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Keansburg approves conditional release of performance bond to Beachway Urban Renewal Association
Summary
Council approved release of a $1,706,800 performance bond and related guarantees to Beachway Urban Renewal Association, LLC (Cove on the Bay) subject to conditions including escrow certification and payment of fees.
The Borough of Keansburg on Aug. 21 authorized the conditional release of a performance bond and cash guarantees to Beachway Urban Renewal Association, LLC, doing business as Cove on the Bay, following an inspection by the Planning Board engineer and subject to specified conditions.
The resolution directs the release of a $1,706,800 performance bond and a cash-portion guarantee of $189,644.50, contingent on certification that all escrow fees have been paid and that no monies remain due to the borough. The resolution also references a two-year maintenance guarantee in the amount of $284,466.75, or an equivalent cash retainer, to be released or retained according to project completion and inspection findings. The Planning Board engineer (Frances Mullan of T&M Associates) completed the inspection noted in the resolution text.
The release is conditioned on listed requirements and the resolution instructs that certified copies and documentation be forwarded to the Borough Manager, Borough Engineer, Qualified Purchasing Agent, Chief Financial Officer and all known bidders or interested parties where applicable. The roll-call vote to approve the release was recorded at the meeting.
