The following application(s) are hereby approved:
Central Jersey Italian American Club (#RA-1167) and JACKSON Education Association (#RA-1168)
Page 20 of 29
Copies of the Resolution to interested parties.
DATED: 11/08/07
ANN MARIE EDEN, R.M.C.
TOWNSHIP CLERK
RESOLUTION 476R-07
TITLE: RESOLUTION OF THE TOWNSHIP OF JACKSON, OCEAN COUNTY, NEW JERSEY RESCINDING THE COMMENCEMENT OF DRAW DOWN PROCEEDINGS AGAINST THE MAINTENANCE GUARANTEE POSTED BY VILLA LINA, INC. FOR FERRARI PLAZA, A/K/A BLOCK 140.01, LOTS 6.02 AND 6.03
WHEREAS, the Township Council authorized, by way of Resolution No. 464R-07 dated October 23, 2007, the commencement of draw-down proceedings against Maintenance Guarantees posted by Villa Lina, Inc. in the form of a Letter of Credit No. 68016132 in the amount of $19,845.52 issued by Bank of America due to a “Notice of non-renewal” received by Bank of America; and
WHEREAS, the Township has since received Notice from Bank of America stating they will renew Letter of Credit #68016132 issued to Villa Lina, Inc. with an expiration date of November 29, 2008; and
WHEREAS, Stephen Foran, Esq., of Gilmore & Monahan, Township Attorney, has reviewed said Notice and determined it is not necessary for the Township to draw against this Letter of Credit at this time; and
WHEREAS, the Township Council desires to act upon the recommendation of the Township Attorney.
NOW, THEREFORE, BE IT RESOLVED, by the Mayor and Council of the Township of Jackson, County of Ocean and State of New Jersey, as follows:
The Township Council of the Township of Jackson does hereby rescind the commencement of draw-down proceedings against Maintenance Letter of Credit #68016132 posted by Villa Lina, Inc. for the project known as Ferrari Plaza (Block 140.01, Lots 6.02 and 6.03) due to renewal notice issued by the Bank of America authorizing an expiration date of November 29, 2008.
That upon the adoption of this Resolution, the Clerk is authorized and directed to forward a certified copy of it to the Developer, Township Engineer, Township Attorney, Administration and the Chief Financial Officer.
TITLE: AUTHORIZE RELEASE OF PERFORMANCE LETTER OF CREDIT NO. 04-011 IN THE AMOUNT OF $172,440.00 TO HOFFMAN PARK ASSOCIATES, INC. DUE TO THE POSTING OF A REPLACEMENT PERFORMANCE BY CONCORD ESTATES JACKSON, LLC FOR THE PROJECT KNOWN AS VICTORIA GARDENS (BLOCK 132, LOTS 3 & 4)