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Resolution of the Mayor and Council of Princeton Authorizing Release of a Performance Guarantee in the Amount of $1,887,750.00 to the Trustees of Princeton University for East Campus TIGER and Athletic Operations Site Plan, Block 50.01, Lot 18, Zone E-1 T
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WHEREAS, the Trustees of Princeton University have made a formal request for release of the performance guarantee currently held by the Municipality of Princeton for private and public improvements in conjunction with the project known as East Campus Garage Site Plan, Block 50.01, Lot 18, Zone E-1 T; and
WHEREAS, the Land Use Engineer has determined that the site improvements associated with the performance guarantee are complete; and
WHEREAS, the Land Use Engineer recommends that the request for release of the performance guarantee in the amount of $1,887,750.00, plus accrued interest, if any, covering the public and private improvements in conjunction with the project known as East Campus Garage Site Plan, Block 50.01, Lot 18, Zone E-1 T be approved and that, upon receipt of a maintenance guarantee in the amount of $235,968.75, the performance guarantee be released; and
NOW, THEREFORE, BE IT RESOLVED by the Mayor and Council of Princeton that the request for release of the performance guarantee in the amount of $1,887,750.00, plus accrued interest, if any, covering the public and private improvements in conjunction with the project known as East Campus Garage Site Plan, Block 50.01, Lot 18, Zone E-1 T, is approved and the release of the performance guarantee and any accrued interest is authorized.