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MOTION TO APPROVE BY: STALLONE
MOTION SECONDED BY: INGRAM
YES: INGRAM, MARTIN, STALLONE & GUDAITIS
ABSENT: UPDEGRAVE
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.
DATED: 11/08/07
ANN MARIE EDEN, R.M.C.
TOWNSHIP CLERK
RESOLUTION 479R-07
MOTION TO APPROVE BY: STALLONE
MOTION SECONDED BY: INGRAM
YES: INGRAM, MARTIN, STALLONE & GUDAITIS
ABSENT: UPDEGRAVE
WHEREAS, the New Jersey Department of Environmental Protection, Green Acres Program (“State”), provides loans and/or grants to municipal and county governments and grants to nonprofit organizations for assistance in the acquisition and development of lands for outdoor recreation and conservation purposes; and
WHEREAS, the Township of Jackson desires to further the public interest by obtaining a loan of -0- and/or agrant of1,650,000.00 from the State to fund the following project(s): Jackson Township Open Space Acquisition Plan (Vista property), File No. 1512-03-021.
NOW, THEREFORE, the governing body/board resolves that Philip Del Turco, Township Administrator or the successor to the office of Administrator is hereby authorized to:
(a) make application for such a loan and/or such a grant