HomeMy WebLinkAboutPD-50-88 DN: 50-88
TOWN OF NEWCASTLE �
f t REPORT File
Res.
By-Law #
MEETING: General Purpose and Administration Committee
DATE: Monday, March 7, 1988
REPORT #: PD-50-88 FILE #: 1OM-7641 1OM-772, 1OM-773, 1OM-790 & IOM-792
SUBJECT: COURTICE URBAN AREA - DEVELOPMENT AGREEMENTS
(REDUCTION IN LETTERS OF CREDIT)
COURTICE HEIGHTS SOUTH (PHASE I & II) - PLANS 1OM-790 & 1OM-792
COURTICE HEIGHTS NORTH (PHASE I) - PLAN 1OM-772
GATEHOUSE HOLDINGS (PHASE I) - PLAN 1OM-764
GATEHOUSE HOLDINGS (PHASE II) - PLAN 1OM-773
RECOMMENDATIONS:
It is respectfully recommended that the General Purpose and Administration
Committee recommend to Council the following:
1. THAT Report PD-50-88 be received; and
2. THAT the request submitted on behalf of Gatehouse Holdings for a reduction
in the Letter of Credit affecting Phase I, Plan 1OM-764 from $314,502.20 to
$89,051.63, and Phase II, Plan 1OM-773 from $380,335.08 to $106,053.69 in
consideration of the works completed within each Phase be approved; and
3. THAT the request submitted on behalf of Courtice Heights North, Phase I,
Plan 1OM-772, for a reduction in the Letter of Credit from $414,948.72 to
L�-
$140,188.85 in consideration of the works completed �approved; and
4. THAT the request submitted on behalf of Courtice Heights South, for a
reduction in the Letter of Credit for Phases I and II, Plan 1OM-790 and
1OM-792 from $2,217,519.59 to $727,382.58 in consideration of the works
completed be approved; and
5. THAT the Owners be so advised.
. . .2
REPORT NO. : DD-50-88 PAGE 3
_______________________________________________________________________________
8JCKQR0DNQ AND COMMENTS:
As committee is aware, Council, at their meeting of November 33' 1987 by
resolution, required that any reductions in Letters of Credit within the
Couctice Urban Area, are to proceed only by resolution of Council.
Staff would note that within the Development Agreements pertaining to the
above-noted subdivisions, provisions are included within same addressing the
ability for the release of any portion of a Performance Guarantee as provided.
To that end, Staff would note that the Town may, from time to time' reduce the
amount of the value of the Performance Guarantee to reflect the progress of the
works required to an amount equal to the value of the uncompleted works Dlno
IO% of the value of the completed works on approval by the Director of a
progress certificate prepared by the 0vmec"a Engineer.
An noted within the recommendations of said Report, a request has been
submitted by the Ovmec"a Engineer on behalf of the Owners of each development
for m reduction in the present Letters 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 of the Letters of Credit as requested.
Accordingly and in consideration of the requests 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.
Respectfull i ed' Recommended for presentation
to- be Committee
1) /
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-----------------
T.T. Edwards, �0.C^Z.P. L wrenKoLoeff
Director of Planning Chief Ad atraLive officer
LDT*TT8* 'ip
*Attach.
February 19, 1988
CC: Couctice Heights Devt. CC: Gatehouse Holdings Ltd.
c/o Mr. Bill Mmu000 c/o Calvin W. Potter
20 Clematis Road 633 King 8t. East
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