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Resolution of the Mayor and Council of Princeton Authorizing Release of a Maintenance Guarantee in the Amount of $111,314.00 and Inspection Escrow to Windy Top at Princeton, LLC for Windy Top Major Subdivision, Block 3001, Lots 1 & 2
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WHEREAS, Windy Top at Princeton, LLC 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 Windy Top Major Subdivision, Block 3001, Lots 1 & 2, 542 & 546 Snowden Lane; and
WHEREAS, the Land Use Engineer has determined that the project is complete and the maintenance period has expired; and
WHEREAS, the Land Use Engineer recommends that the request for release of the maintenance guarantee in the amount of $111,314.00, plus accrued interest, if any, covering the public improvements in conjunction with the project known as Windy Top Major Subdivision, Block 3001, Lots 1 & 2, 542 & 546 Snowden Lane be approved; and
WHEREAS, no further inspections of the public improvements will be required for the project known as Windy Top Major Subdivision, Block 3001, Lots 1 & 2, 542 & 546 Snowden Lane and the remaining escrow for inspections may be released to Windy Top at Princeton, LLC.
NOW, THEREFORE, BE IT RESOLVED, by the Mayor and Council of Princeton that the request for release of the maintenance guarantee in the amount of $111,314.00 and the remaining escrow for inspection fees, plus accrued interest, if any, covering the public improvements in conjunction with the project known as Windy Top Major Subdivision, Block 3001, Lots 1 & 2, 542 & 546 Snowden Lane, is approved and the release of the maintenance guarantee and escrow for inspections is authorized.