HomeMy WebLinkAboutPD-156-88 DN: 156-88
TOWN OF NEWCASTLE
J II
u t REPORT File #
Res.
By-Law #
MEETING: General Purpose and Administration Committee
DATE: July 18, 1988
REPORT #: PD-156-88 FILE #: 1OM-756, 1OM-762
SUBJECT: COURTICE URBAN AREA - DEVELOPMENT AGREEMENTS 0 Z
(REDUCTION IN LETTERS OF CREDIT)
BLACKCREEK DEVELOPMENT - 1OM-756 r ' V
KIDDICORP INVESTMENTS - 1OM-762
RECOMMENDATIONS:
It is respectfully recommended that the General Purpose and Administration
Committee recommend to Council the following:
1. THAT Report PD-156-88 be received; and
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2. THAT the request submitted on behalf of Blackcreek Development for a
reduction in the Letter of Credit, Plan 1OM-756 from $190,867.00 to
$45,419.83 in consideration of the works completed be approved; and
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3. THAT the request submitted on behalf of Kiddicorp Investments, Plan 1OM-762,
for a reduction in the Letter of Credit from $123,263.00 to $38,707.02 in
consideration of the works completed be approved; and
4. THAT the Owners be so advised.
1. BACKGROUND
1.1 As Committee is aware, Council, at their meeting of November 23, 1987 by
resolution, required that any reductions in Letters of Credit within the
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Courtice Urban Area, are to proceed only by resolution of Council.
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REPORT NO. : PD-156-88 PAGE 2
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1.2 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 plus 100 of the value of the completed works on approval
by the Director of a progress certificate prepared by the Owner's Engineer.
1.3 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.
1.4 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
------------------ -_ __ �-_ = = - _------------
Franklin Wu Lawrence E. o seff
Director of Planning & Development Chief Admin' t tive Officer
LDT*FW*bb
*Attach.
July 7, 1988
cc Halminen Homes Limited
1748 Baseline Road
Group 10, Box 7
R.R. #2
Bowmanville, Ontario
L1C 3R3
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