HomeMy WebLinkAbout05-07 RESOLUTIONRESOLUTION NO. 05-07
A RESOLUTION TO APPROVE THE PERFORMANCE BOND
OF MEADOWS ENTERPRISES, INC. TO GUARANTEE
PAYMENT OF $36,668.92 FOR DEAD HORSE MOUNTAIN
ROAD BRIDGE UPON REQUEST BY THE CITY
WHEREAS, the Planning Commission determined that Meadows Enterprises, Inc.'s
proportional share of the cost to construct the White River bridge on Dead Horse Mountain Road
to be $36,668.92 for Stonebridge Meadows, Phase 5; and
WHEREAS, the City Council may approve a performance bond to guarantee such
payment.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF FAYETTEVILLE, ARKANSAS:
Section 1: That the City Council of the City of Fayetteville, Arkansas hereby approves
and agrees to accept the attached Performance Bond of Meadows Enterprises, Inc. in the amount
of $36,668.92 to be secured by an irrevocable bank letter of credit in the same amount in a form
and substance to be approved by the City Attorney. This performance bond shall satisfy
Meadows Enterprises, Inc.'s offsite bridge improvement requirement as determined by the
Fayetteville Planning Commission for Stonebridge Meadows, Phase 5 ,,, ,,11,,,,
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PASSED and APPROVED this 16th day of January, 2007.
APPROVED:
ATTEST:
SONDRA SMITH, City Clerk/Treasurer
PERFORMANCE BOND
• This Performance Bond executed on the 29th day of December, 2006, by
Meadows Enterprises, Inc. ("Meadows") to the City of Fayetteville, Arkansas (the
"City").
4
WHEREAS, Meadows is the owner and developer of Stonebridge Meadows,
Phase 5, a subdivision located in the City of Fayetteville, Arkansas; and,
WHEREAS, as a condition for approval of the final plat for Stonebridge
Meadows, Phase 5, the Fayetteville Planning Commission has required that Meadows
pay to the City the sum of $36,668.92 as the developer's proportionate share of the cost
of constructing improvements to Dead Horse Mountain Road bridge (the `off-site
improvements"); and,
WHEREAS, construction of the off-site improvements is to begin at a future date
not yet determined; and,
WHEREAS, Section 158.05(B) of the Fayetteville Code of Ordinances provides
that (a) the developer may, with the approval of the City Council, guarantee payment of
the developer's proportionate share of the cost of off-site improvements as determined by
the Planning Commission by executing a performance bond in a form approved by the
City Attorney, and (b) performance bonds shall obligate the landowner to pay to the City
the amount determined by the Planning Commission within 10 days from receipt of
written notice from the City.
NOW, THEREFORE, Meadows Enterprises, Inc. hereby covenants to pay
$36,666.92 to the City of Fayetteville within 10 days from receipt of written notice from
the City. This Performance Bond shall be secured by a $36,666.92 irrevocable bank letter
of credit, in form and substance approved by the City Attorney, to be drawn upon by the
City of Fayetteville if Meadows does not pay $36,666.92 in full to the City within 10
days from receipt of written notice form the City. Said notice shall be sent to Meadows
Enterpnses, Inc., c/o William N Meadows, President, 3495 E Goff Farm Road,
Fayetteville, AR 72701.
•
This Performance Bond executed on the date first above written.
MEADOWS ENTERPRISES,
INC.
By: r'ifA.L ec:"—, 4• tt.aseerfteo
William N. Meadows, President
.Witness: I
JAMES N. McCORD
Attorney at Law
11 N. WEST AVE.
SUITE #202
FAYETTEVILLE, ARKANSAS 72701
TELEPHONE (479) 695-1134
FACSIMLE (479) 695-1135
timmccordlaw@alltel. net
December 29, 2006
To: Fayetteville City Council
From: Meadows Enterprises, Inc.
By: James N. McCord A
Attorney for Mea Enterprises, Inc.
Re: Performance Bond to Guarantee Payment of Assessment
for Improvements to Dead Horse Mountain Road Bndge
•
Meadows Enterprises, Inc.("Meadows') is the developer of Stonebridge
Meadows subdivision adjacent to Stonebridge Meadows golf course adjoining Goff Farm
Road. As a condition for approval of the final plat for Stonebridge Meadows, Phase 5,
the Fayetteville Planning Commission imposed an assessment of $36,666.82 which the
Commission determined to be the developer's proportionate share of the cost of off-site
improvements for the Dead Horse Mountain Road bridge. According to City staff, the
date on which construction of the bridge improvements; will -begin has not been
determined, but construction is expected to,cemmence-wiithin two years.
