A Resolution of the City of Asbury Park Releasing the Performance Guarantee for 1105 Memorial Drive (Block 302, Lots 6, 7 and 8) and Accepting Maintenance Guarantee
|Category:||Performance and Maintenance Guarantees|
WHEREAS, InSite Engineering, LLC has inspected 1105 Memorial Drive (Block 302, Lots 6, 7 and 8); and
WHEREAS, InSite Engineering, LLC has determined that the condition of the improvements is satisfactory; and
WHEREAS, it is the recommendation of the InSite Engineering, LLC in a letter dated December 12, 2017 that the City of Asbury Park release the Performance Guarantee in the amount of $30,044.40 upon a posting of the two (2) year Maintenance Guarantee in the amount of $3,755.55, provided that the release of the Performance Bond is contingent upon the payment of all outstanding escrow invoices.
WHEREAS, it is the intention of the City Council and in the best interest of the City of Asbury Park to release the Performance Guarantee and accept a two-year Maintenance Guarantee in the amount referenced herein, contingent upon the payment of all outstanding escrow invoices, in accordance with the InSite Engineering, LLC’s recommendations.
NOW THEREFORE, BE IT RESOLVED, by the City Council of the city of Asbury Park releases the performance guarantee in the amount of $30,044.40 and accept a two (2) year maintenance guarantee of $3,755.55 as well.
BE IT FURTHER RESOLVED that copies of this resolution shall be provided to the Finance Director, InSite Engineering, LLC, Planning Board Secretary and applicant for their information and attention.
|MOVER:||Amy Quinn, Deputy Mayor|
|SECONDER:||Eileen Chapman, Councilmember|
|AYES:||Eileen Chapman, Yvonne Clayton, Amy Quinn, John Moor|