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Staff recommends release of $1.24 million performance bond for Peach Crossing subdivision
Summary
City staff reported that LGI Homes’ Peach Crossing subdivision (about 13.6 acres, 52 lots) has completed required infrastructure and recommended release of the $1,240,000 performance bond previously posted to guarantee completion.
City staff presented Resolution R25-07 concerning LGI Homes’ Peach Crossing subdivision at Pollard Road and Eloise Loop (also referenced as Eagle Lake Loop Road). Staff described the development as approximately 13.6 acres with 52 building lots and seven common lots; utilities (water, sewer, reuse) and related infrastructure will be owned and maintained by the city, while roads and stormwater are to be dedicated to and operated by the homeowners association.
Staff reported recent inspections showed the incomplete improvements were now complete and recommended the city accept the water, wastewater and reuse lines and release the performance bond posted by the developer. The amount of the performance bond was stated as $1,240,000; staff also noted the original plat and performance-bond requirement were approved by the commission in July 2023.
The resolution to release the performance bond was presented on the consent agenda; the transcript does not record a final vote during the meeting.
Ending: Staff recommended the bond release and acceptance of the infrastructure; no final action is recorded in the provided transcript excerpt.
