Planning Board approves $36,000 bond reduction for Jennings Road Extension; board to revisit annual re-evaluation policy

The Town of Charlton Planning Board voted to reduce the construction bond for GAIR LLC’s Jennings Road Extension (phase 2) by $36,000.

Board members and the applicant’s representative discussed the method Graves Engineering uses to update unit rates and how rising material and labor costs can change retained bond amounts between the initial estimate and a later reduction request. Developer Russell (Russ) expressed concern that ad hoc updates to unit rates create financial uncertainty and asked that the town adopt a predictable annual or scheduled re-evaluation process. The board and Graves Engineering staff agreed the suggestion had merit and asked Graves to prepare a recommended schedule and comparative figures for the board to consider.

For the immediate request, board members reviewed the fieldwork and invoices showing recently completed top-coat paving and other completed items. The board’s vote authorized returning a portion of the posted security in recognition of the completed work while leaving an amount on deposit sufficient, in staff and peer-review engineer judgment, to cover unfinished items. The board asked Graves to use a consistent reference date (January 1) for any future annual recalculations if the board moves to adopt such a policy.