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RESOLUTION 447-02
TITLE: AUTHORIZE RELEASE OF PERFORMANCE OND ISSUED FOR BLOCK 2.01, LOT 11.01 (CROSSROADS REALITY) UPON THE POSTING OF THE REQUIRED MAINTENANCE GUARANTEE
MOTION TO APPROVE BY: GIBLIN
MOTION SECONDED BY: GRISANTI
YES: GIBLIN, GRISANTI, KAFTON, KRAKOWER & BRODERICK
WHEREAS, Crossroads Realty has requested a Release of the Performance Guarantee which consists of $66,748.80 in the form of a Cash Guarantee pertaining to the Crossroads Realty Building, a/k/a Block 2.01, Lot 11.01 Jackson Township and
WHEREAS, Ernest J. Peters, Jr. P.E., Township Engineer, CME Associates, has reviewed and approved the release of said performance bond in letter report dated August 19, 2002, which letter report is made a part hereof; and
WHEREAS, the Township Committee of the Township of Jackson has considered the application and the report of the 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, consisting of $66,748.80 in the form of a Cash Guarantee, heretofore posted with the Township may and hereby is released on the condition that the applicant:
1Post a Maintenance bond with the Township in the amount of $10,012.32 or post
a cash guarantee in the amount of $6,674.88, subject to the review and approval of the
township Attorney. Said Maintenance Bond shall run for a period of two (2) years; and
A separate cash bond to guarantee the completion of the outstanding landscape items in the amount of $10,000.00.
The release of the Performance bond is further contingent upon the developer providing a written commitment indicating a reasonable date by which the required landscaping will be completed.
That 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.
The Mayor and Township Clerk are authorized to sign or issue any appropriate documentation to give effect to the within resolution.
DATED: 09/09/02
TITLE: RESOLUTION OF THE TOWNSHIP OF JACKSON, OCEAN COUNTY, NEW JERSEY AUTHORIZING RELEASE TO STUART PANCER OF THE PERFORMANCE BOND ISSUED FOR BLOCK 56.09, LOTS 1 - 23