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Council sets 5-year surety bond and approves ordinance for FY2025–26 budget
Summary
Council set a five-year term and required a surety bond equal to 100% of estimated infrastructure costs ($1,553,460.47) for the Wallace Meadows subdivision plat and approved the city budget ordinance for fiscal year 2025–26 as presented.
Council approved conditions for financial assurance tied to the Wallace Meadows subdivision and passed the ordinance adopting the fiscal year 2025–26 budget.
Planning staff presented construction worksheets showing estimated infrastructure costs of roughly $1,500,000; staff recommended the council require a surety bond equal to 100% of the estimated cost and suggested a five-year term to provide adequate time for construction and inspection. The developer representative said infrastructure work should be completed well within that period but requested the documentation the bonding company requires; council settled on a five-year (60-month) term and a bond amount calculated at $1,553,460.47.
Council also considered and approved Ordinance No. 2845, the budget for fiscal year 2025–26, declaring an emergency clause as presented in the packet. The motion to adopt carried on roll call.
