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Spring Hill board accepts staff-backed compromise on Kedron Square bond, developer provides certified check
Summary
The board approved an amended resolution to reduce a $7.4 million letter of credit to a 30% maintenance bond and require a separate cash performance bond to cover outstanding sidewalk and ADA work; developer delivered a certified check for the smaller performance amount at the meeting.
The Board of Mayor and Aldermen of Spring Hill approved an amended resolution on Resolution 25-59 addressing the performance bond for Kedron Square Phase 1B, adopting a staff-proposed compromise that reduces the existing roughly $7,400,000 letter of credit to a 30% maintenance bond and creates a separate, cash-funded performance bond to cover outstanding sidewalk, ADA ramp and crosswalk work. The developer delivered a certified check at the meeting to cover the cash performance bond amount.
CIP Director Ms. Stowell (for the record) told the board the existing letter of credit was set to expire in March and that the Unified Development Code (UDC) requires renewal within 14 days of…
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