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Engineer recommends and board moves to reduce TRIN Industrial Drive security; refund of $163,186.11 proposed
Summary
An engineer recommended reducing combined security for TRIN Industrial Drive improvements from $748,487.50 to $585,301.39; the board moved to release a refund totaling $163,186.11 and considered replacing the bond to the lower amount.
The township engineer presented a memorandum (dated May 8) recommending a combined security/bond reduction for phase 1 and phase 2 of the TRIN Industrial Drive improvements.
The engineer said the combined bond currently stands at $748,487.50 and recommended reducing it to $585,301.39 for the balance of improvements, which would permit a refund/release totaling $163,186.11.
A committee member moved to release the requested funds. The motion was seconded and discussion followed. The transcript records the refund amount precisely: $163,186.11. The board did not record a roll call vote in the available transcript excerpt but the motion was moved and seconded on the record.
The engineer clarified that the new replacement bond would be $585,301.39, to be retained for outstanding work and warranty obligations. Staff and the engineer will proceed to implement the security reduction per board direction, subject to verification of completed work.
