HomeMy WebLinkAboutSurety BondSURETY BOND
Bond No. CMS0330008
KNOW ALL MEN BY THESE PRESENTS, That We, Gateway Montville, LLC
(hereinafter called the "Principal") as Principal and RLI insurance
company (hereinafter called the "Surety""), as Surety, are held and firmly bound unto the Town
of Montville (hereinafter called "Town") in the full and just sum of One Hundred Twenty -Six
Thousand One Hundred Fifteen and 57/100 ($126,115.57) Dollars, to the payment of which, well
and truly to be made, the Principal and Surety bind themselves, and each of their successors and
assigns, jointly and severally, firmly by these presents.
THE CONDITION OF THIS OBLIGATION IS THAT:
WHEREAS, the Principal has received approval from the Town of Montville Planning
and Zoning Commission pursuant to the terms and provisions of the Town of Montville Zoning
Regulations, for site plan approval in conjunction with the redevelopment of property located at
125, 131 and 133 Depot Road and 55 Dock Road (Assessor's Map/Lot Nos. 071-007-000, 071-
013-000, 071-001-000 and 071-008-000) for the redevelopment of said industrial properties for
bulk storage and handling of salt with intermodal capabilities; and
WHEREAS, the Planning and Zoning Commission of the Town of Montville has required
that the Principal establish a performance bond for the installation and maintenance of erosion and
sediment control obligations, to insure compliance of the Principal with the terms and conditions
of the approved site plan for Phase II (East of the railroad tracts) of the Project as depicted on the
approved site plan for the project entitled "Site Operations/Development Plan Prepared for
Gateway Montville, LLC 125 Depot Rd (M/B/L 071-007-000), 131 Depot Rd (M/B/L 071-013-
000), 133 Depot Rd (M/B/L 071-001-000) and 55 Dock Rd (M/B/L 071-008-000) May 2022 Rev.
A — Per Town Staff Review — 6/28/22 Rev. B — Per Town Staff Review-7/7/22 Rev. C — Per
Conditions of Approval — 7/13/22 Sheets I of 24 to 24 of 24 Job I.D. No. 22-3140 Boundaries
LLC 179 Pachaug River Drive, Griswold, CT 06351 T 860.376.2006/www.boundarieslle.net"
(hereinafter, the "Plan");
NOW, THEREFORE, if Gateway Montville, LLC shall install and maintain said erosion
and sediment control measures as delineated on the Plan and shall comply with the terms and
provisions of the Zoning Regulations of the Town of Montville and the approval granted by the
Town of Montville Planning and Zoning Commission for the redevelopment of Phase II of the
Project (East of the railroad tracks) as depicted on the Plan in accordance with the terms and
provisions enunciated by the Town of Montville Planning and Zoning Commission at its meeting
of July 12, 2022, this obligation shall be null and void;
Otherwise, the Obligors shall pay to the Town of Montville the amount which the Town of
Montville, acting by its Planning and Zoning Commission and/or Zoning Enforcement Officer,
pays to complete the same and/or to stabilize the site in accordance with the terms and provisions
of the Zoning Regulations of the Town of Montville in the event that the Principal fails to complete
ZAGateway Montville LLCXSite Plan Application\Surety Bond 126,115.57.doex
the site development for the Project in accordance with the terms and provisions of the Plan and
the Zoning Regulations of the Town of Montville.
If the Principal shall abandon the re -development of the site depicted on the Plan or be
lawfully compelled by reason of a default to cease operations thereunder, the Surety shall have the
right at its option to complete the development of the site in accordance with the Plan and the
Zoning Regulations of the Town of Montville, and in accordance therewith, to stabilize and
revegetate the site; and, in conjunction therewith, to sublet the completion thereof, or tender
payment in the full and just sum of this Bond to the Town of Montville.
This Bond shall be in full force and effect for a period of two (2) years commencing as of
August 4th , 2022 and expiring as of August 4th, 2024.
It is a condition of this Bond that it is deemed to be automatically extended without
amendment in two (2) year increments from the expiration date hereof or any future expiration
date, unless at least sixty (60) days prior to any expiration date, the Surety shall notify the Town
of Montville, in writing, by certified mail, addressed to the Mayor of the Town of Montville at 310
Norwich -New London Turnpike, Uncasville, Connecticut 06382 that the Surety elects not to renew
this Bond for any such additional period. In the event of any such non -renewal, the Town of
Montville shall have the right to make claim on this Bond up to the face amount hereof stated
above.
Regardless of the number of years that this Bond shall continue or be continued in force
and of the number of premiums that shall be payable or paid, the Surety shall not be liable
hereunder for a larger amount, in the aggregate, then the amount of this Bond.
IN WITNESS WHEREOF, the above bounden Principal and the above bounden Surety
have hereunto set their hands and seals, effective this 4 th day of August, 2022.
PRINCIPAL:
GATEWAY MONTVILLE, LLC, a Delaware
limited liability company registered to transact
business in the Slate of Connecticut
0
Its President
SURETY:
ZAGateway Montville LLCXSito Plan ApplieatiWSurcty Bond 126,115.57.doox