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Council denies use of Boulder Ridge PID proceeds to satisfy performance guarantee
Summary
After an extended discussion of risks and precedents, Toquerville council voted to deny a proposal to allow Boulder Ridge Public Infrastructure District proceeds to be used to satisfy the city's performance-guarantee requirement.
Toquerville City Council denied a request July 1 to allow proceeds from the Boulder Ridge Public Infrastructure District (PID) to satisfy the city's performance-guarantee requirement for public improvements.
Staff presented background including a comparison to Hurricane City, which uses phased escrow accounts and city approval of developer draw requests; Hurricane staff told Toquerville attorneys that their developers have covered shortfalls with alternative funding and the model has worked for that jurisdiction. City…
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