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PUBLIC COMMENT OPENED, RESOLUTIONS ONLY

NO ONE CAME FORWARD.

MOTION TO CLOSE PUBLIC COMMENT, RESOLUTIONS ONLY BY: CALOGERO MOTION SECONDED BY: BRESSI YES: CALOGERO, MARTIN, UPDEGRAVE, BRESSI, NIXON

RESOLUTION 355R-16

TITLE: AUTHORIZING THE EXECUTION OF AN AMENDMENT TO THE DEVELOPERS AGREEMENT AND THE RELEASE OF ROAD IMPROVEMENT ESCROW FUNDS TO PLATINUM DEVELOPERS AT PERRINEVILLE LLC FOR THE EXPRESS PURPOSE OF MAKING IMPROVEMENTS TO PERRINEVILLE ROAD

MOTION TO APPROVE BY: BRESSI MOTION SECONDED BY: CALOGERO YES: CALOGERO, MARTIN, UPDEGRAVE, BRESSI, NIXON

WHEREAS, Platinum Developers at Perrineville, LLC has purchased from and assumed all right title interest and obligations of the Developer as originally stated in the September 27, 2006 Developers Agreement. And which Agreement was recorded in Bk 13776 Pg. 0867 at the Ocean County Clerk’s Office on or about September 12, 2007.

WHEREAS, the Jackson Township Planning Board granted preliminary and Final major subdivision approval to the Owner as reflected on a final map entitled “Final Major Subdivision Plan for Presidential Enclave, Block 6, Lot 6 in the Township of Jackson, Ocean County, New Jersey” prepared by Kurtz Engineers, Planners, Land Surveyors dated November 15, 2006.

WHEREAS, the Developer established an escrow with the Township and deposited $40,000 for the express purpose of ensuring the proper grading and paving of that certain roadway identified as Perrineville Road.

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by and between the parties, it is hereby agreed as follows:

1. Pursuant to the Planning Board Resolution of Approval (99-32) adopted by the Planning Board on May 25, 1999, the Developer agreed to establish a $50,000 escrow for the express purpose of making improvements to Perrineville Road. And that the proposed escrow amount was reduced to $40,000 based upon the Planning Board Engineer’s April 11, 2000 opinion letter incorporating certain drainage improvements to the Applicant’s engineering design related to Perrineville Road. And it is further acknowledged that the Resolution of Approval was further amended pursuant to Amended Resolution 2005-07.
2. The Developer desires to commence road improvements on Perrineville Road and has requested that the Township release the $40,000 escrow payment to the Developer and or Developers Representative for the express purposed of grading and paving Perrineville Road as required by the Planning Board’s Resolution of Approval.
3. The Township does hereby authorize the Chief Financial Officer to release the $40,000 escrow (and any accrued interest) to the Developer’s Attorney Kenneth L. Pape, Esq. at the law offices of Heilbrunn Pape, LLC 516 Rout 33, Millstone, NJ 08535
4. That the Mayor is hereby authorized to execute the First Amendment to the Developers Agreement attached to this Resolution (Exhibit A). And that the Mayor shall be further authorized to sign any other document necessary and appropriate to carry out the actions herein.