292-24 Resolution Resolving Certain Litigation and Accepting Public Improvements Colonial Woods 4853-4291-0187 - UPDATED.pdf

2 2. A cash Maintenance Bond in the amount of $117,964.44 and Tree Payment in the amount of $23,275.00 shall be deducted from the cash bond currently held by the Township in the amount of $178, 620.00. The Maintenance Bond will be held until December 5, 2025 in accordance with N.J.S.A. 40:55D-53(a)(2)(b). 3. Therefore, the performance bond’s remaining balance of $37,380.56 is hereby released to RNC Developers, Inc. 4. The Litigation shall be resolved by dismissal of Plaintiff’s claims with prejudice and the Township’s counterclaim without prejudice and the payment of $20,000 to RNC in accordance with N.J.S.A. 40:55D-53(e)(2). The Developer asserts a balance of $7,699.20 remains in its inspection escrow accounts. The Developer will provide cancelled checks or other documents to support it’s claim to these funds. If the matter is not amicably resolved, the Court retained jurisdiction to resolve the inspection escrow amount by letter submissions. BE IT FURTHER RESOLVED that the Township Clerk is hereby directed to transmit certified copies of this resolution to the following individuals and entities RNC Developers Inc. , Township Engineer, Chief Financial Officer, and Township Attorney. Karen J. Carnevale, R.M.C., Municipal Clerk Bill Rutherford, Council President Adopted: October 29, 2024 I hereby certify funds are available from Account: $57,380.56 John Ditinyak, Chief Financial Officer