Board approves amended Bell Works Townhomes agreement to release Phase 1 permits with deferred improvements

Trustees approved a first amended and restated development agreement for the Bell Works Townhomes project that allows certain improvements originally required in Phase 1 to be deferred to Phase 2 while enabling issuance of Phase 1 building permits.

Planning staff (identified in the meeting as Jen) said the original development agreement approved in January allowed a two-phase project, and that Phase 1 site improvements have been substantially completed. Somerset (the developer) requested an amendment to defer outstanding items from Phase 1 to Phase 2 so Pulte Homes can proceed with closing and permit issuance. Jen told trustees the specific deferred improvements are detailed in the packet and have been reviewed by engineering staff and corporation counsel, and that the updated agreement provides financial and deadline guarantees to protect village interests.

Mayor McLeod clarified that public improvements will be accepted at once at the conclusion of all improvements and that phase sequencing will not leave public improvements incomplete. Jen estimated there are about 85 units in Phase 1 and said timing depends on sales activity; she suggested construction would progress through much of next year.

The Planning, Building and Zoning Committee approved the amendment and the special board meeting later that evening voted by roll call to accept the amended development agreement, with unanimous recorded ayes in the roll-call sequence presented in the transcript.

Next steps: staff will finalize documentation and proceed with permit issuance consistent with the amended agreement and the financial guarantees set forth in the contract.