TOWNSHIP OF JACKSON RESOLUTION 122-2025

AUTHORIZING THE RELEASE OF PERFORMANCE GUARANTEES POSTED BY RUTHERFORD ESTATES LLC (BLOCK 11701, LOTS 9, 25, 26 & 33)

WHEREAS, the Township of Jackson required the posting of a Performance Guarantee by Rutherford Estates LLC, for a project comprising work on Block 11701, Lots 9, 25, 26 & 33 on the Tax Map of the Township of Jackson; and

WHEREAS, Rutherford Estates LLC posted said Performance Guarantee in the amount of $484,044.00, consisting of a bond in the amount of $435,639.60 and a cash portion of $8,404.40 prior to the initiation of preliminary site work for the project; and

WHEREAS, Rutherford Estates LLC has indicated that it will be pursuing a new approval for the site and has requested a release of the performance guarantee; and

WHEREAS, Rutherford Estates LLC has provided the Township Engineer and Township Attorney with a written statement acknowledging that no further work may be done on site without either a new performance bond being obtained for the current project or a revised performance bond being provided in association with a new approved project; and

NOW, THEREFORE, BE IT RESOLVED, by the governing body of the Township of Jackson, County of Ocean, State of New Jersey as follows:

1. That the governing body does hereby authorize the release of the Performance Guarantee posted by Rutherford Estates LLC for the project at Block 11701, Lots 9, 25, 26 & 33 on the Tax Map of the Township of Jackson, in the amount of $484,044.00, consisting of a bond in the amount of $435,639.60 and a cash portion of $8,404.40
2. That the release of the aforementioned Performance Guarantee is also conditioned upon the payment of any outstanding fees due the municipality, including, but not limited to, engineering and attorneys' fees, as well as reimbursement for the costs of any outstanding construction inspection fees.
3. That the release of the aforementioned Performance Guarantee is also conditioned upon the provision of a Site Stabilization bond in the amount of $33,328.83.
4. That a certified copy of this Resolution be forwarded to the Chief Financial Officer, the Township Engineer and Rutherford Estates LLC.

CERTIFICATION

I, SANDRA MARTIN, RMC, CMR, Municipal Clerk of the Township of Jackson, do herby certify that the foregoing resolution was duly adopted by the Council of the Township of Jackson at a meeting held on this 11^{th} day of March, 2025.

SANDRA MARTIN, RMC, CMR Municipal Clerk, Township of Jackson