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heretofore posted with the Township may and hereby is released on the condition that the applicant:
Post a Maintenance Bond with the Township in the amount of $7,051.50 or post a cash guarantee in the amount of $5,670.00, subject to the review and approval of the Township Attorney. Said Maintenance Bond shall run for a period of two (2) years; and
That this resolution of release is further contingent upon the applicant/developer reimbursing the Township for the cost of any and all outstanding construction inspection fees and the cost of any and all other charges as per Township ordinance for the release of said performance guarantees.
Copies of this resolution to Administration, Finance, Applicant/Developer, Township Engineer & John Smatusik, III.
The Mayor and Township Clerk are authorized to sign or issue any appropriate documentation to give effect to the within resolution.
DATED: 1/27/03
ANN MARIE EDEN, R.M.C.
TOWNSHIP CLERK
RESOLUTION 71R-03
TITLE: RESOLUTION OF THE TOWNSHIP OF JACKSON, OCEAN COUNTY, NEW JERSEY AUTHORIZING A REDUCTION TO THE PERFORMANCE GUARANTEE POSTED BY PARAMOUNT HOMES AT REED ROAD, L.L FOR THE PREMIER AT FOX HOLLOW – REED ROAD FAIRGROUND A/K/A BLOCK 5.01, LOT 2.02
MOTION TO APPROVE BY: GRISANTI MOTION SECONDED BY: BRODERICK YES: BRODERICK, GRISANTI, REILLY & GIBLIN ABSENT: KAFTON
WHEREAS, Paramount Homes at Reed Road, L.L.C. has requested a Reduction of the Performance Guarantee pertaining to The Premier at Fox Hollow – Reed Road Fairground, a/k/a Block 5.01, Lot 2.02, Jackson Township; and
WHEREAS, the following Performance Guarantee is currently in place:
Performance Bond #996700 issued by American Motorists Insurance Company in the amount of $75,600.00 and Performance Bond #996706 issued by American Motorists Insurance Company in the amount of $601,020.00 for a grand total of $676,620.00
Cash guarantee(s) in the amount of $8,400.00 and $66,780.00 for a grand total of $75,180.00
WHEREAS, Ernest J. Peters, P.E., Township Engineer, CME Associates, has reviewed and approved the reduction of the Performance Guarantee in the following amount:
Reduction of the Performance Bond to not less than $202,992.64.
Reduction of the Cash Guarantee to not less than $22,554.74.
in a letter report dated January 14, 2003, which letter report is made a part hereof; and
WHEREAS, the Township Committee of the Township of Jackson has considered the application and the report of the Township’s Engineer;