Town Board approves performance bond reduction for Silo Ridge

AMENIA — The Town Board passed a resolution to approve the first reduction of the performance bond for Silo Ridge Field Club at a meeting on Thursday, April 4.

The board recalled that Silo Ridge Ventures Property submitted applications to the Amenia Planning Board in October, 2013, to develop a multi-purpose resort community off Route 22. Silo Ridge proposed that a portion of the resort community be developed on a portion of an adjoining tax parcel in Amenia that is currently owned by the Harlem Valley LLC.

In carrying out the project, Silo Ridge was required to submit a performance bond to guarantee the completion of infrastructure improvements for Phase 1A of the project. According to the board, the purpose of a performance bond is to “ensure and guarantee the construction and completion of the required improvements in Phase 1A in a workmanlike manner and in conformance with all approvals and all applicable governmental laws, regulations and standards within a reasonable time.” 

Among other things, Phase 1A includes the existing golf course, including the driving range, and installation of related infrastructure; the wastewater treatment plant and conveyance system; the water supply and distribution system and treatment facility; and other related infrastructure.

After reviewing the performance bond submitted for Phase 1A, the Town Board adopted a resolution to approve it in December of 2015. The bond was later executed in April, 2016. In adopting the resolution, it was noted that the Planning Board can decide at any time during the performance bond’s term that the required improvements have been installed sufficiently enough to warrant a reduction in the performance bond amount.

Last June, Silo Ridge submitted as-built drawings for a portion of the infrastructure improvements completed at that time for Phase  1A. The applicant requested a reduction in the performance bond amount for Phase 1A from $7,783,737 to $1,556,747 based on the amount of work completed. The Planning Board requested that Rohde, Soyka & Andrews Consulting Engineers, P.C.,  the town’s professional engineering firm, conduct the necessary and required examinations of the drawings and other project materials. 

Following approval by the town engineer, the Planning Board approved the reduction of the performance bond and directed Silo Ridge to submit an amended performance bond for review and approval by the Town Board and town attorney. Additionally, in order to allow for future reduction requests based on the amount of work completed, the Planning Board recommended removing the bond term that advises against reducing the bond to less than 20 percent of its initial face value.

The Town Board unanimously approved the reduction of the Phase 1A reduction bond.