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Council moves to call escrowed bond for stalled Rooker Bend subdivision after developer death
Summary
Council approved staff recommendation to call a longstanding escrow bond for Rooker Bend Section 1 Phase 1 after the original developer died and punch‑list work remained incomplete; the original bond was $29,600 and staff will estimate the full shortfall and report back to council.
The Smyrna Town Council voted to call the escrowed bond for Rooker Bend Section 1 Phase 1 after staff reported the original developer died and work required by the town’s punch list remained unfinished.
Kevin told council the phase is 100% built out for the 32 lots in question, but a series of remaining items listed by public works have not been completed. The original bond amount was $29,600, which staff said “probably [will] not” cover the current cost to finish the remaining items due to inflation and the time elapsed.
Council members said they regretted the circumstances but supported using the escrow to finish the work. Staff was directed to prioritize estimating the shortfall and return to council with a recommended approach for drawing funds and allocating costs among responsible town accounts (general fund, stormwater, etc.). One council member asked staff to ensure the town’s updated bond policies (including higher contingency percentages) prevent future shortfalls.
Next steps: staff will assess the cost to complete remaining public works and report the estimated shortfall and proposed funding sources to council.
