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Home My WebLink About0000 Long Drive - Infrastructure - 12/21/20211 Betsy Brown From:Marla Keene Sent:Monday, June 5, 2023 8:19 AM To:Betsy Brown Subject:FW: Long Drive - Partial Bond Release Attachments:Long Dr_SD-18-27_Reduction_2023-06-02_executed.pdf Do you want me to do anything with this email to demonstrate that we sent them the leƩer? (see previous message for context) Marla Keene, PE Development Review Planner City of South Burlington (802) 846-4106 From: Tom DiPietro <tdipietro@southburlingtonvt.gov> Sent: Friday, June 2, 2023 3:21 PM To: Kemener Whalen <kem@blackrockus.com> Cc: Marla Keene <mkeene@southburlingtonvt.gov> Subject: Long Drive - Partial Bond Release Kemener, Please see aƩached leƩer related to a parƟal release of bond for Long Drive. The remaining bond amount is now $129,200.58. Please let me know if you have any quesƟons. Thanks, Tom Thomas J. DiPietro Jr. Director of Public Works City of South Burlington 104 Landfill Road South Burlington, VT 05403 Phone: (802) 658-7961 x6101 Email: tdipietro@southburlingtonvt.gov Web Site: www.southburlingtonvt.gov 180 Market Street South Burlington, VT 05403 tel 802.846.4106 fax 802.846.4101 www.southburlingtonvt.gov MEMORANDUM TO: Andrew Bolduc, City Treasurer FROM: Dalila Hall, Administrative Officer DATE: December 22, 2021 SUBJECT: Establishment of Escrow for Project # SD-18-27 (Street Construction) – Long Drive Pursuant to the above-listed approval by the city’s Development Review Board (DRB), the applicant has established an Escrow Account. The documents have been prepared using legal documents prepared by the City Attorney. The amount included in this Escrow Account has been verified and meets the requirements of the DRB decision. The amount of the original surety was: $ 511,290.00. This amount was originally established by JAM Golf, LLC and has been reduced on four occasions over the course of 2020 to reflect work completed and approved by Dept. of Public Works. The current surety amount of the surety is: 167,510.81. This is the amount BlackRock is assuming. The City will continue to use the original surety value of $511,290.00 as the basis for 10% warranty value until such time as the City Engineer determines the public facilities and improvements to be complete as outlined in Section 15.A.20 of the draft Land Development Regulation, warned Nov. 10, 2021. The surety is required to be maintained until project completion. Please complete and sign the enclosed three-party agreement authorizing the establishment of this Escrow Account. 180 Market Street South Burlington, VT 05403 tel 802.846.4106 fax 802.846.4101 www.southburlingtonvt.gov MEMORANDUM TO: Andrew Bolduc, City Treasurer FROM: Dalila Hall, Administrative Officer DATE: December 22, 2021 SUBJECT: Release of JAM Golf, LLC from Escrow for Project # SD-18-27 (Street Construction) – Long Drive The applicant’s request for the release of the above-listed Escrow agreement has been reviewed for the following project: Infrastructure, #SD-18-27 The surety is presently: $ 167,591.81 The purpose of this release is that the original owner (JAM Golf, LLC) is selling the project to the Adam Hergenrother Family. The Adam Hergenrother Family will now continue the obligation to maintain this amount for the remainder of the three (3) year term from its initial establishment. Please complete and sign the enclosed form authorizing the financial institution to release the funds in Escrow. 180 Market Street South Burlington, VT 05403 tel 802.846.4106 fax 802.846.4101 www.southburlingtonvt.gov MEMORANDUM TO: Andrew Bolduc, City Treasurer FROM: Dalila Hall, Administrative Officer DATE: December 22, 2021 SUBJECT: Release of JAM Golf, LLC from Escrow for Project # SD-18-27 (Street Construction) – Long Drive The applicant’s request for the release of the above-listed Escrow agreement has been reviewed for the following project: Infrastructure, #SD-18-27 The surety is presently: $ 167,591.81 The purpose of this release is that the original owner (JAM Golf, LLC) is selling the project to the Adam Hergenrother Family. The Adam Hergenrother Family will now continue the obligation to maintain this amount for the remainder of the three (3) year term from its initial establishment. Please complete and sign the enclosed form authorizing the financial institution to release the funds in Escrow. 