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Town board approves partial release of Rolling Ridge bond with holdback for remaining repairs
Summary
The board authorized returning the Rolling Ridge performance bond with a holdback for unfinished repairs, citing an on‑site survey that identified about $2,000 in damage.
The Town Board approved a partial release of an $80,000 performance bond for the Rolling Ridge subdivision on June 26, 2025, returning most of the escrowed funds and holding back money to cover remaining minor repairs.
A site survey identified roughly $2,000 worth of work that the town will forfeit from the bond to cover immediate repairs. The board approved an amended motion to release $70,000 now and hold $10,000 pending completion of the remaining work.
Why it matters: Releasing bond funds returns developer money once required public improvements are substantially complete; retaining a holdback is a common mechanism to ensure outstanding items are finished to the town’s satisfaction.
Board members discussed the scope of the remaining work — chiefly a catch basin, localized parking repairs and a forming hole in the roadway. Town staff said the traffic and storm conveyance pipes were intact and that the defect likely resulted from insufficient compaction during construction; the town will excavate, compact and replace material and monitor for voids.
Decision: The board moved, seconded and approved release of $70,000 with a $10,000 holdback to be released upon final completion of the identified repairs.
Ending: Town staff will schedule the repairs and advise the board if additional funds are needed beyond the $10,000 holdback.
