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Altof Homes notifies commission of maintenance-bond filing for Stream Side; amount disclosed
Summary
Altof Homes told the Plan Commission it will seek conversion of a performance bond to a two-year maintenance bond for the Stream Side subdivision and provided the maintenance-bond amount of $376,260.43 for the planning record.
Altof Homes notified the St John Plan Commission that it will seek conversion of a performance bond to a maintenance bond for the Stream Side subdivision.
Jeff Yotsuka of Altof Homes told the Jan. 8 study session the site has been inspected and that the company delivered a performance bond per town guidance and a three-year guarantee letter required by the ordinance. Yotsuka said planning staff received the maintenance-bond documentation and that the amount to be recorded for the maintenance bond is $376,260.43.
Why it matters: Converting a performance bond to a maintenance bond typically marks the transition from construction oversight to a limited warranty period during which the developer guarantees that improvements will remain in acceptable condition; the bond amount is relevant to the town’s financial assurance for those improvements.
Discussion and next steps: The commission was told the matter will appear on the next meeting agenda for formal acceptance; no vote or final action occurred at the study session.
Provenance (transcript excerpts): The Stream Side bond-conversion discussion and the maintenance-bond amount appear in the transcript when the applicant addressed the commission during the Jan. 8 study session.
