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Salem Township clears Salem Ridge developer and stormwater agreements, contingent on financial security
Summary
Supervisors unanimously approved both the Developer's Agreement and the Stormwater O&M Agreement for the Salem Ridge project on Oct. 15, contingent on the developer providing an acceptable financial security form, the solicitor said.
On Oct. 15 the Salem Township Board of Supervisors voted unanimously to approve the Developer's Agreement and the Stormwater Best Management Practices Operations and Maintenance Agreement for the Salem Ridge project (parties listed as Cherry Hills, L.P. and BAYT Development, LLC). Solicitor Falatovich told the board the terms of the agreements are set but final approval is contingent upon submission and acceptance of a financial security form from the developer.
Supervisor Kerry Jobe moved to approve the Developer's Agreement with the contingency and Supervisor Ken Trumbetta seconded. "The approval of the developer's agreement is contingent upon the approval of the form of financial security that is acceptable to the township," the minutes record the solicitor saying. The Stormwater O&M Agreement received the same contingency; both motions passed with unanimous votes.
