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No.
05-.33
Date of Adoption JAnuary' 13, 2005
AUTHORIZING THE REDUCTION OF PERFORMANCE GUARANTY
BLOCK 13.04, LOT 54.01
WHEREAS, Talc Associates, LLC has requested a reduction of its performance guaranty
for the above referenced property (83 Gauss Street/ Case No. 2-02-022); and
WHEREAS, substantial compliance has been made in the inst;¡jJation 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 Engineer, and as
per the attached letter from John P. DuPont, P.E., it is recommended that a reduction of
$31, 771.20 be considered at this time resulting in a remaining performance guaranty of
$21,670.80.
NOW, THEREFORE, BE IT RESOLVED by the Mayor and Borough Council of the
Borough of Catteret that, based upon the recommendation of the Borough Engineer, the
cash bond posted by Tale Associates, LLC, for the above referenced project may be reduced
subject to the following conditions:
(1) That a new cash bond, or equivalent, be posted or maintained in the amount
of $21,670.80.
(2) That, 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 Purchasing Department, the Borough Engineer, the Planning
and Zoning Office, and to Talc Associates, LLC.
Adopted this 13th day of January, 2005
and certified as a true copy ofthe
original on January 14, 2005.
KATHLEEN M. BARNEY, RMCICMC
Municipal Clerk
LINDA A. RIVERA,
ASSISTANT MUNICIPAL CLERK
RECORD OF COUNCIL VOTE
COUNCILMAN YES NO NV A.B. COUNCILMAN YES NO NV A.B.
BELLINO X NAPLE,S X
DIAZ X RIO X
X SITARZ X
x - Indicate Vote AD - Ab,swt NV - Not Voting XOR - Indicates Vote Ie Overrule Veto
c
Adopted at a meeting of the Municipal Council