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Council approves $4.11M bond reduction request for Stone Spring phase 1
Summary
Council approved a staff-recommended bond reduction for Stone Spring phase 1 after engineering review determined the requested $4,112,286.49 reduction was reasonable; the bond balance will remain at about $1.1 million.
The council approved a bond reduction for Stone Spring development phase 1 after staff and the city's engineering firm reviewed the developer's request and found it reasonable.
Planning/engineering staff reported that the applicant, Stanley Martin Homes LLC, requested a reduction of $4,112,286.49, leaving just over $1.1 million in bond coverage for phase 1. The bond committee and the planning commission recommended approval. Council moved to approve the reduction and voted in favor by voice.
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