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Oakland releases $75,000 surety for Fairway Village Section D after inspections
Summary
The board approved release of a $75,000 developer surety for Fairway Village Section D after town staff and on-site checks found roads and final surfacing in acceptable condition; the release is subject to minor corrective items noted by staff.
The Oakland Board of Aldermen approved releasing a $75,000 surety bond for Fairway Village Section D after town staff and the planning commission reviewed the subdivision's final surfacing and warranty period.
Town staff and consulting engineers reported that the final course of pavement had been in place for more than two years and that inspections found no warranty issues requiring the bond to remain in place. The development agreement requires warranty coverage until 100% of lots are occupied; staff said only a small number of lots remained unoccupied and that on-site checks by town representatives found the roads in good condition.
Town Manager Mister Ellis and planning staff explained the developer had paid both base and surface course work and had requested release of the surety after the warranty period elapsed. Ed Corton (developer representative) and staff reviewed the final-course condition; the board approved release on a motion made by the vice mayor and carried by voice vote.
Staff noted that if any subsequent warranty issues arise the town retains remedies available under the development agreement; the release was approved subject to administrative confirmation of minor punch-list items.
