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Board authorizes release of $291,310.75 escrow for East Brandywine Center subject to outstanding invoices being paid
Summary
The board approved the release of escrow funds for East Brandywine Center (inspection No. 5) of $291,310.75, contingent on payment of recent professional-services invoices (approximately $35,000) within 10 business days.
Township staff presented an engineer's letter certifying work for East Brandywine Center and recommended releasing cash escrow for inspection cycle No. 5 in the amount of $291,310.75. Staff asked the board to authorize processing the release contingent on receipt of the most recent professional-services billing.
During discussion supervisors requested an explicit time limit and payment condition; the chair moved to approve the release subject to the latest invoice amount (identified in the meeting as roughly $35,000) being paid within 10 business days. The motion passed by voice vote.
Staff said the township holds other forms of financial security (letters of credit/bonds) that secure public improvements and a separate cash escrow used to pay the township's consultants for inspection and review services. The release will proceed only after the required invoices are cleared.
