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Einhorn Construction is hereby allowed until August 1, 2009 to complete all outstanding items required in reference to their Performance Bond.
That the Township Engineer and Township Attorney are hereby authorized to commence draw down proceedings against the performance bond posted for the development project known as Bear Trail after August 1, 2009, should any outstanding items remain.
That upon the adoption of this Resolution, the Clerk is authorized and directed to forward a certified copy of it to the Developer, First Indemnity of America Insurance Company, Township Engineer, Township Attorney, Administrator and Chief Financial Officer.
DATED: 06/09/09
ANN MARIE EDEN, R.M.C.
TOWNSHIP CLERK
RESOLUTION 240R-09
TITLE: RESOLUTION OF THE TOWNSHIP OF JACKSON, OCEAN COUNTY, NEW JERSEY AUTHORIZING REDUCTION TO THE PERFORMANCE GUARANTEES POSTED BY K. HOVNANIAN FOR FOUR SEASONS AT METEDECONK, SECTION 5 (BIGOS) LOCATED ON BLOCK 143.01, LOT 1.02
MOTION TO APPROVE BY: MARTIN
MOTION SECONDED BY: RIVERE
YES: MARTIN, TILIS, UPDEGRAVE, RIVERE, & KAFTON
WHEREAS, K. Hovnanian has requested a Reduction of the Performance Guarantee posted for Four Seasons at Metedeconk, Section 5 (Bigos) located on Block 143.01, Lot 1.02, Jackson Township; and
WHEREAS, the following Performance Guarantees currently in place are:
Performance guarantee in the form of Bond #0423104 in the amount of $225,313.11 issued by International Fidelity Insurance Company
2. Cash Guarantee in the amount of $25,034.79
WHEREAS, Michael G. Miller, Township Engineer, T&M Associates, has reviewed and approved the reduction of the Performance Guarantee in a letter report dated May 26, 2009 in the following amount:
Reduction of the Performance Bond to not less than $67,593.93
Reduction of the Cash Guarantee to not less than $7,510.44
WHEREAS, the Township Council of the Township of Jackson has considered the application and the report of the Township’s Engineer;
NOW, THEREFORE, BE IT RESOLVED, by the Township Council of the Township of Jackson, County of Ocean and State of New Jersey, that the Performance Bond is hereby reduced from $225,313.11 to not less than $67,593.93 and the Cash Guarantee from $25,034.79 to not less than $7,510.44. The Mayor and Township Clerk are authorized to sign or issue any appropriate documentation to give effect to the within resolution.
DATED: 06/09/09
ANN MARIE EDEN, R.M.C.
TOWNSHIP CLERK
RESOLUTION 241R-09
TITLE: RESOLUTION OF THE TOWNSHIP OF JACKSON, OCEAN COUNTY, NEW JERSEY AUTHORIZING RELEASE TO LENNAR OF THE CASH BONDS ISSUED FOR VARIOUS BLOCK AND LOTS AS FOLLOWS
MOTION TO APPROVE BY: MARTIN