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Resolution of the Mayor and Council of Princeton Authorizing a Reduction in the Inspection Fees Escrow in the Amount of $60,789.19 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
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WHEREAS, Terhune Development Urban Renewal LLC made a formal request for release of the performance guarantee 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 determined that the project was complete; and
WHEREAS, the Land Use Engineer recommended, and Council by Resolution 26-123 approved, the release of the performance guarantee 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 subject to receipt of a maintenance guarantee in the amount of $289,015.54; and
WHEREAS, Terhune Development Urban Renewal LLC has provided a maintenance guarantee in the amount of $289,015.54 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 in the amount of $289,015.54; and
WHEREAS, Terhune Development Urban Renewal LLC has made a formal request for release or reduction of the escrow for inspection fees in the amount of $64,789.19 related to the performance guarantee; and
WHEREAS, the Land Use Engineer has determined that an escrow for final inspection of the public improvements at the termination of the maintenance period in the amount of $4,000.00 is sufficient and recommends a reduction of the present escrow by an amount of $60,789.19, along with accrued interest, if any, such that there will remain $4,000.00 in escrow.
NOW, THEREFORE, BE IT RESOLVED, by the Mayor and Council of Princeton that the escrow for inspection fees 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 reduced to $4,000.00 and that the release of the remaining escrow of $60,789.19, along with accrued interest, if any, is authorized.