Council declines additional bond reduction request from Hillside Subdivision developer
After reviewing estimates for off-site water, gas and sidewalks and discussing city protections under the development agreement (110% requirement), the council voted to decline the developer's request to reduce the bond for Hillside Subdivision.
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A Hillside Subdivision developer requested a reduction in the project's performance bond to free funds for completing off-site water, gas and sidewalk work. The developer presented estimates showing the remaining off-site work totaled roughly $316,000 plus a $40,000 gas line; he said he had some funds and could complete key work but wanted to reduce the bond to avoid cash-flow gaps.
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