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Board approves Liberty Pointe Phase 1 extension and substitutes performance bond for LOC
Summary
Supervisors approved substituting a performance bond for the Phase 1 Liberty Pointe Irrevocable Letter of Credit and extended the developer's completion deadline from Jan. 17, 2025, to Jan. 17, 2027, subject to township solicitor and engineer approval and Chapter 22‑1102.2 requirements.
The board approved two actions related to the Phase 1 – Liberty Pointe development: (1) substitution of the existing Irrevocable Letter of Credit with a Performance Bond in an amount acceptable to the township engineer and solicitor, and (2) an amendment extending the developer's completion date for Phase 1 improvements from January 17, 2025 to January 17, 2027.
The motion to substitute financial security and the motion to approve the completion date extension were both moved by Chairman John Cypher and seconded by Supervisor Lois Rankin and recorded as unanimously approved. The extension and substitution are subject to engineer and solicitor review and to the requirements of Chapter 22‑1102.2 of the township code.
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