HomeMy Public PortalAboutr 11-078Pottlutiou of 14E 90ro of garteret,
No. 11 -78
Date of AdoptiohP 28 2T1
AUTHORIZING THE REDUCTION OF PERFORMANCE GUARANTY
CASE NO. PB -09 -002/ 800 ROOSEVELT AVENUE
WHEREAS, The applicant, Prime Lube, bas requested a reduction of its performance
guaranty for the above referenced development project (800 Roosevelt Avenue/ Case No.
PB -09 -002) and
WHEREAS, substantial compliance has been made in the installation of the
improvements in a manner consistent with the approved plans thus reducing the amount
of work to be completed; and
WHEREAS, an 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 $338,278.20 to $84,569.55.
NOW, THEREFORE, 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 guarantee be reduced to $84,569.55 subject to the following
conditions:
(1) That upon the posting of a replacement performance bond in the amount
of $76,112.60, and the required ten (10 %) cash portion in the amount of
$8,456.95, or an equivalent guarantee, the presently posted form(s) of
performance guarantee shall be released to the applicant.
(2) Thal, under no circumstances, shall the aforesaid reduction indicate final
acceptance of the completed improvements. The final acceptance
shall take place only upon the release of the full performance 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 attomey.
Adopted this 28" day of April, 2011
and certified as a true copy of the
original on April 29, 2011.
KATHLEEN M. BARNEY,
Municipal Clerk
RECORD OF COUNCIL VOTE
COUNCILMAN
YES
NO
NV
A.B.
COUNCILMAN
YES
I NO
I NV
I A.B.
BELLINO
X
KRUM
X
DIAZ
X
NAPLES
X
D VASCIO
SITARZ
4 t x
X - Indicate Vote AS - Absent NV - Not Voting
XOR - Indicates Vote to Overrule Veto
Adopted at a meeting of the Municipal Council
�' A 128
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