223-25 Release of Performance Bond - STONE HILL.pdf

223-25 October 16, 2025 R E S O L U T I O N WHEREAS, Green Essex Partners Urban Renewal Entity, LLC, the developer of Stone Hill at 1000 - 3000 Executive Drive, West Orange, NJ 07052, Block 155, Lot 42.03; and WHEREAS, Green Essex Partners Urban Renewal Entity, LLC pursuant to their Planning Board approval posted a performance bond with the Township of West Orange in the amount of $132,399.90 to guarantee the completion of off-site improvements which is permitted by the Municipal Land Use Law (MLUL), N.J.S.A. 40:55D-53a.(1); and WHEREAS, by letter dated September 18, 2025 Ryan MacNeill, P.E., CME Associates, Inc., recommends the release of the performance bond to reflect the completion of all site inspections; and WHEREAS, the Municipal Engineer reviewed the letter of Ryan MacNeill, P.E., and concurs with its findings and recommendations to release the performance bond posted by Green Essex Partners Urban Renewal Entity, LLC subject to the posting of a maintenance bond for a two-year period in the amount of $48,513.00; and WHEREAS, the Township Council concurs in the foregoing. NOW THEREFORE BE IT RESOLVED, by the Township Council of the Township of West Orange, that the performance bond posted by Green Essex Partners Urban Renewal Entity, LLC, the developer of Stone Hill at 1000 – 3000 Executive Drive, West Orange, NJ 07052, Block 155, Lot 42.03 to guarantee the installation of certain off-site improvements in the amount of $132,399.90, be released subject to posting a two-year maintenance bond with the Township in the amount of $48,513.00. BE IT FURTHER RESOLVED, that a certified copy of this Resolution be sent to Green Essex Partners Urban Renewal Entity, LLC, 16 Microlab Road, Ste A, Livingston, NJ 07039. Karen J. Carnevale, R.M.C. Joe Krakoviak, Municipal Clerk Council President Adopted: October 16, 2025 I hereby certify that funds are available in Account No. 20-6820-00-0000-120 John Ditinyak, Chief Financial Officer