HomeMy WebLinkAboutPD-63-88 DN: 63-88
N" TOWN OF NEWCASTLE '� r
REPORT File
Res. #
By-Law #
MEETING: General Purpose and Administration Committee
DATE: Monday, March 21, 1988
REPORT #: PD-63-88 FILE #: 1OM-779, 10M-781, AND 1OM-796
SUBJECT: A4�COURTICE URBAN AREA - DEVELOPMENT AGREEMENTS
(REDUCTION IN LETTERS OF CREDIT)
'RAB INVESTMENTS LTD. - 1OM-779, REMLARK HOLDINGS LTD. - 1OM-781
KINGSBERRY PROPERTIES - 1OM-796, KINGSBERRY PROPERTIES: RELATED
LAND DIVISION FOR EXTENSION OF KINGSWOOD DRIVE
RECOMMENDATIONS:
It is respectfully recommended that the General Purpose and Administration
Committee recommend to Council the following:
1. THAT Report PD-63-88 be received; and
2. THAT the request submitted on behalf of Frab Investments for a reduction
in the Letter of Credit, Plan 1OM-779 from $53,326.00 to $25,709.63 in
consideration of the works completed be approved; and
3. THAT the request submitted on behalf of Remlark Holdings Ltd., Plan 1OM-781,
for a reduction in the Letter of Credit from $412,007.97 to $291,818.60 in
consideration of the works completed be approved; and
4. THAT the request submitted on behalf of Kingsberry Properties, for a
reduction in the Letter of Credit for Plan 1OM-796 from $119,118.62 to
$51,276.44 in consideration of the works completed be approved; and
5. THAT the requested submitted on behalf of Kingsberry Properties for a
reduction in the Letter of Credit for the Land Division Committee
applications and extension of Kingswood Drive from $222,126.50 to
$88,601.15, in consideration of the works completed be approved; and
6. THAT the Owners be so advised.
. . .2
REPORT 00. : PD-63-88 PAGE 2
_______________________________________________________________________________
BACKGROUND AND COMMENTS:
As Committee is aware, Council, at their meeting of November 23, 1987 by
resolution, required that any reductions in Letters of Credit within the
Couctioe 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
wnzha required to an amount equal to the value of the uncompleted works plus
lO% of the value of the completed works on approval by the Director of o
'
progress certificate prepared by the Owner's Engineer.
An noted within the recommendations of said Report, a request has been
submitted by the Owner's Engineer on behalf of the Owoeco of each development
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for a 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 nmzho have been completed in a000cdmuoe with
the provisions of the Subdivision Agreement and Town practices to permit the
reduction of the Letters of Credit as requested.
With respect to the reduction of the Letter of Credit for the extension of
/
Kiugawood Drive, Staff would note that, although the said lands do not comprise
a gmctloo of Plan 10M-78I' the Owner concurred with the recommendations of the
Laud Division Committee that the development procedures followed, would be
consistent with, and similar to' the provisions within the Subdivision
Agreement. Accordingly, Staff have included the cagoeot for a reduction in the
Letter of Credit, in light of Council's recent resolution.
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. . ..
REPORT NO. : PD-63-88 PAGE 3
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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.
Respectfully—submitted, Recommended for presentation
to the Committee
_________ ----------------
T.T. Edwards, M.C.I.P. awrenseff
Director of Planning Chief ative Officer
LDT*TTE*jip
*Attach.
March 4, 1988
CC: Mr. Mark Foley
319 College Avenue
P.O. Box 11
OSHAWA, Ontario
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