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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.