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City staff reviewed proposed escrow releases totaling hundreds of thousands for development projects
Summary
Staff recommended releasing developer escrow funds: an $11,081.57 maintenance bond for Fourth & Booth Distribution Center (Phase 1), a release of $658,502.48 (leaving $60,213.68) for the WSFS Bank Sports Plex land development posted by Philadelphia Union, and roughly $202,000 for the Access Community Center; city engineer reported work complete to satisfaction and explained the 18-month maintenance holdback practice.
The city solicitor and staff outlined multiple escrow and maintenance bond releases during the June 22 Chester City Council meeting.
For Fourth and Booth Distribution Center (Phase 1) staff said the maintenance bond in the amount of $11,081.57 may be released based on completed work. Staff reported a large escrow posted by Philadelphia Union for the WSFS Bank Sports Plex land development (phase two) and proposed releasing $658,502.48 while retaining $60,213.68 in escrow; the city engineer had reviewed the work and found it satisfactory. For the Access Community Center on the west side, staff said RA-83 proposed releasing about $202,000 from escrow while keeping a 15% holdback for the remainder of the 18-month maintenance period.
Staff explained the standard practice: developers post security and escrow to guarantee completion and an 18-month maintenance period follows substantial completion during which the city may require corrections (sidewalk repairs, tree replacement, etc.). The transcript records the staff recommendations and the engineer's concurrence but does not record a formal roll-call vote in the public portion of the meeting.
