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Resolution of the Mayor and Council of Princeton Authorizing Release of a Maintenance Guarantee in the Form of a Bond in the Amount of $95,752.50 and Extension of Time for Maintenance to Princeton Community Village Associates, LP for the 25 Apartments Site Plan, Block 4401, Lot 2
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WHEREAS, Princeton Community Village Associates, LP. has made a formal request for release of the maintenance guarantee currently held by the Municipality of Princeton for public improvements in conjunction with the project known as the 25 Apartments Site Plan, Block 4401, Lot 2; and
WHEREAS, the Maintenance Bond expired on November 29, 2025 and Princeton Community Village Associates, LP was granted an extension through December 29, 2025; and
WHEREAS, the Land Use Engineer has performed a final inspection and determined that the project is complete; and
WHEREAS, the Land Use Engineer recommends that the request for release of the maintenance guarantee in the form of a bond in the amount of $95,752.50 covering the public improvements in conjunction with the project known as the 25 Apartments Site Plan, Block 4401, Lot 2 be approved and that an extension of time for maintenance be granted through December 29, 2025.
NOW, THEREFORE, BE IT RESOLVED, by the Mayor and Council of Princeton that the request for release of the maintenance guarantee in the form of a bond in the amount of $95,752.50 covering the public improvements in conjunction with the project known as the 25 Apartments Site Plan, Block 4401, Lot 2 is authorized, and that an extension of time for maintenance be granted for a period of one month is approved.