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Board approves two Zern Tract escrow releases totaling $152,389.77
Summary
Pennoni engineer recommended and the board approved release of Zern Tract Phase III Escrow #15 for $112,845.97 and Phase II Escrow #20 for $39,543.80; both motions passed unanimously.
Engineer Khal Hassan recommended releasing escrow funds for two phases of the Zern Tract subdivision. The Board approved Pennoni's recommendation to release Zern Tract Phase III Escrow Release #15 in the amount of $112,845.97 and Zern Tract Phase II Escrow Release #20 in the amount of $39,543.80; both motions passed with Bergstresser, Stouch and Carpenter voting aye.
The releases follow Pennoni's certification that work met the required standards to justify partial escrow reductions. The transactions were recorded as formal motions and will reduce secured funds held for the Zern Tract project.
