Township won’t release $2 million in performance bonds for improvements to intersection of Route 130 and Half Acre Road.
By: Amanda Bok
CRANBURY — The township will not release performance bonds to Prologis Trust before the company fulfills a 3-year-old promise to improve the intersection of Route 130 and Half Acre Road.
During routine approval of resolutions on Monday, Township Committee members opposed authorizing the release of performance bonds in excess of $2 million to Prologis Trust, a real estate investment company that moved to town in 1997 and occupies a 95-acre industrial park along Route 130.
The bonds are a type of security applicants give to ensure they will meet township requirements. Once a project is completed, township officials inspect it and release the bond.
According to the township, an application Prologis made in 1997 for site improvements was accompanied by promises to improve the intersection of Route 130 and Half Acre Road, including widening and restriping the roads and putting in a new stoplight.
"It has been four years and they haven’t done anything," said Township Administrator Frederick Carr. "They have already built these sites but they haven’t agreed to do all the things (they promised) in 1997."
According to Mr. Carr, Prologis has not done anything and has not filed applications with the state Department of Transportation to get approval for the improvements.
Officials from Prologis did no return calls by Thursday.
"The improvements we were expecting clearly have not begun and they were important to us," said Mayor Michael Mayes.
Township Engineer Cathleen Marcelli said she would meet with attorney Joseph Stonaker of Stonaker & Stonaker in Princeton to discuss a course of action.
Committeeman Alan Danser recused himself from the discussion because he owned land purchased by Prologis.
Township Attorney William Moran also will not be party to the discussions because he is also Mr. Danser’s personal attorney.
In addition to being an unfulfilled promise, the improvements to the intersection are necessary, committee members said.
"Improving that intersection will do a lot to improve traffic backup along Route 130," said Committeeman Greg Overstreet.
According to Ms. Marcelli, Prologis met all other requirements for the release of the bonds.
The township took no action to release the bonds Monday and hopes to arrange a meeting with Prologis, Mr. Carr said.