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Board accepts stormwater and public improvements for Troy Fire Station, sets maintenance bond amounts
Summary
Trustees accepted completed public and stormwater improvements for the Troy Fire Station and Training Center and established maintenance bond retainage totaling roughly $32,000 to remain on file for one to two years.
Staff reported the Troy Fire Protection District posted bonds for public and stormwater improvements tied to the fire station project and that the work is now complete. Planning staff recommended reducing the initial bonds to maintenance bonds: 15% of the public-improvement value held for two years and 10% of stormwater improvement value held for one year, which the staff estimated would total about $32,000. Trustees moved and approved the acceptance and bond adjustments by roll call.
The procedure follows village code that requires different bond percentages for public improvements versus stormwater; staff noted that after the maintenance period elapses the village will return to eliminate the bond entirely.
