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Board directs staff to seek drawdown on developer guarantees if Submerged Crossing work not complete by Aug. 18
Summary
After months of slow progress at the Submerged Crossing commercial subdivision, the Greenwood Board of Public Works and Safety directed staff to notify the developer and begin drawing on multiple performance guarantees if improvements are not completed or guarantees renewed by Aug. 18.
Engineering staff told the board that infrastructure work in Blocks D, E and F of the Submerged Crossing commercial subdivision has lagged for more than a year. Staff said a large stockpile of material remained on site and repeated requests for progress had not produced the promised work.
Staff reported five outstanding performance guarantees covering dirt/stockpile removal (~$678,000), erosion controls (~$94,000), streets (~$243,000), sidewalks and pathways (~$45,000), and signs/monuments (~$195,000). Because those guarantees are scheduled to expire Sept. 9, staff recommended setting an earlier internal deadline so the city would have time to act before guarantees lapsed.
The board voted to direct staff to notify the developer that the city will begin the drawdown process on the performance guarantees if the developer does not either renew the guarantees or complete the required improvements by Aug. 18. The motion passed by voice vote; staff said the developer had been notified in April and would be notified again.
Board members emphasized the need to give the developer a final reasonable deadline while preserving the city’s ability to draw on letters of credit or other guarantees if work is not completed.
