VIDEO: A large development in Lakewood wants their bond-company saga ended after a nearly four-year ordeal.

Chesterfield commons is a 72 townhouse development that was completed in January 2011. Its residents say that due to the economy, the developer filed for bankruptcy, and was unable to finish the project. As a result, the roads and sidewalks were left unfinished, or in need of repair.

One of the development’s residents, Moshe Newhouse, asked the Township Committee on Thursday evening to see to it that it be resolved. He provided TLS with the following information:

“In September of 2011, the homeowners approached the Township Committee requesting they go after the performance bond the developer was required to post prior to obtaining the approvals for the development. For those unfamiliar, the performance bond is basically an insurance policy that guarantees the completion of the development project.

From the get go, Mayor Miller together with Committeeman Lichtenstein enlisted‎ Mr. Jeff Steiger, the Township engineer as well as Mr. Jan Wouters, the Township’s attorney to pursue the bonding company ‎to ensure the necessary improvements are completed in a timely fashion.

Unfortunately, as with many large insurance claims, the insurance company is reluctant to pay.

In an effort to encourage the bond company to make good on their obligations, the town has stopped accepting bonds insured by this particular bonding company. Unfortunately, this did not have the intended results, so in addition to “blacklisting” them, the town has filed a lawsuit, againts the bonding company. To date, the lawsuit is in the discovery phase.”

“The Township, namely Committeeman Meir Lichtenstien, Mayor Miller and Attorney Jan Wouters are working aggressively towards a resolution,” says Newhouse. [TLS]