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Londonderry supervisors approve $2.37 million in bond reductions for Core5 projects
Summary
Following HRG inspections, the board approved three reductions to developer financial security for Core5 projects — School Heights, Saturday’s Market, and Lytle Farm — totaling $2,368,630 and leaving combined balances of $1,075,403.
The Londonderry Township Board of Supervisors voted Feb. 5 to approve three reductions in financial security for Core5 land development projects, based on inspections and HRG recommendations.
HRG recommended reducing the bond for Core5 at School Heights by $583,342, leaving a balance of $366,189. Secretary/Treasurer Geyer moved to approve the reduction and Supervisor Dale seconded; the motion passed unanimously. HRG recommended reducing the bond for Core5 at Saturday’s Market by $326,276, leaving $120,647; Supervisor Hershey moved to approve and Vice Chair Kopp seconded; the board approved that reduction unanimously. For Core5 at Lytle Farm HRG recommended reducing the bond by $1,459,012, leaving $588,567; Vice Chair Kopp moved to approve and the motion passed unanimously (the minutes do not record who seconded the motion).
The three approved reductions total $2,368,630 and leave combined remaining financial security of $1,075,403 for the three Core5 projects. The minutes record unanimous approval for each motion but do not include detailed roll-call tallies.
