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Reimburses 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 maintenance 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
RESOLUTION NUMBER 402R-10
RESOLUTION NUMBER 402R-10
TITLE: RESOLUTION OF THE TOWNSHIP OF JACKSON, OCEAN COUNTY, NEW JERSEY AUTHORIZING REDUCTION TO THE PERFORMANCE GUARANTEE POSTED BY D.M. DEVELOPERS FOR BLOCK 87, LOT 13
WHEREAS, pursuant to Superior Court of New Jersey, Ocean County, Docket No. OCN-L-2759-02, dated April 11, 2003, the Township of Jackson is required to reduce D.M. Developer's Performance Bond No. S04781 issued by First Indemnity of America Insurance Company to the amount of 418,000.00 to cover the costs of final paving; and
WHEREAS, the following Performance Guarantee posted by D.M. Developers, Inc. is currently in place:
Performance Bond #S04781 in the amount of $88,165.00 issued by First Indemnity of America Insurance Company.
NOW, THEREFORE, BE IT RESOLVED, by the Mayor and Township Council of the Township of Jackson, County of Ocean and State of New Jersey, as follows:
The Performance Guarantee consisting of Performance Bond #S04781 in the amount of $88,165.00 issued by First Indemnity of America Insurance Company is hereby reduced to the amount of $18,000.00 to cover the costs of final paving.
The Mayor and Township Clerk are authorized to sign or issue any appropriate documentation to give effect to the within resolution.
Copies of this resolution shall be sent to Administration, Finance, D.M. Developers, Inc. and Al Yodakis, T&M Associates, Township Engineer.
DATED: 9/14/10
MOTION TO APPROVE BY: RIVERE MOTION SECONDED BY: KAFTON YES: KAFTON, RIVERE, UPDEGRAVE, BRESSI & MARTIN
WHEREAS, Daniel Burke, P.E., Township Engineer is seeking authorization to apply for and obtain a grant from the New Jersey Department of Transportation for fiscal year 2011 Municipal Aid Program for improvements to Patterson Road (from County Route No. 571 to County Route No. 526).