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Town of FOUNTAIN HILLS
DEVELOPMENT SERVICES
ion � 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 true and connect 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 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 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
Eric Gerster
Rossmar&Graham
May 2, 2013
Page 2
4. Approved invoices shall be forwarded from Summit to the Town,which will issue
payment directly to the contractor. Summit will be responsible for notifying the
selected contractors that the Town issues checks only on the 1st and 15th(or next
business day) of each month, and that such limited check processing may delay
payment.
5. The Town will not be responsible for payment of any amount in excess of the
Settlement Funds. Summit shall be solely responsible for (i) all costs for the
Bond-Funded Punch List Items that are in excess of the amount of the Settlement
Funds and(ii)all costs related to the Summit-Funded Punch List Items.
6. All work on Bond-Funded Punch List Items shall be subject to final inspection
and approval by the Town prior to any new building permits being issued for lots
in the Summit at Crestview development.
I believe that this letter accurately sets forth the agreement that was reached through
discussions between the Town and Summit at Crestview. If this letter is consistent with your
understanding of the parties' agreement, please counter-sign this letter in the space below and
return one original to my office. A duplicate original is enclosed for your convenience. If you
have any questions or want to talk with me about this matter,please do not hesitate to contact me
at 480-816-5130.
Sincerely,
Kenneth W.Buchanan
Town Manager
ACCEPTED AND APPROVED:
THE SUMMIT AT CRESTVIEW
CONDOMINIUM ASSOCIATION,INC.,
an Arizona non-profit corporation
By: �/ +
Christopher D. Barr,President
Enclosure
1940848
EXHIBIT A
TO
LETTER AGREEMENT
BETWEEN
TOWN OF FOUNTAIN HILLS
AND
THE SUMMIT AT CRESTVIEW CONDOMINIUM ASSOCIATION, INC.
[Final Punch List]
See following page.
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I
0
I
t` lit TOWN OF FOUNTAIN HILLS
., .✓j Final PUNCH LIST Date Issued:08/12/08 t
Project: Summit at Crestview Date Accepted: I
Issued By: Justin Weldy Accepted By:
_Note No changes as of 02109/10.
No. ITEM ' STATUS
GENERAL NOTES: '
1 Submit'Wier As-Builds' Needed
2 Preservative seal. Needed) 11 1
3 Flow lest all curb and gutters Complete I
4 Water CO,8 Sanitary District letters of acceptance Water,receved 01/12/06
Complete
5 Sweep and clean streets and tanker
Complete
6 P.unchtal4sut4eyinondments
Nee**
7 Signing and striping,please provide approved plan,for Insoecbon. Needed'
8, I Skyline Drive,complete side walk,STAI4+00 16+00,complete Hand rail STA 14.50 14+70
Needed!
8,2 STA 16+00,Grade slopes behind parking stall,Groom or remove piles left over from excavation,
_ Needed E
'9 Remove all Construction materials Irom rig d way, ompletej Paint all Utility oxes.
TT Needed
10 Slopes not per plan through out site.Grade slopes per plan.Remove large rocks from lop,and any, Needed
over hang.Groom slopes where needed.NOTE,approval from council is needed to encroach into HPE.
Needed
i l l Mountain Vista Court,
'I I. 1 Remove all construction materials from ADA parking,concrete,wood,pipe act,
Needed
12 Sonora Vista
12. 1 Cull De Sac,clean up dirt piles left between curb and ret wall.STA 5+50 replace concrete panel,
lop of catch basin. Needed
i
1 13 Valley Vista,STA 5+26,draii outlel,ljp rap too small and too shallow,replace with D=50 12"
113.1 Remove left over excavation material next to ret wall, address 14945-14927.Lot#58 after removal of- `_mod
Needed
surplus soli, remaining fill is not suitable for building. Contact Building Safety before proceeding.
14 Palisades,Reveg and Hydro seed sewer and storm drain disturbance areas.
Needed
15 Shea,Reveq and Hydro seed temp construction road.Remove silt fence trash and concrete in wash
Needed
16 All Fire Hydrants must meet MAC Detail 360 and 362.
Needed
17 Replace all damaged concrete that will not be affected by on going building lot construction.
18 Call PAZ For Landscape Final,480-816-5131
- Needed
cc: Randy Harrel - Needed
Icc: Raymond Rees
cc: Jason Field I
Cc: Peter Johnson
jcc: File
GAFORM.NNCHLISTALS
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