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Salem Township conditionally approves Salem Ridge developer agreement pending financial security
Summary
The Board approved a Developer's Agreement and a Stormwater O&M Agreement for Salem Ridge, both contingent on the submission of a bank-provided financial security form acceptable to the township.
The Salem Township Board of Supervisors voted to approve a Developer's Agreement between Cherry Hills, L.P., BAYT Development, LLC and Salem Township for the Salem Ridge development, contingent on the developer's submission of an acceptable financial security form. The motion was made by Supervisor Kerry Jobe and seconded by Supervisor Ken Trumbetta; the three supervisors voted unanimously to approve the conditional agreement.
Solicitor Atty. Falatovich (attending remotely) told the board the township is awaiting the actual financial security and is working with a bank to secure it; he said the terms of the developer agreement are already set and approval is contingent on the form of financial security being acceptable to the township. A related amendment was adopted to similarly condition approval of the Stormwater Best Management Practices Operations and Maintenance Agreement on that same financial security form.
