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HomeMy WebLinkAboutElysion FieldsPLANNING BOARD MEMBERS MARTIN H. SIDOR Chair WILLIAM J. CREMERS KENNETH L. EDWARDS JAMES H. RICH III DONALD J. WILCENSKI Via Facsimile December 2, 2011 PLANNING BOARD OFFICE TOWN OF SOUTHOLD MArI,ING ADDRESS: P.O. Box 1179 Southold, NY 11971 OFFICE LOCATION: Town Hall Annex 54375 State Route 25 (cor. Main Rd. & Youngs Ave.) Southold, NY Telephone: 631 765-1938 Fax: 631 765-3136 Heridotos Damianos 591 I~ Bicycle Path Port Jefferson Station, New York 11776 Re Standard Subdivision of Elysian Fields Letter of Credit SCTM# 1000- 75.-2-2 Dear Mr. Damianos, It has been brought to our attention that the letter of credit #3330001258 issued by the North Fork bank on December 5, 2005 in the amount of $60,844.00 will expire on December 4th and cannot be renewed through Capital One Bank. On November 16t~ the Planning Board alerted you of the issue by letter. We have not received an alternative performance guarantee to date. Pursuant to § 240-34. Forms of security, a performance guarantee must be in place until all guaranteed work is complete. Please submit a performance guarantee dated on or prior to December 4t~ to comply with this regulation. The complete language of § 240- 34. is attached for you reference, Sincerely, Enc, Cc: Members of the Planning Board Heather Lanza, Director of Planning Elizabeth Neville, Town Clerk Jamie Richter, Office of the Town Engineer. § 240-34. Forms ofsecurity; expiration andterms ofbonds; default. A. Form of security. Any secudty to a bond must be provided pursuant to a wdtten secudty agreement with the Town, approved by the Town Board and also approved by the Town Attorney as to form, sufficiency and manner of execution, and shall be limited to: (1) The deposit of funds in a savings passbook or a certificate of deposit (CD) issued by a bank or trust company located and authorized to do business in the State of New York and maintaining an office for the transaction of its business in the Town of Southold. The Town Board may require that the savings passbook or CD be accompanied by an executed withdrawal slip made payable to the Town of Southold and/or an assignment of the dght to the funds upon a default. Each passbook or CD shall also be accompanied by a letter from the bank acknowledging the use of the passbook or CD as secudty to a bond and that no funds will be released unless authorized by a resolution of the Town Board. (2) An unconditional and irrevocable letter of credit from a bank or a corresponding bank located and authorized to do business in the State of New York. The letter of credit shall certify the following: (a) That the creditor does guarantee funds in an amount equal to the performance bond estimate. (b) That, in the case of failure on the part of the applicant to complete the specified improvements within the required time pedod, the creditor shall pay to the Town Board immediately, and without further action, such funds as are necessary to finance the completion of those improvements, up to the limit of credit stated in the letter. (c) That the letter of credit may not be withdrawn, or reduced in amount, until released by the Town Board. (d) That the term of the letter of credit shall extend at least six months past the term of the bond. (3) Obligations of the United States of America. (4) Any obligations fully guaranteed as to interest and principal by the United States of America, having a market value at least equal to the full amount of the secudty required. (5) Upon the recommendation of the Planning Board, the Town Board may accept a deed, transferring the fee title of real property, free and clear of any mortgage or lien, having a value established by the Town Tax Assessor of at least 150% of the amount of the secudty required, such title to be held by the Town in escrow only for the purpose of secudng the performance or maintenance required. The Town Board shall retain the dght to reject the use ora property escrow where there is no benefit to the Town or it may reject the use of any property when the value of such property is suftTciently unstable, when it believes that the property will be unusually di~cult to sell or for other reasons such as will inhibit the Town from exchanging the property for a suftTcient amount of money to complete the required improvements. Said deed shall be accompanied by the following: (a) All documents necessary for recording of the deed in the Suffolk County Clerk's O~ce. (b) An agreement with the Town Board, to be §led in the Office of the Suffolk County Clerk, stating the following: [I] That, in the event of