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Upper Milford releases Tranquil Acres developer security and authorizes $260,432.10 credit for Estates at Maple Ridge
Summary
The Board approved releasing the Letter of Credit and developer agreement for Tranquil Acres and authorized a partial reduction of financial security for Estates at Maple Ridge by $260,432.10, leaving a minimum escrow of $2,740,447.85; solicitor review and payment of outstanding fees were recommended before final release.
Upper Milford Township’s Board of Supervisors approved two development-related items on Aug. 4, 2022: release of remaining securities and the Developer’s Agreement for Tranquil Acres Estates, and a partial credit release for the Estates at Maple Ridge subdivision.
Township staff received a July 20, 2022 letter from Arthur A. Swallow Associates, LLC asking that the Township release any remaining securities and the Developer’s Agreement for Tranquil Acres. Ott Consulting advised the Township to have the Solicitor review the Developer’s Agreement to ensure closeout procedures were followed and to confirm all outstanding fees had been paid prior to releasing security. On motion by Supervisor Joyce K. Moore, seconded by Supervisor John Zgura, the Board approved the Tranquil Acres release as presented and authorized release of escrow funds as signed by William and Flora Weber.
Separately, Township Engineer Jeffery Ott certified that improvements required for the Estates at Maple Ridge had been completed to the extent that the Financial Security Agreement could be reduced by $260,432.10. The certificate specifies that the escrow fund for construction improvements shall not be reduced below $2,740,447.85. Supervisor Moore moved to approve Credit Release No. 1 in the amount of $260,432.10; Supervisor Zgura seconded and the motion carried unanimously.
The record notes that solicitor review and payment of outstanding fees were advised before any final release of security. The meeting record does not list the exact remaining balance of securities for Tranquil Acres following the release beyond the certification language for Estates at Maple Ridge.
