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Meeting Date:
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11/20/2019 - 7:00 PM
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Category:
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SCHOOL FACILITIES MANAGEMENT
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Type:
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Action
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Subject:
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16.3 Release and Settlement Resolution with Travelers Indemnity Company for the Repair of Flood Damage to Southwest Wings at School 5.
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District Goals:
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Enclosure
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File Attachment:
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Rationale:
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This resolution is to settle with the Yonkers Board of Education’s property damage insurance carrier for damage of building and content losses caused by a flood from the freeze & thaw of 2” sprinkler pipe located in the attic on December 18, 2016. CIP 10801 School 5 “Flood Restoration” has cost the District $2,233,237.25. Insurance covers $683,172.29 and the remainder is eligible for SED building aid reimbursement at roughly 75% or $1,160,000.00. Net local cost is roughly $390,000.00.
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Funding:
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Resolution:
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WHEREAS: On December 18, 2016 the School 5 Southwest Wing incurred damage and content losses from a flood caused by a flood from the freeze & thaw of 2” sprinkler pipe located in the attic, and
WHEREAS: An Emergency Declaration was issued on December 21, 2016 for Repair of Flood Damage to the Southwest Wing at School 5, 118 Lockwood Avenue, and
WHEREAS, RELEASEE issued to RELEASOR a commercial property insurance policy, bearing policy number KTKCMB-3A479957 with an effective period of July 1, 2016 to July 1, 2017 (the “POLICY”);
WHEREAS, RELEASOR was a named insured pursuant to the terms of the POLICY;
WHEREAS, certain of RELEASOR’s property located at 118 Lockwood Avenue in Yonkers NY (the “PROPERTY”) was damaged as a result of flood which occurred on December 18, 2016 (the “LOSS”);
WHEREAS, a Release and Settlement Agreement has been negotiated and entered into subject to the approval by the Yonkers Board of Education; and
WHEREAS the Board of Education has had an opportunity to review the terms of the Release and Settlement Agreement and finds the terms are fair, reasonable, and appropriate under the circumstances; and
NOW THEREFORE BE IT RESOLVED that the Board of Education hereby approves the settlement of this matter in the amount of $683,172.29 and approves the Release and Settlement Agreement made between the Superintendent of Schools and the Travelers Indemnity Company; and
BE IT FURTHER RESOLVED, that the Superintendent of Schools and those under his direction take all steps necessary to effectuate the Release and Settlement Agreement made between the Superintendent of Schools and the Travelers Indemnity Company.
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Approvals:
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Recommended By:
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Signed By:
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John Carr - Executive Director
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Signed By:
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Finance Department - Finance Reviewer
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Signed By:
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Tom Collich - Purchasing Director
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Signed By:
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Elizabeth Janocha - Deputy Commissioner
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Signed By:
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John Liszewski - Commissioner
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Signed By:
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Matthew Gallagher - Corporation Counsel
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Signed By:
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Dr._Andrea_S. Coddett - Deputy Superintendent
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Signed By:
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Dr. Edwin M. Quezada - Superintendent of Schools
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Vote Results:
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| Original Motion | Member Kevin Cacace Moved, Member Abdool H. Jamal seconded to approve the Original motion 'WHEREAS: On December 18, 2016 the School 5 Southwest Wing incurred damage and content losses from a flood caused by a flood from the freeze & thaw of 2” sprinkler pipe located in the attic, and
WHEREAS: An Emergency Declaration was issued on December 21, 2016 for Repair of Flood Damage to the Southwest Wing at School 5, 118 Lockwood Avenue, and
WHEREAS, RELEASEE issued to RELEASOR a commercial property insurance policy, bearing policy number KTKCMB-3A479957 with an effective period of July 1, 2016 to July 1, 2017 (the “POLICY”);
WHEREAS, RELEASOR was a named insured pursuant to the terms of the POLICY;
WHEREAS, certain of RELEASOR’s property located at 118 Lockwood Avenue in Yonkers NY (the “PROPERTY”) was damaged as a result of flood which occurred on December 18, 2016 (the “LOSS”);
WHEREAS, a Release and Settlement Agreement has been negotiated and entered into subject to the approval by the Yonkers Board of Education; and
WHEREAS the Board of Education has had an opportunity to review the terms of the Release and Settlement Agreement and finds the terms are fair, reasonable, and appropriate under the circumstances; and
NOW THEREFORE BE IT RESOLVED that the Board of Education hereby approves the settlement of this matter in the amount of $683,172.29 and approves the Release and Settlement Agreement made between the Superintendent of Schools and the Travelers Indemnity Company; and
BE IT FURTHER RESOLVED, that the Superintendent of Schools and those under his direction take all steps necessary to effectuate the Release and Settlement Agreement made between the Superintendent of Schools and the Travelers Indemnity Company.'. Upon a Roll-Call Vote being taken, the vote was: Aye: 9 Nay: 0. | | The motion Carried 9 - 0 | | | | | Rev. Steve Lopez | Yes | | Andrea Brown | Yes | | Judith_Ramos Meier | Yes | | Kevin Cacace | Yes | | Dr. Rosalba Corrado Del Vecchio | Yes | | Dr._Ammir Rabadi | Yes | | Abdool H. Jamal | Yes | | Dr. John Castanaro | Yes | | Dr._Edward Fergus | Yes | |
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