RESOLUTION NUMBER: 467R-22

TITLE: RESOLUTION OF THE TOWNSHIP OF JACKSON, OCEAN COUNTY, NEW JERSEY AUTHORIZING RELEASE OF PERFORMANCE GUARANTEE AND SAFETY & STABILIZATION GUARANTEE POSTED BY KKV INVESTMENTS FOR BLOCK 902 LOT 10 (JACKSON MILLS ROAD) UPON THE POSTING OF A REQUIRED MAINTENANCE GUARANTEE

WHEREAS, KKV Investments, LLC has requested the release of the Performance Guarantees, and Safety & Stabilization guarantees posted for Block 902 Lot 10; and

WHEREAS, the Performance Guarantee consists of $56,511.00 in the form of a Performance Surety Bond #CT021221 issued by First Indemnity of America Insurance Company and a Cash Bond in the amount of $6,279.00; and

WHEREAS, the Safety & Stabilization Guarantee consists of a Cash Bond in the amount of $8,470.00; and

WHEREAS, Stephen Schreiber of T&M Associates, Township Engineer, has reviewed and approved the release of said Bonding Guarantees in letter report dated December 22, 2022, 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 Township Council of the Township of Jackson, County of Ocean and State of New Jersey, that the Performance Surety Bond #CT021221 issued by First Indemnity of America and both Cash Bonds totaling to the amount of $14,749.00, heretofore posted with the Township may and hereby is released on the condition that the applicant:

1. Post a Maintenance Bond with the Township in the amount of $35,820.00 subject to the review and approval of the Township Attorney. Said Maintenance Bond shall run for a period of two (2) years.
2. 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 and Safety & Stabilization Guarantees.
3. The Mayor and Township Clerk are authorized to sign or issue any appropriate documentation to give effect to the within resolution. File: 1512-2627-8-1512-2627-A
4. File: 151.2-2627 & 151.2-2627-A

Councilman CHISHOLM presents the following resolution

Seconded by KERN

and carried upon the following roll call vote:

TOWNSHIP COUNCIL AYES NAYS ABSENT ABSTAIN

COUNCILMAN BORRELLI X

COUNCILMAN CHISHOLM X

COUNCILWOMAN O'NEILL X

COUNCIL VICE PRESIDENT KERN X

COUNCIL PRESIDENT FLEMMING X

I, Mary Moss, RMC, Municipal Clerk of Jackson Township, do hereby certify the foregoing to be a true, complete and correct copy of resolution adopted by the Township Council at a regular meeting held on December 27, 2022.

In witness whereof, I have hereunto set my hand affix the official seal of Jackson Township, Ocean County, New Jersey this 28th day of December, 2022.