Because the off-site bridge assessment for Stonebridge Meadows, Phase V, will
not be needed by the City for some time, Meadows respectfully requests the City
Council to approve the attached performance bond as authorized by Section 158.05(B)
of the Fayetteville Code of Ordinances. This Code provision states that the developer
may, with the approval of the City Council, guarantee payment of off-site improvements
by executing a performance bond in a form approved by the City Attorney. The attached
performance bond will be secured by an irrevocable bank letter of credit for the entire
$36,668.82 bridge assessment.
Thank you for your consideration of this request.
pc: Hon. Dan Goody, Mayor
Kit Williams, City Attorney
Sandra Smith, City Clerk
Bill Meadows
0 5-07
til l T uP PAYE rrEvILLE
017YCLERK'S OFFICE
PERFROMANCE BOND
This Performance Bond executed on the 29th day of December, 2006, by
Meadows Enterpnses, Inc. ("Meadows") to the City of Fayetteville, Arkansas (the
"City").
WHEREAS, Meadows is the owner and developer of Stonebridge Meadows,
Phase 5, a subdivision located in the City of Fayetteville, Arkansas; and,
WHEREAS, as a condition for approval of the final plat for Stonebridge
Meadows, Phase 5, the Fayetteville Planning Commission has required that Meadows
pay to the City the sum of $36,668.92 as the developer's proportionate share of the cost
of constructing improvements to Dead Horse Mountain Road bridge (the "off-site
improvements"); and,
WHEREAS, construction of the off-site improvements is to begin at a future date
not yet determined; and,
WHEREAS, Section 158.05(B) of the Fayetteville Code of Ordinances provides
that (a) the developer may, with the approval of the City Council, guarantee payment of
the developer's proportionate share of the cost of off-site improvements as determined by
the Planning Commission by executing a performance bond in a form approved by the
City Attorney, and (b) performance bonds shall obligate the landowner to pay to the City
the amount determined by the Planning Commission within 10 days from receipt of
wntten notice from the City.
NOW, THEREFORE, Meadows Enterprises, Inc. hereby covenants to pay
$36,666.92 to the City of Fayetteville within 10 days from receipt of written notice from
the City. This Performance Bond shall be secured by a $36,666.92 irrevocable bank Letter
of credit, in form and substance approved by the City Attorney, to be drawn upon by the
City of Fayetteville if Meadows does not pay $36,666 92 in full to the City within 10
days from receipt of written notice form the City. Said notice shall be sent to Meadows
Enterprises, Inc., c/o William N. Meadows, President, 3495 E Goff Farm Road,
Fayetteville, AR 72701.
This Perfonnance Bond executed on the date first above written.
Witness:
MEADOWS ENTERPRISES, INC.
By: 4)z- . A Nta#4...,
William N. Meadows, President
•
•
RESOLUTION NO.
A RESOLUTION TO APPROVE THE PERFORMANCE
BOND OF MEADOWS ENTERPRISES, INC. TO
GUARANTEE PAYMENT OF $36.668.92 FOR DEAD
HORSE MOUNTAIN ROAD BRIDGE UPON REQUEST
BY THE CITY
WHEREAS, the Planning Commission determined that Meadows Enterprises,
Inc.'s proportional share of the cost to construct the White River bridge on Dead Horse
Mountain Road to be $36,668.92 for Stonebridge Meadows, Phase 5; and
WHEREAS, the City Council may approve a performance bond to guarantee
such payment.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF FAYETTEVILLE, ARKANSAS:
Section .1: That the City Council of the City of Fayetteville, Arkansas hereby
approves and agrees to accept the attached Performance Bond of Meadows Enterprises,
Inc. in the amount of $36;668.92 to be secured by an irrevocable bank letter of credit in
the same amount in a form and substance to be approved by the City Attorney. This
performance bond shall satisfy Meadows Enterprises, Inc.'s offsite bridge improvement
requirement as determined by the Fayetteville Planning Commission for Stonebridge
Meadows, Phase 5.
PASSED and APPROVED this 16th day of January, 2007.