default in performance or maintenance for which the undertaking shall be given, the Town Board may accept the property on behalf of the Town of Southold. In such a case, the Town may record the deed in the oftTce of the Suffolk County Clerk, sell such real property and apply the net proceeds of the sale in the same manner as if the funds had been held in a deposit or certificate desc#bed in Subsection A(1) above. [2] That the grantor shall pay all real property taxes on the property held in trust during the term of the bond. [3] That the property to be placed in trust as an improvement g. uarantee will not be used for any other purpose, or pledged as a security in any other matter, unless and until re/eased by the Town Board. [4] That upon the completion of the work or maintenance period or when the bene§t to the Town shall have been received or the purpose of accepting this form of security is deemed unnecessary by the Town Board, the deed and/or title to the subject property shall be released or conveyed to the grantor or such other person as may be entitled to the same, free and clear of any liens or defects, except those in existence et the time of the delivery of the deed to the Town and which continue in existence or which may have thereafter been placed thereon with the knowledge and consent of the owner. [5] Affidavit of title or title certification af~rming that the property to be used as a guaranty is free and clear of any encumbrances or liens et the time it is to be put into trust. [6] Notwithstanding the aforementioned provisions, the Town Board may, in its discretion, accept such other security as may be allowed by law, where there is a benefit to the Town. ~7] If the term of the performance bond will expire prior to the completion of the public improvements, the Town Engineering Oft?ce and/or Superintendent of Highways shall recommend to the Planning Board either that the term of the bond be extended to permit completion of the work by the applicant or that the bond be declared in default. The Planning Board shall advise the Town Board, by resolution, if its recommendation is for the extension or default of the bond. The Town Board shall act on the extension or declaration of default on the performance bond. [8] The performance bond shall have a term of two years. The term and requirements of a performance bond may be extended or modi§ed by the Planning Board, in consultation with the Town Engineering O~ce and the Superintendent of Highways, with the approval of the Town Board. B. Default. In the event that any required improvements have not been installed as provided in this section within the term of such security agreement, the Town Board may thereupon declare the said performance or maintenance bond or security agreement to be in default and collect the sum remaining payable thereunder, and upon the receipt of the proceeds thereof, the Town shall install such improvements as are covered by such security and as commensurate with the extent of building development that has taken place in the subdivision but not exceeding in cost the amount of such proceeds. PLANNING BOARD MEMBERS MARTIN H. SIDOR Chair WILLIAM J. CREMEHS KENNETH L. EDWARDS JAMES H. RICH III DONALD J. WILCENSKI PLANNING BOARD OFFICE TOWN OF SOUTHOLD M~H~ING ADDRESS: P.O. Box 1179 Southold, NY 11971 OFFICE LOCATION: Town Hall Annex 54375 State Route 25 (cor. Main Rd. & Youngs Ave.) Southold, NY Telephone: 631 765-1938 Fax: 631 765-3136 November 16, 2011 Heridotos Damianos 591 FI Bicycle Path Port Jefferson Station, New York 11776 Re Standard Subdivision of Elysian Fields Letter of Credit SCTM# 1000- 75.-2-2 Dear Mr. Damianos, It has been brought to our attention that the letter of credit #3330001258 issued by the North Fork bank on December 5, 2005 in the amount of $60,844.00 has not been renewed. Pursuant to § 240-34. Forms of security, a performance guarantee must be in place until all guaranteed work is complete. Please submit a performance guarantee as soon as possible to comply with this regulation. The complete language of § 240-34. is attached. Sincerely, Cc: Members of the Planning Board Elizabeth Neville, Town Clerk Jamie Richter, Office of the Town Engineer. § 240-34. Forms of security; expiration and terms of bonds; default. A. Form of security. Any security to a bond must be provided pursuant to a written security agreement with the Town, approved by the Town Board and also approved by the Town Attorney as to form, sufficiency and manner of execution, and shall be limited to: (I) The deposit of funds in a savings passbook or a certificate of deposit (CD) issued by a bank or trust company