HomeMy WebLinkAboutPD-305-87DN: 305-87
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TOWN OF NEWCASTLE
REPORT
~~I~: General Purpose and Administration Committee
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File #~~ ~,,. /,.,
Res. #
By-Law #
~~~ Monday, December 7, 1987
T ~~ PD-305-87 FIDE #o lOM-797, 18T-85032 & 18T-84029
SU~CTa WHITECLIFFE SUBDIVISION
DEVELOPMENT AGREEMENT
REQUEST FOR REDUCTION OF LETTER OF CREDIT
RECOMMENDATIONS:
It is respectfully recommended that the General Purpose and Administration
Committee recommend to Council the following:
1. THAT Report PD-305-87 be received; and
2. THAT the request submitted by D.G. Biddle and Associates Limited, on behalf
of Whitecliffe Development, for a reduction in the Letter of Credit from
$2,375,237.20 to $1,132,769.57, in consideration of the works completed, be
approved; and
3. THAT the Owner be so advised.
BACKGROUND AND COMMENT:
Within the Development Agreement between the Town of Newcastle and Betty Jo King
and Archie Earl King, Paragraph 3.11 entitled "Requirements for Release of
Performance Guarantee" lists the obligations to be completed prior to the releasse
of any portion of a Performance Guarantee as provided. To that end, Staff would
note that Subparagraph 4 states that the Town may, from time to time, reduce the
amount of the value of the Performance Guarantee to reflect the progress of the
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REPORT NO.: PD-305-87 PAGE 2
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works required to an amount equal to the value of the uncompleted works plus
10~ of the value of the completed works on approval by the Director of a
Progress Certificate prepared by the Owner's Engineer.
Staff would note that in consideration of the above-noted terms, a request has
been submitted by D.G. Biddle and Associates Limited on behalf of the Owners,
for a reduction in the present Letter of Credit to reflect the works completed.
Staff would advise that the Works Department, in commenting, acknowledged that
the necessary works have been completed in accordance with the provisions of
the Subdivision Agreement and Town practices to permit the reduction in the
Letter of Credit as requested.
As Committee is aware, Council, at their meeting of November 23, 1987 by
resolution, required that any reductions in Letters of Credit within the
Courtice Urban Area are to proceed only by resolution of Council. Accordingly
and in consideration of the request submitted and confirmation that the works
have been completed to Town standards, Staff would have no objections to the
reduction as contained within the recommendations of said Report.
LDT*TTE*jip
*Attach.
November 25, 1987
CC: D.G. Biddle & Associates
Consulting Engineers
96 King Street East
OSHAWA, Ontario
L1G 1B6
Recommended for presentation
to the Committee
Lawrence ~ otseff
Chief Ad n'strative Officer
CC: Halminen Homes
30 Caristrap Street
BOVJP9ANVILLE, Ontario
L1C 3Y7