APPROVED: ATTEST:
By: By:
DAN COODY, Mayor SONDRA SMITH, City Clerk/Treasurer
JAMES N. McCORD
)uonrey at taw
11 N. WEST AVE.
SUITE #202
FAYETTEVILLE, ARKANSAS 72701
•
To: Fayetteville City Council
TELEPHONE (479) 695-1134
FACSIMLE (479) 695-1135
jimmccord law@ ailtel. net
December 29, 2006
From: Meadows Enterprises, Inc.
By: James N. McCord A
Attorney for Mea Hs Enterprises, Inc.
Re: Performance Bond to Guarantee Payment of Assessment
for Improvements to Dead Horse Mountain Road Bridge
Meadows Enterprises, Inc.("Meadows") is the developer of Stonebridge
Meadows subdivision adjacent to Stonebridge Meadows golf course adjoining Goff Farm
Road. As a condition for approval of the final plat for Stonebndge Meadows, Phase 5,
the Fayetteville Planning Commission imposed an assessment of $38,666.82 which the
Commission determined to be the developer's proportionate share of the cost of off-site
improvements for the Dead Horse Mountain Road bridge. According to City staff, the
date on which construction of the bridge improvements will begin has not been
determined, but construction is expected to commence within two years.
Because the off-site bridge assessment for Stonebridge Meadows, Phase V, will
not be needed by the City for some time, Meadows respectfully requests the City
Council to approve the attached performance bond as authorized by Section 158.05(B)
of the Fayetteville Code of Ordinances. This Code provision states that the developer
may, with the approval of the City Council, guarantee payment of off-site improvements
by executing a performance bond in a form approved by the City Attorney. The attached
performance bond will be secured by an irrevocable bank letter of credit for the entire
$36,666.82 bridge assessment
Thank you for your consideration of this request.
pc: Hon. Dan Goody, Mayor.
Kit Williams, City Attomey
Sandra Smith, City Clerk
Bill Meadows
RECEIVED
OEC 29 2006
CITY OF FAYETTEVILLE
CITY CLERK SOrme
'RERFROMANC EBOND
This Performance Bond executed on the 29th day of December, 2006, by
Meadows Enterprises, Inc. ("Meadows") to the City of Fayetteville, Arkansas (the
"City").
5
WHEREAS, Meadows is the owner and developer of Stonebridge Meadows,
Phase 5, a subdivision located in the City of Fayetteville, Arkansas; and,
WHEREAS, as a condition for approval of the final plat for Stonebridge
Meadows, Phase 5, the Fayetteville Planning Commission has required that Meadows
pay to the City the sum of $36,668.92 as the developer's proportionate share of the cost
of constructing improvements to Dead Horse Mountain Road bridge (the "off-site
improvements"); and,
WHEREAS, construction of the off-site improvements is to begin at a future date
not yet determined; and,
WHEREAS, Section 158.05(B) of the Fayetteville Code of Ordinances provides
that (a) the developer may, with the approval of the City Council, guarantee payment of
the developer's proportionate share of the cost of off-site improvements as determined by
the Planning Commission by executing a performance bond in a form approved by the
City Attorney, and (b) performance bonds shall obligate the landowner to pay to the City
the amount determined by the Planning Commission within 10 days from receipt of
written notice from the City.
NOW, THEREFORE, Meadows Enterprises, Inc. hereby covenants to pay
$36,666.92 to the City of Fayetteville within 10 days from receipt of written notice from
the City. This Performance Bond shall be secured by a $36,666.92 irrevocable bank letter
of credit, in form and substance approved by the City Attorney, to be drawn upon by the
City of Fayetteville if Meadows does not pay $36,666 92 in full to the City within 10
days from receipt of written notice form the City. Said notice shall be sent to Meadows
Enterprises, Inc., c/o William N. Meadows, President, 3495 E Goff Farm Road,
Fayetteville, AR 72701.
This Performance Bond executed on the date first above written.
Witness:
MEADOWS ENTERPRISES, INC.
By: £U)A r6 .4 /�'
William N. Meadows, President
From: Clarice Pearman
To: jimmccordlaw@alltel.net
' Date: 1.22.07 5:12 PM
Subject: Res 05-07
Attachments: 05-07 Meadows Enterprises Inc..pdf
CC: Audit
Jim:
Attached is a copy of the above resolution passed by City Council, January 16, 2007 regarding the Meadows Enterprises
performance bond. Please let me know if there is anything else needed. Have good evening.
Thanks.
Clarice
Clarice Buffalohead-Pearman, CMC
City Clerk/Treasurer Division
113 West Mountain
Fayetteville, AR 72701
479-575-8309
cpearman@cilayettevillear.us