575 Dorset Street South Burlington, VT 05403 tel 802.846.4106 fax 802.846.4101 www.sburl.com December 23, 2020 Kemener Whalen Chief Financial Officer BlackRock Construction 68 Randall Street So. Burlington, VT 05403 Re: Authorization for Reduction of Infrastructure Escrow for Project #SD-18-27, JAM Golf LLC-Long Dr Dear Mr. Whalen: Please be advised that the City of South Burlington hereby authorizes a third reduction in the amount of the above referenced escrow required for public infrastructure improvements at the JAM Golf, LLC – Long Drive project. The escrow was established with Union Bank VT and can now be reduced as shown below. Work Covered Initial Value Bonded Bond Value to be Released Public Infrastructure $ 511,290.00 $ 110,705.87 Should you have any questions, please do not hesitate to contact us. Sincerely, Thomas Hubbard City Treasurer 575 Dorset Street South Burlington, VT 05403 tel 802.846.4106 fax 802.846.4101 www.sburl.com MEMORANDUM TO: Tom Hubbard, Treasurer FROM: Dalila Hall, Administrative Officer DATE: December 23, 2020 SUBJECT: Reduction of Infrastructure Escrow for Project #SD-18-27 The applicant’s request for the reduction of the above-listed has been reviewed for the following project: JAM Golf LLC – Long Drive #SD-18-27 The original amount of the surety was: $ 511,290.00 Based on our review, the applicant has qualified for a fourth reduction in the amount of the public infrastructure surety to: $ 110,705.87 After this reduction the amount of the surety will be: $ 167,510.81 Please review and approve the enclosed letter authorizing the financial institution to reduce the escrow amount to the amount listed therein. 575 Dorset Street South Burlington, VT 05403 tel 802.846.4106 fax 802.846.4101 www.sburl.com October 27, 2020 Kemener Whalen Chief Financial Officer BlackRock Construction 68 Randall Street So. Burlington, VT 05403 Re: Authorization for Reduction of Infrastructure Escrow for Project #SD-18-27, JAM Golf LLC-Long Dr Dear Mr. Whalen: Please be advised that the City of South Burlington hereby authorizes a third reduction in the amount of the above referenced escrow required for public infrastructure improvements at the JAM Golf, LLC – Long Drive project. The escrow was established with Union Bank VT and can now be reduced as shown below. Work Covered Initial Value Bonded Bond Value to be Released Public Infrastructure $ 511,290.00 $ 59,958.73 Should you have any questions, please do not hesitate to contact us. Sincerely, Thomas Hubbard City Treasurer 575 Dorset Street South Burlington, VT 05403 tel 802.846.4106 fax 802.846.4101 www.sburl.com September 9, 2020 Kemener Whalen Chief Financial Officer BlackRock Construction 68 Randall Street So. Burlington, VT 05403 Re: Authorization for Reduction of Infrastructure Escrow for Project #SD-18-27, JAM Golf LLC-Long Dr Dear Mr. Whalen: Please be advised that the City of South Burlington hereby authorizes a second reduction in the amount of the above referenced escrow required for public infrastructure improvements at the JAM Golf, LLC – Long Drive project. The escrow was established with Union Bank VT and can now be reduced as shown below. Work Covered Initial Value Bonded Bond Value to be Released Public Infrastructure $ 511,290.00 $ 120,541.51 Should you have any questions, please do not hesitate to contact us. Sincerely, Thomas Hubbard City Treasurer 575 Dorset Street South Burlington, VT 05403 tel 802.846.4106 fax 802.846.4101 www.sburl.com MEMORANDUM TO: Tom Hubbard, Treasurer FROM: Dalila Hall, Administrative Officer DATE: August 25, 2020 SUBJECT: Reduction of Infrastructure Escrow for Project #SD-18-27 The applicant’s request for the reduction of the above-listed has been reviewed for the following project: JAM Golf LLC – Long Drive #SD-18-27 The original amount of the surety was: $ 511,290.00 Based on our review, the applicant has qualified for a reduction in the amount of the public infrastructure surety to: $ 52,573.08 After this reduction the amount of the surety will be: $ 458,716.92 Please review and sign the enclosed letter authorizing the financial institution to reduce the escrow amount to the amount listed therein. 575 Dorset Street South Burlington, VT 05403 tel 802.846.4106 fax 802.846.4101 www.sburl.com MEMORANDUM TO: Tom Hubbard, City Treasurer FROM: Dalila Hall, Administrative Officer DATE: August 24, 2020 SUBJECT: Establishment of Escrow for Project # SD-18-27 (Street Construction) – Long Drive Pursuant to the above-listed approval by the city’s Development Review Board (DRB), the applicant has established an Escrow Account. The documents have been prepared using legal documents prepared by the City Attorney. The amount included in this Escrow Account has been verified and meets the requirements of the DRB decision. The amount of the surety is: $ 511,290.00. The surety is required to be maintained until project completion. Please complete and sign the enclosed three-party agreement authorizing the establishment of this Escrow Account.