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Council asks for more legal research before approving use of PID funds as performance guarantee for Boulder Ridge
Summary
After a lengthy discussion, Toquerville City Council voted to table action on a proposal to accept Boulder Ridge public infrastructure district (PID) funds as the bulk of the developer—s performance guarantee; city attorneys raised legal uncertainty about using PID proceeds for a completion guarantee despite precedents elsewhere
Toquerville City Council on May 21 discussed a developer proposal to allow funds held by a public infrastructure district (PID) to serve as the performance guarantee for subdivision improvements at Boulder Ridge. The developer and PID representatives described the proposal as a way to use funds already set aside for public improvements to secure completion, while council attorneys said state law does not explicitly list performance guarantees as an allowed use of PID proceeds and asked for more legal review.
PID and developer representatives told the council the district—s bond issuance had a par value of $8 million and about $3.6 million was currently available in the district—s trustee account for public improvements. The developer—s counsel described a security agreement that would give the city direct access to…
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