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Resolution of the Mayor and Council of Princeton Authorizing Release of a Performance Guarantee in the Amount of $1,170,258.00 to the Trustees of Princeton University for the Soccer Stadium and Practice Field Site Plan, Block 50.01, Lot 18, Zone E-1 T
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WHEREAS, the Trustees of Princeton University have made a formal request for release of the performance guarantee currently held by the Municipality of Princeton for private and public improvements in conjunction with the project known as Soccer Stadium and Practice Field Site Plan, Block 50.01, Lot 18, Zone E-1 T; 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 $1,170,258.00 , plus accrued interest, if any, covering the public and private improvements in conjunction with the project known as Soccer Stadium and Practice Field Site Plan, Block 50.01, Lot 18, Zone E-1 T be approved and that, upon receipt of a maintenance guarantee in the amount of $146,282.25, the performance guarantee be released; and
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 $1,170,258.00, plus accrued interest, if any, covering the public and private improvements in conjunction with the project known as Soccer Stadium and Practice Field Site Plan, Block 50.01, Lot 18, Zone E-1 T, is approved and the release of the performance guarantee and any accrued interest is authorized.