located and authorized to do business in the State of New York and maintaining an office for the transaction of its business in the Town of Southold. The Town Board may require that the savings passbook or CD be accompanied by an executed withdrawal slip made payable to the Town of Southold and/or.an assignment of the right to the funds upon a default. Each passbook or CD shall also be accompanied by a letter from the bank acknowledging the use of the passbook or CD as security to a bond and that no funds will be released unless authorized by a resolution of the Town Board. (2) An unconditional and irrevocable letter of credit from a bank or a corresponding bank located and authorized to do business in the State of New York. The letter of credit shall certify the following: (a) That the creditor does guarantee funds in an amount equal to the performance bond estimate. (b) That, in the case of failure on the part of the applicant to complete the specified improvements within the required time period, the creditor shall pay to the Town Board immediately, and without further action, such funds as are necessary to finance the completion of those improvements, up to the limit of credit stated in the letter. (c) That the letter of credit may not be withdrawn, or reduced in amount, until released by the Town Board. (d) That the term of the letter of credit shall extend at least six months past the term of the bond. (3) Obligations of the United States of America. (4) Any obligations fully guaranteed as to interest and principal by the United States of America, having a market value at least equal to the full amount of the security required. (5) Upon the recommendation of the Planning Board, the Town Board may accept a deed, transferring the fee title of real property, free and clear of any mortgage or lien, having a value established by the Town Tax Assessor of at least 150% of the amount of the security required, such title to be held by the Town in escrow only for the purpose of securing the performance or maintenance required. The Town Board shall retain the right to reject the use of a property escrow where there is no benefit to the Town or it may reject the use of any property when the value of such property is sufficiently unstable, when it believes that the property will be unusually difficult to sell or for other reasons such as will inhibit the Town from exchanging the property for a sufficient amount of money to complete the required improvements. Said deed shall be accompanied by the following: (a) All documents necessary for recording of the deed in the Suffolk County Clerk's Office. (b) An agreement with the Town Board, to be filed in the Off/ce of the Suffolk County Clerk, stating the following: [1] That, in the event of default in performance or maintenance for which the undertaking shall be given, the Town Board may accept the property on behalf of the Town of Southold. In such a case, the Town may record the deed in the office of the Suffolk County Clerk, sell such real property and apply the net proceeds of the sale in the same manner as if the funds had been held in a deposit or certificate desc#bed in Subsection A(1) above. [2] That the grantor shall pay all real property taxes on the property held in trust during the term of the bond. [3] That the property to be placed in trust as an improvement guarantee will not be used for any other purpose, or pledged as a security in any other matter, unless and until released by the Town Board. [4] That upon the completion of the work or maintenance pe#od or when the benefit to the Town shall have been received or the purpose of accepting this form of securtty is deemed unnecessary by the Town Board, the deed and/or title to the subject property shall be released or conveyed to the grantor or such other person as may be entitled to the same, free and clear of any liens or defects, except those in existence at the time of the delivery of the deed to the Town and which continue in existence or which may have thereafter been placed thereon with the knowledge and consent of the owner. [5] Affidavit of title or title certification affirming that the property to be used as a guaranty is free and clear of any encumbrances or liens at the time it is to be put into trust. [6] Notwithstanding the aforementioned provisions, the Town Board may, in its discretion, accept such other security as may be allowed by law, where there is a benefit to the Town. [7] If the term of the performance bond will expire prtor to the completion of the public improvements, the Town Engineering Office and/or Superintendent of Highways shall recommend to