Resolution No. 86-97 a �
CITY OF TIGARD, OREGON
RESOLUTION NO. 86- .4--L
RESOLUTION TO AUTHORIZE RELEASE OF C0MITMENT FUNDS FOR Anton Park SUBDIVISION.
k:HEREAS, 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 at 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 i, RESOLVED by the Tigard City Council that:
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The City of Tigard. Oregon, hereby authorizes the Mayor-and City Recorder- to
i execute a letter providing for partial release of Commitment Monies previously e
not aside for Anton Park Subdivison in the sum of S 66,568.00 .
PASSED: This r day of _, 1986.
S
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ATTEST:
aputy City Rbcord mr City of Tigard z
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EXHIBIT "A"
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 Anton Park (Phase I)-. This load commitment is specifically for-
construction
orconstruction purposes for: (or) $372,306.0 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 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
1. Clearing & Grubbing/Excavation $ 19,695.26
Z. 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 63,093.65
7. Gas Line & appurtenances N/A
8. Underground Telephone & Electrical 9,280.80
9. Concrete Sidewalk & Driveway Aprons 28,768.75
10. Asphalt (street overlay) 34,460.00
11. Street "Lighting 15,400.00
12. Miscellaneous (signing) 520.00
We have entered in a "Subdivision Compliance Agreement" whereby we have agreed
Ito 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 or Tigard has provided certification
acknowledging completion of any or all work pursuant to
the above itemized schedule of improvements.
T t Pursuant to the above schedule, 20% of the commitment funds (i.e., J74,461.20)
will be held back through the normal one year guarantee period or until final
' City ar;ceptance 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 fr*om
Y defects, and maintenance, during the guarantee period.
RESOLUTION No. 85—
Paige 3
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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 g
sum of $372,306.00, 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
t!tiat the lending institution has covenanted and agreed 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,
f0
Approved and Accepted
Washington Federal Savings Bank
(Lending institution
BY:
{Title) (Attached notary, information
and signature(s) authority)
(Pcq/1688p)
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RESOLUTION-N0. Or_
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EXHIBIT "B"
RE: Anton Park (Phase I) Subdivsion; Performance Bond Reduction
Request No. 3
ITEM HOLDBACK (This request) RELEASEABLE (This re4uest)
Waterline� $6,682.00 $26,728.00
A.C. Overlay $6,880.00 $27,520.00
Lighting $3,080.00
$12,320_00
TOTAL: $66,568_00
*Previously released a portion of this item.
CITYOFTIV' RD
OREGON
ry 25 Years of SOMC®
Reference: Anton Park subdivision
(Letter of 0mutittment Partial Release)
Gentlemen:
In the matter of the three hundred seventy two thousand, three hundred-six dollars
($372,306.00), Letter of Ccnynitment, between Washington Federal savings Bank, and
the City of Tigard, Oregon and Custan Hanes by Dave, Inc_, this is to serve as
official notice to allow said Washington Federal Savings Bank to release to Custom
Hanes by Da>e, Inc., a portion of the deposit entrusted to said bank.
The amount hereby authorize to be released is sixty six thousand five hundred
sixty-eight. dollars ($66,568.00) .
The amount to remain entrusted to WF—hington Federal Savings Bank as a performance
bond, to assure the City that all remaining requirements of said subdivision are
completed, is ninety seven thousand four hundred seventy six dollars and fifty-one
cents ($9?,476.51).
This notice shall not be constructed to nullify or alter the tp rns of the aforesaid
Letter of Ccnmdtment in any way; it is merely an authorization to release a portion
of entrusted monies.
City of Tigard, Oregon
By:
Mayor
AQ
C�Recorder
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13125 SW Hall Btvd,P.O.Sox 23397,TlgarcL Oregon 97223 (503)639-4-171