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NOW, THEREFORE, BE IT RESOLVED, by the Mayor and Committee of the Township of Jackson, County of Ocean and State of New Jersey, that the Performance Guarantee is hereby reduced from $676,620.00 to not less than $202,992.64 and the Cash Guarantee from $75,180.00 to not less than $22,554.74. 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 72R-03

TITLE: RESOLUTION OF THE TOWNSHIP OF JACKSON, OCEAN COUNTY, NEW JERSEY AUTHORIZING REDUCTION IN PERFORMANCE GUARANTEES POSTED BY TO OLLIE CONSTRUCTION, INC. FOR THE REGGIO MAJOR SUBDIVISION LOCATED AT BLOCK 32.01, LOT 81

MOTION TO APPROVE BY: GRISANTI MOTION SECONDED BY: BRODERICK YES: BRODERICK, GRISANTI, REILLY & GIBLIN ABSENT: KAFTON

WHEREAS, Ollie Construction, Inc. has requested a Reduction of the Performance Guarantee pertaining to the Reggio Major Subdivision located at Block 32.01, Lot 81, Jackson Township;

WHEREAS, the following Performance Guarantee is currently in place:

  1. Letter of Credit issued by Community Bank of New Jersey in the amount of $135,000.00.
  2. Cash Guarantee in the amount of $15,000.00
  3. WHEREAS, Ernest J. Peters, P.E., Township Engineer, CME Associates, has reviewed and approved the reduction of the Performance Guarantee in the following amount:
  4. Reduction of the Performance Bond to not less than $124,659.00
  5. Reduction of the Cash Guarantee to not less than $13,851.00.

in a letter report dated January 14, 2003, which letter report is made a part hereof; an

WHEREAS, the Township Committee of the Township of Jackson has considered the application and the report of the Township’s Engineer;

NOW, THEREFORE, BE IT RESOLVED, by the Mayor and Committee of the Township of Jackson, County of Ocean and State of New Jersey, that the Performance Bond is hereby reduced from $135,000.00 to not less than $124,659.00 and the Cash Guarantee from $15,000.00 to not less than $13,851.00.

The Mayor and Township Clerk are authorized to sign or issue any appropriate documentation to give effect to the within resolution.

ANN MARIE EDEN, R.M.C. TOWNSHIP CLERK

DATED: 1/27/03