Borough of Madison Resolution R 49-2026 Release of Guarantees
Performance Bond Released for Madison Mall Apartments LLC Development
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Description
The Borough of Madison authorized the release of a $119,407 performance bond and guarantee for Madison Mall Apartments LLC after completion of site improvements at 286-294 Main Street, retaining $62,108 for a maintenance guarantee and returning $57,299 to the developer.
Contract Details
Contract Amount
$114,056 Performance Guarantee; $5,351 Safety and Stabilization Guarantee; $62,108 retained for Maintenance Guarantee; $57,299 returned to Developer
Vendor
MADISON MALL APARTMENTS LLC
Agency
Borough of Madison, NJ
Contract Type
CONSTRUCTION
Document Date
January 12, 2026
Renewal Info
Maintenance guarantee retained; future action may occur at end of maintenance period.
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