'^'/'^
. .,"� . u.,^ xuu.0—0 _
.' � . '. ^^,^ .",!, , ^°. 21u.az-6xn �
,,,.'^./ ,`~,, ^ ,'r.,",.`_ _'----2.5.12.z.v»
^`~` ` ^''^"^""'" _ _-_-12.6-51 a/
---___2
'."r.,.""~.
.`^.""^ r, c^... ..`.` _z.ux�^uu .
,`~^, `",^", _--_-L9—5-00.00
-_ I�-17-f)'50
_ 5, �u�^
.'/, .
:^A. `
J^`
"^^. .' .`'
.'
- /
`
�
i
C.,nru, rrnl with the Iina! t1—sc !uud::, , st ab li:;luurnt p1nr: : ,i int•.:: .:ill
h, insl itut rd.
undorsl If and approved by a I 1 p.trtit" „t ronro rn Lo this Ic! ti•! , ! : .nnnii[.urnt
I hat thr t'ity ni I'i};a rd Shall havc I irsL claim and p, iority to tin sua!
I,•::, .lisbnt srmrnts ap1,rovod by Cho C i L y of '1'i1;a 111. in tho ovrnl nl .nr: ,I,•t.•rtisl/,+r
t., ....rI-v Such in tho 11,11'"ruct ion of tho rognir.•d !inpl„v, wont._s.
;t lu! lhrr 'Imle rsIa and ;y,rood thah
t to .tl.:,za id pr i„r ttv 1:t
: n•unt t1� .!1! p-!tt „�s r'�,-tudin}', Ch. to !d u1y. !n t itul ,o n ;1!1.iny•. t1!, ! !!
i.,l !I;: I,•nd!np, ins[
It lit !on l,as c„v, tan t!d and rc,':I th:+ ji,
i,u!::rmrnts approv,•d by the City of Tiy;a,d shoI1 b, h, I :!v;I11:rb 11 t
nl ionrd claim bV !.he City nolwi Chst"lith .I, !.!ult
. .,, ,.,.."n,' n!c nr 11•rmi not in of IoaI by Land
'c\,
1.
P �tf •
\!,In.,�•'.I and \rr"pl 1•d
ta�Ll Rt8I:1. SAVINGS. BANK
inst itut
p„I. BII.ANKtVIC1•: PR haIUI':N 1
�t_A1'1 t1l ORP.lalti )
,�nnt 1 01 CL�rl::
!l, ..,rr^„inr; incl rument ':'as acicn,-1 -dt-ed i,cl 'ndt i !
. . .P Bi l.mho.
! Vic,--!'r1•s idem of C1,I Limb is F-IL -u! S:!�'in•.r.5
., r.n'pc,rrtt ion, on behalf of the 1'11 rt,or;!C inn.
tiny!•'. I'nl,i it far ,1rr,�.,n
i
1
I!
EXHIBIT "B" I
� 5UMMRRY I
RE: Penn Lawn Estates No. 2 Subdivision; Performance Bond Reduction
Request #2. J�
LETTER OF CREDIT (BOND) REQUIRED HOLDBACK i
RELEASABLE
MRINTEPdANCEy 4
ITEM AMOUNT
_ INCOMPLETE ITEM COMPLETE ITEM
Site Prep/Grading2,000.00
$— y —
Conc. Curb $ 7,060.00 $—
$ 2,412.00 $_
Street $ 29,126.50 $ 5,825.30
$-- $23,301.20
San. Sewer $ 25,127.00 $ 5,025.40
Storm Sewer $ 12,651.80
i� $ 2,530,36 $_ $—
Water Line $ 24,059.00 r $ 4,811.80
I $— $19,247.20
Gas Line $ N A
U.G. Tel/Elect. $ 7,663.00
F $ 1,526.60 $— $ 6,136.40
Walks/Aprons $ 19,500.00
$ $ 19,500.00 i P
A.C. Overlay $ 15,376.50
J� $"— $ 15,376.50 � $—
Lighting $ 5,010.00 ! $ 1,002.00
$ $ 4,008.00
Misc. $ N.A. $—
$-- $—
TOTALS $24,133.46
$ 34,875.50 $52,692.$0
!DOTE: The City previously released $43,871.04 via Request #1.
*Required withholding for one year guarantee period assurance.
(Jli:cn/70)