CONSTRUCTIONAMENDED

readington_township_committee_meeting_minutes_nove.pdf

Township Reduces Ryland Developers Performance Bond

Performance Bond #FP0025525 original $2,998,821.96 reduced to $1,609,434.36; Cash Performance Guarantee Check #2157 original $333,202.44 with $154,376.40 to be returned and $178,826.04 retainedTownship of ReadingtonRYLAND DEVELOPERS LLCNovember 17, 2025

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Description

Readington Township amended its earlier approval to reduce the performance bond and cash guarantee posted by Ryland Developers LLC for improvements on Block 14, Lots 29.02 and 29.03. A new bond for $1,609,434.36 will replace the original, and a portion of the cash guarantee will be returned.

Contract Details

Contract Amount

Performance Bond #FP0025525 original $2,998,821.96 reduced to $1,609,434.36; Cash Performance Guarantee Check #2157 original $333,202.44 with $154,376.40 to be returned and $178,826.04 retained

Vendor

RYLAND DEVELOPERS LLC

Agency

Township of Readington, NJ

Contract Type

CONSTRUCTION

Document Date

November 17, 2025

Renewal Info

Bond reduction modifies security for an existing development agreement; remaining 30% of performance guarantee continues until site work is fully completed and released under Municipal Land Use Law provisions.