HomeMy WebLinkAboutUntitled C/ad3-/35
JET AIN 9t
o N Town of FOUNTAIN HILLS
DEVELOPMENT SERVICES
tJt/qpn I.A DEPARTMENT
May 2,2013
The Summit at Crestview Condominium Association,Inc.
c/o Eric Gerster,Community Manager
Rossmar&Graham
9362 East Raintree Drive
Scottsdale,Arizona 85260
Re: Subdivision Bond Proceeds
Dear Mr. Gerster: •
I am writing regarding the series of discussions that have taken place between
representatives of the Town of Fountain Hills (the "Town") and The Summit at Crestview
® Condominium Association, Inc. ("Summit") regarding completion of the Final Punch List for the
Summit at Crestview dated August 12, 2008 (the"Punch List"),a true and correct copy of which is
attached hereto as Exhibit A and incorporated herein by reference.
As you know,the Town held a Subdivision/Offsite Improvement Bond from Arch Insurance
Company("Arch"), Bond Number SU 500 8050(the"Bond"). The Town made claim against Arch
in the amount of$135,000.00 under the Bond for the Summit at Crestview offsite improvements
(the"Claim"). Arch rejected the Claim, and subsequent, protracted negotiations between Arch and
the Town resulted in a settlement by which Arch issued payment in the sum of$79,577.00 (the
"Settlement Funds") to the Town for payment of the Claim in full. The Town will apply the
Settlement Hinds toward completion of the Punch List in the following manner.
1. The Settlement Funds will be applied to the cost to complete Punch List items 2, 7;
8.1, 8.2, 10, 12.1, 14, 15, 16 and 17,and any remaining funds shall be put toward the
completion of item 18 (the "Bond-Funded Punch List Items"). Summit shall be
solely responsible for paying for the costs to complete items 1, 9, 11.1 and 13.1 on
the Punch List(the "Summit-Funded Punch List Items"). The Bond-Funded Punch
List Items and the Summit-Funded Punch List Items are collectively referred to
herein as the"Punch List Items").
2. Representative(s)from Summit shall meet with Town staff to review the exact scope
required for completion of the Punch List Items prior to commencing work.
3. Summit shall make arrangements with contactors of its choice to have the Punch
List Items completed and will inspect all work performed. All invoices from such
contractors for the work shall be sent to the Summit for review and approval.
Page 1of1
EXHIBIT A
TO
LETTER AGREEMENT
BETWEEN
TOWN OF FOUNTAIN HILLS
AND
THE SUMMIT AT CRESTVIEW CONDOMINIUM ASSOCIATION, INC.
[Final Punch List]
See following page.
C2aa3 -/35
Jl�AIN v.:cc
ff` •
_ Town of FOUNTAIN HILLS
DEVELOPMENT SERVICES
�'�gilt b pao) DEPARTMENT
May 2,2013
The Summit at Crestview Condominium Association,Inc.
do Eric Gerster,Community Manager
Rossmar&Graham
9362 East Raintree Drive
Scottsdale,Arizona 85260
Re: Subdivision Bond Proceeds
•
Dear Mr. Gerster:
I am writing regarding the series of discussions that have taken place between
representatives of the Town of Fountain Hills (the "Town") and The Summit at Crestview
® Condominium Association, Inc. ("Summit") regarding completion of the Final Punch List for the
Summit at Crestview dated August 12, 2008 (the"Punch List"),a tare and correct copy of which is
attached hereto as Exhibit A and incorporated herein by reference.
As you know,the Town held a Subdivision/Offsite Improvement Bond from Arch Insurance
Company("Arch"),Bond Number SU 500 8050(the"Bond"). The Town made claim against Arch
in the amount of$135,000.00 under the Bond for the Summit at Crestview offsite improvements
(the"Claim"). Arch rejected the Claim, and subsequent, protracted negotiations between Arch and
the Town resulted in a settlement by which Arch issued payment in the sum of$79,577.00 (the
"Settlement Funds") to the Town for payment of the Claim in full. The Town will apply the
Settlement Funds toward completion of the Punch List in the following manner.
1. The Settlement Funds will be applied to the cost to complete Punch List items 2, 7,
8.1, 8.2, 10, 12.1, 14, 15, 16 and 17,and any remaining funds chall be put toward the
completion of item 18 (the "Bond-Funded Punch List Items"). Summit shall be
solely responsible for paying for the costs to complete items 1, 9, 11.1 and 13.1 on
the Punch List(the "Summit-Funded Punch List Items"). The Bond-Funded Punch
List Items and the Summit-Funded Punch List Items are collectively referred to
herein as the"Punch List Items").
2. Representative(s)from Summit shall meet with Town staff to review the exact scope
required for completion of the Punch List Items prior to commencing work.
3. Summit shall make arrangements with contractors of its choice to have the Punch
List Items completed and will inspect all work performed. All invoices from such
contractors for the work shall be sent to the Summit for review and approval.
Page 1 of 1
•
EXHIBIT A
TO
LETTER AGREEMENT
BETWEEN
TOWN OF FOUNTAIN HILLS
AND
THE SUMMIT AT CRESTVIEW CONDOMINIUM ASSOCIATION, INC.
[Final Punch List]
See following page.