the Planning Board either that the term of the bond be extended to permit completion of the work by the applicant or that the bond be declared in default. The Planning Board shall advise the Town Board, by resolution, if its recommendation is for the extension or default of the bond. The Town Board shall act on the extension or declaration of default on the performance bond. [8] The performance bond shall have a term of ~wo years. The term and requirements of a performance bond may be extended or modified by the Planning Board, in consultation with the Town Engineering Office and the Superintendent of Highways, with the approval of the Town Board. B. Default. In the event that any required improvements have not been installed as provided in this section within the term of such security agreement, the Town Board may thereupon declare the said performance or maintenance bond or security agreement to be in default and collect the sum remaining payable thereunder, and upon the receipt of the proceeds thereof, the Town shall install such improvements as are covered by such security and as commensurate with the extent of building development that has taken place in the subdivision but not exceeding in cost the amount of such proceeds. Tra~'Sewices Department 212.938.2703 1001 Avenue of the Americas 212.944.5447 Fax New York, NY 10018, USA SWIFT ID: NFBKUS33 DATE: NOVEMBER 03, 2011 BENEFICIARY: TOWN OF SOUTHOLD SOUTBOLD TOWN ANNEX 54375 MAIN ROAD, PO BOX 1179 SOUTHOLD, NY 11971 RE: OUR LETTER OF CREDIT NUMBER: 30001258 CURRENT USD BALANCE: $60,844.00 DATE OF ISSUE: DECEMBER 05, 2005 ACCOUNT OF: MERLOT LLC 591-A BICYCLE PATH PORT JEFFERSON STATION, NY 11776 FINAL EXPIRATION DATE: 12/04/2011 LADIES AND GENTLEMEN: THIS LETTER WILL SERVE AS OUR OFFICIAL NOTIFICATION THAT WE ELECT NOT TO EXTEND THE ABOVE REFERENCED LETTER OF CREDIT, AND THAT THE CREDIT WILL EXPIRE AT OUR COUNTERS ON THE FINAL EXPIRATION DATE. WE CONSIDER OURSELVES RELEASED OF ALL LIABILITY AS OF THE CLOSE OF BUSINESS ON THE FINAL EXPIRATION DATE. THIS NOTIFICATION IS BEING PROVIDED IN COMPLIANCE WITH THE SPECIAL CONDITION OF THE LETTER OF CREDIT. UPON EXPIRATION, PLEASE RETURN THE ORIGINAL LETTER OF CREDIT AND ANY AMENDMENTS FOR OUR FILES. IF YOU HAVE ANY QUESTIONS CONCERNING THIS MATTER, PLEASE FEEL FREE TO CONTACT OUR INTERNATIONAL DEPARTMENTAT (212) 938-2704 QUOTING OUR REFERENCE NUMBER. VERY TRULY YOURS, (AU~~URE) Cindy [,au Assis~mt Vi~ lh~sident CAPITAL ONE, N.A. PLANNING BOARD MEI~BERS JERILYN B. WOODHOUSE Chair WILLIAM J. CREMERS KENNETH L. EDWARDS MARTIN H. SIDOR GEORGE D. SOLOMON PLANNING BOARD OFFICE TOWN OF SOUTHOLD MAILgNG ADDRESS: P.O. Box 1179 Southold, NY 11971 Ob'I~'ICE LOCATION: Town Hall Annex 54375 State Route 25 (cot. Main Rd. & Youngs Ave.) Southold, NY Telephone: 631 765-1938 Fax: 631 765-3136 MEMORANDUM TO: FROM: DATE: SUBJECT: Elizabeth A. Neville, Town Clerk Carol Kalin December 8, 2005 Letter of Credit re: Elysian Fields SCTM#1000-75-2-2 Attached please find the original Letter of Credit regarding the above-referenced project which is on the Planning Board Agenda Monday night (12/12/05) for acceptance. A resolution for the next Town Board Agenda will be forwarded to you as soon as possible after the meeting. /ck North Fork Bank BENEFICIARY: TOWN OF SOUTHOLD SOUTHOLD TOWN ANNEX $4375 MAIN ROAD, PO BOX 1179 SOUTHOLD, NY 11971 12/05/2005 RE: IRREVOCABLE STANDBY L/C NUMBER 3330001258 FOR USD60,844.00 FOR ACCOUNT OF: MERLOT LLC 591-A BICYCLE PATH PORT JEFFERSON STATION, NY ! 1776 Gentlemen: By order and for account of Merlot, LLC, 591-A Bicycle Path, Port Jefferson Station, NY 11776, we hereby issue our irrevocable Letter of Credit No.3330001258 in your favor for an amount not to exceed in the aggregate Sixty Thousand Eight Hundred Forty Four United States Dollars and 00/100 ($60,844.00), effective immediately and expiring at our counters at 1001 Avenue of the Americas, New York, NY 10018 on December 04, 2006 at 3:00 p.m. unless renewed as stated below. Funds under this Letter of Credit are available by presentation of your sight draft(s) drawn on us, indicating our Letter of Credit No.3330001258 and accompanied by the following documents: 1. The original of this Letter of Credit and subsequent amendments if any. 2. Beneficiary's statement purportedly signed by an authorized representative certifying," There has been a default in completing the requisites and installations required under a site plan approval adopted __ (date)" Draft(s) drawn must state, "Drawn under North Fork Bank Letter of Credit No.3330001258 dated December 05, 2005". Partial drawings are not pem~itted. It is a condition of this