HomeMy Public PortalAboutr 11-037Co.
e 'oohlfioxt of the '�Qoxogtj of Qlttxteret, �N' �J-
11- 3 7 Feb 17 2011
Date of Adoption Y1 -taly f
AUTHORIZING THE REDUCTION OF PERFOR - AIANCE GUARANTY
CASE NOS. Z13- 04,1102, ZB -04 -014, ZB- 05-004 S ZB -06 -017/ 50 MIDDLESEX
AVENUE
WHEREAS, The applicant, Port Reading - Carteret (ProLogis), has requested a reduction
of its performance guaranty for the above referenced development project (50 Middlesex
Avenue/ Case Nos, ZB- 04,002, ZB -04 -014, ZB- 05 -004 SZB -06 -017); and
WITFREAS, substantial compliance has been made in the installation of the
improvements in a manner consistent with the approved plans thus redheing the amount
of work to be completed; and
IVHEREAS, rut inspection of the project was performed by the Borough's Director of
Engineering, John P. DuPont, P.E., who has recommended that the performance
guarantee be reduced from $2,309,553.00 to $121,044.00.
NOW, TBEREFORE, BE IT RESOLVED by the Mayor and Borough Council of the
Borough of Carteret that, based upon the recommendation of the Borough's Director of
Engineering, a copy of which is attached hereto and made a part hereof, that the
aforementioned performance gumartee be reduced to $121,044.00 subject to the
following conditions:
(1) That upon the posting of a replacement performance bond in the amount
of $108,939.60, and the required ten (10 %) cash portion in the amount of
$12,104.40, or an equivalent guarantee, lire presently posted fonn(s) of
performance guarantee shall be releaser) to the applicant.
(2) That, under no circumstances, shalt the aforesaid reduction indicate final
acceptance of the completed improvements. The final acceptance -
shall take place only upon lire release of the full perfomrmnce bond
and the posting of the required maintenance bond for the aforesaid
project.
(3) That a copy of this Resolution be forwarded to Gloria Lisicki in the
Borough's Finance Department, the Borough's Director of Engineering,
the Planning and Zoning Office, and to applicant's attorney.
Adopted this 17 day of Febntary , 2011
and certified as a tmggopy of the
original on February- , 2011.
KATHLEEN M. BARNEY, RMC /CMC
\Municipal Clerk
RECORD OF COUNCIL VOTE
COUNCILMAN
YES
NO
NV
A.B.
COUNCILMAN
YES
I NOLNVLA.B.
BELLING
X
KRIPt
X
X
X
DL4Z
Ar
WSCTO
X
X
—DT
X - Indicate Vate AB - Absent NV - Nat Voting
XOR Indicates Vote to Overmle Veto
r
Adopted at a meeting of the Municipal Council
Febnmy 17,
2011
CLERK