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WHEREAS, the Township Council of the Township of Jackson has considered the application and the report of the Engineer;

NOW, THEREFORE, BE IT RESOLVED, by the Mayor and Council of the Township of Jackson, County of Ocean and State of New Jersey, that the Performance Guarantee, which consists of Performance Bond #105897569 issued by Travelers Casualty and Surety Company of America in the amount of $636,217.74 and a Cash Bond in the amount of $70,690.86; heretofore posted with the Township may and hereby is released on the condition that the applicant:

1. Post a Maintenance Bond with the Township in the amount of $88,363.58, subject to the review and approval of the Township Attorney. Said Maintenance Bond shall run for a period of two (2) years; and
2. 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 and Township Engineer

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: 1-19-16

RESOLUTION 079R-16

TITLE: RESOLUTION OF THE TOWNSHIP OF JACKSON, OCEAN COUNTY, NEW JERSEY AUTHORIZING RELEASE TO FILYNCO PROPERTIES OF THE PERFORMANCE BOND ISSUED FOR THE CORNICK BUILDING, A/K/A BLOCK 4717, LOT 4

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

WHEREAS, Filynco Properties has requested a release of the Performance Guarantee, which consists of $26,730.00 in the form of a Performance Bond #71463821 issued by Western Surety Company and a Cash Bond in the amount of $2,970.00 pertaining to the Cornick Building, a/k/a Block 4717, Lot 4, Jackson Township; and

WHEREAS, Michael Miller of T&M Associates, Township Engineer, has reviewed and approved the release of said performance bond in letter report dated December 23, 2015, which letter report is made a part hereof; and

WHEREAS, the Township Council of the Township of Jackson has considered the application and the report of the Engineer;

NOW, THEREFORE, BE IT RESOLVED, by the Mayor and Council of the Township of Jackson, County of Ocean and State of New Jersey, that the Performance Guarantee, which consists of Performance Bond #71463821 issued by Western Surety Company in the amount of $26,730.00 and a Cash Bond in the amount of $2,970.00; heretofore posted with the Township may and hereby is released on the condition that the applicant:

1. 1. Post a Maintenance Bond with the Township in the amount of 3,712.50, subject to the review and approval of the Township Attorney. Said Maintenance Bond shall run for a period of two (2) years; and