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WHEREAS, Jeremy Associates has requested a Release of the Performance Guarantee, which consists of $364,662.90 in the form of a Performance Bond #585229S issued by Developers Surety and Indemnity Company and a Cash Bond in the amount of $40,518.10, pertaining to Jackson Life Care a/k/a Block 120.06, Lot 32.03, Jackson Township; and
WHEREAS, Michael G. Miller of T&M Associates, Township Engineer, has reviewed and approved the release of said performance bond in letter report dated April 21, 2008, 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 #585229S issued by Developers Surety and Indemnity Company in the amount of $364,662.90 and Cash Bond in the amount of $40,518.10, theretofore 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 $60,777.15, which is subject to the review and approval of the Township Attorney. Said Maintenance Bond shall run for a period of two (2) years; and
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, Department of Public Works, Attn: Connie Sidor.
The Mayor and Township Clerk are authorized to sign or issue any appropriate documentation to give effect to the within resolution.
DATED: 05-15-08
TITLE: AUTHORIZE RELEASE OF C.O. CASH BOND POSTED BY SHANNON UNGER (BLOCK 104, LOT 1) 888 WRIGHT DEBOW ROAD
MOTION TO APPROVE BY: GUDAITIS
MOTION SECONDED BY: INGRAM
YES: INGRAM, MARTIN, GUDAITIS & UPDEGRAVE
ABSENT: STALLONE
WHEREAS, Shannon Unger, has requested the Release of a Cash Bond for winter conditions in the amount of $500.00 pertaining to 880 Wright DeBow Road, a/k/a Block 104 Lot 1, Jackson Township; and
WHEREAS, Michael G. Miller of T&M Associates, has reviewed and approved the release of said cash bond in a letter report dated April 23, 2008, 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;