WHEREAS, a performance guarantee was heretofore posted with the Township by Rishon Associates, LLC, in the form of Bond No. 621-100057-5 issued by United States Fire Insurance Company, dated June 18, 2019, in the amount of $1,848,660.00, in connection with a project known as ZB #3874AA, Block 490, Lots 6, 9 and 41 and

            WHEREAS, under date of December 21, 2021, the Township Engineer did recommend the First Reduction of the performance guarantee aforesaid; and

            WHEREAS, the Township Committee has reviewed the recommendations aforesaid, and finds the same to be acceptable.

            NOW THEREFORE, BE IT RESOLVED, by the Township Committee of the Township of Lakewood, County of Ocean, State of New Jersey, as follows:

1.                That the performance guarantee aforesaid be and hereby is reduced from $1,848,660.00 to $986, 136.63. This reduction is achieved as follows the Public Improvement Performance Guarantee is reduced from $1,779,690.00 to $896,000.00, the Perimeter Buffer Guarantee shall remain at $68,970.00 and the Safety and Stabilization Guarantee is reduced from $44,407.73 to $21,166.63 until the remaining improvements are constructed.

2.                The Applicant must address the outstanding items from the Engineer’s letter of 12/21/2021, namely proof that title 39 has been granted and approval from the Fire Department for the project.

3.         That the Township Clerk shall forward a certified copy of this Resolution to the following:

                                    A.        Township Engineer

                                    B.         Chief Financial Officer