09121

BOROUGH OF HILLSDALE

 

RESOLUTION

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

 

Title: Developers Agreement Release of Performance Guaranty, Block 1102, Lot 1

 

WHEREAS, V & R Developers, entered into a Developers Agreement with the Borough of Hillsdale; and

 

WHEREAS, the Borough Engineers office has conducted final inspections; finds all site improvements completed and recommends the release of the performance guarantee with the receipt of a two year maintenance guarantee and tree escrow deposit; and 

 

WHEREAS, V & R Developers, 100 Park Avenue, are required to deposit a two year maintenance guarantee not to exceed 15% of the cost of the original improvements or $38,631.30 and a tree escrow amount of $13,200.00; and

 

NOW, THEREFORE, BE IT RESOLVED, that the Mayor and Council of the Borough of Hillsdale authorize the release of the performance guarantee, letter of credit $278,145.00, and cash deposit in the amount of $34,531.86 (includes accrued interest).  

 

Council member

Motion

Second

Yes

No

Absent

Abstain

Arnowitz, Max

 

 

x

 

 

 

DeJoseph, Jonathan

 

 

x

 

 

 

Giancarlo, Michael

 

 

x

 

 

 

Hanlon, Marie

 

x

x

 

 

 

Schiavone, Donna

 

 

x

 

 

 

Weinstein, Andrew

x

 

x

 

 

 

 

Adopted: October 6, 2009                                                     

 

                                                                      

Attest: ________________________             ____________________________________

Robert P. Sandt, RMC                       Mayor John Sapanara

            Municipal Clerk