New Bond Posted On Troubled Development

At last week’s Township Committee meeting a resolution was passed authorizing the substitution of a performance guarantee from Yomah Inc. with a performance guarantee from Silver Polish LLC. The guarantee is for the Sterling Place development whose developer had fallen on hard times due to the slump in the housing market. As a result there were complications with the Sterling Place development and construction was halted on a number of the developments units. Recently, another development company stepped in and negotiated an agreement to buy the property and finish construction of the development. Now that the new developer has posted the performance guarantee bond with the township, construction can move forward. The township takes a bond from all developers which it releases back to the developer upon completion of the project. This guarantees that the developer will finish the job properly. (The Voice Of Lakewood).

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3 COMMENTS

  1. And now he is surely just the guy needed in a new board position at the helm of a big Lakewood institution looking to secure its (financial) future. Not.

  2. Even if you put the money in escrow and he had clearly not complied with the conditions of escrow he still would not sign off on the release. For this reason , his attorney (MR ZONING BOARD) had many issues with other attorneys to the extent that he would have no verbal communications with them.

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