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Resolution of the Mayor and Council of Princeton Authorizing Release of a Performance Guarantee in the Amount of $287,234.00 and Inspection Fees in the Amount of $14,361.65 Plus Interest to Princeton University for the Princeton University Art Museum Major Site Plan Development, Block 45.01 Lot 101
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WHEREAS, Princeton University has made a formal request for release of the performance guarantee currently held by the Municipality of Princeton for improvements in conjunction with the project known as the Princeton University Art Museum 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 $287,234.00, consisting of a letter of credit for $258,510.70 and a cash portion of $28,723.30 plus accrued interest, if any, covering the improvements in conjunction with the project known as the Princeton University Art Museum Major Site Plan Development, Block 45.01 Lot 101 be approved; and
WHEREAS, the Land Use Engineer further recommends that the request for release of the inspection fees in the amount of $14,361.65 plus interest and less inspection costs for the improvements in conjunction with the project known as the Princeton University Art Museum Major Site Plan Development, Block 45.01 Lot 101 be approved; and
WHEREAS, the Land Use Engineer has determined that there are no public improvements for which a maintenance guarantee is required.
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 $$287,234.00, consisting of a letter of credit for $258,510.70 and a cash portion of $28,723.30 plus accrued interest, if any, and inspection fees in the amount of $14,361.65 plus interest and less inspection costs for the improvements in conjunction with the project known as t...
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