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Commission approves bond reduction for Stone Spring Phase 1
Summary
The commission approved a staff-recommended reduction of a performance/land-disturbance bond for Stone Spring Phase 1 from $5,230,776.66 to $1,118,490.17 after a positive review by the city's engineering consultant and the bond committee.
City staff reported that Stanley Martin Homes LLC requested a bond reduction for Stone Spring Phase 1, cutting the required performance/land-disturbance bond from $5,230,776.66 to $1,118,490.17. Staff said the city's engineering consultant, Kimley Horn, reviewed the work completed and recommended the lower amount, and the city's bond committee met Oct. 8 and recommended approval.
"The applicant is requesting a bond reduction from, $5,230,776.66 to $1,118,490.17," said James, a city staff member, summarizing the request and the consultant's recommendation. A motion to approve the reduction was moved, seconded, and carried by voice vote.
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