Town of South Brunswick
New Jersey

Resolution
RES-2017-358

Authorizing Bond Release-Princeton Manor, Section 1

Information

Department:LawSponsors:
Category:Bond Release Action

Body

              WHEREAS, Toll Brothers requested a release of landscaping bonds posted for Princeton Manor, Section 1; and

 

              WHEREAS, the developer posted the following bonds for Princeton Manor, Section 1:

             

              90% Performance Bond              $60,568.56             

              10% Cash Bond                            $ 6,729.84

 

              WHEREAS, by resolution dated November 25, 2014, the bonds were reduced to the following amounts:

             

90% Performance Bond              $18,170.57             

              10% Cash Bond                            $ 2,018.95

 

WHEREAS, Alaimo Associates indicated in a letter dated September 8, 2017, that based upon a site inspection, it has confirmed the satisfactory completion of the site landscaping work and recommends release of the bonds at this time, subject to the posting of a two-year, 15% maintenance bond in the amount of $8,412.30;             

 

NOW THEREFORE BE IT RESOLVED on this 26th day of September, 2017, by the Township Council of the Township of South Brunswick, County of Middlesex, State of New Jersey, that:

 

.                       The Township Council hereby authorizes the release of the above referenced bonds for Princeton Manor, Section 1 at this time, subject to the posting of a two-year, 15% maintenance bond in the amount of $8,412.30.

 

 

Meeting History

Aug 22, 2017 7:30 PM  Township Council Regular Meeting
RESULT:TABLED [UNANIMOUS]Next: 10/24/2017 7:30 PM
MOVER:Joseph Camarota, Councilman
SECONDER:Josephine "Jo" Hochman, Councilwoman
AYES:Ken Bierman, Joseph Camarota, Charlie Carley, Josephine "Jo" Hochman
ABSENT:Chris Killmurray