Letter of Credit that it shall be deemed automatically extended, without amendment, for additional periods of one (1) year from the present or any future expiry date hereof, unless at least thirty (30) days prior to the then current expiration date we send you notice in writing, at your address stated above, by registered mail or courier service, that we elect not to renew this Letter of Credit for such additional period. Upon receipt of such notice of election not to renew this Letter of Credit you may draw hereunder by means of your draft on us at sight for the then available amount under this Letter of Credit. This Letter of Credit is transferable in full but not in part. Should Beneficiary desire to transfer, such transfer will be subject to the return to us of this original Letter of Credit and any amendments thereto accompanied by Beneficiary's written instructions on the enclosed form. Under no circumstances shall this Letter of Credit be transferred to any person or entity with which U.S. persons or entities are prohibited from conducting business under U.S. Foreign Asset Control Regulations and other applicable U.S. laws and regulations. Applicable transfer charges of ¼ of 1% of the amount being transferred (or minimum $250.00) are for the account of the Beneficiary. We hereby engage with you to honor your draft(s) as specified above when accompanied by documents in conformity with the terms and conditions of this Letter of Credit when presented to us at North Fork Bank, 1001 Avenue of the Americas, New York, NY 10018 Attention: Trade Finance Department on or before the expiration date. Address all correspondence regarding this Letter of Credit to the above mentioned address mentioning specifically our Letter of Credit No.3330001258. Except as far as otherwise expressly stated herein, this Letter of Credit is subject to the Uniform Customs and Practice for Documentary Credit (1993 Revision), International Chamber of Commerce Publication No. 500. GEORGE W. KOCH Sell|or Vil~91~siglo~e Amehcas, New York~ NY 10018, Telephone: 1212) 764-0775, Fax: (212) 944-5447 NORTH FORK BANK Telex: 49665245 NFORK BK~ SWIFT "NFBKUS33" TRANSFER APPLICATION THIS COMPLETED FORM WITH YOUR SIGNATURE VERIFIED BY YOUR BANK AND THE ORIGINAL LETTER OF CREDIT MUST BE PRESENTED AT THE TIME THE TRANSFER IS REQUESTED. North Fork Bank Date: Trade Finance Department L/C #3330001258 1001 Avenue of the Americas New York, NY 10018. Gentlemen: We hereby give you irrevocable ins~'uctions to transfer this letter of credit to: Name of Transferee Address under the same terms and conditions. It is understood that any amendments to the letter of credit which you may receive may automatically and unilaterally be advised by you directly to the transferee and that the dral% and documents of the transferee, if presented according to the terms of the letter of credit, may be forwarded by you directly to the party for whose account the credit was opened (or any intermediary) without our intervention. We enclose our check for $ representing your commission (1/4 of 1% of the amount of the amount of the transferred-minimum $250.00) and in addition we agree to pay you on demand any expenses that may be incurred by you in connection with this transfer (telecommunication~ postage, courier), We warrant that this transfer is not in violation of U.S. Foreign Assets Control or Cuban Assets Control regulations and other applicable U.S. laws and regulations, We understand that this transfer is subject to the Uniform Customs and Practices for Documentary Credit, International Chamber of Commeme Publication currently in effect. Very truly yours, Beneficiary's Name The signature with title as stated conforms to that on file with us and is authorized for the execution of such instruments. Authorized Signature Bank Name Authorized Signature ELIZABETH A. NEVILLE TOW/q CLERK REGISTRAR OF VITAL STATISTICS MARRIAGE OFFICER RECORDS MANAGEMENT OFFICER FREEDOM OF INFORMATION OFFICER Town Hall, 53095 Main Road P.O. Box 1179 Southold, New York 11971 Fax (631) 765-6145 Telephone (631) 765-1800 southoldtown.northfork.net OFFICE OF THE TOWN CLERK TOWN OF SOUTHOLD December 21, 2005 Ms. Peri L. Grandone Peconic Land Trust PO Box 1776 Southampton, NY 11968 RE: Elysian Field Standard Subdivision Dear Ms. Grandone: The Southold Town Board at its Special Town Board meeting held Wednesday, December 14, 2005, adopted a resolution accepting the letter of credit #3330001258, issued by North Fork Bank on December 5, 2005, in the amount of $60,844.00. A certified copy of this resolution is enclosed. Very truly yours, Lynda M Bohn Southold Deputy Town Clerk Eric.