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Resolution of the Mayor and Council of Princeton Authorizing the Reduction of Inspection Fees in the Amount of $112,000.00 in Reference to a Maintenance Guarantee for the Project Known as Princeton Thanet Road Urban Renewal LLC Block 5502, Lot 4
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WHEREAS, Avalon Bay Communities has made a formal request for release of the maintenance guarantee, in the form of a surety bond for $166,953.60, and inspection fees currently held by the Municipality of Princeton for improvements in conjunction with the project known as the Princeton Thanet Road Urban Renewal LLC Block 5502, Lot 4; and
WHEREAS, the Land Use Engineer has performed an inspection of the public improvements and has determined that certain repairs are required; and
WHEREAS, the Land Use Engineer recommends that the request for release of the maintenance guarantee in the amount of $166,953.60 be denied at this time; and
WHEREAS, the inspection fees held by the Municipality of Princeton amount to $112,594.40 and continue to accrue interest and will not be expended to perform a final inspection; and
WHEREAS, the Land Use Engineer recommends that the inspection fees be reduced to the amount to $594.40 and that $112,000.00 of the held inspection funds be released; and
NOW, THEREFORE, BE IT RESOLVED, by the Mayor and Council of Princeton that the request for release of the maintenance guarantee in the form of a surety bond for $166,953.60 not be approved at this time; and
BE IT FURTHER RESOLVED, by the Mayor and Council of Princeton that the inspection fees for the improvements in conjunction with the project known as the Princeton Thanet Road Urban Renewal LLC Block 5502, Lot 4 be reduced to $594.40 plus accrued interest and that the remaining $112,000.00 be released.