title
Resolution of the Mayor and Council of Princeton Authorizing the Release of a Performance Guarantee in the Amount of $1,926,770.28 to Terhune Development Urban Renewal LLC for the Harrison / Terhune Multifamily Housing Development, Block 7401, Lots 1.102 and 1.02, Zone Harrison/Terhune Redevelopment
end
body
WHEREAS, Terhune Development Urban Renewal LLC has made a formal request for release of the performance guarantee currently held by the Municipality of Princeton for public improvements in conjunction with the project known as the Harrison / Terhune Multifamily Housing Development, Block 7401, Lots 1.102 and 1.02, Zone Harrison/Terhune Redevelopment; and
WHEREAS, the Land Use Engineer has determined that the project is complete; and
WHEREAS, the Land Use Engineer recommends that the request for release of the performance guarantee in the amount of $1,926,770.28, plus accrued interest, if any, covering the public improvements in conjunction with the project known as Harrison / Terhune Multifamily Housing Development, Block 7401, Lots 1.102 and 1.02, Zone Harrison/Terhune Redevelopment be approved and that, upon receipt of a maintenance guarantee in the amount of $289,015.54, 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 $1,926,770.28, plus accrued interest, if any, covering the public and private improvements in conjunction with the project known as Harrison / Terhune Multifamily Housing Development, Block 7401, Lots 1.102 and 1.02, Zone Harrison/Terhune Redevelopment, is approved and the release of the performance guarantee and any accrued interest is authorized.