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Resolution of the Mayor and Council of Princeton Authorizing Release of a Performance Guarantee in the Amount of $25,044.40 and Inspection Escrow to Nelson Spring, LLC for the Major Site Plan of 45 Spring Street
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WHEREAS, Nelson Spring, LLC has 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 Major Site Plan of 45 Spring Street; 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 $25,044.40 comprised of a cash portion in the amount of $2,504.40 and performance bond in the amount of $22,540.00, plus accrued interest, if any, covering the public improvements in conjunction with the project known as Major Site Plan of 45 Spring Street be approved and that the performance guarantee be released.
WHEREAS, there exist no public improvements for which a Maintenance Guarantee is required, the Land Use Engineer further recommends that the inspection fees escrow in the amount of $1,252.20, less fees incurred for inspection plus accrued interest, if any, in conjunction with the project known as the project known as Major Site Plan of 45 Spring Street also be released.
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 $25,044.40 and associated inspection fees escrow covering the improvements in conjunction with the project known as Major Site Plan of 45 Spring Street, is approved and the release of the performance guarantee and any accrued interest is authorized.