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Commission initiates Stone Spring Phase 2 bond at about $9.35 million, asks for clarifications
Summary
Commissioners agreed to initiate a performance/land-disturbance bond for Stone Spring Phase 2 at $9,347,667.31, noting inconsistencies between application and estimate forms and requiring clarification of 'note 1' and 'note 2' (stormwater/BMP figures) before finalization.
City staff presented a bond initiation application for Stone Spring Phase 2 with an application amount of $9,347,667.31. Commissioners identified a discrepancy between the application's total and the estimate form (which listed about $8,900,000) and noted a 4% inflation factor that should be included in the calculation.
A commissioner said, "We should have that inflation factor in there," during discussion of whether the application and estimate matched. Commissioners also asked staff to clarify note 1 and note 2 related to stormwater ponds and BMP signalization quantities and costs. The chair moved to initiate the bond at $9,347,667.31 subject to an explanation of notes 1 and 2; the motion was seconded and carried by voice vote.
