The Finance Administration Committee approved two final escrow releases on June 24, closing out two small land-development matters.

Staff reported the applicant for 650 Montgomery Ave had submitted a final cash escrow of $3,250 after a letter of credit was about to expire; the borough engineer inspected the work and on May 22 recommended release. “The work has been completed and has been reviewed and inspected and approved by our engineer,” a staff member said. The committee voted to release the cash escrow and close the land-development file.

Separately, a simple lot-line subdivision for 10 Sabine Avenue/243 Northwood Avenue required no site-improvement security. The applicant had provided an initial $5,000 escrow to cover professional-review fees; the borough spent $3,422 in professional services and will return $1,578 to the applicant. Staff said all checklist items were complete and the subdivision is considered closed once the escrow is returned.

Both releases were approved without recorded opposition and will allow staff to file the completed matters.