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Resolution of the Mayor and Council of Princeton Authorizing Release of a Performance Guarantee in the Amount of $35,991.01, a Maintenance Guarantee in the Amount of $179,156.84, and Inspection Fees in the Amount of $59,718.95 plus Interest to the Institute for Advanced Study the Faculty Housing Preliminary and Final Subdivision and Site Plan, Block 10401, Lot 1, & Block 10501, Lot 1.01
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WHEREAS, the Institute for Advanced Study has made a formal request for release of the remainder of the cash portion of the performance guarantee, the letter of credit for the maintenance guarantee, and the remaining inspection fee escrow currently held by the Municipality of Princeton for improvements in conjunction with the project known as the Faculty Housing Preliminary and Final Subdivision and Site Plan Block 10401, Lot 1, & Block 10501, Lot 1.01; 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 remainder of the cash portion of the performance guarantee in the amount of $35,991.01, plus accrued interest, if any, in conjunction with the project known as the Faculty Housing Preliminary and Final Subdivision and Site Plan Block 10401, Lot 1, & Block 10501, Lot 1.01 be approved; and
WHEREAS, the Land Use Engineer further recommends that the request for release of the letter of credit for the maintenance guarantee in the amount of $179,156.84, in conjunction with the project known as the Faculty Housing Preliminary and Final Subdivision and Site Plan Block 10401, Lot 1, & Block 10501, Lot 1.01 be approved; and
WHEREAS, the Land Use Engineer further recommends that the request for release of the inspection fees in the amount of $59,718.95 plus accrued interest, if any, and less inspection costs covering the improvements in conjunction with the project known as the Faculty Housing Preliminary and Final Subdivision and Site Plan Block 10401, Lot ...
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