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Resolution of the Mayor and Council of Princeton Authorizing the Reduction of a Performance Guarantee and Inspection Fees and Release Performance Guarantee Cash in the Amount of $53,784.09 and Inspection Fees Cash in the Amount of $7,479.30, Plus Accrued Interest, in Reference to the Project known as Landmark at Princeton LLC Block 5502, Lot 4
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WHEREAS, Landmark at Princeton LLC has made a formal request for a reduction in the Performance Guarantee related to the public improvements on Prentice Lane, a subdivision formerly known as “Landmark”, which include roadway construction, sidewalk construction, stormwater management, and underground utilities in conjunction with the project known as the Landmark at Princeton LLC Block 4502, Lot 5; and
WHEREAS, a Performance Guarantee, in the form of a surety bond for $549,735.30 and cash in the amount of $62,946.09 as of this date, and inspection fees in the amount of $8,799.30 as of this date are currently held by the Municipality of Princeton for the public improvements; and
WHEREAS, the Land Use Engineer has performed an inspection of the completed public improvements consisting of the stormwater management system, sidewalks, underground utilities, and roadway base pavement and has found these improvements to be complete and acceptable; and
WHEREAS, the Land Use Engineer recommends that the request for reduction of the Performance Guarantee and inspection fees to an amount sufficient to guarantee completion of the public improvements and inspections be approved at this time; and
WHEREAS, the Land Use Engineer recommends reductions of the Performance Guarantee Bond to $82,460; the Performance Guarantee Cash to $9,162; and the Inspection Fees Escrow to $1,320 for the public improvements in conjunction with the project known as the Landmark at Princeton LLC Block 4502, Lot 5 and that Performance Guarantee Cash in the amount of $53,784.09 and Inspection Fees Cash in the amount of $7,479.30, plus accrue...
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