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FINANCIAL_SERVICESAMENDED

Woolwich Township Committee Agenda Packet 2026-06-15

Hazel Boulevard LOC Reduced for Weatherby Section 4.5

Public Facilities Performance Guarantee reduced to $154,233.00; Safety & Stabilization Guarantee reduced to $6,955.83Township of WoolwichPARKE BANKJune 15, 2026

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Description

Woolwich Township approved the first reduction of a Parke Bank letter of credit securing Villages I Section 4.5 Hazel Boulevard, cutting the public facilities and safety guarantee amounts after engineering review. Landscape and lighting guarantees remain in effect.

Contract Details

Contract Amount

Public Facilities Performance Guarantee reduced to $154,233.00; Safety & Stabilization Guarantee reduced to $6,955.83

Vendor

PARKE BANK

Agency

Township of Woolwich, NJ

Contract Type

FINANCIAL_SERVICES

Document Date

June 15, 2026

Renewal Info

Guarantees continue at reduced values until future reductions or final release, subject to engineer recommendations and full payment of professional fees.

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Woolwich Township Committee Agenda Packet 2026-06-15

Township of Woolwich (New Jersey)Public Facilities Performance Guarantee reduced to $320,250.00; Safety & Stabilization Guarantee reduced to $13,730.50June 15, 2026

Woolwich Township Committee Agenda Packet 2026-06-15

Township of Woolwich (New Jersey)Letter of Credit #26-05 totals $752,527.15 (Public Facilities $723,246.00; Landscape $6,000.00; Safety & Stabilization $20,731.15; Street Lighting $2,550.00); separate check #1007 escrow $16,934.00June 15, 2026

Woolwich Township Committee Agenda Packet 2026-06-15

Township of Woolwich (New Jersey)Letter of Credit #26-05 totaling $752,527.15 (Public Facilities $723,246.00; Landscape $6,000.00; Safety & Stabilization $20,731.15; Street Lighting $2,550.00) plus Engineering Inspection Escrow $16,934.00June 15, 2026

Woolwich Township Committee Agenda Packet 2026-06-15

Township of Woolwich (New Jersey)Public Facilities Performance Guarantee reduced to $203,813.40; Safety & Stabilization Guarantee reduced to $9,041.79June 15, 2026

Woolwich Township Committee Agenda Packet 2026-06-15

Township of Woolwich (New Jersey)Public Facilities Performance Guarantee reduced to $396,096.60; Safety & Stabilization Guarantee reduced to $13,090.17June 15, 2026

Issuing Agency

Township of Woolwich

City

Woolwich Township, NJ

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Vendor

PARKE BANK

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More from Township of Woolwich

Woolwich Township Committee Agenda Packet 2026-06-15

Public Facilities Performance Guarantee reduced to $320,250.00; Safety & Stabilization Guarantee reduced to $13,730.50June 15, 2026

Woolwich Township Committee Agenda Packet 2026-06-15

Letter of Credit #26-05 totals $752,527.15 (Public Facilities $723,246.00; Landscape $6,000.00; Safety & Stabilization $20,731.15; Street Lighting $2,550.00); separate check #1007 escrow $16,934.00June 15, 2026

Woolwich Township Committee Agenda Packet 2026-06-15

Letter of Credit #26-05 totaling $752,527.15 (Public Facilities $723,246.00; Landscape $6,000.00; Safety & Stabilization $20,731.15; Street Lighting $2,550.00) plus Engineering Inspection Escrow $16,934.00June 15, 2026

Woolwich Township Committee Agenda Packet 2026-06-15

Original contract $9,872,294.85; Change Orders #1-3 increased total to $11,075,932.56; Change Order #4 adds 39 days with no cost change (final amount $11,075,932.56)June 15, 2026

Woolwich Township Committee Agenda Packet 2026-06-15

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