Town of South Brunswick
New Jersey

Resolution
9382

Authorizing Bond Release - Princeton Manor, Section 4

Information

Department:LawSponsors:
Category:Bond Release Action

Body

              WHEREAS, Toll Brothers requested a release of landscaping bonds posted for Princeton Manor, Section 4; and

 

              WHEREAS, the developer posted the following bonds for Princeton Manor, Section 4:

             

              90% Performance Bond              $30,326.40             

              10% Cash Bond                            $ 3,369.60

 

WHEREAS, Alaimo Associates indicated in a letter dated June 21, 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 $4,212.00;             

 

NOW THEREFORE BE IT RESOLVED on this 22nd day of August, 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 4 at this time, subject to the posting of a two-year, 15% maintenance bond in the amount of $4,212.00.