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Resolution of the Mayor and Council of Princeton Authorizing the Release of a Performance Bond in the Amount of $17,500.00, Plus Accrued Interest, in Reference to a Guarantee for the Demolition of an Existing Dwelling as a Condition of Approval for the Project Known as 8 Valley Road, Block 7001, Lot 36
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WHEREAS, the Zoning Board of Adjustment approved Application No. Z23-438 granting certain “C” variances and a “D” variance for the construction of a new dwelling and accessory dwelling unit for the property located at 8 Valley Road; and
WHEREAS, the approval was conditioned on the Developer submitting a performance bond to serve as a guarantee for the demolition of the existing residence at the property; and
WHEREAS, the Developer has made a formal request for release of the performance bond in the form of a cash escrow of $17,500.00 currently held by the Municipality of Princeton for demolition of the existing residence at 8 Valley Road in conjunction with the project known as the 8 Valley Road, Block 7001, Lot 36; and
WHEREAS, the Land Use Engineer has performed an inspection of the construction site at 8 Valley Road and has determined that the existing dwelling has been demolished, and the site is in satisfactory condition; and
WHEREAS, the Land Use Engineer recommends that the request for release of the maintenance guarantee in the amount of $17,500.00, plus accrued interest, be approved.
NOW, THEREFORE, BE IT RESOLVED, by the Mayor and Council of Princeton that the request for release of the performance bond in the form of a cash escrow of $17,500.00, plus accrued interest, be approved and that the cash escrow plus accrued interest be released.