HomeMy Public PortalAboutResolution 01:125No. 01_-125 Date ofAdoptiov~.-~1 lc}: 9001
RESOLUTION AUTHORIZING THE REDUCTION OF
PERFORMANCE GUARANTY BLOCK 241, LOT 1
WHEREAS, Atlantic Reality Development Corporation has requested a reduction of its
performance guaranty; 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 E.K.A. Associates and as per
attached letter from John P.DuPont, Planning Board Engineer, it is recommended that a
reduction of $211,917.50 be considered at this time resulting in a remaining performance
guaranty of $384,856.50.
NOW, THEREFORE, BE IT RESOLVED by the Mayor and Borough Council of the
Borough of Carteret based upon the recommendation of the Planning Board Engineer that
the following bond issued by First Indemnity of America Insurance Company and
Cartemt Terrace, L.L.C., David Halpern and Jeremy Halpern may be reduced subject to
the following conditions:
(1) Bond #S05346 shall be reduced as provided for herein and the applicant must
submit a Consent of Reduction creating creating a new bond in the amount of
$384,857.50.
(2) 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.
Adopted this 19th day of April, 2000
and certified as a true copy of the
original on April 20, 2001.
KATHLEEN M. BARNEY, RMC/CMC
Municipal Clerk
RECORD OF COUNCIL VOTE
COUNCILMAN YES NO NV A.B. COUNCILMAN YES NO NV A.B.
FAZEKAS X RIOS X
OUINONES X .SANT, ORO X
X
REINAN X SOHAYDA
X - Indicate Vote AB - Absent NV - Not Voting XOR - Indicates Vote to Overral¢ Veto c~p~
Adopted at a meeting of the Municipal Council --' _April 19, 2001
' CLERK , / --