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Resolution of the Mayor and Council of Princeton Authorizing Release of a Performance Guarantee in the Amount of $106,898 to 166-168 John Street, LLC for the 166-168 John Street Major Site Plan Development, Block 45.01 Lot 101
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WHEREAS, 166-168 John Street, LLC has made a formal request for release of the performance guarantee currently held by the Municipality of Princeton for site improvements in conjunction with the project known as 166-168 John Street Major Site Plan Development, Block 45.01 Lot 101; 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 $106,898.00, consisting of a Performance Bond in the amount of $97,180.00 and a cash deposit in the amount of $9,718.00 covering the cost of site improvements in conjunction with the project known as 166-168 John Street Major Site Plan Development, Block 45.01 Lot 101 be approved and that the performance guarantee plus accrued interest, if any, 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 $106,898.00, consisting of a Performance Bond in the amount of $97,180.00 and a cash deposit in the amount of $9,718.00 covering the cost of site improvements in conjunction with the project known as 166-168 John Street Major Site Plan Development, Block 45.01 Lot 101 is approved and the release of the performance guarantee in the amount of $106,898.00 plus accrued interest, if any, is authorized.